London, July 6, 2026, 19:43 BST
- ImmuPharma closed Monday at 3.745p, rising 7.77% on volume of 955,181 shares.
- The stock is still trading 53.2% under the 8p benchmark set in its Lanstead sharing deal.
- At Monday’s price, the 20-month cash formula comes to around £2.8 million if that price sets the VWAP. That compares to £6 million at the benchmark.
- P140 partnership progress and Kapiglucagon FDA preparations are still the two main near-term tests for the stock.
ImmuPharma plc LON:IMM moved higher Monday, but the bigger question for investors is if shares can get near 8p, which is the level needed for the company’s Lanstead funding plan to pan out as expected. IMM traded at 3.745p, with a 3.50p bid and 3.995p ask. The market cap was £23.37 million on 623.91 million shares outstanding.
Fidelity posted a 16:35 BST price, showing the stock up 0.27p, or 7.77%. On the same page, the FTSE All-Share was off 0.24%. The most recent press release in Fidelity’s feed was still the June 25 annual general meeting result, so nothing in Monday’s price action was tied to a new Monday filing there.
The funding gap stands out as the clean data point. ImmuPharma brought in about £6.47 million, split between a £6 million Lanstead subscription and £468,746.82 from a retail offer, both priced at 6p per share. The group also put out value-payment and fee shares. After admission, total ordinary share capital was 623,911,379 shares.
Under the agreement, Lanstead’s £6 million subscription goes back to Lanstead and ImmuPharma gets paid in 20 monthly tranches. Each month ImmuPharma receives £300,000 if the 20-day VWAP hits the 8p benchmark. Payments drop below £300,000 if VWAP is under 8p, or go higher if it is above. The company said it does not claw back any missed payment later.
| Average 20-day VWAP assumption | Implied market value | Monthly Lanstead cash | 20-month cash |
|---|---|---|---|
| 3.745p closing Monday | £23.4 mln | £0.140 mln | £2.81 mln |
| 6.0p offer price | £37.4 mln | £0.225 mln | £4.50 mln |
| 8.0p reference | £49.9 mln | £0.300 mln | £6.00 mln |
| 10.0p internal estimate | £62.4 mln | £0.375 mln | £7.50 mln |
The 6p, 8p and 10p cash rows line up with the company’s published examples. The 3.745p row was worked out using the same method and Monday’s quoted price. That line shows the difference share price can make to cash as well as valuation: at 3.745p, the measured price comes to 46.8% of the benchmark.
This is key because the company said the new fundraising plus its current cash gives it enough runway through at least the second half of 2028, but that forecast relies on collecting £6 million from the 2026 Lanstead deal. The runway estimate in March didn’t include the retail offer, according to the company.
Chairman and CEO Tim McCarthy said in March that P140 is still a core value driver for the company, adding they were in discussions with possible partners. Management “remain focused on completing a value-enhancing licensing deal in 2026,” he said. ImmuPharma PLC
ImmuPharma gave an update on its P140 program in late March, saying it got a first Combined Search and Examination Report for its UK patent application. The company also finished a new supporting study and said it’s working on a manuscript for journal submission. Dr Sébastien Goudreau, Chief Scientific Officer, said the findings support P140 as a possible “first-class, disease-modifying approach” for autoimmune disease. ImmuPharma PLC
Kapiglucagon is the other planned use for the funds. Back in May, ImmuPharma said tranScrip would help with regulatory planning and preparing a pre-IND meeting pack for the FDA. The company also said it was looking at the U.S. 505(b)(2) route, pending FDA confirmation, and pointed to a forecast for global insulin pump sales to hit $13.6 billion by 2035. Goudreau called the start of IND-enabling work “an important step” for clinical development. ImmuPharma PLC
ImmuPharma’s latest annual results show why the funding model matters. The company posted zero revenue, a loss after tax for 2025 of £1.81 million, R&D costs at £1.35 million and ended the year with £1.35 million in cash. That’s an improvement from a £2.48 million loss in 2024, but ImmuPharma still relies on external capital and progress with its partners.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Loss after tax | £2.48 mln | £1.81 mln | Loss cut by £0.68 mln |
| R&D expense | £1.16 mln | £1.35 mln | Rose £0.18 mln |
| Admin expense | £1.03 mln | £1.09 mln | Increased £0.06 mln |
| Year-end cash | £0.24 mln | £1.35 mln | Jumped £1.12 mln |
| Loss per share | 0.60p | 0.37p | Loss per share improved |
The shares are still trading well under the 52-week peak. According to LSE.co.uk, the 12-month range is 1.40p to 19.00p. Shares are down 13.51% for the month, off 18.59% in three months, and have dropped 45.41% over six months, despite a 72.58% gain for the year. The next half-year numbers are due in August 2026.
