Allergy Therapeutics - Interim Results for six months ended 31 Dec 2025

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company" or the "Group")

Interim Results for the six months ended 31 December 2025

-     Revenues of £36.3 million (FY2025 H1: £34.0 million, representing 7% growth (2.5% on constant currency basis)

-    Significant portfolio progress with regulatory approval and commercialisation in Germany of Grassmuno^® (Grass MATA MPL)

-     Short-course peanut allergy vaccine candidate VLP Peanut meets Phase I/IIa primary endpoint; Phase IIb planning underway

-   Substantially strengthened balance sheet and continued selective investment in strategic growth-related projects

-    New £40 million senior secured facility entered into post period end - provides significant capital to drive future investment

-     Company continues to explore potential dual primary listing on Hong Kong Stock Exchange

31 March 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, announces its unaudited interim results for the six months ended 31 December 2025.

Highlights

Financial

-     Momentum building with H1 revenues of £36.3 million (FY2025 H1: £34.0 million) representing 7% growth on a reported basis despite a significant phase out of unregistered allergy treatments impacted by the TAV programme in Germany.

-     Operating loss of £2.5 million before R&D (FY2025 H1: £1.9 million operating profit pre-R&D) as the Group continued its focus on selective investment in strategic growth-related projects in the build up to commercialisation of Grassmuno^® (Grass MATA MPL).

-     Substantially strengthened balance sheet with the shareholder lenders exercising all warrants related to the shareholder loan facility and the warrant proceeds used to repay the loan facility in full.

-     Cash position of £10.1 million at 31 December 2025 (30 June 2025: £12.8 million).

-   Post-period, the Group entered into an amendment to the secured senior loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP ("Hayfin"), under which a new £40 million senior secured facility (the "2026 Hayfin Facility") was made available and immediately drawn down.

Operational

-    Marketing authorisation granted for subcutaneous grass pollen allergen immunotherapy, Grassmuno, in adults by the German regulatory authority, the Paul Ehrlich Institut (PEI). Grassmuno launched in Germany on 15th January 2026 with strong response seen from prescribing clinicians.

-     G308 Phase III paediatric study of Grass MATA MPL progressed to its planned second year of recruitment allowing evaluation of short-term efficacy and safety.

-     PROTECT Phase I/IIa trial investigating short-course peanut allergy vaccine candidate, VLP Peanut, met its primary safety endpoint with excellent safety profile up to the highest planned dose. Preliminary safety data from 48 participants demonstrated that a 2000-fold increase in the dose of VLP Peanut was safe and well tolerated. Biomarker data in peanut allergic patients demonstrated a strong immunomodulating response.

-    Company commenced exploration of potential dual primary listing on The Stock Exchange of Hong Kong Limited.

Manuel Llobet, CEO at Allergy Therapeutics, commented: "With a highly focused approach to our business priorities, and building on the significant achievements within our grass and peanut allergy programmes, we enter 2026 with a strengthened commercial portfolio and increased confidence in the potential of our pipeline of next-generation allergy immunotherapies. The Group's recent progress illustrates the world-leading research, regulatory and commercial capabilities of this company, and positions us well to maintain strong momentum across all aspects of the business, including delivering on our intent to expand the Grassmuno franchise beyond Germany into wider-EU, non-EU and US markets."

Financial Review

Revenue for the six months ended 31 December 2025 was £36.3 million (FY2025 H1: £34.0 million) representing 7% growth on a reported basis, or 2.5% on a constant currency basis*. This performance is positive, particularly given the ongoing transition away from unregistered products under Germany's TAV programme and reflects strong growth in the Group's existing German registered product portfolio.

Cost of sales increased to £14.8 million (FY2025 H1: £13.2 million) due to higher sales volumes and inflationary pressures, causing a small drop in gross margin from 61% to 59%.

Sales, marketing and distribution costs increased compared to the prior period at £11.0 million (FY2025 H1: £9.3 million) mainly as a result of investment in the planned launch of Grassmuno in Germany. Administrative expenses increased to £10.4 million (FY2025 H1: £8.5 million) as a result of increasing corporate costs as the Group seeks to position itself for growth and the increasing regulatory scrutiny that comes with a dual listing.

The Group made an operating loss pre-R&D costs of £2.5 million (FY2025 H1: £1.9 million operating profit pre-R&D costs).

Research and development costs increased to £8.8 million (FY2025 H1: £7.6 million) as a result of continued progression of the G308 Phase III paediatric trial of Grass MATA MPL and the Phase I/IIa PROTECT trial of VLP Peanut.

There is a £4.2 million accounting loss in the period due to the revaluation of the Hayfin warrants to fair value at the reporting date (FY2025 H1: £3.0 million loss).

The operating loss was £11.4 million (FY2025 H1: £5.7 million), and the loss before tax was £19.3 million (FY2025 H1: £11.4 million). The finance expense for the period was £3.9 million (FY2025 H1: £3.3 million) mainly comprising interest expenses on the shareholder loan and Hayfin facility. Tax was a charge of £0.6 million (FY2025 H1: £0.5 million) relating mainly to tax payable by the overseas subsidiaries.

At 31 December 2025, the Group had cash of £10.1 million (30 June 2025: £12.8 million) and debt of £20.2 million (30 June 2025: £53.4 million). The operating cash outflow was £11.8 million (FY2025 H1: £7.3 million) reflecting the increased operating loss. The investing outflow was £2.8 million (FY2025 H1: £1.4 million), offset by an inflow of £11.7 million (FY2025 H1: £17.4 million) from the net proceeds of financing activities.

During the period the Group drew down £12.5 million under the Amended Shareholder Facility and issued further warrants in accordance with the entitlement to 25 warrants for each £1 drawn, at a price of 4 pence per share. Along with previous drawdowns the entire amount of the Amended Shareholder Facility was drawn and a total of 1,375,000,000 warrants issued. On 29 October 2025, the Company received exercise notices from the Shareholder Lenders in respect of the 1,375,000,000 warrants, which would generate aggregate proceeds of £55 million on exercise. In satisfaction of the exercise price payable by the Shareholder Lenders for the warrants, the Shareholder Lenders transferred the entire Amended Shareholder Facility to the Company along with net proceeds of £1 million in cash. As a result, all financial indebtedness owed by the Group to the Shareholder Lenders under the Amended Shareholder Facility, was repaid.

The Directors have applied the going concern principle in preparing the interim results for the six months ended 31 December 2025.

Clinical Update

Grass MATA MPL Programme

During the period, the PEI granted a marketing authorisation in Germany for the Group's subcutaneous grass pollen allergen immunotherapy, Grassmuno (Grass MATA MPL). The approval marked the first subcutaneous grass-pollen immunotherapy to be authorised by the PEI through its TAV (Therapieallergene-Verordnung) framework and followed the submission of a comprehensive evidence package of quality, safety and clinical efficacy including the Group's pivotal Phase III G306 trial in adults. In that trial, the immunotherapy demonstrated a highly statistically significant and clinically relevant reduction in the Combined Symptom & Medication Score compared to placebo over the peak pollen season.

Grass pollen is a key segment within the German seasonal allergy market and Grassmuno is expected to be a major driver of the Group's business in Germany, its largest market, as a regulatory-approved, short-course treatment approach that can be completed before the allergy season begins. This offers the potential for people living with a grass pollen allergy to achieve protection without the burden of months-long treatment schedules.

The Group's G308 Phase III trial, evaluating the short- and long-term efficacy and safety of Grass MATA MPL in a paediatric population, continues as planned, progressing to its second year of recruitment during the period. A full analysis of the short-term safety and efficacy results of the G308 study is anticipated in Q4 2026.

VLP Peanut Programme

The clinical development of VLP Peanut, the Group's innovative short-course peanut allergy vaccine candidate administered via subcutaneous injection, advanced significantly during the period. The Phase I/IIa PROTECT trial completed final dosing of the minimum required number of patients at the highest planned treatment dose, meeting the trial's primary safety endpoint. Preliminary safety data from 48 participants demonstrated that a 2000-fold increase in dose from the starting dose was safe and well tolerated, including in both peanut-allergic patients and healthy participants.

Subsequently, post-period, the trial delivered consistent biomarker results, highlighting the transformational clinical potential of the vaccine candidate, and its unique opportunity to offer a potent immunomodulating treatment option with a limited number of injections, not currently offered by oral immunotherapy nor monoclonal options currently available or under development.

Plans are now underway to prepare investigational medicinal product for a Phase IIb trial, with dosing of VLP Peanut being informed by the combined safety and efficacy information generated during the PROTECT trial.

Outlook

With Grassmuno expected to be a major driver of the Group's business in Germany, its largest market, commercialisation is underway and sales momentum is expected to accelerate further in the second half of the financial year.

Following receipt of the 2026 Hayfin Facility proceeds, the Group has sufficient funds for the entirety of the twelve-month going concern review period, while it continues to explore a listing in Hong Kong and pursue its strategic growth initiatives.

*Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year-on-year comparison excluding the effects of foreign exchange movements.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation.

-  ENDS -

For further information, please contact:

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash/ Giles Balleny/ Seamus Fricker

Nigel Birks - Life Science Specialist Sales

+44 (0)20 7220 0500

ICR Healthcare

Mary-Jane Elliott/ David Daley/ Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@icrhealthcare.com

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapies that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. For more information, please see www.allergytherapeutics.com.

1. Interim financial information

The unaudited consolidated interim financial information is for the six months ended 31 December 2025. The financial information does not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2025, which were prepared under International Financial Reporting Standards (IFRS) in issue as adopted by the UK and with those parts of the Companies Act 2006 that are relevant to the Group preparing its accounts in accordance with UK-adopted IFRS.

The interim financial information has not been audited nor has it been reviewed under ISRE (UK) 2410 (Revised) of the Financial Reporting Council. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

2. Basis of preparation

As permitted, this interim report has been prepared in accordance with the AIM rules and not in accordance with IAS 34 "Interim Financial Reporting". The accounting policies adopted in this report are consistent with those in the annual financial statements for the year to 30 June 2025. There are no accounting standards that have become effective in the current period that would have a material impact upon the financial statements.

Prior period adjustments

There are prior period adjustments relating to the valuation of the liability for uncertain tax positions, deferred tax assets and deferred tax liabilities. Refer to Note 5 for further details.

Going concern

The going concern period has been assessed as the twelve-month period from the date of approval of these financial statements. These financial statements have been prepared on a going concern basis after considering the Group's current cash position and reviewing budgets and cash flow forecasts for the going concern period.

After the balance sheet date, on 23 February 2026, the Group announced that it had entered into an amendment to the secured senior loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP  ("Hayfin"),  under which a new £40m senior secured facility (the "2026 Hayfin Facility) was made available to the Group. The Group immediately drew down the full £40m made available under 2026 Hayfin Facility. Following the full draw down of the 2026 Hayfin Facility, the Group will have £63.1m of debt outstanding under the 2024 and 2026 Hayfin Facilities, including previously capitalised interest.

The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin Facility, is subject to an upfront arrangement fee and has a variable interest rate based on SONIA plus 9.5% per annum with interest payable based on Company selected interest periods.

As previously announced, the Company is exploring a dual primary listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong (the "Hong Kong Listing"). Assuming the Hong Kong Listing occurs by 31 December 2026, the duration of both the 2024 Hayfin Facility and the 2026 Hayfin Facility will be extended such that aggregate amounts drawn under the Facilities will be due for repayment on 20 February 2031. If the possible Hong Kong Listing does not complete by 31 December 2026, the repayment date of the 2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.

The Group continues to require funding for the foreseeable future, in particular to fund the ongoing R&D programme. The Directors have prepared cash flow forecasts for the twelve-month period from the date of approval of these financial statements which demonstrate, following receipt of the 2026 Hayfin Facility proceeds the Group has sufficient funds for the entirety of the twelve-month going concern review period. Further, in severe but plausible downside scenarios the Group could preserve cash through the deferral of capital expenditure and other spend items.

Forecasts for the entirety of the going concern period show that there would be no breach of the financial covenants attached to the 2026 Hayfin Facility. The balance of cash and cash equivalents at the end of February 2026 was £42.4m.

3. Loss per share

The diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.

The restatement of the 2024 values relates to a revaluation of the uncertain tax positions liability and deferred tax assets and liabilities affecting the tax charge for the period. See Note 5 for details.

4. Events after the balance sheet date

Hayfin Facilities, Warrant Exercise and Subscription

On 20 February 2026, the Group entered into an amendment to the secured senior loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP ("Hayfin"), under which a new £40m senior secured facility (the "2026 Hayfin Facility) was made available to the Group. The Group immediately drew down the full £40m made available under 2026 Hayfin Facility. Following draw down of the 2026 Hayfin Facility, Allergy had £63.1m of debt outstanding under the 2024 and 2026 Hayfin Facilities, including previously capitalised interest.

The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin Facility, is subject to an upfront arrangement fee and has a variable interest rate based on SONIA plus 9.5% per annum with interest payable based on Company selected interest periods.

As previously announced, the Company is exploring a dual primary listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong (the "Hong Kong Listing"). Assuming the Hong Kong Listing occurs by 31 December 2026, the duration of both the 2024 Hayfin Facility and the 2026 Hayfin Facility will be extended such that aggregate amounts drawn under the Facilities will be due for repayment on 20 February 2031. If the possible Hong Kong Listing does not complete by 31 December 2026, the repayment date of the 2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.

As part of the financing arrangements related to the 2026 Hayfin Facility, the Company also granted Hayfin rights to subscribe for 59,546,848 new Ordinary Shares at a subscription price of 0.1 pence per Ordinary Share (the "Subscription Rights"). The Subscription Rights were exercised on a cashless basis, resulting in the issue of 58,955,876 new Ordinary Shares to Hayfin, fully paid.

As part of the 2024 Hayfin Facility the Company had previously issued a total of 133,458,226 warrants to Hayfin, which entitle Hayfin to subscribe for new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") at an exercise price of 0.1 pence per Ordinary Share ("Warrants"). At the same time as entering into the 2026 Hayfin Facility Hayfin exercised all its Warrants, also on a cashless basis, resulting in the issue of 132,133,723 new Ordinary Shares to Hayfin, fully paid.

5. Prior period adjustments

In the annual financial statements for the year ended 30 June 2025, prior period adjustments were recognised in respect of 'uncertain tax positions', 'deferred tax assets and liabilities' and 'current tax receivables and payables'.

The impact of these restatements on the Consolidated Income Statement and Consolidated Statement of Comprehensive Income for the six months ended 31 December 2024 is shown below.

Impact on Consolidated Income Statement for the period ended 31 December 2024:

Impact on Consolidated Statement of Comprehensive Income for the period ended 31 December 2024: