Immunotech Biopharm reported a markedly narrower loss for the six months ended 30 June 2026, helped by reduced research and administrative spending and a non-cash fair-value gain on financial liabilities, but the balance-sheet position and liquidity remain under pressure.
Financial Highlights (RMB) • Net loss: 69.87 million, down 45.8% YoY (1H25: 129.03 million). • Other income: 12.60 million (-3.4% YoY); mainly government grants of 10.16 million. • Net other gains: 10.63 million (vs. 51.05 million loss in 1H25) driven by a RMB32.14 million fair-value gain on re-measured financial liabilities. • Research & development expenses: 53.65 million (-20.5% YoY) as contracting costs fell. • Administrative expenses: 17.05 million (-13.2% YoY). • Finance costs: 21.10 million (+529.8% YoY) following higher interest on convertible bonds. • Loss per share: RMB0.11 (1H25: RMB0.25).
Balance Sheet and Liquidity • Cash and cash equivalents: 61.75 million (31 Dec 2025: 54.46 million). • Financial assets at FVTPL reduced to nil after full redemption of 100.11 million of structured deposits. • Net liabilities widened to 87.08 million (31 Dec 2025: 17.21 million); gearing ratio at 118.1%. • Current ratio slid to 0.22; quick ratio to 0.21, reflecting tight working-capital headroom. • Issued 270 million convertible bonds and a 30 million note in February 2026 to refinance the maturing 2023 Bonds; instruments carry 7.8% coupon and mature in February 2027.
Going-Concern Mitigations Management’s cash-flow plan hinges on: 1. Execution of a general mandate to raise equity (up to 20% of issued share capital). 2. Shareholder financial support of at least RMB175 million. 3. Potential extension of the 2026 debt instruments. 4. Additional government subsidies. 5. Negotiated payment deferrals with contractors and suppliers.
Operational Progress • Core Product Candidate EAL®: Conditional NDA terminated in May 2026; company is discussing protocol for confirmatory trial and targets resubmission within c.39 months post-trial commencement. • ATL Therapy: Commercialisation began in H1; two patients completed eight infusions, initial revenue of RMB0.25 million booked. • CAR-T-19 Injection: Phase II trial fully enrolled (54 patients); retains breakthrough therapy designation. • Denocabtagene Ciloleucel Injection: Phase I enrolment completed (16 patients); data analysis under way. • aT19 Injection: IND clearance received in February 2024; Phase I to start when operationally appropriate. • TCR-T pipeline progressing; CMV candidate completed pre-IND communication, renal-cell carcinoma candidate nearing pre-clinical completion. • Manufacturing: Beijing and Shaoxing facilities under construction; Beijing site targets 200,000-batch annual capacity.
Capital Expenditure & Commitments • H1 capex: 10.21 million on plant and equipment; 31.56 million in outstanding capex commitments. • Impairment charges: 14.81 million on PPE and 4.35 million on intangibles after EAL® NDA setback. • Leasehold-land disposal generated 16.24 million cash, incurring 0.76 million loss.
Funding Update • Rights issue in Nov 2025 raised HK$252.40 million; 57.6 million remains unutilised, earmarked for EAL® trials, pipeline R&D and working capital.
Outlook Immunotech Biopharm plans to: • Launch the EAL® confirmatory trial upon CDE protocol agreement. • Expand ATL clinical-use sites and seek revenue ramp-up. • Advance CAR-T and TCR-T pipelines and in-vivo CAR-T platform research. • Pursue CDMO opportunities and strategic partnerships to bolster liquidity.
No interim dividend was declared. The board highlights material uncertainty over going concern and continues to explore financing and operational measures to stabilise the balance sheet.