Cambridge, UK, 16 May 2024: Arecor Therapeutics plc (AIM: AREC), the biopharmaceutical company advancing today’s therapies to enable healthier lives, today announces its final audited results for the year ended 31 December 2023. The Annual Report and Accounts for the year ended 31 December 2023, will be posted to shareholders in due course together with the notice of the 2024 Annual General Meeting.

Sarah Howell, Chief Executive Officer of Arecor, said: “2023 was another strong year for Arecor across all areas of the business. The launch of the first commercial product incorporating Arestat™ in late 2023 which is now generating royalties under a worldwide license agreement was significant, and a clear validation of the potential of our Arestat™ platform. We have also continued to further strengthen our partnered portfolio and licensed programmes and have seen continued traction with the European roll-out of Ogluo®.

“I believe the Group is in a strong position and we are poised to deliver against a number of key milestones in 2024, in particular, completion of the Phase I trial of AT278 with results expected in H1. This concentrated, yet very rapid-acting, insulin has the potential to disrupt the market for insulin treatment as a critical enabler in the development of miniaturised and longer wear insulin delivery systems, which are a significant area of focus today for the major insulin device companies and innovators in the field. We look forward to continued progress across the business in 2024 and delivering value to our shareholders.”

Operational Highlights (including post-period events):

• Diabetes – Continuing to build value
  • Enrolment completed in second Phase I trial of ultra-concentrated, ultra-rapid acting AT278 with results expected H1 2024
  • Phase I trial data for ultra-rapid acting AT247 delivered via insulin pump presented at ADA 83rd Scientific Sessions
  • Research collaboration established with TRx Biosciences for the formulation development of an oral glucagon-like peptide-1 (GLP-1) receptor agonist product
  • Research collaboration established with Medtronic to develop a novel, high concentration, thermostable insulin for use by Medtronic's Diabetes business in a next-generation implantable pump

• Licensed programmes – milestones and first royalties triggered
  • Partner’s commercialisation of AT220 triggered milestone payment and now generating royalties on product sales under a worldwide license agreement
  • AT307 transferred to Hikma and positive pre-IND meeting held between Hikma and FDA confirming abbreviated 505(b)(2) regulatory pathway
  • Sanofi announces intention to acquire from Inhibrx all assets and liabilities associated with INBRX-101, currently in a registrational trial for orphan disease AATD
• Partnership portfolio further strengthened
  • Six new technology partnerships established with leading global companies to enhance their proprietary products across a range of indications and stages of development
• Tetris Pharma – continued success of Ogluo® roll-out
  • Tetris Pharma product sales of £2.9 million (2022: £1.1 million) with a focus on commercial roll-out of Ogluo®
• Key hires have strengthened capabilities with appointment of Dr. Manjit Rahelu as Chief Business Officer and Dr. Helen Parris joins Group as Senior Vice President, Commercial and General Manager of Tetris Pharma Ltd
• Susan Lowther decided to step down from her role as Chief Financial Officer, Company Secretary and as a Board Director, to pursue new opportunities

Financial Highlights:

• Total Income of £5.7 million (2022: £3.7 million) including grant and RDEC income
• Total revenue of £4.6 million (2022: £2.4 million) representing 90% growth
• Investment in Research & Development (‘R&D') of £6.0 million (2022: £8.6 million)
• Sales, General & Administrative (‘S,G&A’) expenses of £8.9 million (2022: £5.6 million)
• Loss after tax for the year of £8.6 million (2022: £9.3 million)
• Cash and short-term investments of £6.8 million at 31 December 2023 (2022: £12.8 million)