•    Focus on high value R&D underpinned by Arestat™ technology and Company expertise positions Arecor for significant future growth and success
•    Significant advancements in diabetes portfolio with positive progress towards strategic partnership for AT278
•    Potential to unlock significant value through innovation in the oral delivery of peptides
•    Growing revenue stream from AT220 global royalties
•    Expansion of partnership portfolio and licensing of Arestat™-enhanced products
•    Total Group revenue of £5.1 million (2023: £4.6 million)

Cambridge, UK, 22 April 2025: 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 2024. The Annual Report and Accounts for the year ended 31 December 2024, will be posted to shareholders in due course together with the notice of the 2025 Annual General Meeting.

Sarah Howell, Chief Executive Officer of Arecor, said: “The positive advancements within our diabetes portfolio support our confidence in the potential of AT278 to generate significant value creation for the Company and shareholders. In addition, on the back of early initial positive in vitro data, we have the opportunity to leverage our expertise to develop a novel technology platform for the oral delivery of peptides – one that could unlock substantial value in a rapidly expanding market. With our streamlined focus to fully pursue high value R&D opportunities underpinned by the Company’s highly renowned and innovative drug delivery and development expertise, we are well positioned for significant future growth and success.”

Operational Highlights (including post-period events):

Diabetes
•    Ultra-concentrated, ultra-rapid acting insulin candidate, AT278, met all primary and secondary endpoints, and demonstrated superiority to NovoRapid® and Humulin® R U-500, in a Phase I clinical trial in Type 2 diabetics with a high body mass index (BMI)
•    Progressing positive negotiations with insulin device companies for a strategic partnership for AT278
Oral delivery of peptides
•    Research collaboration established with TRx Biosciences to develop a novel technology platform for improved oral delivery of peptides, with initial focus on a glucagon-like peptide-1 (GLP-1) receptor agonist
•    Initial positive results from formulation development phase: overcame first significant challenge of stabilising the peptide within the oral delivery matrix.  A series of dog pharmacokinetic (PK) studies are on-going to inform the optimum approach to improve bioavailability.  Data will be available during 2H 2025 which will define next steps
Partnership portfolio
•    Arestat™-enhanced biosimilar product, AT220, generating growing royalties under a worldwide licensing agreement

•    Sanofi continues to actively progress potential pivotal registrational study for SAR447537, formerly INBRX-101 (AT292), acquired from Inhibrx, which incorporates Arestat™ technology and is under a revenue-generating license with Sanofi

•    Exclusive milestone and royalty-bearing licensing agreement signed with a wholly owned subsidiary of one of the world’s largest independent chemicals marketing companies, granting rights to Arestat™-enhanced AT351

•    Growing portfolio of pre-license technology partnerships, offering upside potential from partnering
Tetris Pharma
•    Impairment of £3.3 million for assets relating to Tetris Pharma made in December 2024, followed by decision to cease operations during 2025

Financial Highlights:

•    Total revenue of £5.1 million (2023: £4.6 million)
•    Investment in Research & Development (‘R&D') of £3.0 million (2023: £5.4 million)
•    Sales, General & Administrative (‘SG&A’) expenses of £6.2 million excluding exceptional items (2023: £6.2 million)
•    Loss after tax for the year of £10.2 million (2023: £8.6 million)
•    Cash and short-term investments of £3.3 million at 31 December 2024 (2023: £6.8 million)
•    Fundraise of £6.4 million gross, including support from two international life science healthcare investors

Analyst meeting and webcast today

Dr Sarah Howell, Chief Executive Officer, and David Ellam, Chief Financial Officer, will host a meeting and webcast for analysts and investors at 1pm BST today. Join the webcast here. A copy of the final results presentation will be released later today on the Company’s website at www.arecor.com. Please contact ICR Healthcare for details on arecor@icrhealthcare.com.

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