Allergy Therapeutics PLC has released its unaudited interim results for the six months ended 31 December 2023, showcasing significant clinical and regulatory progress and a financial turnaround. The company's primary endpoint was met in the pivotal Phase III G306 trial for Grass MATA MPL, and discussions with regulators are ongoing ahead of a planned market authorization application. Additionally, the Phase I/IIa PROTECT trial for subcutaneous dosing of peanut allergic patients has commenced.

The financial highlights include the completion of an Equity Financing to restructure the Group's balance sheet, leading to enhanced financial stability with net assets increasing to £26.5m. The company has also implemented a cost reduction strategy, reducing overheads pre-R&D by 14.9% and increasing investment in the R&D pipeline to demonstrate commitment to innovation and the development of allergy immunotherapies.

Manuel Llobet, CEO at Allergy Therapeutics, expressed the company's focused approach to business priorities and commitment to R&D programs for Grass and Peanut allergy. He emphasized the successful completion of the pivotal Phase III G306 trial and the continuous clinical advancements in the VLP Peanut R&D program as a testament to the company's innovative capabilities.

Financially, the revenue for the six months ended 31 December 2023 was £33.6m, representing a reduction of 16% on a reported and constant currency basis. This decrease was attributed to manufacturing capacity being allocated to investigational medicinal product batches for use in clinical trials and ongoing improvements across the supply chain and quality systems. The company's focus has been on higher value products and markets, expected to enhance future profitability.

The operating loss pre-R&D and exceptional costs was £0.1m, mitigated by successful efforts to reduce distribution and administrative costs through cost control initiatives. Research and development costs increased to £11.4m, mainly due to the pivotal G306 Phase III trial of Grass MATA MPL, which successfully met its primary endpoint. At 31 December 2023, the Group had cash of £13.5m and debt of £1.6m, achieved through the successful completion of the Equity Financing to restructure the Group's balance sheet.

Overall, the interim results reflect Allergy Therapeutics' significant clinical and regulatory advancements, financial stability, and commitment to innovation in allergy immunotherapies, positioning the company for future growth and profitability.