Allergy Therapeutics PLC has released its half-year trading update for the six months ended 31 December 2023. The company expects revenue for this period to be £33.6 million, representing a 16% reduction compared to the previous year. This decrease is attributed to the allocation of manufacturing capacity to investigational medicinal product batches for use in clinical trials. The cash balance as of 31 December 2023 was £13.5 million, and the company anticipates the need for further funding during Q4 of the 2024 financial year.

The Group's pivotal G306 Phase III trial of Grass MATA MPL, its short-course subcutaneous allergen-specific immunotherapy (SCIT) candidate, has successfully met its primary endpoint. The trial aimed to address the underlying cause of symptoms associated with allergic rhinoconjunctivitis due to grass pollen. The first scientific advisory meeting with regulators is anticipated to occur in late Q1 2024 to confirm the pathway forward for potential progression to the marketing authorization application process.

Additionally, the company completed dosing in healthy volunteers in the first two cohorts of the Phase I PROTECT trial for its novel virus-like particle (VLP)-based peanut allergy vaccine candidate. The Group is actively recruiting for the phase I/IIa stage of the study, and no safety signal has been observed in healthy subjects to date. The complete results of the PROTECT trial are anticipated to be available later in 2024.

The company's program of continuous improvement across the supply chain and quality systems is ongoing, paving the way for increased capacity. Overall, the trading update provides insight into the company's financial performance, research and development pipeline, and future funding needs.