Arecor Full Year 2024 Trading Update

Full Year 2024 Trading Update

Cambridge, UK, 3 February 2025: Arecor Therapeutics plc (AIM: AREC), the biopharmaceutical company advancing today's therapies to enable healthier lives, provides an unaudited trading update and announces that its audited results for the 12 months ended 31 December 2024 will be issued during April 2025.

Highlights

• Arecor's operations and resources focused on proprietary products and drug delivery technologies in areas of high unmet need in large markets to deliver transformational value opportunities

o Progress towards co-development partnership for AT278 clinical pump study continues at pace

o Non-clinical PK data for oral GLP-1 on track to be delivered within 1H 25

• Total revenue of £5.1 million (2023: £4.6 million)
• Cash and cash equivalents of £3.3 million (2023: £6.8 million)

Sarah Howell, Chief Executive Officer of Arecor, said: "Arecor is focussed on transforming patient care by bringing innovative medicines to market. As such, we are focused on R&D opportunities where there are significant unmet patient needs that we can address, in high value markets. We are particularly excited by the prospects of AT278, our unique ultra-concentrated, ultra-rapid acting insulin and also our prospects of developing a game-changing technology platform for the oral delivery of peptides, on the back of early initial positive data. We are well positioned for future success and remain confident in our prospects having now streamlined our focus to fully pursue opportunities for Arecor that drive significant value creation for shareholders."

AT278 - a superior insulin candidate for innovative insulin pump technology

Arecor remains confident in its ability to maximise the high value opportunities within its next-generation insulin portfolio, focusing on the continued development of its novel ultra-concentrated, ultra-rapid acting insulin candidate, AT278. The Company is in advanced negotiations for a co-development deal to further develop AT278 in a next-generation insulin pump. With superior characteristics in the competitive insulin analogue market, demonstrated by the positive results from the Company's Phase I clinical trial in Type 2 diabetics with a high body mass index (BMI), AT278 presents a unique opportunity to improve the future management of diabetes and generate significant value for Arecor.

Transformational potential from an oral peptide delivery platform

Arecor is advancing innovation in the field of oral delivery of peptides, with the initial focus on developing an oral GLP-1 with superior bioavailability to the only marketed oral GLP-1 available today, Rybelsus®. With positive in vitro data, Arecor is rapidly advancing the next stages of development with non-clinical pharmacokinetic (PK) data on track to be delivered in 1H 2025. If successful, an oral GLP-1 with enhanced bioavailability has the potential to generate significant value and, more importantly, validate the broader application of Arecor's technology in the growing and highly valuable field of oral peptide therapeutics.

Trading for the full year ended 31 December 2024

For the 12 months ended 31 December 2024, revenue was £5.1 million (2023: £4.6 million). This included contributions from the royalty stream associated with the commercialised product AT220, revenues from Arecor's multiple partnered programmes, and Tetris Pharma sales. Arecor closed its financial year with cash and cash equivalents of £3.3 million.

Tetris Pharma

Arecor announced its decision in January 2025 to cease operations within its subsidiary Tetris Pharma alongside the mutual agreement with Xeris BioPharma Holdings, Inc. to return the rights to Ogluo®, the ready to-use glucagon auto-injector pen for severe hypoglycaemia. Tetris Pharma delivered product sales of £3.4 million in 2024 (2023: £2.9 million). During 2025, Tetris Pharma will generate cash through selling existing Ogluo pens into 2H 25.