Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF) has posted broadly steady annual results and outlined plans that point to a busier year ahead, including the possibility of a second stock market listing in Hong Kong.
The biotechnology group, which develops treatments designed to reduce sensitivity to common allergens such as grass pollen and peanuts, reported revenue of £55 million for the year to 30 June, almost unchanged from the previous year’s £55.2 million.
The company said the flat performance reflected earlier-than-expected changes in Germany, its biggest market, where temporary rules that allowed older allergy products to be sold are being phased out.
As the country shifts fully to licensed prescription products, demand patterns have become less predictable. On a constant currency basis, meaning the numbers are adjusted to strip out swings in exchange rates, revenue grew just over 2%.
Operating loss narrowed to £28.2 million from £35.3 million, helped by tighter cost control. Adjusted EBITDA, a measure that strips out interest, tax, depreciation and amortisation as well as research and development spending and other one-off items, remained negative at £9 million.
Research and development costs eased to £15.4 million from £22.9 million, largely because the previous year had included the busiest phase of its major Grass MATA MPL allergy trial.
The group continued to tidy up its finances. It drew £20 million from a five-year secured loan agreed with specialist lender Hayfin, and extended its separate shareholder loan facility from £40 million to £50 million, pushing the maturity out to 2030.
By year-end, £37.5 million of that shareholder facility had been used. Cash on the balance sheet was £12.8 million, little changed from last year.
After the reporting period, Allergy Therapeutics drew the remaining £12.5 million on its shareholder loan before the lenders exercised related warrants, an arrangement that allows investors to buy shares at a set price.
The company then repaid the facility in full and received net proceeds of £1 million. It has since put in place a new unsecured, uncommitted £50 million shareholder loan facility, which can be accessed if needed.
Operationally, management highlighted progress on its late-stage clinical programmes. Grass MATA MPL, its lead candidate for grass pollen allergy, is advancing through the German regulatory process, backed by full phase III data published earlier this year.
Work has also moved forward on a long-term paediatric study that will follow children over multiple allergy seasons, a first for this type of treatment.
Meanwhile, the company’s experimental peanut allergy vaccine, known as VLP Peanut PROTECT, continued to deliver what the group called encouraging data.
Volunteers with and without allergies have been given gradually increasing doses, with safety holding up and biological markers moving in the expected direction.
These sorts of early-stage studies do not prove whether a treatment will work in real-world settings, but they help to establish safe dosing levels and provide clues about how the immune system is responding.
The other notable development is strategic rather than scientific. Allergy Therapeutics has begun exploring a dual primary listing on the Hong Kong stock exchange, a move that would allow it to trade in both London and Hong Kong.
Companies often look at second listings to raise their profile in regions where they expect future growth, or to broaden their investor base.
Manuel Llobet, the chief executive, said the group had spent the year “strengthening the business and building real momentum” and described 2026 as “a year of opportunity”, pointing to regulatory decisions, clinical results and “continued commercial momentum”.
He added that the potential Hong Kong listing reflects the company’s ambition to expand in Asia.