Update on funding and total voting rights

Allergy Therapeutics PLC

23 February 2026

 

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company")

Update on funding

and

Total Voting Rights

23 February 2026 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, today provides an update on the Group's funding and working capital position.

In October 2024, the Company entered into a £40m secured senior loan facility (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP ("Hayfin"), a leading alternative asset management firm.

The 2024 Hayfin Facility consisted of a committed £20m five year term loan and an additional uncommitted £20m incremental facility. The Company has fully drawn down the committed £20m term facility.

The Company is pleased to announce that on 20 February 2026, it entered into an amendment to the 2024 Hayfin Facility under which a new £40m senior secured facility is being made available to the Company in place of the original £20m uncommitted facility (the "2026 Hayfin Facility").

The 2026 Hayfin Facility consists of a committed £40m three year term loan which is extendable to five years as set out below. The Company intends to fully draw down this facility, which will provide it with working capital for at least the next 12 months, allowing the Company to focus on its proposed Hong Kong listing and driving further growth in the business, underpinned by the recent launch of Grassmuno in Germany.

Terms of the 2024 and 2026 Hayfin Facilities (the "Facilities")

The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin Facility and is subject to an upfront arrangement fee and has a variable interest rate based on SONIA plus 9.5% per annum with interest payable based on Company selected interest periods.

As previously announced, the Company is evaluating a listing on the Hong Kong Stock Exchange later this year (the "Hong Kong Listing"). Should the Company decide to proceed with the Hong Kong Listing, and if the Hong Kong Listing occurs by 31 December 2026, the duration of both the 2024 Hayfin Facility and the 2026 Hayfin Facility will be extended such that aggregate amounts drawn under the Facilities will be due for repayment on 20 February 2031. If the Hong Kong Listing does not complete by 31 December 2026, the repayment date of the 2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.

Following the full draw down of the 2026 Hayfin Facility, Allergy will have a principal amount of £60m of debt outstanding under the Facilities and no shareholder debt following the repayment of the entire balance in October 2025 as part of the shareholder warrant exercise.

Warrant Exercise and Subscription

The Company issued a total of 133,458,226 warrants to Hayfin in connection with the 2024 Facility, which entitle Hayfin to subscribe for new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") at an exercise price of 0.1 pence per Ordinary Share ("Warrants").

As part of the financing arrangements related to the 2026 Hayfin Facility, Hayfin has exercised all its Warrants on a cashless basis, using a share price of 10.07 pence per Ordinary Share (representing the 30-day volume weighted average price of an Ordinary Share on AIM as at 20 February 2026), resulting in the issue of 132,133,723 new Ordinary Shares to Hayfin, fully paid.

Pursuant to the 2026 Hayfin Facility, the Company also granted Hayfin rights to subscribe for 59,546,848 new Ordinary Shares at a subscription price of 0.1 pence per Ordinary Share (the "Subscription Rights"). The Subscription Rights were likewise exercised on a cashless basis, using a share price of 10.07 pence per Ordinary Share (representing the 30-day volume weighted average price of an Ordinary Share on AIM as at 20 February 2026), resulting in the issue of 58,955,876 new Ordinary Shares to Hayfin, fully paid.

Following completion of the exercises of the Warrants and the Subscription Rights, Hayfin will be interested in an aggregate of 191,089,599 Ordinary Shares, representing 3.02% of the Company's issued share capital. No Warrants will remain outstanding to Hayfin.

Admission and Total Voting Rights

Application has been made for the 191,089,599 new Ordinary Shares being issued to Hayfin following exercise of their Warrants and Subscription Rights, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8:00 a.m. on 26 February 2026.

Following Admission, the Company's total issued and voting share capital will consist of 6,332,529,550 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. The total number of voting rights in the Company is therefore 6,332,529,550.

The above figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: "This long-term funding transaction, together with the launch of Grassmuno and continued progress of our key R&D programmes, provides the working capital to put Allergy Therapeutics in the best strategic position for the future as we work towards or Hong Kong listing."

Howard Rowe, Head of Healthcare at Hayfin, commented: "Allergy Therapeutics represents the best of British pharmaceutical enterprise within the field of allergy treatments and we are delighted to provide additional support through this new £40m facility."

This announcement contains inside information for the purposes of the UK Market Abuse Regulation.

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

[phone]

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash / Giles Balleny / Seamus Fricker / Joe Smith

Nigel Birks- Life Science Specialist Sales

[phone]

ICR Healthcare

Mary-Jane Elliott / David Daley / Davide Salvi

[phone]

[e-mail]

 

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