Pulmocide announces termination of Phase 3 study

Summary by AI ^BETAClose X

IP Group plc has announced that its portfolio company, Pulmocide, has terminated its Opera-T Phase 3 Study for opelconazole due to refractory Invasive Pulmonary Aspergillosis. Pulmocide, in which IP Group holds a 12.0% stake valued at £28.1m, will review the trial data to determine future steps for the program. Consequently, IP Group expects a significant reduction in the carrying value of this asset and will conduct further evaluation as part of its year-end process to determine the appropriate adjustment level. Despite this setback, IP Group remains confident in delivering meaningful returns to shareholders over the medium term due to its strong pipeline and valuable licenses.

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IP Group PLC

07 January 2026

FOR RELEASE ON

07 January 2026

Portfolio company Pulmocide announces termination of Opera-T Phase 3 study with Opelconazole

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, notes the announcement from portfolio company Pulmocide Ltd ("Pulmocide" or "the Company") that it has taken the decision to terminate its Opera-T Phase 3 Study with opelconazole in refractory Invasive Pulmonary Aspergillosis (IPA).

Pulmocide, a biopharmaceutical company in which IP Group has a 12.0% holding valued at £28.1m, will be conducting a thorough review of the unblinded data from this trial to determine potential next steps for the program. As a result, the Group expects to significantly reduce the carrying value of this asset and will conduct further work as part of the year end process to fully evaluate the appropriate level of this adjustment.

IP Group benefits from a strong pipeline of new and maturing companies, as well as a number of valuable licences, and remains confident of delivering meaningful returns for shareholders over the medium term.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Liz Vaughan-Adams, Communications	+44 (0) 20 7444 0062/+44 (0) 7967 312125
Portland
Alex Donaldson	+44 (0) 7516 729702

Notes for editors

About IP Group

IP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech. Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, Featurespace, First Light Fusion, Hysata, and Oxa. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO. For more information, please visit our website at www.ipgroupplc.com.

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