Half Year Report

Nuformix PLC

28 May 2026

 

28^th May 2026

Nuformix plc

("Nuformix", the "Company" or the "Group")

Half Year Report

Nuformix plc (LSE: NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announces its unaudited results for the six months ended 31 March 2026.

Operational highlights

·  The Board continues to believe that NXP002, Nuformix's lead programme, offers a potentially significant treatment for progressive fibrosing interstitial lung diseases ("ILDs"), including Idiopathic Pulmonary Fibrosis ("IPF") and Progressive Pulmonary Fibrosis ("PPF"), and is focused on generating data and further progressing on-going discussions with potential partners that is expected to support its efforts to secure a licensing, option or collaborative agreement for NXP002.

·    During the period the Company announced that the U.S. Food and Drug Administration ("FDA") had granted Orphan Drug Designation ("ODD") in IPF for tranilast lystate, the active drug substance enabled for inhaled delivery in NXP002.

Financial Highlights

·    Loss on ordinary activities (after tax credit) of £346,577 (31 March 2025: loss of £376,668)

·    Loss per share 0.02p (31 March 2025: 0.03p)

·    Net assets of £1,636,439 (31 March 2025: £807,653) including £930,283 of cash and cash equivalents at 31 March 2026 (31 March 2025: £97,911)

·    In November 2025, an oversubscribed open offer raised gross proceeds of £228,081 through the issue of 114,050,535 new ordinary shares at a price of 0.2 pence per share.

·    In March 2026, a subscription for 500,000,000 new ordinary shares at a price of 0.2 pence per share raised gross proceeds of £1,000,000.

Dr Dan Gooding, Executive Director of Nuformix, said: "Our on-going research efforts and progressive external discussions to date validate that inhaled treatment of IPF and related fibrotic lung diseases via NXP002 remains a viable and attractive concept. In March 2026 we were delighted to receive news of the FDA's award of Orphan Drug Designation in IPF for NXP002. Given the EMA's award of the same, these achievements support the plausibility of our differentiated approach, targeting fibrosis resolution and restoration of tissue function, whilst allowing healthy repair, which has been very helpful in advancing partnering discussions. The March placing proceeds are allowing us to generate value-enhancing data and progress the NXP002 programme, aligning with feedback from potential partners and supporting our focussed efforts to secure an out-licensing partner for NXP002. I remain excited by our future prospects and look forward to providing further updates in due course as appropriate."

Enquiries:

Nuformix plc
Dr Dan Gooding, Executive Director	Via IFC Advisory
CMC Markets
Douglas Crippen	[phone]
IFC Advisory Limited
Tim Metcalfe Zach Cohen	[phone] [e-mail]

About Nuformix

Nuformix is a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing. The Group aim use its expertise in discovering, patenting and subsequently developing and novel drug forms with improved physical properties, to develop new product opportunities that are differentiated from the original product (by way of dose, delivery route or presentation), thus creating new and attractive commercial opportunities. Nuformix has an early-stage pipeline of preclinical assets with potential for significant value and early licensing opportunities.

Nuformix plc shares are traded on the Main Market of the London Stock Exchange under the ticker: NFX. For more information, please visit www.nuformix.com.

Chairman's statement

Operational review

NXP002 is the Group's lead asset and a potential novel inhaled treatment for Idiopathic Pulmonary Fibrosis ("IPF"), Progressive Pulmonary Fibrosis ("PPF"), and other progressive fibrosing interstitial lung diseases ("ILD"). NXP002 is a proprietary, new form of the drug tranilast with enhanced physical properties that allow delivery direct to the lung via nebulisation.

There are more than 200 types of ILD, which are characterised by varied amounts of inflammation, scarring, or both, that damage the lung's ability to absorb oxygen. IPF is the most well-known form of ILD, affecting approximately 100,000 patients per year in the US. PPF previously referred to as Progressive Fibrosing ILD (PF-ILD), is a larger and even more poorly served segment of the ILD market, affecting approximately 200,000 patients per year in the US.

IPF and PPF are devastating lung diseases associated with a higher mortality rate than many cancers with median survival of 3 to 5 years. Thus, IPF and PPF represent a high unmet medical need such that the requirement for improved treatment options represents what the Directors believe to be a significant commercial opportunity. IPF is classified as a rare disease and presents a global commercial market that is forecast to grow to US$6.4bn by 2031. Sales of standard-of-care ("SoC") therapy OFEV achieved EUR3.8bn in 2024. Sales of Esbriet, also an IPF SoC therapy peaked in 2020 at USD1.2bn prior to genericisation.

Tranilast has a long history of safe use as an oral drug for asthma, keloids and hypertrophic scarring, but while there is growing evidence that supports its potential use in other fibrotic conditions, including IPF, a combination of poor physicochemical properties, variable pharmacokinetics and challenging pharmacodynamics following oral delivery limit its potential use in ILDs. NXP002 is differentiated as it is a patent protected, novel form of tranilast that has been optimised for formulation and delivery direct to the lungs by inhalation, potentially overcoming the issues using tranilast orally as a chronic treatment for fibrosing ILDs.

The inhalation route is a well-known delivery strategy for the treatment of lung diseases to yield greater efficacy and reduce systemic, off-target side-effects compared to oral treatment. Discontinuation of treatment in IPF and PPF patients is currently an issue in the treatment of these diseases with discontinuation rates for current SoCs up to 80% in certain patient groups due to, in part, their debilitating systemic side effects. The Directors believe effective inhalation therapies offer the potential to overcome these limitations of oral therapies.

The positioning of NXP002 as an inhaled treatment for IPF and PPF could be either as added to SoC treatments or administered as a monotherapy for patients non-responsive to SoCs and those declining these therapies due to side effects which significantly impact their quality of life.

The preclinical inhalation strategy, initiated by the Company, has significantly progressed NXP002 demonstrating:

·	drug can be delivered in-vivo by a range of nebulisers at the optimum droplet size for delivery to the deep lung;
·	very high doses of drug appear to be well-tolerated; and
·	an in-vivo inhalation dose response was observed across both inflammation and fibrosis biomarkers that is consistent with all ex-vivo human IPF tissue studies to date.

The Company conducted studies in a new iteration of a 3D human IPF lung tissue model, that has been advanced to significantly reduce output variability, offering greater disease and species relevance. The results for NXP002 alone and in combination with current SoC's, can be summarised as follows:

·	NXP002 is well tolerated in ex-vivo human lung tissue with no signs of toxicity events;
·	NXP002 alone delivers a strong, consistent anti-fibrotic and anti-inflammatory effect as demonstrated by modulation of the release of multiple biomarkers of fibrosis and inflammation;
·	both high and low concentrations of NXP002 show an additive anti-fibrotic and anti-inflammatory effect to SoC;
·	in particular, the higher concentrations of NXP002 with SoC's deliver a near complete ablation of fibrosis biomarker release, yet at lower concentrations than have been seen in other preclinical models to date; and
·	the clear, pronounced additive benefit of NXP002 on top of SoCs observed suggests that NXP002 will provide additional efficacy, even in patients responding to SoC therapy.

This raises the possibility that NXP002 targets additional disease pathways to SoC's when increasing the combined anti-fibrotic and anti-inflammatory response. Following success in suppressing biomarkers of fibrotic disease progression in human IPF lung tissue, the same samples were analysed to assess additional mechanistic and anti-inflammatory benefits on top of SoC's and the results are summarised as follows:

·	NXP002 alone delivers a strong, consistent anti-inflammatory effect as demonstrated by suppression of the release of inflammatory cytokines by over 90% for all cytokines studied; and
·	the results further suggest that NXP002 may provide additional efficacy in combination with SoC's, even in patients not responding to SoC therapy alone.

Nuformix has developed a Target Product Profile ("TPP") that is consistent with twice daily inhalation administration. To assess NXP002's duration of action in relation to the TTP, the Company initiated work in an exploratory model using healthy human lung tissue. The model also bridges the Company's successful preclinical work across a variety of LPS-challenge studies. The results are summarised as follows:

·	NXP002 suppresses the release of inflammatory cytokines by healthy human lung tissue following LPS challenge; and
·	a strong anti-inflammatory effect remains at 12 hours post drug dosing demonstrated by continued suppression of the release of inflammatory cytokines following LPS challenge, confirming NXP002 has a suitable duration of action to support its TTP of twice daily dosing.

Data from the precision-cut lung slice ("PCLS") disease model referred to above using lung tissue from IPF patients were reanalysed as part of on-going discussions with potential licensing and development partners for NXP002. NXP002 had also been studied in tissue from an autoimmune ILD explanted lung (in this case from a patient diagnosed with non-specific interstitial pneumonia or NSIP). This collective data was revisited to compare key biomarker changes in tissue in response to NXP002 treatment using an 'area under the curve' (AUC) based approach, considering total biomarker expression during the treatment period. These new results are summarised as follows:

·	a clear dose response to NXP002 was observed across both extra cellular matrix ("ECM") biomarkers and pro-fibrotic mediators suggesting NXP002's activity in additional pathways to standards of care;
·	a consistent and significant effect of NXP002 was observed alone and in combination with standards of care across both biomarker types in all donors;
·	when the Col1A1 gene was found to be overexpressed in tissue, representing active fibrotic disease and tissue turner, NXP002 consistently attenuates its expression. When Col1A1 is not overexpressed Col1A1 is maintained, which may point towards NXP002's role in ECM homeostasis and supporting healthy tissue repair and regeneration, consistent with the evidence base describing positive results from clinical studies of tranilast in a range of fibrotic diseases; and
·	the autoimmune-ILD donor studied also showed a significant response across both biomarker types alongside the seven IPF donors confirming that NXP002's activity translates well to autoimmune-derived ILDs.

The Group has developed new insights relating to its NXP002 lead programme. Following an in-depth pharmacology review, leveraging human and AI-methodologies, the pathways associated with disease progression in fibrotic diseases in which NXP002 has demonstrated both activity and clinical translation have been assessed across multiple organs. The resulting outputs allow clear demonstration of NXP002's potential to regulate four specific pathways that drive fibrotic disease. This includes core pathways, such as the TGF- ß pathway, but also evidences regulation of the WNT/ß-catenin and NLRP3 pathways, which are emerging as key disease progression pathways requiring suppression. The outputs also illustrate consistent translation from cell-based studies to clinical studies across multiple fibrotic organs, including the lung, in the resolution of extra cellular matrix deposition.

The Directors concluded that NXP002 as a potential treatment for IPF, was a likely candidate for Orphan Drug Designation ("ODD"), which could provide additional product protection against potential future competitors in addition to product development advantages. 

On 10 March 2026 the Group announced that the FDA had granted ODD in IPF for tranilast lystate, the active drug substance enabled for inhaled delivery in NXP002. The FDA grants ODD for investigational treatments for rare diseases, such as IPF, defined as affecting fewer than 200,000 people in the United States. ODD qualifies the developer for certain incentives with the goal of accelerating drug development for patients, including tax credits for clinical trials or qualified clinical testing costs, a waiver of the Prescription Drug User Fee Act application fee when a marketing application is submitted, and the potential to receive seven years of marketing exclusivity upon product approval.

This follows the European Medicines Agency's ("EMA") decision to grant ODD in IPF for tranilast to the Group on 29 May 2025.

The Board continues to believe NXP002 offers a potentially significant treatment of progressive fibrosing ILDs, including IPF and PPF, and is focused on generating further data and progressing ongoing discussions with potential partners that may support its efforts to secure a licensing, option or collaborative agreement for NXP002. As a consequence, the following activities are being prioritised:

·    Continued investment into maintenance and prosecution of key NXP002 IP;

·    Continued work with industry experts and key opinion leaders to create a data package support programme progression and business development activities;

·    Progression of partnering discussions with multiple parties with the aim of securing a licencing, option or collaborative agreement.

Outlook

The Company continues to advance and exploit the current assets within the portfolio through the R&D and business development activities as set out above.

The strategy of the Group is to continue to increase the value of its existing assets while maintaining tight control of costs, including conducting business development/licensing activities using a structured and data-driven approach, with the goal of seeking global licensing deals.

Financial Review

In the first half of the financial year, the Board has focused its expenditure on R&D activities, such as the application to the U.S. Food and Drug Administration ("FDA"), and subsequent achievement of Orphan Drug Designation, that add value to the current assets while optimising the operation to minimise administrative expenditure and the operational cost-base.

Dr Julian Gilbert

Non-Executive Chairman

28^th May 2026

Statement of Directors' Responsibilities

We confirm that to the best of our knowledge:

1.    this interim condensed set of financial statements has been prepared in accordance with UK adopted IAS 34 'Interim Financial Reporting';

2.    the condensed set of financial statements has been prepared in accordance with ASB's 2007 Statement Half-Yearly Reports;

3.    the condensed set of financial statements give a true and fair view of the asset, liabilities, financial position and loss of the group and the undertakings included in the consolidation as a whole as required by DTR 4.2.4R; and

4.    the interim management report includes a fair review of the information required by:

4.1.  DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

4.2.  DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

The directors of Nuformix plc are listed in the Group's 2025 Annual Report and Accounts and the current board are set out on the Investors Information section of Nuformix's website at: Investors Information - Nuformix

Dr Julian Gilbert

Non-Executive Chairman

28^th May 2026

Further copies of this document are available from the Company's registered address and will be available on the Company's website later today.

Nuformix plc

Registration number: 09632100

Nuformix plc

Registration number: 09632100

Unaudited Interim Results

Consolidated Income Statement and Statement of Comprehensive Income

for the six months ended 31 March 2026

		6 months ending 31 March	6 months ending 31 March	12 months ending 30 September
		2026	2025	2025
		Unaudited	Unaudited	Audited
	Note	£	£	£
Revenue		-	-	-
Cost of sales		-	-	-
Gross profit		-	-	-
Total administrative expenses		(346,577)	(376,668)	(660,569)
Other operating income		-	-	-
Operating loss		(346,577)	(376,668)	(660,569)
Finance costs		-	-	-
Loss before tax		(346,577)	(376,668)	(660,569)
Income tax receipt		-	-	7,983
Loss for the period and total comprehensive income for the period		(346,577)	(376,668)	(652,586)
Loss per share - basic and diluted	4	(0.02)p	(0.03)p	(0.04)p

Nuformix plc Registration number: 09632100

Unaudited Interim Results

Consolidated Statement of Financial Position as at 31 March 2026

		31 March	31 March	30 September
		2026	2025	2025
	Note	Unaudited	Unaudited	Audited
		£	£	£
Assets
Non-current assets
Intangible assets	5	882,784	896,828	882,784
		882,784	896,828	882,784
Current assets
Trade and other receivables		42,597	36,867	30,540
Income tax asset		7,983	5,566	7,983
Cash and cash equivalents		930,283	97,911	97,550
		980,863	140,344	136,074
Total assets		1,863,647	1,037,172	1,018,856
Equity and liabilities
Equity
Share capital	6	1,714,430	1,244,309	1,407,510
Share premium		7,756,157	6,775,097	6,835,098
Merger relief reserve		10,950,000	10,950,000	10,950,000
Reverse acquisition reserve		(8,005,195)	(8,005,195)	(8,005,195)
Share option reserve		28,513	64,361	28,513
Retained earnings		(10,807,566)	(10,220,919)	(10,460,989)
Total equity		1,636,439	807,653	754,934
Current liabilities
Trade and other payables		227,208	229,519	263,922
		227,208	229,519	263,922
Total equity and liabilities		1,863,647	1,037,172	1,018,856

Nuformix plc Unaudited Interim Results

Consolidated Statement of Changes in Equity for the six months ended 31 March 2026

	Share  capital £	Share premium £	Merger Relief Reserve £	Reverse acquisition reserve £	Share option reserve £	Retained earnings £	Total £
As at 30 September 2024	819,309	6,731,347	10,950,000	(8,005,195)	64,361	(9,844,251)	715,571
Loss for the half-year and total comprehensive income	-	-	-	-	-	(376,668)	(376,668)
Issue of share capital	425,000	43,750	-	-	-	-	468,750
Share and warrant based payment	-	-	-	-	-	-	-
As at 31 March 2025	1,244,309	6,775,097	10,950,000	(8,005,195)	64,361	(10,220,919)	807,653
Loss for the half-year and total comprehensive loss	-	-	-	-	-	(275,918)	(275,918)
Issue of share capital	163,200	59,999	-	-	-	-	223,199
Transfer of expired share options	-	-	-	-	(35,848)	35,848	-
As at 30 September 2025	1,407,509	6,835,096	10,950,000	(8,005,195)	28,513	(10,460,989)	754,934
Loss for the half-year and total comprehensive income	-	-	-	-	-	(346,577)	(346,577)
Issue of share capital	307,021	921,061	-	-	-	-	1,228,082
As at 31 March 2026	1,714,530	7,756,157	10,950,000	(8,005,195)	28,513	(10,807,566)	1,636,439

Nuformix plc Unaudited Interim Results

Consolidated Statement of Cash Flows for the six months ended 31 March 2026

	6 months ending 31 March	6 months ending 31 March	12 months ending 30 September
	2026	2025	2025
	Unaudited	Unaudited	Audited
	£	£	£
Cash flows from operating activities
Loss for the year	(346,577)	(376,668)	(652,856)
Adjustments to cash flows from non-cash items:
Depreciation and amortisation	-	14,583	28,627
Income tax expense	-	-	(7,983)
	(346,577)	(362,085)	(631,942)
Working capital adjustments
(Increase) decrease in trade and other receivables	(12,057)	(3,516)	2,811
Increase (decrease) in trade and other payables	(36,714)	(25,448)	8,956
Cash generated from operations	(395,348)	(391,049)	(620,175)
Income taxes (paid)/received	-	-	5,566
Net cash flow from operating activities	(395,348)	(391,049)	(614,610)
Cash flows from investing activities
Proceeds from sale of intangibles	-	-	-
Net cash flows from investing activities	-	-	-
Cash flows from financing activities
Proceeds of share issue	1,228,082	468,750	691,950
Net cash flows from financing activities	1,228,082	468,750	691,950
Net increase in cash and cash equivalents	832,734	77,701	77,340
Cash and cash equivalents at start of period	97,550	20,210	20,210
Cash and cash equivalents at end of period	930,283	97,911	97,550

Nuformix plc Unaudited Interim Results

Notes to the Consolidated Financial Statements for the six months ended 31 March 2026

1. Basis of preparation of interim financial information

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Accounting Standards as endorsed by the UK Endorsement Board ("IAS"), and are compliant with IAS34 "Interim Financial Reporting."

The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.

The accounting policies and methods of computation followed in the condensed consolidated interim financial statements are the same as those applied in the most recent annual report

The consolidated interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 September 2025, prepared in accordance with IAS, have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified and included a reference to which the Auditors drew attention by way of an emphasis of matter, without qualifying their report, that a material uncertainty existed that might cast significant doubt on the Group's ability to continue as a going concern at that time. The Auditors' Report did not contain any statements under section 498 of the Companies Act 2006.

The condensed consolidated interim financial statements are for the 6 months to 31 March 2026.

The condensed consolidated interim financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 30 September 2025, which were prepared in accordance with UK adopted International Accounting Standards ("IFRSs").  As explained above, although this was a different accounting framework, there is no impact on recognition, measurement or disclosure. 

2. Basis of consolidation

On 16 October 2017 the Company acquired the entire issued ordinary share capital of Nuformix Technologies Limited and became the legal parent of Nuformix Technologies Limited. The accounting policy adopted by the Directors applies the principles of IFRS 3 (Revised) "Business Combinations" in identifying the accounting parent as Nuformix Technologies Limited and the presentation of the Group consolidated statements of the Company (the legal parent) as a continuation of financial statements of the accounting parent or legal subsidiary (Nuformix Technologies Limited).

3. Going concern

The consolidated interim financial statements have been prepared on the going concern basis of preparation which, inter alia, is based on the directors' reasonable expectation that the Group has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval. In forming this assessment, the directors have prepared cashflow forecasts covering the period ending 31 December 2027 which take into account the likely run rate on overheads and planned research expenditure.

After careful consideration, the directors consider that they have reasonable grounds to believe that the Group can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.

4 Loss per Share

Loss per share is calculated by dividing the loss after tax attributable to the equity holders of the Group by the weighted average number of shares in issue during the period.

The basic earnings per share for each comparative period is calculated by dividing the loss in each of those periods by the legal entity's historical weighted average number of shares outstanding.

	31 March	31 March	30 September
	2026 Unaudited £	2025 Unaudited £	2025 Audited £
Loss after tax	(346,577)	(376,668)	(652,586)
Weighted average number of shares	2,121,267,799	1,374,360,518	1,631,091,286
Basic and diluted loss per share	(0.02)p	(0.03)p	(0.04)p

5 Intangible Assets	Goodwill		Patents	Total
Cost	£		£	£
At 30 September 2024		4,023,484	291,661	4,315,145
At 31 March 2025		4,023,484	291,661	4,315,145
At 30 September 2025		4,023,484	291,661	4,315,145
At 31 March 2026		4,023,484	291,661	4,315,145
Amortisation
At 30 September 2024		3,140,700	263,034	3,403,734
Amortisation charge		-	14,583	14,583
At 31 March 2025		3,140,700	277,617	3,418,317
Amortisation charge		-	14,044	14,044
At 30 September 2025		3,140,700	291,661	3,432,361
At 31 March 2026		3,140,700	291,661	3,432,361
Net book value
At 31 March 2025		882,784	14,044	896,828
At 30 September 2025		882,784	-	882,784
At 31 March 2026		882,784	-	882,784

For impairment testing purposes, management consider the operations of the Group to represent a single cash-generating unit ("CGU") focused on research and development. Consequently, the goodwill is effectively allocated and considered for impairment against the business as a whole being the single CGU.

6 Share Capital

Allotted, called up and fully paid shares

	31 March 2026 Unaudited		31 March 2025 Unaudited		30 September 2025 Audited
	No.	£	No.	£	No.	£
Ordinary shares of £0.0005 each	2,609,749,368	1,304,875	1,669,309,368	834,654	1,995,709,368	997,855
Deferred shares of £0.0005 each	819,309,368	409,655	819,309,368	409,655	819,309,368	409,655
Total		1,714,530		1,244,309		1,407,510

On 12 November 2025, an open offer was completed. The open offer, underwritten by CMC Markets, raised £228,081 (before expenses) through the issue of 114,040,535 ordinary shares at an issue price of 0.2p per share, including a share premium of £171,061.

Subsequently, on 17 March 2026, the Company completed a fundraise through the issue of 500,000,000 ordinary shares in a share placement at a price of 0.2p per share. The total proceeds raised (before expenses) were £1,000,000, including a share premium of £750,000.

7 Share Options and Warrants

The Group operates share-based payments arrangements to remunerate directors and key employees in the form of a share option scheme. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled, share-based payments and is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.

 

END