Allergy Therapeutics Plummets After Delayed Audit Results in Suspension

Allergy Therapeutics (LON: AGY) plummeted almost 50% in early Thursday trading after the company told investors it will not publish its annual report and accounts by December 31, 2022.

As a result, Allergy Therapeutics shares will be suspended from trading from 7:30 am on January 3, 2023.

The commercial biotechnology company said it is unable to publish its annual report due to delays in completing the audit for the year.

On September 29, the company released its unaudited results for the year, reporting revenue of £72.8 million, down 14% from £84.3 million in 2021, and swinging to a full-year net loss of £13.8 million, down from a net profit of £2.9 million the previous year.

“Over the past financial year, we have made significant progress in advancing our clinical pipeline and we are excited to be approaching the start of two key clinical trials in our innovative immunotherapy pipeline,” said AGY CEO Manuel Llobet, following the release of its unaudited results. “While market conditions remain challenging for many companies, our leading core European commercial business has been resilient. With a solid cash position and strong, established commercial capabilities that set us apart from solely R&D focused health companies, we are uniquely positioned to create value for our shareholders.”

AGY said it is not aware of any change that will be required to be made to the results, and it is “actively working to finalise the audit and publication of its annual report and accounts.”

In addition, it is “actively reviewing” all of its funding options after the voluntary pause in production, which has resulted in the need for significant additional near-term funding.