Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, announces that it has today published its Annual Report and Accounts for the year ended 30 June 2022 (the '2022 Accounts').

The 2022 Accounts are available to view on, and download from, the Company's website at https://www.allergytherapeutics.com/investors/results-reports-and-presentations/

Publication of the 2022 Accounts had been delayed pending the Group's requirement for additional funding, following the temporary pause in production during Q4 2022. Subsequently, as announced on 6 April 2023, the Company entered into a GBP40.75 million loan facility provided by ZQ Capital and Southern Fox (the 'Loan Facility'). The 2022 Accounts were further delayed as a result of finalising the audit process.

Notwithstanding the recent funding and planned equity refinancing of the Loan Facility (details of which were announced on 6 April 2023), the Group anticipates that additional funding will be required from around September 2023 onwards for trading, working capital, capital expenditure and continuing R&D programmes including the Phase III G306 trial which is currently scheduled to read out in mid Q4 2023.

There are, however, currently no binding arrangements in place for additional funding over and above the Loan Facility refinancing and no guarantees that existing shareholders or new investors will be willing, or able, to provide further funds. It is therefore considered that a material uncertainty exists over the Group's ability to access additional sources of finance, which will be required regardless of the outcome of the Phase III G306 trial and regardless of the outcome of obtaining of necessary foreign direct investment regulatory approvals.

Consequently, the 2022 Accounts have been finalised on a going concern basis but subject to material uncertainty in view of the need for additional funding from around September 2023 onwards. No material change was required to be made to the 2022 Accounts from the Preliminary Results published on 29 September 2022 other than in regards to the Company's going concern statement.

The Company's shares remain suspended from trading on AIM, pending publication of its interim results for the six months ended 31 December 2022 ('Interim Results') which are expected to be published shortly. Following publication of the Interim Results, it is expected that trading in the Company's ordinary shares on AIM will be restored. Further details will be included in the Interim Results.

Contact:

Manuel Llobet

Tel: +44 (0)1903 845 820

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development includes vaccines for grass, tree, house dust mite and peanut.

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