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Sparks commentary - IP Group

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Sparks - IP Group

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IP Group (LSE: IPO) publishes half-year results
Published by Milosz Papst
IP Group today published its results for the first half of 2026, reporting a 3.2% NAV per share increase to 113.9p, assisted by a £27m uplift in the valuation of the Pfizer obesity royalty to £152m following the advancement of the berobenatide/amylin combination into Phase IIb development in May 2026. The company received cash proceeds in H126 of £68.7m (or c 7.0% of opening NAV),  compared with £68.1m in the entire FY25. This brought cumulative proceeds since the beginning of 2025 to £137m, representing substantial progress towards management’s objective of delivering more than £250m of proceeds by end-2027. A further £17.1m has been received since end-June, taking cumulative proceeds to c £154m. Major contributors in H126 included Monolith AI (acquired by CoreWeave in 2025, £22.5m), Centessa Pharmaceuticals (acquired by Eli Lilly, £18.1m), Hinge Health (full exit following listing, £16.9m) and Featurespace (deferred consideration following the 2024 exit, £7.2m). IP Group retains its focus on disciplined capital deployment with £30m invested in H126, including five new investments. IP Group’s gross cash and deposits stood at £239m at end-June 2026 (up from £211m at end-2025). The company appointed Michael Queen, former CEO of 3i Group, as chair of the board of directors.
 
IP Group’s portfolio companies raised £543m in total in H126 (vs £372m in H125). Notable funding rounds include the US$160m round of Quantum Motion, £260m round of Oxford Quantum Circuits and US$103m round of Oxa. First Light Fusion and Mantle8 also secured new funding of £25m and €31m, respectively, while Hysata secured its first electrolyser order. There were also positive developments across IP Group’s life sciences portfolio. Enterprise Therapeutics reported positive Phase II clinical data for ETD001, its lead candidate for cystic fibrosis, Microbiotica reported positive Phase Ib trial data in ulcerative colitis, with a 63% clinical remission rate versus 30% for placebo after 12 weeks, while Istesso started a Phase II trial for leramistat in secondary sarcopenia caused by rheumatoid arthritis.
 
IP Group also made progress with respect to its third-party capital platform through a strategic partnership with Aberdeen, the launch of the A$50m IP Group Climate Catalyst Fund and additional third-party capital raised through Parkwalk.
 
IP Group’s NAV per share increased further to c 117p as at 11 September 2026, supported by a £26.4m increase in the fair value of its Oxford Nanopore holding since end-June, following Oxford Nanopore’s H126 results, which included the announcement of a global cross-licensing agreement. 
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