Morning Note – 21 September 2023

4basebio - Interims – scaling to meet anticipated commercial traction

4basebio’s half-year results for the period ended 30 June 2023 reflect continued progress towards its main objective of producing GMP-grade synthetic DNA, with a focus on building out its commercial footprint. It generated revenues of £0.24m (+57%, with all growth coming from the sale of DNA and Hermes™ nanoparticles) with an adjusted net loss of £3.5m (H1 2022: £2.4m, +46%) and period-end cash of £3.6m, having drawn a further €4m from its €23m loan facility that gives it a cash runway into 2025

Morning Note – 19 June 2023

4basebio - FY 2022 results: building momentum

FY 2022 results reflect consistent progress towards its main objectives, with first commercial sales of synthetic DNA and its Hermes™ nanoparticles, and it is on track to be able to produce GMP-grade DNA by end 2023. It generated revenues of £0.3m with a pre-tax loss of £5.9m (vs. £3.5m) and ended the period with £4.4m cash. A €23m loan facility provides it with a cash runway into 2025. We have made changes to forecasts to reflect increased investment in R&D and commercial headcount and reiterat

Rude Health - finnCap Life Sciences quarterly sector note

Probably worse before it gets better. As the bear market in biotech and healthcare generally continues to be deeper and more prolonged than any cycle before – and this has occurred in the US, Europe and the UK and for the first time also in Asia – unfortunately it is possible that it could get worse before it gets better. So close to the year-end, it is unlikely that the outlook for raising funds will improve in the very short term. Further, as companies report end-of-year results in early 2023,

Morning Note – 30 September 2022

4basebio - Interims demonstrate sustained technological progress

4basebio’s half-year results for period ended 30 June 2021 reflect consistent progress towards its main objective of producing GMP-grade synthetic DNA, while at the same time it is building incremental value into the business through product/technology expansion with first commercial sales of its DNA and increasing corporate partnerships. It generated revenues of £0.15m with adjusted pre-tax loss of £2.7m (H1 2021: £1.8m, +45%) and ended the period with £5.6m cash. Despite the expected increase

Morning Note – 10 June 2022

Morning Note – 9 May 2022

4basebio - FY 2021 results

4basebio’s full-year results to 31 December 2021 reflect consistent progress towards its main objectives, with recently completed clean rooms undergoing validation ahead of targeted DNA production towards the year end. It generated revenues of £0.34m with a pre-tax loss of £3.64m (FY 2020: £0.72m) and ended the period with £9.6m cash, providing it with a cash runway into 2023 and an undrawn loan facility of €25m. When fully operational, this facility will be able to produce DNA with a value in e

Rude Health - finnCap Life Sciences quarterly sector note

The smaller cap Healthcare index: After another year of outperformance, during which the AIM healthcare sector rose 10% in 2021 vs 5% for the broader AIM market, we are seeing a rotation out of growth into value stocks in 2022 (this also helped the large cap healthcare stocks rise 17% in 2021). Coupled with a rotation out of COVID-19 diagnostics companies, the AIM Healthcare index has fallen 24% in 2022 YTD (vs AIM -14%). The finnLife 50 index has also fallen, by 27%, with all but two companies

Morning Note – 15 February 2022

Morning Note – 18 January 2022

Morning Note – 23 November 2021

Morning Note – 30 September 2021

SkinBioTherapeutics - FY23 results

SkinBioTherapeutics has published results for the 12-months to June 2023, reporting AxisBiotix-Ps revenues up 77% YoY to £132k and an improved gross margin of 65% (FY22A: 61%). Operating costs were stable and the operating loss was flat YoY at £3.0m. Cash at the year-end was £1.3m and subsequently the company raised c£3.3m gross via a placing and retail offer. We have introduced FY24 forecasts with this report, expecting continued growth in AxisBiotix-Ps revenues supported by territory expansion

RUA Life Sciences - Billion-dollar markets

RUA Life Sciences is developing products targeting billion-dollar global healthcare markets, which, if successfully commercialised it will generate significant value for the company. The current raise will support the business as it seeks to deliver the growth opportunities within its Contract Manufacturing business unit and commercialise and partner its lead vascular graft products and its heart valve leaflet composite material. We believe the company offers an attractive combination of establi

Fundraising looks well supported

RUA have announced, subject to shareholder approval at a General Meeting, the intention to raise equity via the combination of an institutional placing of shares, a subscription by certain directors and a retail offer. While the minimum gross proceeds are expected to be at least £4.1m, the full amount raised will be fluid until after the retail offer and shareholder approval. The final proceeds raised should be known after the outcome of the Retail Offer is announced on 8 December, and sharehold

Morning Note – 1 December 2023

FY23 results: consolidation and cash generation

For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m. The Group rep

Hybridan Small Cap Feast - 01/12/23

1st December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Hybridan Small Cap Feast - 4 Dec 2023

4th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Hybridan Small Cap Feast - 05 Dec 23

5th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Venture Life Group - Strong cash generation

Venture Life has published its interim results to the end of June 2023, reporting group revenue growth of 24.4% to £23.5m, supported by both VLG brands and Customer brands. Although gross margin was down in the period as anticipated, tight operational cost control delivered improved adjusted EBITDA margin of 18.9% (H1/22A: 17.6%). As in previous years, we expect H2/23E to deliver stronger adjusted EBITDA and maintain our £11.6m FY23 expectation. Significantly, cash flow generation was strong in

The Hardman & Co Monthly: September 2023

Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge

Bio-detection becomes a commercial reality

Recent new contracts show that Kromek’s investment in bio-hazard detection technology is becoming a commercial reality. On 26 October the Group received a US$5.9m (£4.84m) contract from the US Department of Homeland Security Countering Weapons of Mass Destruction (CWMD) Office - the first for Kromek - to research and develop technologies for agent-agnostic bio-detection. On 31 October Kromek announced 3 more orders for CBRN detection worth a total of US$1.0m (£0.82m), most of which is expected

Trinity Delta Lighthouse: ANGLE

Trinity Delta view: Commercialisation of the Parsortix system is still at an early stage, although momentum is building, and management are continuing to focus on developing the potentially sizeable revenue streams through both ANGLE’s Product and Service offerings. The reality of current market conditions has driven difficult decisions to streamline infrastructure while still enabling investment into developing protocols on third-party molecular systems, and into products and services relevant

One Health Group (OHGR.AQSE) 174p Full Year Results 2023

One Health Group has reported a strong operational and financial performance in its first year as a listed company. Patients seen and procedures carried out experienced strong growth resulting in revenue and profitability coming in ahead of forecasts. The outlook remains positive, and the company offers an attractive combination of defensive growth at an undemanding valuation

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

Encouraging FY23 Trading Update

Abingdon has issued an encouraging trading update, indicating FY23 revenues are expected to be ~£4.0m - up significantly on FY22 and showing very strong sequential growth H-on-H. It is now working on a range of contract services across a number of sectors (all non-Covid), which should support a sustainable revenue base and growth in future years. The pipeline of opportunities is reported to be robust and management expects to report further strong revenue growth in FY24. With cash burn reducing