Allenby Capital: Fusion Antibodies - Update

Further evidence of the recovery in business emerged in the Fusion Antibodies’ AGM statement (08.10.24), with disclosure of both a strong increase in both sales and gross margin for the six-month period to 30 September. Unaudited revenues for H1FY25 are c.£1.2m (+c.121%) with gross margin recovering to 29% from 6.5% in H2 FY24. Cash at 30 September was £464k, which – per internal forecasts – gives a runway into H2FY26. The sales pipeline was recently reported at c£700k. We are publishing financi

Hybridan Small Cap Feast - 8 October 2024

8th October 2024 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports n

Hybridan Small Cap Feast - 5 September 2024

5th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven ? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** CAP-XX

Hybridan Small Cap Feast - 4 July 2024

4th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemente

Allenby Capital: Fusion Antibodies - Update

Evidence of a stabilisation in business activity with the early signs of a recovery emerged in the recent the year-end trading update (30.04.24) and in management commentary at an investor presentation (16.05.24) at Fusion Antibodies plc. The update suggests revenue of £599k was recorded in the H2 FY24, in line with expectations set at the time of the last fundraising. This represents a ~10% rise over H1’s £541k, although this is still well down on the comparative period. However, revenue in the

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Hybridan Small Cap Feast - 27 Feb 24

27th February 2024 @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 obj

Allenby Capital: Fusion Antibodies - Update

Fusion has conditionally raised c. £1.4m (gross) by way of a placing of 34.4m shares at 4p per share. The financing provides a cash runway to mid CY2025 and comes as the hoped-for turnaround in trading is becoming more apparent, notably with the recent award of a $650k follow-on project. The cash reach now extends into Fusion’s FY26, beyond the point where it aims to be trading on a cash neutral basis. Fusion reports visibility of £1.15m in revenue in FY24 and, although the company could close a

Hybridan Small Cap Feast - 14 Feb 24

14th February 2024 @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 obj

Allenby Capital: Fusion Antibodies - Interims

After a very tough first half of FY24, Fusion appears to be seeing some signs of the hoped-for turnaround in trading, helped by its decision to broaden its client base from biopharma into the adjacent sectors of veterinary drugs and diagnostics. This has been seen in the form of rising month on month revenue that allowed it to be broadly cash neutral in October. However, given its cash reach that extends into FY25, an upturn in the second half is crucial to the investment case. Recently reported

Hybridan Small Cap Feast - 28/11/2023

28th November 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 obj

Allenby Capital: Fusion Antibodies - Update

Fusion Antibodies plc (FAB.L), the provider of services for pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, has warned that its FY24 H1 revenue is c. 23% below expectations at no less than £541k (vs £700k forecast). This reflects the weak trading environment and certain one-off delays associated with some contracts. Given that the investment case depends on a turnaround in trading – which is only just starting to materialise - we hav

Oxford BioDynamics+ (OBD, House Stock at 4p) - Adapting the model

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

Local Coverage Determination to slip into 1H25

Management has indicated that Local Coverage Determination (LCD) for Tutivia is now expected to slip into 1H25 (previously expected 4Q FY24). As a result, the initial commercial adoption of Tutivia has been negatively impacted and revenues from tests carried out this year will now only be recognised in FY25E. We adjust our estimates to reflect this delay in LCD, effectively pushing Tutivia revenues out by 6 months. Our revenue forecast is thus reduced by $3.5m in FY24E and by $1.4m in FY25E, whi

Morning Note – 30 September 2024

Argent Biopharma - Valuation report

We value Argent at an un-risked net present value (NPV) of US$1.1bn. Adjusting for the company’s specified probabilities of success (PoS) for its three clinical programmes gives a risk-adjusted NPV (rNPV) of US$327m or US$6.7 per share. The highest contribution is from CannEpil (NPV of US$508m, PoS 35%), a Phase II, medical-grade cannabinoid being developed for drug-resistant epilepsy. CimetrA, a plant-derived formulation with preclinical and clinical activity as an anti-inflammatory agent, is t

Hybridan Small Cap Feast - 14 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

SkinBioTherapeutics - Second acquisition of 2024

SkinBioTherapeutics has announced the acquisition of Bio-Tech Solutions (BTS) for a cash and debt free consideration of £1.25m. BTS is a revenue-generating, profitable business that will provide the company with access to regulatory-approved manufacturing facilities, which we believe will support the company’s existing and future products. BTS generated £2.1m of revenues to June 2024 and is expected to generate £3.0m of revenues in FY25, indicating a forward acquisition multiple of 0.4x. We see

Morning Note – 11 October 2024

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Morning Note – 24 July 2024

Cambridge Nutritional Sciences - Growing a global brand in food-sensitivity test

FY 2024 represented a transformational year for Cambridge Nutritional Sciences (CNS) as the group returned to adjusted EBITDA profitability, began generating free cash flow and fully rebranded itself as a pure-play consumer healthcare company. With a new-found strategy that is fully focused on CNS maintaining itself as a leading participant in the global food-sensitivity testing segment, we explain the potential opportunity to investors and how we believe the company is well positioned to captur

Hybridan Small Cap Feast - 3 September 2024

3rd September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Trident Royalties (TRR.L) has delisted from AIM What’s baking in the oven ? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs res

Morning Note – 17 September 2024

Ondine Biomedical - Proprietary platform testing standard of care

Ondine Biomedical is focused on becoming a leader in tackling antimicrobial resistance (AMR) at the source, by leveraging its capabilities and proprietary platform technologies. The company specialises in the field of photodisinfection, a unique approach to preventing the spread of infections that uses light to destroy pathogens. Its lead product Steriwave was first approved by Health Canada, and Ondine has since partnered with HCA Healthcare, a leading US hospital group, to run US clinical tria

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (