Hybridan Small Cap Feast - 02 Nov 2023

2nd 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 obje

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BAT, HIK, SBRY, HLN, SN., HTWS, PHP, TKO, & IHC.

Hybridan Small Cap Feast - 03 Oct 23

3rd October 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 objec

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AZN, PFC, GRG, ECOR, TRST, & IHC.

LIBERUM: Inspiration Healthcare: Reassuring outlook, US beckons

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BBGI, DSCV, GFTU, KNOS, IHC, SED, SOM, ALFA, & 1SN.

LIBERUM: Inspiration Healthcare: Wrong for the right reasons

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: GSK, TW., TEP, BGO, AXS, IHC, WISE & IPO of CAB Payments Holdings.

LIBERUM: Inspiration Healthcare: Just what the (neonatal) doctor ordered

Hybridan Small Cap Feast - 12 Jun 23

12th June 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 objecti

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: GLN, PFC, AO., SYNC, IHC, RQIH, & ACQ.

Hybridan Small Cap Feast - 03 May 23

3rd May 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 objective

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

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

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

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

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

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

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

5 Small caps to Buy - August 2021

Historically, small caps stocks have outperformed larger listed companies after economic downturns and this trend is ringing true once again, with smaller stocks offering better returns in the wake of the Covid-19 pandemic. It is currently an exciting time to be invested in smaller companies and for those with a keen eye for detail that can identify companies with financial strength and strong management teams, there is potentially lots of upside available.

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

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 – 1 December 2023

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

Hybridan Small Cap Feast - 15 Mar 23

15 March 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 objectiv

Discusssions underway to unlock value

The investment case pivots on the progress of strategic options under consideration for the two operating businesses. Specifically, these relate to the outcome of discussions with potential buyers for each entity, a process which has been simplified by their legal separation. We see potential scope to realise a net return above R&Q’s current market value. Initial discussions focus on Accredited, R&Q’s program management business for which it confirms receipt of interest from a number of parties

Centene Corporation: Initiation of Coverage – Recent Restructuring & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

This is our first report on Centene Corporation, one of the largest health insurance players in the U.S. Centene had a successful year in 2022 and ended it on a positive note with an all-around beat. The company faced a number of difficulties, including a leadership transition, organizational structure change, modernization of corporate governance approach, concentration on core business, better operations and quality, and on-time financial obligation fulfillment. Total revenue grew by $3 billio