Hybridan Small Cap Feast - 11 Oct 23

11th 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 obje

Morning Note – 21 September 2023

Synairgen - Committed to advancing lead asset SNG001

Synairgen’s H1 2023 results re-established management’s commitment to progressing its lead respiratory anti-viral asset SNG001 through clinical development. The results of the Phase III SPRINTER trial and the US Government’s ACTIV-2 trial produced valuable data suggesting SNG001 has potential to reduce the risk of disease progression, especially in more severely affected and higher risk patient populations. The company is currently undertaking patient identification activities to select patients

Hybridan Small Cap Feast - 27 Apr 23

27th April 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 object

Morning Note – 27 April 2023

Synairgen - FY 2022 results

Synairgen reported a FY 2022 adjusted net loss of £19.2m (FC est. -£24.2m): the delta due to lower administrative expenses and a slightly higher R&D tax credit. Period-end cash was therefore higher at £19.6m (FC est. £15.8m). With ongoing data generation and insights gleaned from both the SPRINTER Phase 3 trial and other studies, it is clear that SNG001 has broad anti-viral activity against a wide range of respiratory viruses, not just SARS CoV-2, and could be particularly relevant in hospitalis

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 – 29 September 2022

Synairgen - Interim results: good cash runaway and going beyond COVID

Synairgen reported interim results to end-June 2022 that reflected a lower R&D spend on COVID-19-related trials and lower expenses overall. With net cash of £18m at the end of the period augmented by the receipt of a £9.1m R&D tax credit in August, our forecast of net cash of £10m at end-2022 is raised to just under £16m. The Group notes that it has a cash runway until at least end-September 2023, which we view as conservative, and with the introduction of 2023E forecasts, we now estimate end-20

Morning Note – 20 September 2022

Morning Note – 7 September 2022

Morning Note – 5 September 2022

Synairgen - FY 2021 – focused on SNG001 inclusion in platform trial

Synairgen reported a FY 2021 adjusted net loss of £48.2m (FC est. -£46.7m), the delta due to higher-than-expected R&D (c.£4.9m), which was partially offset by a higher R&D tax credit. Period-end cash was £33.8m (FC est. £37.0m). SPRINTER results, presented at the American Thoracic Society on 16 May, identify a responder group of higher risk patients and provide a strong clinical rationale to investigate SNG001 in a trial evaluating progression and/or mortality in such patients. Synairgen is focu

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

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

Morning Note – 8 April 2024

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

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

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Morning Note – 22 March 2024

LIBERUM: Futura Medical: An increasing degree of confidence

Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash

Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY

Belluscura Trading Update

Belluscura has released a Trading Update stating that due to the delay in securing funding and Chinese NMPA approval, sales and manufacturing have been delayed by at least four months and it now expects EBITDA breakeven in Q3 and to turn cashflow positive in Q1 2025.

Morning Note – 12 February 2024

Warpaint London + (W7L, House Stock at 382p) - Late-year sparkles– another double-digit upgrade to FY23F EPS

Poolbeg Pharma - Initiation and FY 2021 results

Poolbeg Pharma is a clinical-stage pharmaceutical company focused on the development and commercialisation of therapies to treat and prevent infectious diseases, with a capital-light model that intends to monetise its assets on early proof of concept data. Its lead asset, POLB 001, is a p38 MAP Kinase Inhibitor for the treatment of severe influenza, with Phase Ib data readout by year-end. Two late preclinical assets (POLB 002 – intranasal RNA-based immunotherapy for respiratory viral infections

Evgen Pharma - Acquisition and £0.85m equity raise

Evgen Pharma has acquired Chronos Therapeutics Ltd for a total upfront consideration of c£0.9m, payable in Evgen shares. Accompanying this, Evgen has conditionally raised gross proceeds of £0.85m through an equity placing with the potential to raise a further £1.0m through a retail open offer and additionally up to £2.0m. The proceeds will fund several initiatives including maintenance of the acquired Chronos Therapeutics patent portfolio and to continue support manufacturing for lead clinical a