The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Now trading at a capitalisation of £3.99m with £2.8m cash. They should have sufficient cash to year end Sept 24, possibly Sept 25 if costs can be controlled, but, if things continue as they are, then I think there is fair chance they will have to raise. Given small numbers of directors, with 1 leaving this year, then the raise would have to be mainly institutionally backed. But I find it crazy that the shares are 93% down from their all time high. I am personally nearly 40% down on my small holding.
The director salaries of £634k in FY23 (up from £618k the year before) seem excessive given the state of the business. There has not been any staff cuts and it is hard to see where a genuine effort is being made to cut costs until business picks up.
Reassuringly, their pipeline is growing, but this is very much a metric that is given based on the opinion of management rather than totally objective. They promised in their FY23 that "IXICO is uniquely positioned to partner with innovative analytics organisations to provide a market channel to the global biopharmaceutical industry" and that they were "hopeful to announce our first significant partnership agreement early in 2024". I'm not aware of any such announcement being made yet. The departure of the CEO adds to IXICO's challenges this year, although saving £300k plus in salary may be useful... but it remains unclear if it is an attractive proposition for a quality candidate.
I think it might be useful to gain better insight into their historic pipeline numbers and how these converted into revenues. With revenues unlikely to pick up until FY26 at the earliest, the only indicators are pipeline. They will likely "grow" their pipeline to justify business operations (i.e. their salaries) and a future potential raise to keep the lights on. I still think this would make an attractive acquisition (costing only £1.2m to someone after taking out the cash) and I am still on the fence about adding to my holding or not - more likely to add on positive news around IXICO or around the clinical trial market (which seems to be very cyclical and currently entering/in the amidst of a downturn).
Very interested to hear the thoughts of others...
My holding has been in the bottom drawer for the last 36 months! It just keeps sinking lower and lower despite the optimistic assessments management make on Investor Meet every 6 months. I should have bit the bullet on this years ago.
Bottom drawer this for twelve months and hope that management have pulled their collective fingers out of their collective a***s!
Sigh!
Dwindling cash in the bank ? don't get me wrong, I'm interested but it seems each cash pile just ekes away until the next raise
£4.4m market Cap. No debt. Cash in the bank.
Apathy from investors on this site. Maybe they deserve to lose their money ?
Just seen this message. IS Basu the man making a mess at Kromek ? If so please tell me he is not involved at Ixico. Time to sell if he is. Answers PLEASE.
Weekly flag candle high at 16.25, would require to be overcome, to confirm equity exit from congestion are a which commenced 17/10/23. Overhead supply from previous trading volume begins at 16.75, which would be expected to slow upward progress. The base congestion from 17/10/23, is not long, and so does not give confidence of any prolonged rise. Bollinger bands are separating , which indicates increasing volatility , whether up or down. If lower Bollinger band begins to turn up, sell, for likely retracement.
Wow, now hitting rock bottom, issuing new shares at 1p. Does Basu have any shame whatsoever? Scientists should study his brain, as a medical science freak. Or be put into a circus freak show. "Behold, the man with no shame". Gasps for air will be heard throughout the audience as he is wheeled out for display.
Nice win over 4 years
10th May 2023 7:00 am RNS Trading Update
Half-year Trading update
First six months of trading in line with expectations and confirmation of 2023 market guidance
IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering intelligent insights in neuroscience, today provides a trading update ahead of its interim results for the six months ended 31 March 2023.
Key metrics:
• Revenues expected to be £3.2m for six months to 31 March 2023 (H1 2022: £3.9m);
• Contracted order book of £13.3m as at 31 March 2023 (H1 2022: £12.6m);
• Strong cash balance at 31 March 2023 of £5.0m (H1 2022: £5.9m), debt free, and operating cash generative;
• Loss before interest, tax, depreciation, and amortisation to 31 March 2023 expected to be £0.6m (H1 2022: £0.5m profit).
The Board reaffirms market guidance for the full year and return to revenue growth in 2024. 2023 will be the final period to reflect the negative impact of the large HD-trial cessations announced on 23 March 2021 and on 20 January 2022, with revenues now increasingly driven by recently contracted trials across a broader range of therapeutic areas.
IXICO continues to invest in creating a medical imaging company with leading advanced AI analysis capabilities, delivered through a next generation imaging platform designed to address the growing demand for neuroimaging.
The Company's first half results will be released on 23 May 2023.
Giulio Cerroni, CEO of IXICO, said: "The re-building of our order book is a priority as we look to benefit from investments we are making in our commercial capabilities to support our pipeline of opportunities and address the demand for our specialist AI neuroimaging analytical services.
The combination of our diversified order book, near term opportunities and a commitment to being at the forefront of AI based imaging biomarker analysis, mean we are well placed to deliver double digit revenue growth across the second half of FY-2023 as compared to the first half, providing the foundation for further growth across 2024 and beyond."
https://www.lse.co.uk/rns/IXI/trading-update-8lbyk4tb6lmpuzo.html
£700,000 contract to provide MRI imaging services
https://www.proactiveinvestors.co.uk/companies/news/1008657/ixico-awarded-700-000-dementia-trial-support-contract-1008657.html
Keep calm everyone. some positive news after a very worrying time. the improved sp is still a sorry figure most of us are still "carrying" heavy losses here.
FY @ 30/9/22 - PAT was c£1mn
EV today is £6mn
Net cash c£6mn @ 30.9.22
Now with this TU -
reaffirms in line with 2023 year
double digit growth for 2024
Turning point - IMO
Nice one. Boosts my confidence.
There was a big announcement today about a breakthrough in Alzheimer's treatment (Lecanemab). This will surely trigger a big jump in research and then drug trials over the next few years. This must be good news for IXI with its software and expertise. I hope so anyway.
Things look to be moving back in the right direction here based on todays RNS.
Maybe the lame duck will recover !?
A lame duck is not likely to attract anyone i regret to predict.
What are thoughts on the possibility of a takeover on IXI. No debt, £5.80m cash, net assets of £11m, on a market cap of £18m!! Seems totally undervalued imho.
This stock is now going backwards. Does anybody have any confidence that the order book will pick up. Seems to just be a cash burn company to me with a jam tomorrow story.