Member Info for Aldebaran

As ive said Ade, its early days here and need to see tech being commercialised in a substantive way to get a sustainable and substantial valuation increase.

Cash position better than expected though which is a plus but AFC just aren't there yet. Still the S&P partner not named either...

Everything takes longer than expected, always does despite best efforts and top management

FY25 Financial Highlights

• £27.5m successful oversubscribed placing to support the business' development ambitions

• £25.3m cash, cash equivalents and short term investments at year end (FY24: £15.4m), with current cash of £20.4m as at 31 January 2026 (including short term investments).

• Loss after tax of £22.2m (FY24: £17.4m) which includes an increase in non-cash expenditure of £8.4m (£5.5m due to stock and debtor write-offs, £1.9m increase in depreciation/amortisation, £0.5m in share-based payments and £0.5m of remuneration settled via equity)

• R&D investment of £11.7m (FY24: £9.5m), with £1.6m R&D tax credits received (FY24: £2.7m)

Loveable even if Enhertu has 7yrs left investors will start selling the stock down years in advance if the companies dont show they have replacements lined up. Look what has happened to Merck due to loss of Keytruda revenues.

If initial data from 6103 shows anything like repeating what faridoxorubicin did then we could see at least Novartis make a move. I cant imagine DS / AZ want the Enhertu killer in the hands of Novartis who can rapidly progress it in multiple indications. Remembering that 6103 doesnt need Her2 target as it can target FAP which is in 90% of tumours.

The potential is absolutely frightening. Anyone else feel that RNS yesterday was aimed at DS/AZ ?

Ade, are we looking at different graphs?

Please explain what it is exactly about the AFC chart that looks like it will "supercharge". I spend most days and nights reviewing charts and doing TA and im not seeing what your seeing. Please back it up or the sensible among us will just assume its hyperbolic ramping nonsense built on wishful thinking only.

Its a buy and a sell. Every trade is.

Whats important is price has dropped again on volume and in run up to results. Maybe market getting spooked for no reason or... maybe...

Time will tell

If its nit half life its funding but with topics boring af.

Zeus will provide the miney if needed and private investors won't get a look in same as last time. 8% discount last time and I would expect that ti be less now given avacta data, prigresdionnin behind closed door talks and the general environment for raising momey as got easier.

Days of 50% discount placings are over so dint hold your breath waiting try and bye at a big discount. News on funding which could now even come at a premium but let's say at a 5% discount would see shares rocketing. It'd gap open UP and be NT NT for any volume. So cut the sh iiiit trying to scare ppl about a fundraise

Of course all the hype and excitement over a demo if the units and an agreement for $2m is being sold into come on guys wake up. Pops, drops and trading ops until the company demonstrate sound commercial progress.

They still need cash to get there also so bear that in mind and use your heads rather than all this emotion and excitement and ramping all the time. I thought all the dumb money left after covid... seems not

The interest is clear and 2 parties remain involved so I dont think thats it. I think they're stuck on price. SPI probably want more than purchasers are willing to pay.

I think the trading update will factor into the negotiations considerably.

I dont know what will happen but right now the SP action is telling you that the deal is OFF, or... not going through at anything anywhere near £3 as some have suggested.

And its what 90% cheaper to make than Enhertu.

So superior both efficacy and safety and cheaper. It would command a premium over enhertu due to it being kinder and more efficacious but let's imagine it doesnt and is ONLY sold for same price as Enhertu. Ok, but its 90% cheaper to make so profits still go through the roof.

Its a total no brainer

Think youre getting ahead of yourself here. Doesn't look like deal going through at all.

Whats unique here tho which perhaps some are missing is that we have 4 years of clinical data from 6000. Seen that work as designed across multiple indications from the basket case phase 1.

Also have seen pre clinical results for ava3996 show similar and then 6103 here giving 19/21 complete durable responses.

Finally, why on earth would the company go on to develop a dual warhead version of same drug if they had concerns with 6103?

Lower free FAP in humans compared to mice so one reason why 6103 is expected to perform better. Mainly though it is expected to perform better because the pathfinder drug ava6000 did. It uses same MoA sooooo

This isnt your bog standard new drug trial

People much smarter than I are expecting 6103 to perform better in humans than it did in mice and in mice we had 19/21 complete durable responses sooooooo

Preclinical data using published clinical data and AI as a comparator and all backed up by what, 4 years of clinical data on the pathfinder which uses the same delivery system... ok m8. You dont understand what they've got here clearly.

Enhertu is slated to bill over £10bn pa by 2030 and avacta have a safer, kinder, cheaper, more efficacious version of the same drug.

How much do DS/AZ pay just to secure those 2030 sales?

2x sales, 3x sales, 10x sales

And thats without even factoring in ava6000 or 6207. Mind blowing upside potential here

With results due any day what are people's expectations for cash burn and cash position?

Its to early for AFC, ive said this before but you guys belief your own hype i swear no magic bullet. This isnt going to turn around overnight. You dont handbrake turn a cruise liner. There remains many risks which is why we need to see sales actual sales ramp up in the accounts

Get in at first signs of that and risk is lowered massively but still considerable upside. This is why I liked John's last RNS about acceleration of revenue but haven't got carried away because no numbers or timescales provided.

I still say 2027 will be the optimal time to properly average duwnnir buy here if... IF the business turn around is evident in the accounts

"mm's playing games" 🤣🤣🤣🤣🤣🤣🤣🤣

Thats all they do all day every day on every small caps stock if you believe it. I don't because its bull shhh it but each to their own lol

I have to say when you read the garbage posted here over the weekend im not surprised. People absolutely gushing over the company and exclaiming how excited they are. Throwing around phrases like " this is most undervalued stock in UK right now" etc. Etc is a sell signals in my book.

To much emotion not enough objectivity.

John has been a breath of fresh air. He's the real deal and he's already turning this tanker around. But you dont handbrake turn a cruise ship. Sales matter, manufacturing costs matter, salaries matter etc and while im pleased to see talk of revenue accelerating, no numbers or timescales were provided... so let's not get ahead of ourselves.

AFC still have funding to find from mid year and the results due in a few days will make that clear to even stevie wonder. Im positive but cautious hence my top up but still saving powder for a placing as thats what I expect to happen being realistic and not over emotional. Afc just aren't quite their yet but on the right path.. finally

Thanks everyone

Hey can anyone explain why Google is showing SP is 1.64p pls