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This is quite the roller-coaster.

Feel sorry for those sucked in on the way up - but a brief review of history tells you it’s risky to buy on the news. The people who make money are selling when the buyers come in.

Agree with much of what you say Broomfielder.

Cash is certainly king - and 2026 is a long way out. Also the evidence suggests treating Angle forecasts with a degree of caution - so 2026 is not guaranteed.

They have certainly made some sensible decisions more recently and it looks like they have made some commercial progress. I don’t think there is a corporate buyer ATM - if there was they could have bought it for 30p in the last few months. So i think this is a long slog to profitability which they may or may not manage. If they do, all the LTH’s make good money from here. But it’s not without risk - and i think short / medium terms has the price falling back. Still too much risk here for me - but others have a higher risk appetite / want to ignore the negatives maybe.

We shall see!

EC i hope you took a bit of profit at the top.

Normal procedure here is it spikes and then it drops.

Looks that way again - but maybe the buyers will come in again and keep it up this time.

I remain a sceptic - so i see 12p around the corner. But i can see the arguments to be a bit more positive this time.

Hi EC.

Time to sell do you think?

Spiked at 28p in April

Spiked at 17p in July

Today looks like it’s spiking at 15p maybe?

See a trend there?

I actually get the relief that the cash raise pushed out. But beyond that ( which is simply a sign of taking emergency action ) i don’t see a reason for applause.

Yes - one of several serious problems. They realised ( or at least told us ) far too late that adoption of Parsortix was a long way off after FDA approval.

And they just can’t help themselves can they - using an asterisk to show it’s research only. Why not spell it out properly in the main text?

Doesn’t look at all good for the results.

Interesting analysis and good questions.

I would also want to know the cost of all this and how it gets funded. If you remember the last results Newland went into super-hype mode and gave the impression of abounding opportunities. The price spiked - which was the intention. Then people reflected. Then it emerged that the timescale to cash break even and funds required had lengthened / increased. The price crashed back down. Anyone who bought on the hype lost a lot.

Unfortunately Newland loves talking about $billions of opportunity in the future rather than the harsher reality of what they are achieving now.

With a market cap of £35m and cash required of at least that much ( because i would put little confidence they will hit any of their vague targets ) - funding is a massive issue. And for those that think funding isn’t a problem because they can last into H2 next year - well H2 is only 10 months away and only a total lunatic would risk taking it to the wire ( not least in this environment when there is zero demand for new equity, let alone for AIM companies, let alone for this sector, let alone for a company with a track record of hype and under-delivery ).

Unless today they have a clear line of sight to proper revenues in the next six months and can communicate that ( and people actually believe what is said which is increasingly unlikely ) i can see the price going well into single digits.

Maybe he will pull a rabbit out of the hat - in which case i am very happy for the LTH’s. But it needs to be a real rabbit. And a healthy rabbit which withstands close inspection. Otherwise - its going to continue down from here.

ec - if that happened i would have to shout very loudly indeed that i was entirely wrong about this company. and i am pretty sure i am not wrong.

anyway, whether i am wrong or not, experience suggests ‘hoping for a bid’ is a really dangerous basis for an investment consideration.

i hope you took advantage of the price spike to take a little profit. you never know how many more of those spikes you will get. q4 isn’t far away and news flow has been sp**** all year. once we are into 2024 the focus on funding will ramp up. for me - don’t get into this / increase exposure until funding is completely clear.

dyor etc

I don't think it matters where the price settles ATM.

I started building a nice holding in the Spring. It seemed very undervalued. But I couldn’t see short term catalysts for share price uplift. We’ve now had one catalyst in terms of a new Board - that must install belief and put a new floor on the price for a while - whether at 50p or 40p doesn't really matter. Because there are so many possible pieces of news that could get this flying later during the year.

The fundamentals are very good here - including the funding position.

Long term hold for me - short term uplifts are very nice to have but only in terms of signposts for the future.

It might have a chance of a proper re-rating.

Interesting to compare this situation with Destiny Pharma. Already much better at executing its strategy, a replacement of CEO and Chairman results in a substantial re-rating. But i very much doubt Angle could attract the calibre of person that DP managed - partly because of AN himself but also they have shown zero capability at commercialisation.

For the LTH’s, nice to see this recent pop i Angle’s share price. But IMO it’s a bit of a bubble and based on zero substance so watch out that it doesn’t evaporate as easily as it popped up.

EC - i am very happy for you - all the work you put into the posts deserve to be remunerated!

I remain completely sceptical but very pleased to see the LTH’s seeing some profits :)

If you read back a few posts you will get a decent feeling for the bull and bear cases which can be summarised as follows:

‘ This is a fabulous FDA approved product with multiple opportunities for commercialisation. The worst that can happen is it is acquired by one of the majors for at least 40p ‘ - thats the view of people like EmeraldCarrots

‘ This has what looks like a great product but the team has shown no ability to commercialise, is prone to hyping ( hence share price spikes and falls ) and not clarifying the cash required to break even. Market cap is £30m and they probably need to raise that much in the next year but the CEO and Board have blown all their credibility and have lost institutional support. This is too risky ATM and would only be investable post the capital raise and a much better news flow. ‘ That’s my view and people like Fevertreeman

So far it looks like the bears have had it right. But who knows - you may have picked exactly the right time to come in at the bottom!!!

Or one of several problems is that it’s hope triumphing over experience.

If you ignore the impact of the hype on FDA approval, Angle was trading around 100p for quite a while ( and 125p for a while before that ). Since then it has been one-way traffic ( with an occasional blip ) for the last twelve months. It’s now dropped 87.5% since the 100p level.

You have to wonder why that is. I think it’s a combination of arrogance and hype going into FDA with a failure to plan ahead properly afterwards.

I think this will continue to decline over time. We haven’t seen the lows yet IMO.

I hope they are able to raise money and show some proper commercial progress in the next few months - the two go hand in hand. If that happens I will re-invest. But it’s just too risky ATM

IMO etc etc

I can think of three possibilities:

1. They don’t have any spare cash

2. They don’t think the shares are cheap

3. They have inside information

Any other possibilities i have missed?

If you are invested you are hoping its 3. But it might be 2. 1 is just in there for fun!

Agreed. Could play either way! Hope for the investors you are right :)

Mike - that’s one way to look at this.

An alternative is that Angle have just seen another institutional shareholder bail out. And it appears they were prepared to do so at any price - the amount they raised from sales at 11p is a total irrelevance for Aegon. So it seems they just wanted out. Does that suggest total lack of confidence in AN and his team?

Angle needs to be winning institutional investors, not losing them . Makes it even more challenging to raise money.

Risks crystallising around this. I can’t see the share price recovering until they raise some proper money and my guess is that , assuming they are able to raise money, it will be at a much lower price. I continue to sit and watch. But everyone takes their own views on these things.

IMO DYOR

One problem here is that as each month goes by with no serious progress on revenues Angle gets closer to needing a lot more cash. Some people on this site think that doesn't matter because there’s over a year before the cash runs out. I disagree.

Current market cap is £37m. What do they need to get through to ‘ hoped for’ cash break-even? We know it’s more than they said at the start of the year. Maybe £30m? Whatever the number, you can see why the share price will continue to drop.

You really have to ask why they didn’t raise some more money at the last results - not the whole amount needed but just something to show belief and progress and a bit of an extension to the cash runway. One possible answer is arrogance and foolishness.

The only silver lining for shareholders is that the share options that the greedy Execs received are no longer looking like the steal they were at the time. But that’s only due to their continuing mismanagement of the situation.

IMHO DYOR

Agreed.

How refreshing if at the AGM Selvey went carefully through all the mistakes made on his watch as an aide memoir to avoid them in the future. He would be adding real value if he did that. Or maybe he will just go on about how well positioned the business is and how bright its future under his stewardship.

Any bets on which route he will choose?

EC - i am sorry to say that the share price is not nuts. Everything in this company is yet to be proved out and,as many people have pointed out, the CEO and Board have some very serious shortcomings - and that means there’s a lot of risk here.

I think it was appalling that AN hyped up the results without revealing the longer period to cash generation ( and even that isn’t a hard number - it’s a hope ). It was another example of hype which then came quickly crashing down to earth drawing investors in before they got burned.

I agree this looks like it has the potential to be a great product. And it could do real good if it was commercialised.

But i have no faith in this team. And i think they will really struggle to raise the money they need to raise. And the share price is telling you that’s what the market thinks too. So I wouldn’t touch this with a barge pole ATM.

Having said that i hope you are right and you make some money after AN has put you through this rollercoaster or wringer or rack or whatever way being an investor in Angle is best described.

IMHO DYOR etc etc

Thanks. Very clear. No other questions. Shows how you need capital to succeed.

Why is NHS using Grail / Galleri for the cancer blood tests.

Am i missing something or shouldn’t have this been precisely what AN should have been focussed on?

Can anyone enlighten me?