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Dario of Anthropic would be much better 🤣. If he said go Hemo go I think id actually get emotional hahaha

Buying pressure is massive on L2 due to lack of shares. Doesn't need much, even little buys will push this high today. Very exciting.

£80k sold to £70k bought. This is an overreaction on this chat. It's going to be even by end of day

Data at 10-15 patients is typically where you see historic pharma interest in Car-T according to AI. Pure statistical analysis of the median of JV/buyout from my AI research reports (I've said that number for 3+ years). The statistical significance / analysis also becomes easier to display, and every company I know likes simple numbers.

Three cohorts, sounds about right, and as the presentation says, at that point HEMO could be pushed early to phase 2.

Let's hope Cohort 2 adults and cohort 1 pediatrics show the same as Cohort 1 adults. That's when I think the JV happens, it is just my opinion.

I thought it would RNS day today, but could be another day this week or next.

I still feel it is better, and far more likely, that we have a JV by Jan 2027 with say J&J or similar (circa 10 patients mix of adults and peadatrics).. Then we would have far less dilution and games played on the SP.

The moment we have 10+ patients data, I expect a JV to be in immediate discussion with multiple pharma partners.

I expect we will be £200m-£250m Mcap by then. JV estimating value between £1B-£1.5B.

That's my prediction and has been for a few years. Taken longer then Id have liked to get to 10 patients but think 2026 will be the year we hit that milestone.

Someone use to always say - don't even post about buys unless they're big.

Someone bought 10k shares and 8900 shares... Within 1 minute of each other. Total cost £140,000.

I know a few people buying this morning, and I know of a few others about to buy a good number. Think we have a good FOMO Friday ahead.

CAR-T expansion AND persistence observed — persistence is the new word. Expansion (proliferation after infusion) was already known. Persistence (cells still detectable in circulation weeks or months later) is the foundation of long-term immunosurveillance and the basis for any "functional cure" claim. If this is being stated in a deck signed off by management, it's a meaningful upgrade to what was said in the 14 April Annual IND filing.

"Potential to accelerate into Phase II if no DLT in three cohorts and efficacy signal" — buried footnote, big implication. If DL2 and DL3 are clean and show response signal, the company can pivot directly into Phase 2 without completing the full Phase 1 escalation. That's a faster path to pivotal data than people had assumed and meaningfully shortens the deal/readout timeline.

"Subset of ALL in adults and pediatric patients; ... first patient treated, second patient consented" — LTL is reading this as "Patient 4 treated, first paediatric consented." That's plausible but not confirmed. It could equally refer to the trial design as a whole. I'd not bank on it as a leak until something formal lands.

The 36 adverse events / 2 treatment-related / 1 serious / no DLT breakdown — this is actually positive framing once you understand it. Adverse event reporting in oncology trials is exhaustive — every cold, headache, blood-count blip in three R/R AML patients on cytotoxic background therapy gets logged. 36 events across three terminally ill patients with active leukaemia is normal-to-low. The key numbers are: 2 treatment-related (which is the relevant denominator) and zero DLTs. The "1 serious" event is the only thing worth interrogating — in trial reporting terms, "serious adverse event" (SAE) has a specific regulatory definition (hospitalisation, life-threatening, permanently disabling, congenital anomaly, death, or medically significant) that can include things like a hospital admission for fever that resolves with antibiotics. It is NOT synonymous with "the drug nearly killed someone." The fact that it didn't trigger a DLT, didn't trigger a trial pause, and didn't trigger any DSMB intervention tells you it was managed and resolved. Aldebaran is reading drama into it that the trial mechanics don't support.

The "TO CURE" language shift that HereforHemo flagged — this is real and worth noting. Moving the stated objective from "treat" to "cure" in a public-facing deck is a deliberate management choice. It signals confidence and is the kind of language that BD audiences (acquirers, partners) respond to. Could be marketing positioning. Could be reflective of internal confidence post-DL1 data review. Either way, it's a tonal shift.

Alde, what's your target exit price then

Nice amount of buying pressure of Level 2. Injection next week... 28 days after that are the results. But pediatrics 100% will re-rate this. Smile and wave at the naysayers all. Smile and wave

Big things next week I think. P4 Injected, fingers crossed.

Alde - pick holes in this for me after you've investigated. This is all my Scientific research over the years and information I've taken from Haywain etc.

If anyone is trying to understand what Cohort 2 actually means, worth laying out the science properly, because the share price isn't the hypothesis.

The engineering thesis

HG-CT-1 uses a bivalent ScFv that requires simultaneous engagement of two FLT3 receptors in close proximity to fire. Blasts express FLT3 at high density. Healthy HSCs express it at low density. The construct functions as an antigen-density logic gate — it kills blasts and ignores healthy tissue. Every prior FLT3, CD33, and CD123 CAR-T programme has died on HSC toxicity. This is the design solution.

What that predicts mechanistically

— No CRS, no ICANS, because less off-target killing means less cytokine release

— No cytopenia, because the marrow is preserved

— Antigen escape is mechanistically harder than CD19 CAR-T because FLT3 is an oncogenic driver. Blasts that down-regulate FLT3 to evade the CAR-T compromise their own survival

— Memory T-cells provide long-term surveillance — functional cure is mechanistically credible, not just remission

What Cohort 1 already shows

No CRS. No ICANS. No cytopenia. CAR-T expansion. Patient 3 AML cells undetectable on standard testing at DL1 (September RNS). DSMB cleared escalation. FDA cleared paediatric expansion. This combination of safety plus early activity has never been achieved in AML CAR-T. It is consistent with the binder design working as engineered.

What Cohort 2 needs to confirm

Dose is doubled. The hypothesis predicts:

— Safety maintained. Selectivity is a property of the binder, not the dose. Cytokine load scales sub-linearly because CAR-T expansion is governed by antigen density, not infused cell count

— Stronger efficacy signal. DL1 was the safety floor. DL2 is where therapeutic response gets tested in earnest

— Deeper, more durable MRD-negative responses

DLTs at DL2 are possible — that is why the trial is designed this way. But the mechanism predicts they should not appear, and Cohort 1 is consistent with that prediction.

What confirmation means

Median OS in R/R AML is measured in months. No approved CAR-T exists in this indication. Allogeneic transplant is the only curative option and most patients cannot access it or relapse from it. A CAR-T delivering durable MRD-negative responses without HSC toxicity would be the first effective cellular therapy in AML — addressing roughly 20,000 R/R AML patients per year in the US and EU combined.

Comparable platforms in adjacent indications have transacted at multi-billion-dollar valuations even pre-clinically. Kelonia, $3.25B upfront for a preclinical in vivo CAR-T platform. Ajax, $2.3B for an early-stage JAK2 small molecule. Hemogenyx has clinical data those platforms didn't, plus a second modality (CDX bispecific). If Cohort 2 confirms the hypothesis, this is a billion-plus company

Alde - you're completely wrong.

Both points are wrong, and the report itself proves it.

On dilution: the Chairman explicitly states the £3M April raise "will be sufficient to allow us to take the full Phase 1 trials to completion." The auditors signed off going concern with NO material uncertainty paragraph, and they specifically obtained "corroborative evidence of the fund raise announced on April 28 2026 to ensure it is committed and irrevocable" before doing so. That's a clean opinion. The boilerplate risk language you've quoted appears in every clinical-stage biotech report ever written, it's a regulatory requirement, not a forward signal.

On efficacy: "the dose levels at which meaningful efficacy is most likely to emerge" is standard Phase 1 dose-escalation language. Phase 1 is designed to test safety at sub-therapeutic doses first and escalate. Patient 3 had AML cells undetectable by standard testing methods at DL1, that's in the September RNS. DL1 is the lowest dose. You don't run a dose-escalation study at the dose where you expect efficacy; you start below it and climb up. That's the entire point. The fact they saw it at that dose, is what you should be shocked about.

Hemo will be here in 12 months and no dilution expected other then warrants for 12 months, Phase 1 funded to completion, DL2 imminent, paediatric cleared, Estonia to initial revenue.

Strongest report in HEMO's history.

Yes Alde. We do all think those discussions are ongoing. It's obvious oncology car T is hot right now. Might take cohort 2 data to cement it, but a deal to be done in 2026.

Saint - slight correction on MAR. "Market sensitive" doesn't trigger automatic disclosure, companies can legitimately delay under Article 17(4) provided they have a valid reason, aren't misleading the market, and maintain confidentiality. Aggregating Phase 1 data for a complete readout is exactly the kind of legitimate interest that justifies delay.

If they dripped "all 3 still alive" out monthly, it would also lock them into doing it forever and make the eventual full readout less impactful. We got the August dosing RNS and the October DSMB clearance RNS because those were discrete material events. Survival status without response data isn't a discrete event, it's a fragment of a wider dataset.

Worth adding the timeline:

Patient 3 was dosed 15 August 2025. ASH abstract submission deadline is early August. Cohort 1 wasn't even complete by the time abstracts had to be filed, and by ASH itself P3 only had ~3–4 months of follow-up. They couldn't have presented Cohort 1 as a dataset even if they wanted to. EHA in June 2026 is the realistic first conference window with mature multi-cohort data.

The August update was a safety/status update, not efficacy. RNS-worthy because dose escalation decisions hinged on it.

That's standard.

ASH/EHA presentations are for durability and response data, which need months of follow-up across a full cohort. Cohort 1 wasn't fully dosed and matured by December, so there was nothing to present.

We all know MAR restrictions apply when commercial discussions are live, which forces radio silence. I'd expect those conversations to continue through to the next round of conferences.

The point stands... meaningful efficacy gets held until it's concrete and multi-cohort. Cohort 2 dosing is the next real milestone. We've had massive de-risking from Made and Cohort 1. This is a serious contender for best biotech stock to buy in 2026.

Alde, the reason there's been no announcement is obvious if you understand how biotech actually works. Companies don't drip-feed efficacy data, they hold it until durability is proven and release multi-cohort readouts at conferences like ASH and EHA, or they let a JV/buyout do the talking which can 20X overnight. That is the playbook.

What we already know from the pipeline:

• Tech transfer confirmed complete on 31 March

• Recruitment for Cohort 2 is open

• 14 April Annual IND filing confirmed all three Cohort 1 patients dosed at the lowest dose

• DSMB cleared escalation, trial was never paused, paediatric expansion approved

Now look at what HG-CT-1 actually is, because the market hasn't priced this in:

• Third-generation CAR-T with CD28 and 4-1BB costimulatory domains, expands when it sees FLT3, contracts when there's none left

• The cells then circulate for years as long-term immune surveillance, if FLT3+ leukaemic stem cells try to re-establish disease, the CAR-T recognises them and expands again

• Bivalent ScFv design means it only fires on high-density FLT3 targets (blasts) and ignores healthy haematopoietic tissue, which is exactly why DL1 showed no CRS, no ICANs, no cytopenia

• FLT3 is an AML oncogene, blasts can't down-regulate it without dying, so the dominant escape route that killed CD19 CAR-T durability is mechanistically much harder here

• That's a credible path to functional cure in AML, not just remission

The survival signal is already there. Median OS in R/R AML is measured in months. Patient 1 is well past that and the trial is escalating, not pausing.

And here's the moat, HEMO has the only FLT3 dual-modality platform on the planet. HG-CT-1 (CAR-T) plus CDX (bispecific antibody). Two complementary AML weapons under one roof. That's the kind of combination buyers acquire, not license.

If this looks like it can replace bone marrow transplant in AML, and the construct design says it can, every bet on timing and price goes out the window.

This is good dust. Watch this space.

Either the spread is the closest I've ever seen it in 5 years, nearly impossible so, or many sells are actually buys. If buy / sell is within 1p of each other that is remarkable for Hemo.

Today's IND report confirms CAR-T expansion and persistence in all 3 patients, blast reductions across the cohort, zero ICANS, zero DLTs - Amazing... exactly the news we wanted.

Trial sized at 36 patients (18 adult, 18 paediatric). First dose level confirmed at 7x10⁷ CAR+ cells, which is a very low dose, and the fact they've seen such results at such a dose, is frankly, remarkable.

Recruitment for Cohort 2 opened 31 March. Vlad also posting a Scientist role in New York today, suggesting the lab team is expanding for CBR/CDX.

P1 is alive. All 3 patients had a positive response. Vlad used the strongest language he has in this RNS. This is seriously undervalued. We need a bit of hype via word of mouth and marketing to get traction for sure, the traders will bump or knock the price, up until the JV's come in.

This issue is not the science, the issue is the updates are done scientifically, and we need the community to drive engagement. That will happen after first dose as currently traders see HEMO as in limbo. Made was a major de-risking event. We should have climbed, but I'll put that down the Iran war. Hire a marketing person next please Vlad!