RE: Large trade from Friday just snuck in .. .16 Dec 2025 08:43
Unfortunately, a MCAP of Β£20m for a company, which only sells lab time, is quite high. Especially, when the contracts do not balance the books.
The imminent (July '25) licencing deals providing any near term additional revenue is still awaited, further kicking that can down the road. Even the latest guidance on those deals was misleading (Oct '25 - "expected in weeks and months". That'll be months then!). The red flags keep coming. Next one to watch out for is if a placing occurs before the 'cash until June 2027' statement.
January H1 trading update should provide a clearer picture of where the business is.