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This is a good assessment, although, just to correct one piece. Adrian was clear they wouldn’t get smaller contracts at the start as Optimal was designed to do full large scale screens. He said they may structure the deals differently to begin so that some of the client risk is reduced, potentially by reducing up fronts but including success based milestone payments I.e when the screen delivers what fusion know it should then fritter payments will trigger. Slightly nuanced but still the overall value shouldn’t change and the scale of the challenges will still be big but the point on the journey that fusion and the client risk profile is set and payments set may be adjusted to begin to incentivise early adopters. Adrian also said this will only be available for a limited period.

Shares admitted on Friday 30th, suspect we’ll see tr1s shortly after - be interesting to see who went for it

What does “invest in strategic partnerships” mean do we think?

“The successful validation and formal launch of our OptiMAL® platform marks a significant milestone for Fusion Antibodies. Strong interest from potential partners reinforce our confidence in the platform's ability to generate solid revenues and transform our business over time.

"This fundraise, which has been supported by a number of our longstanding shareholders, will allow us to accelerate commercialisation, invest in strategic partnerships and targeted global marketing; and further strengthen our proprietary technologies. This will place the Company in a strong position for sustainable growth and help to generate long term value for our shareholders."

Agree - I took comfort there was no indication in the rns about weakness in the trading position also which I assume means they remain on track to achieve the 80% growth in h2.

This was strong from the launch conference “ Fusion's attendance at the conference generated significant interest in both the OptiMAL® platform and the Company as well as provided further encouragement that the OptiMAL® platform has every prospect of potential material revenue generation and the potential to favourably transform Fusion's business over time”.

The said they had runway to FY27 which is April. Good they have topped up the cash balance. Should help with due diligence for contracts. Buried line in the rns:

“Many of the organizations approached in the pre-launch phase have expressed an interest in the

OptiMAL® platform including disclosure of target details under non-disclosure agreements“

Companies willing to share their target data with fusion is strong endorsement for their capability and expertise . This provides a very strong foundation to move forward in my view.

I’m still here and was at the AGM. They were very positive about the future potential of the Optimal platform and as have said throughout all their engagements , it will take time to convince people to come onboard but they said it had the potential to be transformational for drug discovery.

The brokers are predicting growth of 80% in h2 without any optimal contribution. they have historically not published every single contract they win as their view is their clients don’t always enable that and it could be commercially damaging.

All I know is we’ve had nothing from the company to indicate anything materially different to their forecasts either up or down and all we can do is wait for news. They were hiring just before Christmas for 3 new roles so they must be confident about prospects given their cautious cash management approach. They have the grants from the FMI to help them balance those.

We’re just in that phase at the moment where we need to see the proof in the execution. I take comfort in the fact the NCI deal is of such a scale it requires NIH approval - that sort of deal will turn the heads of big pharma. They already have big pharma on the books as notified by the two rns at the end of summer autumn so they’ll likely be engaging them about the benefits of optimal.

We just need to give them time. They confirmed their cash runway into FY27 was not dependent on an NCI deal so they are.

If the company are reading this tho I think investors would welcome something of an update though, silence on the hub, silence to emails, nothing on LinkedIn - all very quiet does feel like something may be bubbling behind the scenes in my view.

I suggest contacting the company through their investor hub with any queries. They’ve been slower than normal to respond….hopefully busy in negotiations but I think it would be helpful to see where they have got to.

It’s handy they landed a number of big pharma contracts in August and October last year. Imagine they will be closing out now just as they’ve launched optimal. Handy to have those divisions in the client book and engaging with them at this time.

Still sitting 4 v 3 here. The l2 book Hasn’t moved since open strangely despite some chunky buys

My gut says we will hear something next week

Seems to be kicking into action again, some decent buys today. Investor relations seem to be answering questions on the hub too. Looks like the shareholder information has been updated too as of a few days ago, no sign of maven any more….. https://www.fusionantibodies-ir.com/content/investors/shareholder-information.asp

Would be good if the company were able to provide a trading update at the end of January to confirm the trajectory of growth. 80% growth expectation is significant. Equally would be lovely to see some traction on optimal or other contracts. January hasn’t historically been an RNS heavy month, however they hadn’t just launched their flagship platform….

Let’s hope so, we’re right in the early execution phase now. They’ve done all the hard yards on r&d and launch, now the prooof is in the pudding. We just need to see the execution and proof that optimal actually is an attractive proposition. Judging by Adrian’s commentary at the investor meet company on the prelaunch feedback, we should be in for some good uptake.

Their investor hub seems to be a really useful tool but anyone else noticed they’re slower to respond on it recently?

Bargain basement right, question is who will realise first, retail herd, PIs, institutions or a competitor cro or potential client that wants to snap them up.

This is a great post Evman. Thanks for reminding us of this. Much of the sentiment true even more so today

Sorts of deals that Optimal could garner for Fusion maybe??

https://www.linkedin.com/posts/chabs-%E5%8D%8E%E4%BA%BA%E6%8A%97%E4%BD%93%E5%8D%8F%E4%BC%9A_earendil-labs-announces-strategic-collaboration-activity-7414297394865078272-X430?utm_source=share&utm_medium=member_ios&rcm=ACoAAAuyH_0BZuiiVe69ogYIdwe7HKyUbPvkmaA

Especially when the new NCI director is also coming out and telling staff to fund gold standard cancer research. Optimal is best in class, first in classs according to fusion, can’t get more gold standard than that….

https://x.com/thenci/status/1991594881232367638?s=46

Https://ascopost.com/news/october-2025/nci-issues-request-for-2027-budget/

NCI seeking an additional $4bn budget next yea. Maybe the purse strings are going to be loosened hence the “scale of the proposal” of the fab deal requiring NIH Approval. Exciting times, can’t wait to see what they’ve negotiated.

Let’s hope so Chris! Lots of exciting stuff going on before the Christmas break, hopefully not long until some converts into orders