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Also remember just landed 2 new hires and recruiting 2 more, the underlying business clearly strengthening as they’re disciplined in cost control. The company is primed to continue its organic recovery plus what surprises might be in store with optimal or optiphage. I’m excited for January to kick off.

Wouldn’t it be lovely if we could all just be friendly and support with support or constructive challenges on our investment choices. Hopefully a nicer 2026

Nona Biosciences’ licensing deals illustrate how platform value can translate into material commercial outcomes:

• In November 2025, Nona entered a non-exclusive strategic collaboration with Pfizer for its antibody discovery platform, designed to accelerate preclinical discovery with upfront fees, milestone payments, and potential royalties. 

• Earlier, Nona agreed a licensing arrangement with AstraZeneca worth up to $19m upfront, plus near-term milestones and up to $575m in further payments on development and commercial success. 

• In a separate deal, a global agreement with Pfizer (MSLN-targeted ADC) includes up to $53m upfront/near-term and up to $1.05bn in milestones plus royalties, showcasing how platform-driven antibody discovery rights can command significant value. 

Takeaway: These licensing / platform deals tend to be structured around upfront, milestone and royalties — and often assign hundreds of millions to low-billions of dollars of optionality. Fusion’s OptiMAL® platform has the potential to command similar structures as it gains commercial traction beyond core services.

Let’s hope so. The significance of the NCI rns will eventually set in. The fact they’ve said that it’s the scale of the proposal means that the deal to me is bigger than we are expecting. Very exciting times

Merry Christmas one and all!

Referring to the £1m in the optimal sales pipeline before the launch had even happened maybe?

The share price dropped on the rns but this is my

View on Why It’s Still a Positive Development: Despite the price dip, the NCI’s interest is largely good news for Fusion’s long-term prospects. It validates the OptiMAL platform’s efficacy on real-world targets and could lead to a materially expanded partnership. The proposal would allow NCI to screen multiple additional targets via OptiMAL, which, if formalized, likely not only increases Fusion’s service revenue potential but also might involve Fusion sharing in the intellectual property or downstream value (“enhanced ownership”) of resulting antibody candidates.

Such a scenario could be transformative – e.g. royalties or license fees if NCI-discovered antibodies progress to therapeutics.

In sum, the market’s short-term reaction seems cautious due to uncertainty and timing, but fundamentally the update reinforces Fusion’s technology validation at the highest level and opens the door to deeper collaboration with a premier cancer research institute.

Basically NCI and fusion would own the rights and patents to the antibodies generated. They then licence them out to pharma companies to commercialise and reap the milestones and royalty payments.

https://techtransfer.cancer.gov/partnering/licensing-agreements

My read is it means entitlements and ownership entitlement for fusion on the antibodies the NCI develop with Optimal. Goes to the point I mentioned previously about mitchel ho being prolific at licensing out assets to companies to commercialise. In essence these would be part owned by fusion and therefor they would be entitled to proportionate elements of the commercial proceeds

Reminder also, question on the hub:

02:55PM 07/11/2025

Does managements cash runway calculations assume the agreement of an extension with NCI?

LSE:FAB Logo

Fusion Antibodies plc

LSE:FAB

09:50AM 18/11/2025

In short: no.

So they aren’t dependent on this deal to meet their forecasts which are growing and well into next FY for cash.

NCI has a a $7bn budget yet this deal needs to go to the $48bn National Insitutes for Health to be finalise. I think that says something of the scales and importance

This suggests to me it’s a huge deal that’s they’re trying to tie up as it’s clearly outside the delegated authority of Mitchell ho who is the lab chief. Encouraging update which should help cement client interest

“ Due to the scale of the proposal, formal approval processes at the US National Institutes of Health (of which the NCI is part) are likely to take several further months to complete. ”

NCI update!

Negotiations ongoing

this is the killer line:

“The latest discussions also encompassed possible additional projects with enhanced ownership for Fusion Antibodies”.

The share price reaction to the launch is frustrating, but it’s important to separate communications from fundamentals.

Nothing has weakened operationally that we are aware of. If anything, the opposite:

• OptiMAL® is now live commercially – the culmination of years of R&D and validation.

• The platform has been independently validated by the US National Cancer Institute, with a multi-year, multi-target deal still under negotiation. Adrian didn’t say much more on this which to me is about guarding commercial sensitivity whilst they’re deep in negotiations.

• H2 revenues are guided materially higher, before any OptiMAL contribution - I believe it was around 80% growth and they confirmed enough in the pipeline to believe this was achievable.

• Management confirmed in the webinar that the OptiMAL sales pipeline is strong, with multiple active discussions and the benefits in the presentation versus competitors were clear to see.

• Strategically, OptiMAL shifts Fusion into higher-value, repeat and potentially licensed revenue streams.

The launch RNS underplayed why this mattered and lacked strategic colour — a communications own goal rather than a change in substance. The webinar itself was confident and forward-looking.

From here, delivery and contract wins will matter far more than the wording of one RNS and hopefully it’ll not be long until our patience is rewarded.

DYOR and good luck all

Disappointing to see people selling. Guess some were expecting NCI at the same time. We just don’t know when that will land, could be any day. I’ve asked for an update on the hub about whether they’re engaging them at AET

Https://investorhub.fusionantibodies.com/webinars/mPqXOr-optimal-r-launch-investor-q-a

Would encourage everyone to tak a bit of time to watch this. Clear explainer of the strength of the best in class first in clsss market leading product they have and why that is going to change the fortunes of this business.

Https://www.linkedin.com/posts/fusion-antibodies-plc_fab-fusionantibodies-antibody-activity-7406726066280558593-MI7f?utm_source=share&utm_medium=member_ios&rcm=ACoAAAuyH_0BZuiiVe69ogYIdwe7HKyUbPvkmaA

Company lost around £500k in the first half of the year however loss excluding r&d (which in fusions case is grant funded as evidenced in the other income line and will continue to be) was £144k. Revenue and margins expected to increase with grant funding they have clear runway to fy2027 plus NCI due to land.

Https://investorhub.fusionantibodies.com/webinars/mPqXOr-optimal-r-launch-investor-q-a

Link available to watch later who missed it

Optimal 80-90% efficient versus competitor platforms 0.5-7.5%