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Just looking at the NCI — the guys Fusion are partnered up with and who have indicated they want to continue using Optimal for years to come - it’s worth digging into who they’re actually working with.

Mitchell Ho, who leads one of NCI’s main antibody discovery labs, looks to be generating a huge amount of IP that’s finding its way into the hands of pharma companies.

https://techtransfer.cancer.gov/available-technologies

If you filter by Inventor, Ho is right up near the top — currently with 22 separate technology assets listed for partnership or licensing.

These cover high-value oncology targets like GPC3, GPC2, B7-H3 and MUC16 — all areas where antibodies could have blockbuster potential if they hit.

Now imagine if Fusion’s collaboration with NCI/Ho means their OptiMAL platform is behind some of those discoveries — and if they’ve structured the deal so they retain rights or royalty entitlements on antibodies that progress. That’s where the real leverage could come from.

Yes, it’s early-stage and speculative — but that’s exactly how AbCellera started. Their business model is all about building a portfolio of royalty positions from partnered discovery work. That approach has taken them to a c.$1.6 billion valuation, even though they’re still not profitable and most of their partnered programmes are years from market.

If Fusion can even carve out a small slice of that model — using OptiMAL as a discovery engine within NCI’s research network — the potential is transformational.

It’s not about chasing service revenue anymore; it’s about owning a piece of the pipeline that others take forward.

Then throw on the fact that fusion don’t need to do any work as the tech is in NCIs hands, they can do the same with other clients if they want, they have their bread and butter business generating decent and increasing work also….potential is pretty big.

However, our investment thesis is that there has been a considerable improvement in recent months. Most importantly, the long-depressed market for biotech stocks

recovered in calendar Q3 - e.g. XBI, a small/mid cap biotech ETF/index, has gained some 30% and now is at a multi-year high. We consider this is likely to feed into an improved

funding environment for smaller biotech firms and thus increases their propensity to place outsourced drug development work, having been effectively on hold for several years.

Furthermore, we note the US administration’s imposition of tariffs seems also to have become normalised by investors generally, as thus is no longer perceived as adding to

economic uncertainty in the same way as it did earlier this year.

We believe that Fusion can bid on a backlog of potential projects in the industry that have been on hold but are ready to go once its clients have secured their own financing. Consequently, Fusion should be a beneficiary of this improving financing environment.

These factors support our view that Fusion’s trading will improve markedly in the second half and into FY27. We also note Fusion had two recent contract wins worth £475k that were announced over the summer - the first a £175k contract for a multi-target Integrated Therapeutic Antibody Services project with a European-based, global pharmaceutical company and the second, worth at least £300k ($400k) with a US based biotech company.

We understand that in August it also secured a contract with a global pharma company for a humanisation project (and thus a higher margin one) that was not separately announced in the form of an RNS.

Https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2025/10/20251017-Allenby-Capital-Fusion-Antibodies-plc-FAB.L-AGM-update.pdf?c5006=on

Https://www.newsletter.co.uk/business/dunmurry-biotech-reports-rising-margins-a-healthy-order-book-and-positive-market-sentiment-with-new-contract-wins-and-a-key-us-patent-reinforcing-momentum-5363378

Some of the commentary here is hilarious. I too attended the agm great to see some faces of familiar names on here. It was a FAB experience with some seriously well researched questions and grllling of the directors.

My takeaways - the company is at the start of big journey - different directors referred to optimal as transformational and huge for the company.

It’s clear they are read to push the button on launchin Optimal but have thought very strategically about the most impactful place to launch it and that’s the December antibody conference.

The fact NCI want to continue using it is worth its weight in gold and to quote Adrian makes the NCI validation deal the best deal the company has ever done. Still have to negotiate acceptable terms but they seeed very positive about prospects.

No sense at all from the directors of a fundraise. Cash is bein controlled carefully and they’re exploiting their grants and connections.

Exceptionally exciting time I was very reassured. Clear they are expecting revenues to keep growing.

Great to hear the positive readout from the proactive event to a full room. Adrian clearly brimming with excitement about the potential. 9 weeks till Richard presents at the San Diego antibody conference and they launch optimal. What golden egg might they announce alongside that!

There’s something fishy. Today’s news was not expected and very positive. By my count buys outnumber sells with some buys showing as sells also. Oh well see what comes tomorrow. Investor meet tomorrow night hopefully generates some decent interest

The reality is last financial year fusion had declared 2 material contracts worth around $650k - they only ended up recognising about $275k because the science changed the clients course of direction. Yet they still managed to grow revenues 74% and meet expectations with the breadth of smaller contracts they have.

This year theyve announced 4 contracts the deem to be material totaling about $650k plus £175k to be recognised in year. Plus they have the grants income to support margins. Last year according to their accounts, they had two customers whose work generated £909k revenue for them.

Assuming that one was the big client who didn’t continue their project then they have a big stable client probably that diagnostics MSa that is spinning lots of smaller contracts it supply orders on a regular basis with them.

If they continue this plus bring optimal online they are in a very very good place in my eyes!

Big news for a few reason:

1. They’ve signed a master service agreement so clearly expecting multiple contracts.

2. Second big pharma contract they’ve landed in weeks

3. It’s their integrated service which they’ve beeen pushing for longer term involvement.

Great news as Optimal comes to market

Https://www.eventbrite.co.uk/e/proactive-one2one-investor-forum-thursday-9th-october-tickets-1488096730379

Investor meet this Thursday where hopefully the CEO gives a strong sense of progress on Optimal

It’s a disappointing drop to see, in the absence of any news or fundamental change. I’m still optimistic about the future prospects here. As Adrian said only a matter of time

At the Investor Meet Company on 23 November 2020, CEO Paul Kerr explained that Fusion’s royalty and milestone agreements — while often overlooked and deliberately not hyped at IPO — represent the real long-term value of the business. With drug discovery typically taking around 10 years from lab to market, these arrangements were always going to take time to mature.

Key points from Kerr’s comments (2020):

• At IPO (2017), Fusion had ~5 royalty/milestone “carries” but gave them no upfront value (“under promise, over deliver”).

• By 2020, Fusion had completed another around 100 humanisation projects;

• The portfolio of carries had grown to around 25–26 potential milestone/royalty-linked assets. 11 had entered clinical trials (some already in Phase 2) — a 1 in 3 success rate.

• Milestones ranged from £100k payments up to low single-digit % royalties on drugs that their clients believed could achieve blockbuster ($1bn+) sales.

• Even a 1–2% royalty on a $1bn product could mean tens of millions in revenue for Fusion.

• Success depended on clients driving assets forward, but the maturing pipeline was described as an undervalued, often overlooked asset.

And now:

We’re five years on from those remarks, so while timelines mean some of those early carries may now be nearer to decision points or triggering, scientific outcomes remain uncertain and some could have fallen away. What’s clear is that Fusion has steadily built a portfolio of opportunities, and OptiMAL coming to market now aims to expand that further.

Some chunky delayed buys coming through now

Looking strong today - 20s outnumbering 19s on the ask on Level 2. Primed for another push on those recent highs

I’d forgotten about the proactive event Sean thanks for the reminder. Unfortunate I can’t be in London that day.

Here’s the registration if anyone is interested

https://www.eventbrite.co.uk/e/proactive-one2one-investor-forum-thursday-9th-october-tickets-1488096730379

I’m an investor here and just wanted to share why I’m excited about where Fusion sits right now.

For me, the big change is OptiMAL. Up until now Fusion has mostly been a services business – good work, but generally lower margin and one-off. OptiMAL moves them into a licensing model: recurring revenues, milestone payments, and potentially royalties that could keep paying for years if drugs succeed. That’s a very different kind of business.

The scale of opportunity is hard to ignore. Antibodies like Humira and Keytruda have generated $20bn+ annually at peak. Even a 0.1–0.5% royalty on a multi-billion dollar drug can add up to meaningful income for a small company like Fusion. That’s why I see OptiMAL as a genuine inflection point.

Add to that:

• The US National Cancer Institute want to keep using OptiMAL for years to come – not only could that bring direct revenues, but being able to say “used by the NCI” is an incredible marketing asset when talking to other pharma.

• The recent raise was done at zero discount (rare on AIM, as Shard noted), which shows investor confidence in the tech.

• Management say their plan now gets them to breakeven without further raises, and auditors signed that off as realistic.

• And technically, the share chart is starting to look very well set up – fundamentals and technicals lining up together is often when the best moves happen.

On top of all this, Fusion still has multiple other tech platforms and service lines that are growing already. OptiMAL is the premium, higher-value layer on top.

That’s why I’m invested – a company with its foundations in place, but now moving into a model that could lock in long-term value. If the first licensing deals land, I think we could look back on this period as the turning point and be celebrating when those special dividends start to flow.

Classic dip buyers - nice to see 17p support. Onwards we go to test those highs again.

Seems to be bouncing off 17p as the near term support. Maybe another run up?

Seems to be a 7th market maker, Singer, has been quoting fab since the start of the week - likely to be more liquidity generally the more who want o create a market in it. Positive to see

Https://uk.indeed.com/cmp/Fusion-Antibodies/jobs

https://www.linkedin.com/posts/fusion-antibodies-plc_jobsearch-fab-careers-activity-7376556457145626624-s1qH?utm_source=share&utm_medium=member_ios&rcm=ACoAACft1F0BaVDaXIBn7r_8No_nNgqdtyRaz0w