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Hopefully we see some updates later on/overnight!

Anyone remember how long Adrian said it would take to complete the assessment of how well it worked and to refine the business models? I thought he said a few months and that was in May..so could the commercial launch come any day now?

US patent office issues them on Tuesdays apparently!

Seems to be perking up again

Not me! Holding for the next news on their patent, hopefully soon

The technicals and fundamentals are good - Adrian was very bullish on the period we’re entering into being a significant inflection point. Perhaps they’re scared!!

Another 0.5 move up there! Your theory might be right! In my mind this is still correction territory - nice to see a move towards a fair valuation before news lands

Great post Chris!

Fusion’s involvement in the Future Medicines Institute (FMI)—a five-year, multi-partner initiative based in Belfast—appears to be moving into a more active phase. The recent announcement of 10 PhD students and associated projects suggests that delivery is ramping up. Fusion sits alongside major players like Randox and Almac in the consortium, but plays a central role as the specialist antibody partner.

The initiative gives Fusion access to £5m of capital equipment, shared lab space, and scientific expertise at no additional cost to the business. This is already helping them develop and deliver higher-value services—such as the cell line development contract highlighted earlier this year—more efficiently and with improved margins.

As CEO Dr. Adrian Kinkaid put it:

“The FMI is a wonderful grant… non-dilutive funding… allowing us to leapfrog where we were in the past and really take a step forward technologically… It really does help us make the most of the resources we’ve got.”

Adrian also indicated that Fusion can allocate spare internal resource to this platform development work and recover the cost, which in turn supports better margin performance.

The DR5 collaboration grant—which is now developing a co-owned therapeutic antibody asset with Queen’s University—also appears to have flowed directly from Fusion’s FMI membership. If that’s any indication, it raises the question: what other strategic pieces could follow as this programme unfolds?

Looks like they’re happy to- it dropped back for a few minutes and rebounded back up here! It’s looking good for a move again - technical indicators all support a breakout!

It’s just primed for news, entering a great period for the business as the CeO Siad - significant inflection point coming up!

Was in the investor meet

Very intrigued to see what the next few weeks and months have in store for FAB! Lots of exciting projects underway and work concluding.

From what the company has made publicly available, Fusion’s first OptiPhage™ project appears to now be complete, and the client is currently in a pre-agreed evaluation window to decide whether to take up an exclusive licence to the library.

The April 2024 RNS described the client as “one of the leading providers in their field”—a global antibody supplier—and Fusion developed a bespoke library for their specific needs. The RNS also stated that the contract “reinforces the value to the wider commercial world of Fusion’s technologies” and gives Fusion an opportunity to support the client in generating high-quality antibodies without relying on animals.

In the recent investor presentation, CEO Adrian Kinkaid confirmed:

“The client has a pre-agreed evaluation time to decide whether they want to take that licence on an exclusive basis or not… We’ll provide them with all the information and materials they need to make that decision.”

My understanding, based on what the company has shared, is that while OptiPhage isn’t Fusion’s premium OptiMAL® platform, it still uses the same OPTI library design—just delivered through a phage display format, which is more common in diagnostics and research settings.

Fusion has indicated that each library is unique and can be reused for other clients without reducing its value, which, if correct, would make the model repeatable. If the current client proceeds with an exclusive licence, it would represent a meaningful commercial step forward for Fusion’s proprietary technologies, albeit not on the same scale as OptiMAL.

Worth watching to see how this develops—especially as Fusion explores multiple routes to monetise its platform work.

Saint chartists positive: 13.5- 16p

https://www.youtube.com/watch?v=GeqQHUh8M3g

“FAB is my next one. And, uh, another chart request this one. Uh, and, uh, indeed another great call from us. We said that this 6.96 down to 6.22 was where we expect buyers to step in and indeed during the course of the week we have seen that happen. Uh and for me you know breaking a hold above 10.5 should give us this red box zone here at 13.5 to 16 p. So that is fab worth do some research. It looks pretty good that uh that should continue its rise to the upside.”

Great post earlier on why NCI using OptiMAL® matters.

The lab doing the work is Mitchell Ho’s at the NCI, which is a big deal in itself. Apparently Dr. Ho is one of the most respected global figures in antibody discovery and mammalian display — the exact field OptiMAL® operates in. If his team are using the platform successfully, that’s a strong signal that it’s not just promising — it’s credible in the hands of world-class experts.

This ties directly into Adrian Kinkaid’s comments from the recent investor presentation:

“It can be licensed out. It can be run in other labs. It’s not just something that only we can do and therefore we represent a limit in terms of capacities for using it. It can be made much more widely available.”

That’s key. It shows OptiMAL® isn’t locked into Fusion’s own infrastructure. It’s been transferred, used, and reproduced externally — which is exactly what partners want to see if they’re considering a licensable platform.

Add to that the fact that NCI frequently publishes in high-impact journals, and there’s a reasonable possibility this work could eventually lead to formal publication.

When asked on the Investor Hub whether anything was in the pipeline, Fusion said they couldn’t comment at this stage — which may indicate that something is in development, though nothing has been confirmed.

Taken together:

✅ Top-tier lab using the platform

✅ Results reproducible outside Fusion

✅ Potential for peer-reviewed publication

✅ Clear CEO messaging around licensing

All encouraging signs that Fusion may be putting the right foundations in place for a future transition toward IP monetisation — time will tell.

Https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2025/05/20250506-Fusion-Antibodies-plc-FAB.L-Allenby-Capital-Update.pdf?c4726=on

And this from the Allenby note:

Based on 113m share count, Fusion’s market cap is £7.7m suggesting an EV of £6.8m. We continue to believe this ascribes almost no value to Fusion’s industry-leading antibody discovery/development technologies and suggest the shares offer a potentially highly geared return.

Reiterated in the may note:

“ In our assessment, Fusion is significantly undervalued relative to its

peers. Its current market capitalisation of £7.0m does not adequately reflect the

investments made or the underlying technology. We believe the market has yet to fully

recognise the ongoing recovery in sales and order book, as well as the potential of

Fusion's novel proprietary platforms (OptiMAL®, OptiPhage™, and AI/ML-Ab™). We

anticipate this will be reflected over time, and the latest trading statement indicates a

much-improved outlook and a stronger foundation for Fusion.”

From a recent shard research note:

“In our view, Fusion is clearly undervalued compared with its peers. When balanced with FairJourney and its recent €900m valuation, FAB’s current market capitalisation of £4.2m reflects neither the investment made nor the technology. We believe that the market has not yet accounted for the current recovery in sales and orderbook, or for the potential of the new proprietary platforms (OptiMAL®, OptiPhage™ and AI/ML-Ab™). This is just a matter of time, and the currentinterim results trading statement presents FAB with a much improved outlook and stronger bases.”

Agreed. Regardless of the anticipated news, the valuation just feels wrong to me. Highly undervalued and due a correction in my view anyway