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Very interesting Rocka. well I hope you're right that news is on. The way.

Strong finish today. Hopefully this continues before we get decent news which is (over)due

Both Allenby and shard are emphatic that the current valuation doesn't reflect the technologies they have or the recovery. I absolutely think this should accelerate from here as we move forward and see their growth and the optimal rollout continuing. The US patent grant rerated the valuation. The first confirmation we get that they've landed a contract for it will be a very significant milestone that validates their market research and r&d

FAB going to be FAB soon I believe. Coming into the killing zone for news I recon, with the NCI negotiations underway, the company under NDA with multiple clients, patent applications being examined in Europe Japan and other places. That plus the fact they're cashed up have the FMI grant to rocket up margins and they've just completed some good commercial and technical hires I recon we're in for a bumper period coming up

Well in the spirit of welcoming you back I also believe you postion and have from the start. And if you do your research deep enough you can see that news is likely on the way

Interestign

From walbrook or the company?

Comical - at least he's on the right side of the truth now

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According to their linkedin header they're at the American Association of Cancer Research conference next Friday in San Diego...last time they were in San Diego they met up with the Director from NCI and gave the negotiations update RNS...what are the chances they've a meeting arranged this time to finalise the deal?

🤪🧐🥳

If he's so convinced of his position then I'm surprised he hasn't cut his perceived losses and ridden off into the sunset. Suggests something else going on. Regardless anyone doing their own detailed informed research I'm sure can come to their own conclusions.

I think we'll get an rns soon, for positive reasons

Lots seem to be taking advantage of last day of tax year

100% David - they explicitly say their forecasts don't include optimal contributions and wouldn't include the NCI. It would be signficantly more hopefully. They did say this:

We believe Fusion’s medium-term objectives are to return its base business to a more sustainable level, perhaps generating £4m per year (which it did in 2020-21), while capitalising on the potential of its newer OptiMAL®, OptiPhageTM and Mammalian Display technologies. We believe these have the potential to match and then overtake this base revenue figure in the medium term, although we are not looking for an appreciable revenue contribution in FY27.

"Fusion’s market capitalisation is c. £16m based on the enlarged share count, and thus its EV is c. £14.6m. This is well below comparables in the sector and we consider it to ascribe little value to Fusion’s industry-leading technologies, principally OptiMAL®. Thus, our investment thesis is that the shares can offer a geared return as investors start to recognise this disparity and Fusion shows it is on a positive sales trajectory"

Allenbys notes:

"We have updated our model to reflect the cash inflow but our forecasts for FY26 revenue are otherwise largely unchanged. We envisage FY26 revenue of £2.25m, which does require a strong upturn in H2 (October to March) to £1.4m (+86%). However, we note there was a significant recovery in US biotech investor sentiment seen in the second half of 2025, as evidenced by stock market indices such as the XBI, which tracks small and mid-cap biotech stocks and was up 46% in H2. This more favourable environment has continued into 2026 and seems to be feeding through into smaller VC-funded companies having a greater propensity to place business. These have typically been Fusion’s clients.

We are also showing forecasts for FY27 for the first time, with revenue of £2.8m. Our model shows Fusion has a cash runway until FY28 (Q2 calendar 2027), by which point Fusion could be operating at close to breakeven. Moreover, the FY27 cash position could be improved if grant funding can be used towards some of the planned capital expenditure or the equipment can be leased. Our forecasts for FY26 and FY27 are summarised in the table below."

Indeed it will fall into fy25/26. The question is whether it was already in their forecasts or whether this might provide a nice little boost to the pot at the end of the year unexpectedly.

Brokers were forecasting £2.25m for the full year

Chris, all excellent points. I think you've missed the significance of the USA national cancer institute deal. They validated their new technology but crucially they have said they want to now use it for many years to come for multiple targets. The negotiations are underway but the true beauty of this is that the NCI are key opinion leaders in this area. They're a global respected institution with huge war chest of as budget - $7bn last year I believe. The lab they're working with is also prolific for licensing out antibody assets they generate to be progressed by industry into the clinic. Fusions last rns on this says they were discussing enhanced ownership for fusion f the assets they would generate through a licence for optimal so beyond the massive prestige and kudos that they would get for their clients being able to say the worlds foremost cancer research agency loves our tech so much they locked up a deal for many years, they would also have the future financial value of any milestones or royalties that the NCI can generate from those licenses. It could be huge and we should hopefully get an update soon on how those negotiations are going /concluded.

And it's NT to buy now