Member Info for gtc1507

This just takes one or two big RNS for a reset

Hopefully way north of that.

If they can stabilise Revenues and get a good few long term contracts, the technology would be much much much more valuable than that.

Was trading at between 40 and 110p in 2022!!

Https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2024/05/20240520-Fusion-Antibodies-plc-FAB.L-Allenby-Capital-Update.pdf?c4161=on

Fusion’s market capitalisation is £3.3m, suggesting an EV of £2.1m, based on year £1.2m end cash. We consider this to represent an interesting special situation geared to the success of Fusion’s recovery plan, where almost no value is currently being ascribed to its class leading antibody discovery technologies. This unusual situation has arisen as a result of the steep decline in revenue Fusion experienced in H2 FY23 that extended into FY24.

Given there is evidence of a turnaround in its fortunes and helped by an improved funding environment for biotech generally and its order book is now on an upward trajectory, our investment thesis is that investors will start to recognise the value inherent in Fusion’s class leading antibody discovery technology. To highlight this, we would draw attention to the valuation of Absci (Nasdaq: ABSI), an albeit much-larger US/Canadian-based firm that has an AI-led approach to antibody drug design. This company has a market capitalisation of $535m and cash of $72m, so has an EV of $463m.

Sponges 40 bag article still feels achievable in the long run

https://spongeshare.com/2023/06/06/trade-idea-fusion-antibodies-40-bags-back-to-highs-and-reasons-why-it-just-could-do-that/

Https://www.youtube.com/watch?v=h238Vw6iy2U

Also remember that institutional investors took some of the placing and those have been invested for multiple years at much higher levels so are in for the long term here

Was reflecting earlier on the pros and cons here:

Positives

- Business recovering after shock with 65% of 23 revenues in the order book for 24 before day 1 and on a much reduced cost base.

- Live quotes continuing to flow through and keeping around the £3m mark with strong rate of conversion into order book and traction increasing at industry events.

- Order book strengthening and confirmation that this has grown from the £0.75m at the start of the year.

- Multiple proprietary and class leading platforms for different value propositions and budgets;

- Flagship platform is unique, licensable and being validated by single greatest authority in Industry with annual budget of over $7bn (National Cancer Institute).

- Plenty of smaller scale contracts/involvement in local projects strengthening relationships in a burgeoning life sciences cluster in NI.

- One of 9 partners with Globally respected university as part of a consortium seeking grant funding of £30m, with hope that will come to fruition soon.

- Confirmed potential for milestone payments in this year;

- Confirmation that multiple projects already flowing from the Master Services agreement and that this will become and is becoming a significant recurring revenue generator for the business with a global diagnostics company seeking an antibody partner.

Challenges

- Challenging FY24.

- Potential need to recruit staff to deliver on the workloads.

- Cash position whilst not too precarious is vulnerable.

- Need to further evidence diversification of markets.

Should be available here shortly

https://www.investormeetcompany.com/meetings/investor-update-53

Slides here :

https://www.investormeetcompany.com/investor/meeting/investor-update-53/presentation

Agreed! Once we clear the 4 mark then the gap fill opens up for a rerate!

Tick up happening now!

The QUB consortium Adrian referred to is this

https://www.qub.ac.uk/Business/futuremedicines/Filetoupload,1026773,en.pdf

Seeking a £30m grant

Qub and 9 companies including fusion.

“We’ll be Popping champagne corks when this works through” hopefully it does soon!

Crossed the 20 day ma hopefully the presentation today enough to push much higher!

Agree we need to see greater push for ITAS and royalties

Another £100k grant funded project there involved in, awarded in April this year:

https://gtr.ukri.org/projects?ref=10106193

The project's primary objective is to establish a local supply chain to produce Titan test kits. Causeway will use subcontractors to carry out critical elements of the kit assembly process. Fusion Antibodies, world experts in antibody production, will manufacture and purify an IgG1 monoclonal antibody, which will be used as the standard in the Titan test kits.

The project aims to generate real-time data by monitoring antibody production and purification processes at Fusion Antibodies. This data will be used to create application notes and technical documentation for Titan, providing valuable insights into its performance and applications.

Causeway Sensors anticipates that Titan will significantly impact biopharmaceutical manufacturing, introducing advanced process analytical testing (PAT) sensors for more efficient and data-informed manufacturing of biotherapeutics. The project reflects our commitment to local collaboration and expertise development in this field, contributing to increased activity in Northern Ireland's growing Life Sciences sector.

Well if you sold then you sold at the lowest point…..

I also took a few extra!

Https://x.com/darrenukdaytra1/status/1790328577944109057?s=46

Stumbled across this:

https://gtr.ukri.org/projects?ref=studentship-2736498

Loooks like they’re part of a project which UKRI are funding Oxford uni for until 2026. Started in 2022 don’t remember it being announced.

Led by Professor Charlotte Deane - she’s on the FAB science panel and chair of Uk Engineering and Physical Science research council.

If I think back, Adrian said something about these guys making algorithms for Fusion in one of his presentations

This project will focus on machine learning techniques to select antibodies with the best biophysical properties. The project will be performed alongside experts in the field of applying machine learning to antibody development at the Oxford Protein Informatics Group of Professor Charlotte Deane and in collaboration with Fusion Antibodies. Fusion Antibodies have been experts in the antibody space for more than 20 years. Besides from harnessing this expertise, Fusion Antibodies will provide a wealth of valuable data linking antibody sequences to expression and various biophysical properties. This data will be used to design and create machine learning protocols and will be beneficial for this project as these types of datasets are rarely available to the public. Furthermore, experimental validation of algorithms could be performed by the company.

Technicals loooking more positive

And that’s just one contract!