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...I think it's worth throwing into the mix that there's been a single significant institutional seller that has driven the share price down and this is the main source of the disconnect between the recovery/growth story ahead, and the now heavily discounted valuation. I for one, expect this to re-calibrate once the selling is done, with the shares likely recovering the 30-40p level fairly quickly. As for Harwood, etc, one only needs to look at stocks like NIOX to see how the EKF story should be playing out, and I suspect this is the playbook going forwards... if not, PE will be sharpening their pencils as I'm sure they've already been doing! bonkers discounts come along from time to time, this one is just more extreme than most. The share price is the same today (in pence) as it was in 2014, however, the revenues are 1.8x higher and the EBITDA is 2.5x higher, with the wind now steadily filling their sails. It's surely now just a matter of time before this corrects, not least as the forecasts are likely to rise from Autumn onwards, once the Fermentation revenues start flowing. With this all in mind, I have added more at 25p this week. DYOR, GLA.

I think the point is that EKF is now in deep value territory, trading at less than half the peer group multiple, it has no debt, a dividend yield of 4%+ and it's throwing off free cash every month. Private equity will be sniffing around if the market isn't prepared to give EKF the multiple it deserves. Yes they've had a reset post covid, but the core business plus the free call option on the Fermentation/Enzyme business makes the whole company an attractive asset, with or without a trading update. Def worth having in the portfolio to my mind and Gresham House and Liontrust have been adding into the recent weakness.

The key text for me in the update from Renalytix this morning concerns the utility of KidneyIntelX working as a companion diagnostic for prescription drugs, in this case, being SGLT2-inhibitors. This is not only good news for patients and their physicians, it's good news for the pharmaceutical companies as KidneyIntelX is clearly demonstrating that it's able to monitor the effectiveness of said drugs on an ongoing basis. This data again points to multiple-use testing for KidneyIntelX per patient and that all the interested parties are aligned in supporting its adoption as the standard of care in identifying the risk of DKD/CKD. With this level of efficacy and aligned interests, it can surely only be a matter of time before we start to see material adoption and roll-out. Appreciating the roll-out delays at the VA, these things do just take time, and with the increasingly aligned interest and growing wealth of data, it does seem to confirm that it's simply a case of when and not if... The FDA DNMA will clearly be a major boost for Renalytix and the groundwork and reimbursement infrastructure they're building is pointing to significant nationwide adoption over time. Patience is of course required but I suspect the shares will over-correct on the upside on any news confirming material adoption contracts beyond Mount Sinai. I'm adding more today and my average is starting to look almost ok. DYOR and GLA.

Good to see volumes holding above 500k and the share price recovering back above its 50dMA, next hurdle(s) the 100 and 200 with both currently around 38p, and then we could soon be back in the 40-50p range, closing the gap from Feb 3rd. I also wonder if some of the recent selling pressure from retail could be linked to tax year-end tidying up, in which case we may see the shares pick up something of a tail-wind in the coming weeks. Shares are trading on an EV/EBITDA of 8x FY23 and 7x FY24, both are below half the peer average. Added more at 31p this morning. DYOR and GLA.

I suspect material revenues will soon start to positively surprise, especially now that Mount Sinai has moved from sponsor to commercial contract with Renalytix and more Health Insurers sign up to offer KidneyIntelX to their members. Firstly, the 'known at-risk' members and then presumably, the 'possibly at-risk', etc, either way, the numbers are potentially mind-blowing.

I think that's the point, dilution is just a function of early-stage business growth and we should welcome it and be glad that it's available to ensure Renalytix and KindeyIntelX succeeds. I'm personally trying to look beyond the FDA and well into 2024, rather than the next incremental quarterly update, here's to rosier times ahead! I added more at 88p this morning, slowly bringing my average down. DYOR and GLA.

Haven't they dealt with the cash-burn question with the arrival of the new deep-pocketed investors (alongside the founding investors) in the recent funding round? Why else are they investing, if not to see the company through to commercial success? and isn't further funding just a part of the journey when a company has as much validation, evidence, and commercial interest from health insurers, hospitals and physicians as Renalytix does?

Results update scheduled for tomorrow, not expecting much on top of the recent updates but let's see.

Thank you for the summary of the call v53 and good to see the buying interest following through today!

actually looking at the chart and with the recovery process now being well underway, I see no reason the shares can't bounce back to 40p+ in short order, to close the gap from the sell-off from Feb 3rd. I personally see fair value around 50-60p, but I suspect that will require full confidence to return and more visibility on the growing life science/fermentation revenues. I'm adding more here at 27p. DYOR and GLA.

think it will come on the back of the Fermentation Enzyme business ramping over the summer, once the market sees there's plenty of material growth ahead, possibly sooner. GLA

There does seem to be something of a clean up operation going on and a simplification of the business likes and strategy back towards core growth and expansion in Life Sciences with the Fermentation business in the US. I personally think they have a real shot at growing significantly in the US, so much so that revenues could comfortably surpass the Covid peak of £82m and with higher more sustainable margins. Yes of course this will take time but with no debt and good free cash generation, this makes for a very cheap stock in a high quality recurring revenues space in medical diagnostics. Once they get past this reordering phase the shares should comfortably recover above the 50p level and then it’s all to play for. On top of this Renalytix, Verici and Trellus are moving into their early commercial growth phases, having completed much of the preparation and building work necessary for sustained success ahead. Loony pricing in EKF down here at 25p! Check out the interview on Vox Markets with Brendan Gulston at Gresham House last week.

Results update scheduled for this Thursday, keep calm and carry on, it’s all about reimbursement and the rest will follow. Adding more here. GLA.

With all this excitement going on I’m buying a few more Renalytix, bargain basement valuations to be scooped up and both are priced only for failure and eternal dilution, bonkers vs what’s actually going on with both companies! GLA!

With KidneyIntelX being a first-of-its-kind prognostic test with an AI element, the update reads as though the FDA are working on their "internal processes" for this to work and that is likely what's taking the extra time vs their initial guidance of a Q1 decision. Not happy with the delay but it still looks like we're heading towards a positive outcome, just later than expected. In the meantime, the company is busy building out healthcare insurance coverage and reimbursement as andypa says below. I think it's a long-term buy at this level, and we're now 10-15p below the recent fundraise price. GLA.

thanks SB, bonkers price action in the US and I agree that either way we're on for some fireworks soon! GLA

...and some more at 101p!

...adding a few more at 110p, good to see HSBC step in and pick up the SVB UK business, a la ING/Barings.

Seeing Renalytix come down in line with markets over the past few days is seemingly at odds with the success of the recent funding round and the anticipated news about them being granted FDA De Novo marketing authorisation before the end of the quarter, which I understand to mean the next 3-4 weeks. Tony James and the other institutional investors who participated in the round (Mount Sinai, Harwood, Polar Capital and Fidelity, to name the main funds), have sent a clear message to the market that this company will get funded to commercial success, presumably assuming they continue to meet their agreed milestones, partnerships, etc. For me the risk/reward of the market cap at £100m vs the market potential, being in the billions of dollars, suggests the shares really ought to be trading in the 250-350p level at this time, arguably much higher. This of course makes the assumption that the FDA announcement is positive and that the company will then have more wind in their sails with respect to marketing, education, sales, etc. I like the risk reward here and have added a few more shares at 115p and 120p this morning, long-term hold of course and let's see what happens. GLA and DYOR.

I'm encouraged to see Fidelity increasing their position in Renalytix, alongside Jefferson River Capital. I think we can now look through the next few quarters, as any weakness will likely be swept up by the longer-term fund managers and the new institutional investors in the recent funding round. Feels like we can continue to follow the big money in on this one, onwards and upwards!