Why I remain invested in HEMO10 Feb 2026 06:35
I've been an investor in HEMO for 6 years now. I have learned so much about Biotech, Capital markets and Leaukaemia. Sadly, I have also learned how toxic the stock market can be - where there is money to be made can bring out the worst in humans. We see some of that behaviour manifest in this forum which is why I rarely visit these days. Here's my assessment of HEMO as an investment and why I remain excited and invested.
The Investment Case for Hemogenyx Pharmaceuticals
Hemogenyx Pharmaceuticals is a small clinical-stage biotech with a market cap of around £55m. Like all early-stage biotechs, it carries high risk: heavy upfront investment, long timelines, and no certainty of success.
That risk has been amplified over the last five years. Capital markets have been hostile to biotech, funding has been scarce, dilution severe, and many peers have failed. Hemogenyx survived.
Risk vs Reward in Biotech
The biotech model is unforgiving: target high unmet clinical need, develop therapies that materially improve outcomes, and focus on disease areas with meaningful commercial value.
Investors accept high failure rates only where upside is substantial. In oncology, around 40% of experimental therapies fail at Phase 1. Had Hemogenyx’s CAR-T failed on safety, the company would almost certainly be gone.
It didn’t.
HEMO CAR-T: The Inflection Point
Hemogenyx’s CAR-T programme is now delivering what matters most: human survival data.
Early results are encouraging. Patients who likely entered trials with life expectancy measured in weeks or months are still alive, with the first patient nearing the one-year post-infusion milestone.
In CAR-T, this is hugely significant. Assets that clear early human trials attract intense Big Pharma interest. Hemogenyx has crossed the most dangerous hurdle: demonstrating safety and early efficacy in humans.
Not a One-Asset Story
Hemogenyx has also defied financial headwinds, raising over £25m in the last five years during one of the toughest biotech funding environments in decades.
It is not a one-asset company:
CDX, a bispecific antibody targeting the same FLT3+ gene as the CAR-T, has likely increased in value as CAR-T data de-risks the biology.
The company has shown proof of concept for a broader immunotherapy platform targeting cancer and viral infections, including advances in delivery and solid tumour targeting.
This optionality adds real strategic value.
Big Pharma Optionality
Hemogenyx has signalled its willingness to engage with Big Pharma. History shows that once CAR-T assets clear early clinical hurdles, strategic interest accelerates rapidly.
Based on comparable transactions, a potential acquisition value of £250m–£1bn is plausible—equating to a share price of roughly £41–£164.
Biotech always carries risk. But at a £55m market cap, the market appears to be pricing Hemogenyx as if success is unlikely—despite it having already beaten the odds where it matters most.
That disconnect is the
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