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The acquisition of Kirkstall benefits Imaging Biometrics' position in the US market by providing market expertise and strengthening its advanced cell-testing offerings. Imaging Biometrics (IB) can leverage its established US presence and network to accelerate growth for Kirkstall's Quasi Vivo™ systems, which simulate blood flow between human organs for research.

Strategic benefits in the US market

Expansion of offerings: Kirkstall's Quasi Vivo™ technology is used in academic research and drug development and complements IB's existing neuroimaging product portfolio. By acquiring this technology, IB can offer a broader range of advanced cell-based testing systems to its clients in the US.

Leveraged market knowledge: The acquisition allows Kirkstall to leverage IB's existing market knowledge and expertise in the US to scale its operations and grow its customer base there.

Access to a fast-growing market: Kirkstall's technology is poised for expansion into the US, a market with rising demand for realistic lab-testing systems. The acquisition positions IB to capitalize on this growing demand.

Enhanced R&D capabilities: Kirkstall's Quasi Vivo™ system offers researchers a more physiologically relevant model for testing by replicating human organ interactions more effectively than traditional methods. This can help both Kirkstall and IB to generate more accurate research models and aid drug discovery and toxicology efforts.

Broader company alignment

The acquisition also aligns with IB's broader strategy of developing advanced imaging solutions and innovative technologies. This includes potential synergy with its current development of oral gallium maltolate (GaM), an experimental therapy for aggressive brain tumors. Kirkstall's cell-testing technology could potentially be used to further develop and test therapies like GaM, thereby strengthening IB's research and development pipeline.

Max,

I don't think the balance of the original deal was right, as obviously there is a huge difference between the Kirkstall loans being written down and the loans being written off. As it was originally, the loans would have had to be paid back at some point in the future, as Kirkstall revenues grew. That penalises IBAI shareholders in my opinion. Now, Kirkstall has positive net assets and the beginnings of revenue growth. More will be learned after the Kirkstall accounts are filed.

I am certainly far happier now and added at the opening bell.

Phil

Let's give credit where credit is due. That makes the Kirkstall acquisition far better for IBAI shareholders:-

Imaging Biometrics Limited

("IBAI" or the "Company")

Further Re: Purchase of interest in Kirkstall Limited

Imaging Biometrics Limited Limited (LSE: IBAI), provides an update following its announcement on 14 October 2025 regarding the purchase of the Company's interest in Kirkstall Limited ("Kirkstall") from Truetide PLC ("Truetide"). Truetide currently holds a 29.35% interest in IBAI.

On 15 October 2025, IBAI entered into a variation to the sales and purchase agreement with Truetide in relation to the purchase of the shares in Kirkstall, pursuant to which Truetide has agreed to write off all loan balances previously owed by Kirkstall to Truetide, totalling £220,853.67, of which £28,500 was owed to The Ridings Early Growth Investment Company Limited, a subsidiary of Truetide.

The loans had been written down to zero by Truetide in its most recent accounts for the year ended 31 March 2025 as a prudent assessment of their current value, since the business was loss making and unlikely to make any repayments in the reasonably foreseeable future. As a result of these write-offs, Kirkstall has net assets of £71,000 and has generated revenue of £47,000 for the period from 1 April 2025 to date.

Kirkstall intends to file its accounts for the year ended 31 March 2025 with Companies House shortly and will subsequently change its financial year end to 31 December in order to align with the Group's year-end.

The Directors of the Company accept responsibility for the contents of this announcement.

- ENDS -

A nice 750k delayed buy has just gone through. That may help in the morning.

Correction RNS' now issued by IBAI and TRUET.

There is obviously a lot of confusion arising from today's RNS, in relation to the CLN conversion. The RNS states that the CLN:-

"may be converted into Ordinary Shares of IBAI at the discretion of Truetide, in whole or in part, at the lower of £0.075 (subject to a General Meeting to change the Company's par value) or the subscription price of any fundraising completed by IBAI prior to conversion. The final redemption date is 31 December 2027."

Proactive, in their article this morning, interpreted that as:-

"The conversion price will be set at the lower of 7.5p a share or the price of any fundraising that takes place before conversion."

Obviously, 7.5p would be correct based on the RNS wording of £0.075 but I think that should have been £0.0075 or 0.75p, hence the reference to a GM being required.

In relation to the acquisition itself, IBAI are acquiring 100% of Kirkstall, via a CLN with a principal value of £170k. £23,578.59 will be the cash portion and will be used to acquire the 13.89% of Kirkstall not owned by TrueTide. The remaining £146,421.41 may be converted into IBAI shares, in whole or in part, at any point up until 31/12/27.

So who does this acquisition benefit?

Well Truetide get to benefit from the rise in the share price of IBAI, which now includes Kirkstall, via conversion of the CLN into IBAI shares at the low price of 0.75p. This is a great deal for TrueTide shareholders, as they will benefit from growth in Kirkstall, whilst maintaining their 29% holding in IBAI (with more shares).

IBAI benefit from acquiring Kirkstall now, without having to pay the £146,421.41 in cash. Instead, that will be paid in IBAI shares (part/all cash optional) at some point before 31/12/27. However, we can be pretty much be certain that will be 100% in IBAI shares.

This means that IBAI benefit from the growth in Kirkstall immediately.

Overall, the dilution relates to the conversion shares which will be circa 19.5m new shares. That said, the trial is going to ensure an sp at a big multiple of the current price.

I guess we can see merit both ways,

Tyke,

Think of it in a different way for a moment, then reflect.

If TB gave up the CEO role in Truetide, would that not put at risk your future profit in IBAI, as we want TRUET to maintain their 29% holding?

Furthermore, who would be supporting the company with CLN's if TB was not CEO of IBAI?

FWIW I want TB to maintain a very close connection in both companies. However, I want Brett Skelly, as Chairman, to to start act in the interests of IBAI shareholders. When is he due to stand for re-election?

Phil

The Incipient and Imaging Biometrics' GaM trials for glioblastoma differ significantly in their therapeutic approach, administration, and targeted patient population. While both are Phase 1 studies evaluating novel treatments for recurrent glioblastoma, Incipient tests an advanced cell therapy, and the GaM trial examines an oral medication.

Incipient trial (CARv3-TEAM-E T-cells)

Therapy type: This is an investigational cell therapy that uses genetically modified T-cells from the patient. These cells are engineered to produce both a chimeric antigen receptor (CAR) and a T-cell engaging antibody molecule (TEAM). This dual-target approach is designed to overcome tumor heterogeneity by attacking both the EGFRvIII tumor-specific antigen and the wild-type EGFR protein, which is nearly always expressed in glioblastoma.

Administration method: The CAR-TEAM cells are delivered directly into the brain's ventricular system via an implanted device called an Ommaya reservoir, rather than through an intravenous (IV) infusion.

Patient population: The Incipient trial focused on adult patients with recurrent, EGFRvIII-positive, grade 4 glioblastoma.

Mechanism of action: The engineered CAR-TEAM cells are designed to seek out and kill tumor cells directly. The added TEAMs can also redirect surrounding T-cells to attack the cancer.

Phase I GaM trial (Oral Gallium Maltolate)

Therapy type: This is a small-molecule drug therapy using oral gallium maltolate (GaM), a compound that is taken by mouth.

Administration method: Patients take the GaM drug as a capsule at home on a daily basis, offering greater convenience compared to the surgical requirements of the Incipient trial.

Patient population: The trial enrolled adult patients with recurrent or refractory glioblastoma.

Mechanism of action: GaM has a novel mechanism of action, which involves disrupting iron metabolism in tumor cells. This action is intended to interfere with the cancer's ability to grow and proliferate.

Mornington,

Max I can buy is 250k @ 1.34p, but I can sell 1m @ 1.26p

Not quite 15p, but the limits are the right way!

Phil

500k delayed buy @ 1.27p gone through. Every little bit helps!

I can sell 1m @ 1.155p. Just takes a few more buys and traders will be over this.

We are going higher ladies and gents.

Zak notes the V shaped bull flag. We have retested the first target at 1.25p. Now looking for 1.8p as soon as the end of this month, especially while remaining above MA200 at 0.98p.

https://x.com/howdlep/status/1977385460293902659

FWIW I think we may well test 1.8p this week.

Tyke,

People will always take profits, whether it's at 1p, 2p, 5p, 10p, 20p or 50p. That is because nothing goes up in a straight line. That said, the company is far more attractive now at 1.25p, than when it was being traded in the 20's.

One thing is for certain. If you have taken profits, you have banked a gain. But you run a massive risk of waking up one morning to a blockbuster RNS and a huge mark-up. That is why I remain fully invested.

With no placing or CLN's at 0.5p, the company is well aware of the effects of dilution. That is why major funding will come down the line in 2026, with an sp at a multiple of the current price. That would tie in nicely with Hub71.

In the meantime, salary deferral by the Board and a very small working capital may be prudent. But not just yet. Next week is going to be very, very interesting.

It is far better to accumulate at 1.25p than in the 20's!

Phil

Regulatory and talent advantages

Abu Dhabi's favorable business environment can provide additional advantages:

Progressive regulation: Hub71 operates in a business-friendly environment with a progressive regulatory framework, which can be beneficial for health and biotech companies.

Skilled talent pool: Hub71 offers access to a skilled talent pool, which can help a growing company attract the workforce it needs to scale its operations.

Visa support: The Hub71 Incentive Program can provide visa support and long-term residency options for founders and key employees, easing the process of expanding in the region.

Imaging Biometrics (IBAI) could benefit from joining Hub71 in Abu Dhabi by gaining access to significant funding, a launchpad into the rapidly growing Middle East and North Africa (MENA) market, and a collaborative technology ecosystem, including a specialized hub for AI. The company is already known in the Hub71 ecosystem, as its recent partnership with Hub71-member Vivan Therapeutics was publicly acknowledged by Hub71.

Access to capital and incentives

Hub71 offers substantial financial and incentive packages that can assist with capital and operational costs:

Funding opportunities: Hub71's Company Building Program provides cash funding in exchange for equity. The ecosystem includes more than 15 venture capital funds with over $1.72 billion in assets under management, providing opportunities for future funding rounds.

Operating cost support: Hub71 has previously offered incentives such as subsidized office space, housing, and health insurance, which can lower a company's operational burden.

Equity-free incentives: In addition to cash, Hub71 also provides in-kind support services, offering a broader range of flexible incentives tailored to a company's needs.

Market expansion and partnerships

Hub71 provides a gateway to new markets and an extensive network of potential partners:

Regional market access: For UK-listed Imaging Biometrics, Hub71 offers a direct entry point into the dynamic and tech-hungry MENA market, which may present new opportunities for its medical imaging software and therapies.

Corporate and government connections:Members gain access to a wide network of strategic corporate, government, and investment partners. This can lead to new commercial deals and collaborations, such as the company's recent partnership with fellow Hub71-member Vivan Therapeutics.

High-impact initiatives: The accelerator also runs "The Outliers" program, which challenges companies to solve problems for its corporate and government partners. This could give Imaging Biometrics a platform to develop and commercialize new solutions.

Enhanced AI and HealthTech expertise

Imaging Biometrics, which develops imaging solutions and is involved in a cancer treatment clinical trial, can leverage Hub71's specialized resources.

AI-focused ecosystem: Hub71+ AI is a dedicated ecosystem designed to support startups at the forefront of AI innovation. Imaging Biometrics' focus on advanced software suggests it could benefit from the advanced technical resources and expertise in AI-driven product development offered through this program.

Biotech and HealthTech community: With its involvement in developing a drug candidate for glioblastoma, Imaging Biometrics can integrate into Hub71's broader HealthTech community. Its partnership with Vivan Therapeutics, a biotech innovator and Hub71 member, further demonstrates the value of this collaboration.

Continued

Https://x.com/howdlep/status/1976668008887279861

of course @vivanglobal Vivan Therapeutics joined Hub71 in the first half of 2025. It was listed among 13 new AI-focused startups that were attracted to the Abu Dhabi-based tech ecosystem during that period, as reported in August 2025.

So have/are @ImgBiometrics joining?

A great find Max, many thanks. I have added an X post so that you can also follow Hub71ad.

https://x.com/howdlep/status/1976599546127081758

As Tyke notes, good to see a further 1m added over two trades.

MM's now bidding 0.926p for 1.2m and it's full to buy. Double tick up coming.

Money is moving in.

Tyke,

Yes indeed it's 0.97p to buy but what's a lot more interesting, is MM's will buy 1.2m off me. Not a chance!

Phil

David,

As discussed on here many times, the nominal value of shares is 1p. So any fundraise below would need a GM and a capital reorganisation first.

Also the CEO has always maintained in the Finals, that he would continue to support the company via CLN's.

Additionally, whilst I wouldn't rule out a small raise for working capital, the company could soon attract capital at much higher levels. Let's see what news flow arrives before Christmas.

Phil