Message for LTHers.3 Sep 2025 19:17
A few months ago we were raising month to month with a cash burn of £400k and only 2 patients injected with the possibility P3 would need to be reselected and manufactured. We were visited by lots of experts who said basically Hemogenyx needed to raise 1-2million, a large run way and yes it would be at a discount that would wipe out existing shareholders but it would be worth it as nobody would invest in Hemogenyx as it stood. That would have meant the warrants cashed today would have been dropped to £1 or lower and dilution in Hemogenyx would have exploded.
As of today we have not went below that toxic £1.80, even when we did support was there to raise above. First 250k, then 570k and 620k all at premiums with the 620k at current SP with NO warrants. The SP has done so well we actually managed to GET RID of 250k of the warrants that were overhang adding ANOTHER 450k to the pot.
So while we were told by the "experts" we needed 1-2m? Fair enough, the company has that now, it has the 6months+ runway it needed without going lower and we should all be glad to see with a good chunk of the warrants gone and yes they have been forward sold.
The one valid attack vector here has always been funding, ALWAYS, and now even that is gone, Vlad did not expect this much money in this space of time, he did not ask for it, he did not go looking for it.
So whats next? Either Vlad does a prospectus or the placess have to wait until November for SOME headroom to convert and the rest until Feb so in terms of additional warrant conversions? Unlikely for now.
That literally leaves the science and there is no real debate about the science, even Stu and Alde stopped trying to attack when P1 passed 6mths and P3 14 days. We pass 28 days and we have something very special indeed.
In the coming days and weeks we will have IRB, first child patient, P4, manufacturing site sign off, god knows what else. Could there be another Warrant execution? Its certainly possible but if that happens then there is even less overhang and we atleast will know.
There was a very good argument against investing here when the company was broke, but the past few weeks have destroyed that narrative, its all about the science now. If people think this is not a good investment? Then dont invest, simples. Its been pointed out that retail is playing a smaller and smaller role in the volumes here recently, if you dont believe its worth buying then dont, but dont be like annoying smiley face who was so smart he didnt want to take part in the placing with warrants.
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