RE: Are we being sold?7 Feb 2026 17:36
CASH POSITION AFTER ALL DISCLOSED RAISES
Starting point (reported):
£226,727 cash at 30 June 2025
Post‑period inflows disclosed:
- £2,215,799 raised after 30 June
- £190,000 from warrant exercises (Dec 2025)
Total gross cash available entering H2 2025:
≈ £2.63 million
Burn rate (from H1 2025)
The half‑year cash flow statement shows:
- Net operating cash outflow: £3,783,209
- That’s ~£630k per month
- This includes a large FX loss, but even stripping that out, the underlying burn is still £450k–£550k per month
To stay conservative, use £550k/month as the operational burn.
Known planned spend: Made Scientific transfer (£1m)
The prospectus indicates £1 million is earmarked for the Made Scientific tech transfer.
This is not optional; it’s part of the clinical and manufacturing plan.
ESTIMATED RUNWAY
Start with £2.63m
Subtract £1m for Made Scientific
Leaves ≈ £1.63m
Divide by burn £550k/month:
Runway ≈ 3 months
If you use the full H1 burn rate (£630k/month):
Runway ≈ 2.5 months
This aligns with the prospectus warning that they will run out of working capital in Q1 2026.
SUMMARY
After all disclosed raises, Hemogenyx enters late 2025 with ~£2.6m gross, but only ~£1.6m usable after the Made Scientific commitment.
- At their burn rate, this gives 2.5–3 months of runway.
- This is why the prospectus explicitly states they need new funding in Q1 2026 to continue operations and complete Phase I.
As usual, this is working on the provided known public information, not guessed and made up figures.