Member Info for LovableLumax

I believe I’m a realist! If the potential here is as some believe they could even raise at a premium. I’d be very surprised if the balance sheet wasn’t strengthened Q1. The current momentum will either be sustained with good terms on a raise or it’ll be another pump and dump before a painful raise (if they can get one away).

‪ The cash cost base for the last quarter of FY2024 was approximately £750k per month, and the expected cost base for FY2025 is approximately £8m for the year.

So it’s safe to assume come March 31 they will have less than £3m in cash. They had more than that when they raised cash last year, they’d be crazy to leave it so late. Yes £3m cash is still circa 0.3p share price but the market is pricing is large dilution. Let's say 4bn shares at 0.15p that'll mean a share price of 0.2p will mean a £10m market cap which will be a little more than the cash they'll have (£6m raise plus say £3m). In order to have the accounts signed off on a going concern basis they will need a year's cash and remember the optimistic guidance was for a £4m loss this year so a raise is inevitable. If mirriad has turned a corner it should be able to secure funding and who knows it might be on much better terms than I've speculated. Rembrand established in 2022 secured funding and generated more revenue than mirriad. L'Oréal invested, mirriad has had no industry investment despite erecting a for sale sign last year and a heavily discounted raise.

A 5m share dump yesterday and today. Someone grateful to have volume to sell into. I assume it is not a retail holder selling unless phevs is dumping for the third time.

Recent huge films and shows have had some serious brand integrations they are now paying large chunks of the production costs so the writers showrunners actors directors studios are very much on board with product placement now slowly but surely negating past clearance issues.

If the above is accurate then the brand would be integrated during production like in Yellowstone where actors actually held products or even consumed them. A lot neater agreeing to PP before production rather than dropping in later on. Brands are getting involved in the stories which is more compelling and the growth in this is large and will surely reduce the VPP potential.

Unless there is a serious uptick in revenues imminently they will raise. If they can get one away (f the potential is as holders believe they will) will it be at a discount or not, given the last raise it's likely a discount. Also, if no industry takes part (as L'oreal did with Rembrand) it's a bad sign and with MIRI being the leader and working with L'oreal and others cos with investment arms it's strange they haven't attracted investment until now (Rembrand only been going 2 years).

I’m being slow! So we have 5 with tumour shrinkage (amazing with pretreated tumours that were progressing), 6 continue treatment as disease not progressing and 2 in follow up and continue progress free so how many have had progress free? Clearly very impressive and will be even more so with less pre-treated tumours.

Bentley you were suggesting it was worth buying at 0.55p a few months ago so no the board shouldn't be a pump fest. These clowns didn't see the 1.25p raise coming and when it came said it was at mates rates and now you can sell for 1/10th that. Not long ago they were saying the lack of material RNSs didn't mean revenue wasn't on the up and hey presto.

Also although using a cheaper auditor seems positive it’s not. The regulator will be more stringent with a minnow who will be under pressure to be strict. PWC and the big 5 can offer more resistance and the regulator only goes after them when forced. The new outfit will do as they’re told by the regulator and have to enforce the regs stringently to protect themselves.

Exactly 12 months. Mirriad’s cash flow projections are garbage. They said they’d do £3.6m in H2 and did £600k. The auditor didn’t trust their projections hence they had to raise £6m in May even though they said yeah we’ll do £3.6m in H2. Less cash this year. It’s pretty obvious.

The issue isn't with supply side as the KPIs show but with demand side which has been falling, both in terms of ads run, agency partersnhips and strategic partners.

I'm not sure where the logic is. They have £1.3m less cash as at Jan 1 this year than last. Current cost base is £750k a month which will be reduced to £8m pa at some point (£667k a month). Last April when they started the raise they had circa £3.5m in cash and they were guiding £4m FY revenue which means around £3.6m H2. They still raised £6m or so as the auditor requires 12 months cash from audit sign off so 12 months head room until June the following year and that is with MIRI telling them they expect to generate £3.6m H2 when they only did some £600k so £3m short. Even with these Micky Mouse auditors they will still need 12 months cash or be liable for fines and given Mirriad's woeful record of missing guidance the auditor won't take their word for it. They will surely get the begging bowl out in the next month or latest March as they'll have less cash than last time and leaving any later will result in an even bigger discount (if they are able to get one away). Remember H1 has always been poor.

LOTM has more than 3 times the number as the CEO, nearly 10 times the CFO and nearly has as many as the entire BOD. Clearly as a lot more faith than them.

I reckon P1b will be the catalyst. 20 to 30 patients in each indication on tumours that aren’t heavily treated and sensitive to dox. 6000 getting a lot more dox to the TME with bystander effect, dox will be dox and the results should be superb. No SOC for salivary gland cancer and who knows how quickly things will move if results are as hoped. News this week surely. DX sale, CFO RNS, P1b confirmation. Here’s hoping.

I recommend anyone thinking of buying on this basis go to the link provided. A detailed job description and this comes at the bottom of the section it’s in and Phevs conveniently left out - ‘when necessary’ which speaks volumes about how often they think that’ll be a part of the job!

If you have PP happening during production then Mirrad's tech will not be needed to replace branding, that's a manual process that can be done by anyone able. Mirrad's tech will identify new spots for product or signage post production. Most of the PP is agreed before production. Remember Phevs thought Lays (I think it was) crisps in Yellowstone had to be Mirriad as they're a client but it clearly wasn't which I thought was obvious given the guy was holding them and other products coming out of a garage. Replacing logos for geographies is a doddle and not for MIRI. You'll notice yesterday's RNS was reach so not material and as I predicted they'd be some positive news to softren the awful financials.

Switching artwork (branding on good or indeed signage) doesn't require MIRI's tech, it's a simple manual process that's been the norm for years. They did that with ads donkeys ago. What Amazon and others have tried to do is to automate the process which can't be done nearly as well as a person making the changes.

On the other hand if there is a large discount and raising from existing holders it’ll reflect poorly as they can’t attract industry money unlike Rembrand. If existing IIs only interested they’ll want a pound of flesh to throw more money in. If that’s the case I wager at least 5bn shares at 0.1p. We’ll see i suspect before end of Q1.

To be fair some decent buying this morning. Interesting action. If they can get a raise away without retail and at a premium with funds and industry it will be a massive plus. Industry investment would be huge.

LOTM bought shares yesterday morning as he was pleased with the update, yet again, if he waited he could buy today for less.

Having guided £4m revenue in May and that programmatic ready in June they got £1m revenue (25% of guidance) and we have no substantive news on programmatic. What we have is Rembrand established in 2022 and did $2.1m in 2023 and guidance of $5.4m in 2024 with even more growth this year whilst established MIRI goes the other way. Not only that Rembrand works with many of MIRI's clients and better still L'Oreal has invested in Rembrand. MIRI, long established and the leader didn't attract any investment from industry. Let's see if they can get interest as I suspect they'll need it.

What is highly likely is that come Feb mirriad will have less cash at hand than the last time they got the begging bowl out which was confirmed early May but they started doing the rounds back end of April. They surely can’t go below £3m which is around 4 months’ possible cash burn (with no revenues, last H1 generated £65k/month in revenue). Surely they start working on a raise next month. What would also be ideal is to bring the audit sign off forward so they’re able to steal a couple of months and only need to have cash from say April 26 if they bring the audit forward to April. I mean they have feck all revenue so surely can’t be difficult.

Phevs ramping again when he wrote this a little while ago - I have been guilty of falling foul to the over hype

Perhaps phevs knows a discounted raise inevitable so he's on his third pump and dump. Go on lad!