Member Info for LovableLumax

It seems I am mute on here as thorn isn't hearing me!

Yeah listen to weirdo James who told all to buy at 2.5p as they had many options for finance and actually might already be breaking even. Haha. Invoice financing when turnover is £1.8m and burning £875,0000 net a month (including revenues or without revenues burning £1.025m a month). Honestly you muppets need to read RNSs and at least have a vague understanding.

Mirriad with increased revenues will still burn £600k a month.

Cash burn rate exists in two forms – gross burn rate and net burn rate.

The gross burn rate includes the total amount of cash that a firm spends in a month. It is recorded in the profit and loss statement, cash flow statement, and balance sheet.

The net burn rate indicates the total amount of cash that companies lose per month. It is recorded as net income in the profit and loss statement.

A reminder last year they burnt nearly £900,000 a month and if they manage to somehow hit £4m revenues they will still burn some £600,000 a month.

• Increase in revenue to £1.80m (2022: £1.51m) following growth in US and EMEA markets

• Adjusted EBITDA* loss decreased to £10.4m (2022: £14.0m) and cash consumption decreased to £10.5m (2022: £12.9m) following significant restructuring in the year

• Statutory loss for the year £10.9m (2022: £15.3m)

Phevs yet again illustrates his financial illiteracy. The cash burn includes projected revenues you absolute moron.

Also thorn we had this exact discussion maybe 2 weeks ago and we agreed it a mute point as we have to wait for data. Seems odd to want to go around in circles and bring up again/ We know the data presented has shown lots of dox in the TME 24 hours after dosing so no need to move onto the half life either as we can go round in circles some more.

Given the number of patients who had PFS on 3 weekly it suggests the scanning is very nice to have but not essential. The scanning will provide more info, it's a new technique so superb to have access to it and provides yet more data. 2 weekly should be knock out, dosing on naive tumours and ones receptive to dox. An exciting autumn ahead and surely news on whether we go to C4 soon.

Without programmatic our revenue will be negligible as you have said revenues won't take off until roll out. Also if they had booked campaigns via this partner likely to be £180,000 over 12 months they would be obligated to publish an RNS. We have not had an RNS because they do not believe any booked campaigns via any partner will be 10% of last year's revenue. That's why for all the LinkedIn posts last year didn't result in RNSs or an uptick in revenues, in fact they've fallen over 30% in H1.

Is no-one else concerned we have lost 2 of our 3 strategic demand side partners in the last 2 years and what happened to the DIsney deal?

I can buy 500k shares for 0.599p it needs more than 100% to get to James' (Phevs) mates rates. Given the clown LOTM was recently broadcasting his buys at 1p and more recently at 0.72p I am hoping he stops buying as every time he does the share price falls further. Given James banged on about mates rates and conspiracies for weeks on end why are there no TR1s when it's half the mates rates raise? In fact the only TR1 we have had has been reducing.

On the one hand James was saying it positive H1 revenues fell while partners wait for programmatic but on the other he expects £3.5m H2 revenues without programmatic roll out. I mean he will literally say anything and even publicly accused the broker and BOD of corruption and he thinks anyone associated with Mirriad takes their moronic retail investors seriously?

You should note the fact the average spend per campaign is reducing significantly. Also, I have asked many times what happened to Disney who trialed us for 2 years and then nothing.

As well the RNS on 7 June 2023 shows 3 strategic agreements with advertisers and agencies (end of 2022) and this has now been reduced to 1 as per 4 June 2024 RNS. That is not good.

Agreed and given they had a lot of 3 weekly data and cohort 2 of 2 weekly the fact CC restated both data sets released H2 and expansion will start says C4 will be the last. Their modelling will have said no need to go beyond and initial 2 weekly data presumably backed that up

Of course you’re entitled to that opinion. Given how the CEO has been economical with the truth again and again I believe he hasn’t been transparent with the Chairman or investors. It seems obvious to me that’s why the share price has fallen 50% since the mates rates raise. The delay in programmatic was not priced in and the fact mirriad has no control over it either.

It needs a 100% uptick to get to James' mates rates. Even down here there is little appetite for shares and most of the buying has been that numpty LOTM who seems thick as mince. You'd think partners, suppliers, staff and other stakeholders would be filling their boots well below James' rates. Alas no.

Why did the Institutions put in at 3p as they did not expect a raise a year later and less than half the price and a huge number of new shares. Do you think Stephan who is milking the shareholders is playing with a straight bat and is completely transparent? Do you think the Chairman knew programmatic roll out delayed again and no timeline can be given due to the reliance on several 3rd parties? I mean with Stephan's salary and the annual jolly in Cannes I reckon those 2 expenses covered all of H1 revenues.

Can you not see that more campaigns has not meant more revenue and in fact highlights the revenue per campaign falling markedly. The upfront deals will all be concluded for the most part and I bet MIRI does not have a material RNS to offer. A decent uptick in revenues my bet wil be Q4 next year as if programmatic finally rolled out early next year the hope will be for bookings next spring and summer for Q4.

It will not go beyond cohort 4. CC was certain of that. They have planned the 2 weekly based on a lot of 3 weekly data so may not even get to C4 we will see but given we will get expansion starting this year a 5th cohort highly unlikely indeed.

All of the cos will have sorted their upfront and sadly as programmatic not ready mirriad will not form much of a part. We know that. History has shown that and the fact we do not have any material RNSs show that. What’s disappointing is Disney signed a 2 year deal over 3 years ago and nothing since.

LOTM catching a falling knife again, boring us with his recent buys at 1p and then a flurry more in the 0.7s and 0.69s and here we are. The question is how low will it go ahead of the raise as if programmatic rolls out next year the revenues heavily weighted to Q4. I f mirriad is still around I suspect this time next year we will be getting lots of RNSs of deals from Upfronts and we will rest easy after likely a very ugly raise and billions of more shares issued.

Due to several 3rd parties dragging their feet, if there is no timeline then there will be no large take up of campaigns so Mirriad will continue to either lose revenues or stagnate. If Mirriad had concluded material deals they would be subject to an RNS. We do not have any RNSs as programmatic roll out delayed. Remember all of Phevs' rampy posts last year and our H1 revenue fell by 1/3rd which shows all his pointless research and ramps mean nothing until material RNSs issued.

What will be interesting is seeing the KPIs for H1. 18 advertisers ran campaigns in H1 2022 and revenue of £577k which is on average £32k spend per advertiser. 31 advertisers ran campaigns H1 2023 and revenue of £592k so on average £19k spend per advertiser. We know that H1 2024 revenue dropped to £400k so it will be interesting to see how many advertisers ran campaigns as if it did not grow and stayed at 31 the averaged spend would be £13k.

So £32k to £19k is a 41% drop and £19k to £13k is a 32% drop. Let's assume advertisers will wait for programmatic to roll out properly before spending properly (which makes sense as budgets agreed before financial year end starts) then surely accelerated revenues are highly unlikely until late next year at best so all these piddly campaigns mean little to nothing revenue-wise and will not extend the cash runway so a raise early next year (or before) inevitable. Little wonder why there is no appetite for shares well below mates or rather James' rates.

We have a new CEO, Chairman and new NEDs. The CEO has set 4 goals in H2 and has reaffirmed we are on target. They have said they will be transparent and any delays communicated in a timely manner. I believe them.

We will have 3 weekly and 2 weekly data, expansion commence, pipeline revealed and a science day all before mid Dec (they said Xmas run up too quiet for major news). We know how dox behaves so dosing tumours sensitive to dox and as a first line treatment should mean 2 weekly superb ans surely finally we have the optionality and paying HCI in cash suggests that is the case. Onwards and upwards.

The major issues are the fact they have never in their history got anywhere near to revenue or any financial targets they’ve issued. The CEO seems to be rather economical with the truth with retail and institutional investors. When they get the begging bowl out again even with the CEO’s usual patter investors will want their pound of flesh for the execution risk so will want a hefty discount so unless there is a serious uptick they will need at least another 2bn shares and they will be crazy to leave it as late as they did this year.

Arm 1 was dosing on heavily pre-treated patients whose tumours would have been refractory and mostly not sensitive to dox. The fact there were signs of efficacy indeed impressive. It also suggests treating on naive tumours and ones sensitive to dox should yield really impressive results. Given fast track has been granted for very small numbers if we see efficacy and limited toxicities there is no reason why it can’t be fast tracked for some indications. News on cohort 3 completion and move to cohort 4 or we are happy and stop at 3. An exciting time both trial-wise and from a TA point of view.