Member Info for LSBM

Quantitatively, peer group data and recent market commentary suggest Serabi could see its share price shift from the current analyst consensus range of 230-265p toward 320-350p if 1.5Moz is confirmed, especially if this supports production scaling to 60,000+ ounces per year and lower AISC margins.

LiqMyAce, 99m, where did you get that from please? Maybe I'm missing something but from what I can see from the company's RNS issued in February and September 2025, MTL confirms the pool of 31,671,104 outstanding warrants expiring in January 2028.

Microsoft did extend support for Windows 10 by an additional year, which may reduce some short-term urgency around device refresh cycles. However, the Windows 10 end-of-life is still imminent, and many organisations will look for cost-effective alternatives—this creates a substantial opportunity for solutions like Raspberry Pi 500+ with NComputing’s LEAF OS.

Regarding NComputing and LEAF OS, although it may not be widely known outside enterprise IT circles, LEAF OS is a lightweight, secure Linux-based operating system specifically designed for thin client computing. It transforms any x86-64 PC or laptop (including older devices) into a centrally managed, secure endpoint optimised for Microsoft Azure Virtual Desktop, Windows 365, Citrix, and other virtual desktop infrastructures. LEAF OS supports local applications like Microsoft Teams and Zoom and can be run either from a USB stick (non-intrusive) or installed directly on the device’s storage to repurpose aging hardware—significantly reducing total cost of ownership for enterprises.

While LEAF OS does not have a Wikipedia presence, perhaps ncomputing.com, the creators, maybe a good place to start, it is a mature product used by thousands of organisations worldwide, with capabilities essential for modern virtual desktop deployments, BYOD, and secure remote work. NComputing’s existing customer base exceeds 70,000 globally, with millions of devices deployed.

Regarding the Raspberry Pi 500+ itself, this is indeed a meaningful upgrade with a pre-installed NVMe drive (previous models used microSD cards), improved RAM, and better performance targeted at enterprise and education customers needing cost-effective, secure endpoints.

So, while the announcement might seem underwhelming from a consumer tech perspective, it represents a key strategic step for Raspberry Pi’s expansion into managed enterprise endpoint markets easily integrated with cloud-first IT environments. But please DYOR

BTW the latest estimated number of NComputing active customers stands at over 70,000 worldwide, including businesses, schools, and organisations. They serve around 20 million users daily across 140 countries and have deployed more than 5 million thin client devices globally. But please DYOR

Amazing news!

Raspberry Pi Holdings plc announced the launch of the Raspberry Pi 500+, a premium all-in-one keyboard computer designed for the enterprise market, in partnership with NComputing. Combining Pi’s powerful quad-core processor, 16GB RAM, and swappable SSD with NComputing’s secure LEAF OS, this solution targets businesses facing Windows 10 end-of-life, offering an affordable and secure alternative to traditional PCs.

Priced around £180 per unit, the Pi 500+ with LEAF OS delivers a manageable, cloud-optimised endpoint for VDI, DaaS, and SaaS adoption, reducing hardware costs and IT complexity.

Conservative market share assumptions in SMEs (0.5-2%) and schools (2-5%) could generate incremental revenue of £37m to £126m annually, reflecting the urgent demand for desktop refreshes and the company’s strong position in education and low-cost computing.

This partnership strengthens RPI’s enterprise offering and positions it well for capturing significant share in a multibillion-dollar market disrupted by Windows 10’s sunset.

Explains the large end of day trades.

I go to https://www.londonstockexchange.com/stock/IMM/immupharma-plc/trade-recap

You can look at this in terms of value too.

Investor presentation in case you haven't seen it: www.youtube.com/watch?v=QhdUn5evJMo

Started moving as soon as US opened.

Not all MTL holders are LTH, and analyst consensus net profit estimates for Metals Exploration in FY 2025 are approximately $34.7 million, reflecting some recovery after the challenging first half but still below prior year profits.

The reported 3% decline in profit and 6% revenue drop primarily reflect a transitional reset in RPI’s run rate rather than a fundamental weakening. Historically lumpy ordering is normalising, and the new order book is starting to build behind a substantial pipeline of recent product launches. Management’s investment to enable the launch of twice as many products going forward is a significant catalyst. This investment sets the stage for broader OEM engagement, expanding direct sales, and accelerating revenue growth in future periods.

Further valuation drivers include growing semiconductor unit volumes exceeding board unit volumes for the first time, signalling a shift to higher-value components that could improve margins. Strengthened supply chain resilience around DRAM supply mitigates near-term input cost risks, supporting stable gross margins. The company’s diversified customer base across OEMs and resellers, alongside its expanding product roadmap, creates multiple levers for consistent top-line and EBITDA expansion.

With IoT and industrial automation markets growing robustly, RPI’s scalable, low-cost computing solutions are well positioned to capture market share gains. These dynamics underpin a compelling investment case based on predictable recurring revenues, accelerating product adoption, and improving unit economics over the medium term.

The HEMO-Cellin LOI could be transformative: it opens real revenue prospects, eases funding pressure by reducing or delaying dilution, and is uniquely positioned to generate patient outcomes that may fast-track FDA approval due to the critical unmet AML need. Gathering real-world data via the Estonian pathway not only benefits patients sooner but also addresses regulatory requirements more efficiently—giving HEMO commercial, scientific, and capital management advantages.

Timing is key, and many patent cliffs up: https://biopharmaapac.com/analysis/60/5727/25-high-value-drugs-losing-patent-protection-in-2025-what-it-means-for-healthcare.html

I've been looking into the market for afterboard enhancements and in the Bitcoin mining aftermarket sector mostly focus on hardware tweaks or firmware enhancements without leveraging predictive AI models like QBT’s.

• The QBT approach with AI-predictive models enables more efficient mining performance improvements, with Method C’s 30% uplift significantly higher than typical aftermarket overclocking or power optimisations.

• Method A and B’s software-based enhancements offer immediate deployable value with minimal integration effort and no increased power consumption, a practical edge over solutions requiring new hardware.

• Method C’s chip-level integration signifies a longer-term market disruption potential, as it promises substantial energy savings and mining speed increases embedded within next-generation ASIC chips.

Please DYOR whilst execution may be taking longer than expected, this has huge potential for some large partners.

Senator. your 15% CoE assumption is too high for W7L given its cash position, strong margins, and broader retail diversification. Using more realistic 9–10% CoE levels, the business is clearly generating excess returns, with ROCE over 30%. On earnings, consensus FY25 PAT is closer to £22–24M, not £16M, putting the earnings yield at ~15–16% versus your 11.3%. That means W7L is creating equity value, not destroying it. On top of that, peers in the affordable cosmetics space trade at 12–16x PE, so a £120M cap (implying ~5–6x PE) would undervalue the business. The market rerating will likely reflect sustained double-digit growth and customer diversification, not collapse to your target

Based on JP Morgan’s recent benchmarks for biotech deals, P140’s dual role as a precision therapy and diagnostic for autoimmune diseases—protected by a broad, new patent—would attract a high-end valuation among biotech platform deals, especially given the potential application across up to 50 autoimmune indications and the global exclusivity advantage.

JP Morgan Biotech Licensing Deal Benchmarks

• Total biopharma licensing deal values in 2024–2025 exceeded $115–$119 billion, with upfronts for biologics and platform deals (including diagnostics/precision medicine) running median values in the high hundreds of millions to well above $1 billion for leading first-in-class or best-in-class assets.

• Median upfront payments for “biologics, antibody, DNA, RNA, protein” modalities in 2024–2025 are $690–$870 million, with typical total deal values (milestone-inclusive) often $2–5 billion for assets with broad platform applicability, first-in-class status, and strong IP.

• Diagnostics with exclusive proprietary positioning in major disease classes, especially where they enable targeted therapy selection, can comprise $500 million to $1+ billion in platform alliance value as part of multicomponent deals.

P140 and Its Diagnostic Value Proposition

• The new patent secures 20 years of exclusivity for both P140 as a therapy and its companion diagnostic, covering “Type M immune disorders” for up to 50 autoimmune diseases—a much larger addressable market than most single-asset autoimmune projects.

• The precision diagnostic increases clinical and commercial value by enabling highly targeted patient selection (super-responders), faster clinical trials, and earlier payer adoption—features known to boost biotech deal valuations by 20–50% over conventional immunosuppressive drugs.

Market Size and Strategic Opportunity

• The global autoimmune therapeutic market is estimated at over $100 billion annually, with the autoimmune diagnostics market adding another $10+ billion addressable value, both growing due to the unmet need for precision approaches.

• P140’s unique dual mechanism (non-immunosuppressive) and diagnostic pairing provide a strong competitive moat, synergetic commercial pathways, and justification for higher out-licensing figures or partnership premiums.

A conservative benchmark, using JP Morgan deal data and considering P140’s patent exclusivity and precision approach, would suggest a fair market valuation of $2–$5 billion in total potential deal value (including milestones), with $500–$900 million in typical upfronts for a global or major-market license covering therapy plus diagnostic indications across all autoimmune. Premiums could be justified if early clinical efficacy and payer adoption are robust, or if multiple indications reach late Phase 2/3 readiness before licensing.

This positions P140 as one of the most valuable assets among current precision medicine autoimmune platfor

Let's hope not. RPI's stock fell by around 8.9% on a day when the FTSE 250 was also down, indicating some correlation with general market weakness.

Citizen, I'm loving your maths and musings, not far off Tim's valuation at 800m for each compound.

Great Expected Catalysts all lining up:

• Clinical Readouts: Key data expected from Sareum’s lead TYK2/JAK1 inhibitor SDC-1801’s Phase 1 trial, which is completing dose escalation and safety analysis. Positive results or progress to Phase 2 will be closely watched and may drive share price movement.

• Partnering or Licensing Deals: Announcements regarding potential pharma partnerships or licensing, especially related to SDC-1801 or SRA737, which Sareum recently reacquired and is developing for cancer indications.

• Publication Timelines: Peer-reviewed publication of preclinical or Phase 1 results, particularly any advances in CNS/BBB delivery technology, may lead to increased visibility and valuation rerating.

• Regulatory and Scientific Milestones: Updates on the regulatory pathway (MHRA/FDA), orphan drug status, or international trial expansion will also be significant short-term drivers.

As I've said before, I think there is a compelling narrative for the summit:

Current US AML patient costs during treatment can exceed $120,000 monthly, often accumulating to over $1 million lifetime.

• Existing CAR-T therapies cost around $375,000–$475,000 per dose plus medical costs.

• Hemogenyx’s HG-CT-1 ultrafast CAR-T manufacturing (Patented) could reduce CAR-T production costs by about 80%, implying a dose manufacturing cost near or below $20,000.

• Total patient cost for HG-CT-1 therapy could still be high, but with meaningful savings in manufacturing, faster access, and potentially shorter hospitalisation and complication management.

Thus, Hemogenyx’s therapy could significantly improve the economic feasibility of CAR-T for AML compared to current treatment costs in the US. They are presenting to investors and policymakers today. Maybe they can secure the FDA fast-track designation.

None of the three patients treated in Hemogenyx’s HG-CT-1 Phase I trial have experienced any adverse effects, including cytokine release syndrome (CRS) or neurotoxicity, according to the latest safety updates. The treatment so far has been described as well tolerated with a favourable safety profile, passing the initial safety assessments without any reported side effects. This contrasts with many other CAR-T therapies where CRS and neurotoxicity are common but serious side effects. Hemogenyx’s third-generation CAR-T technology is designed to maintain efficacy while enhancing safety, which may explain the absence of such toxicities in these early patients