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Morning all. Some of the stuff being repeated here is getting a bit daft, so let’s just deal with what’s actually true.

What we know:

• Xenoview is approved, on market, and the FDA extended its label in June to cover kids from six. That’s real, not “fantasy pipeline” talk.

• Gas exchange is new, not a rerun of the old trials. The Phase III protocol is in with the FDA, Type C feedback due Q4. Until then, nobody here knows the timeline better than the company.

• Sales are back-loaded. The company has said this. If you’re acting shocked that revenues aren’t exploding yet, you haven’t been listening.

What isn’t settled:

• Funding. Yes, they’ll need more. No, you don’t know the exact dilution yet, so stop pretending you do.

• Timelines. FDA feedback comes first, trial enrolment after. Not before. End of.

• Expectations. Some people here talk like it’s either 10-bagger by Christmas or bust tomorrow. Reality is in between.

My view as ST: I’m positive, but with a seatbelt on. There’s real progress here, partnerships that matter, and milestones that could shift the picture fast. There’s also cash burn and dilution risk. Both things can be true.

So, maybe stop with the doom scrolls and the fairy tales. Take it for what it is, size your position accordingly, and remember that shouting “it’s dead” or “it’s to the moon” on a forum doesn’t change the FDA’s calendar.

DYOR.

ST

Morning all,

Some of you keep repeating the same myths, calling it a failed Phase III or saying it is dead in the water, but that is simply not true, Polarean already has an FDA approved product, Xenoview ventilation imaging was cleared in December 2022 and the label expanded in June 2025 to include children from six years old, that is progress, not failure, the current project is gas exchange, which is a new indication, not a rerun of the past, it is an expansion, not a retry, so maybe read the RNS before posting bedtime stories.

The Phase III protocol for gas exchange was formally submitted to the FDA in August, the company requested Type C written feedback and the FDA response is due in Q4, until that feedback is received no patients will be enrolled, that is how it works, that is the clear sequence of events, and shouting “where’s the trial” every week will not make the FDA move any faster, it only makes you look like you failed biology class.

Sales are slower than hoped, but the company itself flagged budget headwinds in its May results and guided that orders will be weighted to the second half of the year, that is not my opinion, it is their own published guidance, if you want to argue with it take it up with the CFO, not with me.

Funding will be required, of course it will, this is biotech, trials do not pay for themselves, the route will be either equity or a strategic partner, neither scenario is new or shocking, and frankly it is better to secure cash properly now than run on fumes later, only in chatrooms do people act surprised that companies need money to run clinical trials.

So if you want to panic at every red tick, that is your choice, but do not dress it up as clinical insight, the facts are clear, ventilation imaging is already on the market, gas exchange is on the cusp of FDA feedback, and if approved it widens utility considerably, that is the story, everything else is noise, or as Ricky Gervais would put it, hecklers in the cheap seats, shouting over the band, without even reading the program notes.

IMHO and DYOR

ST

My buy, 108k shares shows as a sell. I guess the system can't distinguish the trades. Just another little buy from me.

GLA

I’ve taken a position in PXEN this week and, to be honest, the latest placing and WRAP offer actually make a lot of sense when you step back and look at the bigger picture. Yes, it’s a slight dilution, but raising £1.5 million at just a 4.4% discount and including retail investors equally is a clean, shareholder-friendly move—especially in this market. The fact directors also subscribed shows real skin in the game.

The cash will be deployed directly into restarting Viura production and securing long-lead items for 2026 drilling, so this isn’t a fire-sale fundraise. It’s targeted, forward-looking investment into growth-generating activity. Viura’s pipeline repairs are progressing, and once production resumes—expected imminently—we’re looking at a meaningful cash-flowing asset back online. That changes the dynamics quickly.

Retail investors now have a chance to participate at the same price as the institutions, and that’s rare. It tells me management knows what they’re doing and want to keep the retail base engaged. The admission date on 3 July is the next marker, and if all goes to plan, we’ll enter summer with a producing asset and the capital to scale further.

Overall, I’m feeling encouraged. The market has digested the news without panic, the structure of the raise is solid, and there’s a clear operational path forward. Let’s see where we are once the taps are back on at Viura—I think some are underestimating what that restart might unlock.

ST

Hello all

I’ve taken a small but deliberate position in PXEN around current levels, and I thought I’d share why—not to hype, not to preach, but to lay out a rationale rooted in actual facts, not fumes. There’s been a lot of noise lately, but underneath it all is a company quietly transitioning from speculative explorer to something more operationally grounded. Viura remains the keystone asset, and while the phrase “production restart imminent” has worn a bit thin, I don’t think we’re far off now. When it comes, it could be the catalyst that rerates this from an orphaned microcap to something the market actually values again.

What convinces me isn't just the field—it’s the context. Production has already increased significantly year-on-year, losses have narrowed, and we’re not looking at some far-off promise in South America with a machete and a PowerPoint slide. We’re talking onshore Spain, gas infrastructure already in place, and a European market still paying a premium for domestic energy security. Yes, gas prices have softened a touch with tensions easing around Iran, but the structural case for stable, local production hasn’t vanished—and neither has the value in owning reserves when exploration costs are already sunk.

I’m also watching how unloved this has become. Trading volume has spiked. Share price dropped over 10% in a day on what looked like fear, not fact. And yet, with no placing announced, no operational disaster confirmed, and no drop in fundamentals, it’s likely sentiment-based, not reality-based. Markets overshoot in both directions. At this level, the market cap barely prices in the underlying gas already in place, let alone further upside. The risk/reward, if played sensibly, is compelling.

Of course, the risks are real. Communication has been patchy. Timelines have slipped. The company needs to deliver, not waffle. But I’m not in this expecting a dividend stream or FTSE inclusion. I’m here for the re-rate potential when production turns back on, cash starts flowing again, and the market realises this is no longer just an AIM ghost story. I don’t need it to go to the moon. I just need it to act like a functioning gas business—and I believe it’s close to doing that.

So yes, small punt. Not a life changer, but one that makes sense when viewed through the lens of value, timing, and neglected potential. I’ll reassess if the story changes, but for now, I’m holding this with eyes open, not wide shut.

ST

Dear all

Well, well. After months of watching paint dry and listening to echo chambers repeat "potential," POLX has finally flicked the “go” switch on U.S. commercial rollout. Today’s RNS announcing a sales rep agreement with Ascend Imaging is the first real sign that the company remembers what market entry looks like.

Ascend aren’t just some regional clipboard brigade—they specialise in radiology and AI-based imaging. These are people who don’t need a 6-month intro PowerPoint just to understand what hyperpolarised xenon MRI does. They already sell to the right audience, they have deep roots with healthcare providers, and they know how to walk into a room and close.

This is what we've been screaming for: traction. Not PowerPoints, not symposium cameos, not another brochure about “revolutionising pulmonary imaging.” Actual deals. Actual humans with commission-based incentives to flog a revolutionary bit of kit to hospitals that need it.

And let’s be honest: if POLX was a French wine, we’d just started seeing the first signs of fermentation after a long, expensive harvest. CE Mark submission? ✅. FDA pre-sub updates? ✅. Now we’ve got boots on the ground in the U.S.—sales reps who will be knocking on pulmonologists' doors and asking, “You want to see your patient’s lungs breathe in real time or what?”

No dilution, no fluff, no ghost deals—just an old-school commercial push.

The market’s yawning now, probably distracted by whatever AI darling is getting re-rated this week. But this is how you quietly build a real medtech company: you get regulatory ducks lined up, then you put salespeople in the field who can sell it.

If Ascend hits their stride—and with U.S. expansion framed strategically, not randomly—we could finally see this crawl out of penny-share purgatory. And when people catch on that the tech is real, the patents are secured, and the platform is scaling both sides of the Atlantic?

Well. As I said in January—this thing was either going bust or going global. Today, we saw another step toward the latter.

Hold tight. The lungs are just starting to breathe.

ST

Good morning all,

There’s a lot of shouting on here—valuation debates, dilution hysteria, and the usual AIM cynics barking “placings!” like it’s Tourette’s. But let’s cut through the noise. What actually matters is this: Philips publicly endorsing Polarean’s tech, on LinkedIn no less, with the kind of language that isn’t just “shared marketing”—it’s strategic, technical, and operational alignment. That’s not a social media puff piece from a junior. It’s a business marketing manager describing “deep integration” of the Xenon platform into Philips' 3.0T MRI systems across Europe. That’s real. That’s serious. That’s forward momentum.

To those still clinging to the tired “no sales in 14 months” narrative: yes, cash is thin, but so is that argument. Sales cycles in advanced imaging are slow, especially when introducing a paradigm shift like gas-phase functional MRI. This is not flogging printers at Curry’s. What you’re seeing with Philips is not just a sales pipeline—it’s an ecosystem being quietly built around Polarean’s IP. You don’t get Bracco and Nukem as cornerstone investors if the tech’s a dud. You don’t get repeat site collaborations at top U.S. hospitals. And you certainly don’t get a multibillion-dollar imaging giant making this much noise unless they see ROI on the horizon.

Now—does that mean £250m market cap tomorrow? Of course not. Does it mean the recent 1.2p is undervaluing the IP, the FDA clearance, and the strategic moats being dug? Without question. The polariser fleet is still lean, but if even a handful of units are picked up on the back of this partnership and the Gas Exchange trial clears, we’re no longer a “hope story”—we’re a revenue-generating growth platform in a medtech niche with zero direct competition. Let that sink in.

So yes, I’ll keep adding down here. Not on fairytale multiples, but because I see how this plays out if even half of the Philips potential gets realised. From translational research into clinical diagnostics—and eventually, reimbursement. We’re not there yet, but the direction of travel is unmistakable. Follow the signals, not the noise.

ST

Hey dvharrison, totally get where you're coming from — it’s frustrating when a company gets taken out just before the real value is unlocked.

That said, POLX feels like a bit of a different situation. Unlike Shanta, if I remember the story, correct me if I am wrong, where the commodity cycle and external suitors can swoop in fast, Polarean is in a more niche and strategic sector — advanced medical imaging — where acquisitions tend to happen at more mature inflection points (often post-commercial scaling rather than pre-revenue or early adoption stages).

Right now, POLX is still building momentum with clinical adoption and tackling the regulatory pathway. It's not exactly a low-hanging fruit yet — big players (Philips, Siemens Healthineers, GE) would typically want to see broader system integration or clearer reimbursement traction before making a move.

In short, the timing risk for a too-early buyout seems lower here — but of course, in this market, you never say never. Hopefully, management is aligned to maximize long-term value rather than accept a premature exit.

ST

A lot of positive momentum today across the board for POLX.

The big news, of course, is the FDA approval for paediatric use of Xenoview — opening the door to around one million additional patients. A huge milestone for expanding market reach, particularly given how difficult traditional lung tests like spirometry can be for young children. This approval doesn’t just add numbers; it massively strengthens the commercial proposition and ROI for hospitals adopting the tech.

Also worth noting: strong endorsements on LinkedIn from Bracco and Nukem, both well-established players in the imaging and nuclear medicine spaces. Bracco calling Xenoview “unbelievable technology addressing an unmet need” speaks volumes — the credibility boost from industry heavyweights shouldn’t be underestimated.

Financially, the company now projects its cash runway through Q2 2026, an improvement from the previous estimate of Q1 2026 — reflecting disciplined cost management and strategic planning.

Despite the market makers keeping things tight, today we saw more buys than sells (approx. 3.2m vs 2.8m shares traded) and a small but positive price movement. Level 2 looked strong, but we’re still waiting for a proper breakout.

All in all, today's news strengthens the long-term investment case here. As always, patience required — but the fundamentals are stacking up nicely.

GLA.

ST

...strategic validation. Xenoview is now positioned not just as a niche adult diagnostic tool but as a broad-spectrum pulmonary imaging solution — adult and pediatric — exactly the kind of thing larger hospitals, university research centers, and insurers want to see.

This expansion also enhances the Return on Investment (ROI) for hospitals, improving the commercial proposition for future installations and use cases. Broader applicability means a stronger economic case — and if you think hospital administrators aren't running that math, think again.

In short — the market might be slow, but the value creation is very real.

If you’re holding for the real prize — broader adoption, increasing revenues, strategic partnerships — then today’s RNS should be viewed for what it is: a major strategic win that quietly reshapes POLX’s growth trajectory.

The patient may inherit the spoils.

DYOR, as always.

ST

Morning all,

I see a lot of frustration bubbling up on here — and, if you’ll pardon the observation, a bit of the classic AIM impatience many of us have come to know all too well.

Let’s pause and look at what really happened.

Polarean (POLX) secured a genuinely transformational FDA approval — lowering Xenoview's indicated use from age 12 to age 6, opening the door to around one million new pediatric patients. That’s not just a symbolic box-tick — that’s a quantifiable expansion of their Total Addressable Market (TAM). Beyond the raw numbers, this brings serious clinical impact for conditions like cystic fibrosis and pediatric asthma — offering a radiation-free, non-invasive tool for lung assessment, where existing methods are invasive or limited.

They’re not only expanding who they can treat — they’re also adapting the tech practically, with new dose delivery bags and HPX system updates designed specifically for the younger lung anatomy. In other words, this isn’t a paper approval — this is real-world operational readiness for pediatric adoption.

Some posters here — rightly — expressed surprise that the SP (Share Price) didn't jump more aggressively on the back of this news. Others suspect the MMs (Market Makers) are playing the usual tricks — keeping the price dampened to fill larger orders quietly. And frankly, I wouldn’t rule that out. Accumulation in smaller AIM companies often happens in stealth mode before more visible movement. Big players don’t announce their shopping trips.

Yes, it's frustrating watching what appears to be a golden RNS greeted by an underwhelming market shrug. But we need to recognise this: markets don't always react instantly to good news, especially in lower liquidity AIM stocks. Often it takes time for institutional money to digest and act — and for the retail market to catch up once the drift turns into a trend.

Now, a few reflections on the posters themselves — respectfully:

pjmcgra captures the clinical impact nicely — this could be a breakthrough for thousands of kids suffering chronic lung conditions. Eric Hysinger from Cincinnati Children's gives us more than just marketing fluff — he confirms this will have practical impact on diagnosis and treatment paths.

dvharrison and others note the muted SP reaction — fair point. But short-term noise should not distract from the fundamental shift this approval represents.

Bobat123 is probably right suggesting MMs are managing order flows — it would fit the usual pattern.

ShotgunMike asks the right question: Who is selling after news like this? Answer: probably not the people who understand the real magnitude of this approval.

For me, today’s FDA news isn’t about a quick 20% pop (though that would have been nice) — it’s about long-term.....

Whoever posted after all I can see is:

"This message has been filtered, please adjust your filters to view".

I filtered you long time ago, so I can say if your intentions were to reply to me, don't bother. I never retrieved waste from bins, you see, whoever that is.

ST

Ah, so now the 16.5p wasn’t a valuation — it was charity? How noble. You handed out a figure, got fact-checked, then backpedalled with a pat on the head and a smirk. But here’s the thing: I’d rather have an average and a spine than drift through threads adjusting numbers and tone depending on who’s watching.

Your latest post says more about your insecurity than my entry point ever could. You came in throwing “responsible” shade about 30p ramping, then ended up speculating about 10p buyouts and trying to score points with playground jabs.

And let’s be honest — whether it’s 10p, 16.5p or whatever number you land on next week, if it gets there, you’ll be the one scrambling to rewrite your posting history. Me? I’ll just be holding the shares.

Apeirogon,

You're trying to sound like the voice of reason, mate, but let’s not pretend this is a GCSE maths problem without context. Sure, the share count has increased — that’s basic. But markets don’t price on share count alone, they price on value, revenue trajectory, IP strength, addressable market, partnerships, and sentiment. You know — the adult stuff.

Back then, the market cap hit £65m at 30p. Today, at 1.3p and 1.2bn shares, it’s barely £15m. That’s not a "pump" — that’s a gutted biotech with FDA approval, a commercial-ready imaging platform, and a fraction of its prior valuation. Even moderate adoption — or a licensing deal — can rewrite the valuation, and that “16.5p” you quoted as a ceiling? That’s your own bull case dressed up like a cautionary tale.

Also, your £200m buyout fantasy is hilarious considering you just warned against “pumping.” So, which is it? Doom or Disney ending?

Let the grown-ups discuss risk-reward properly. If you're going to use a calculator, try pressing more than one button.

ST

This is an old post I had ages ago, just in case anyone isn't familiar with the MMs tactics. Sorry, a little idle today before going out to see Mission Impossible ( No pun intended here).

Here we go:

Market makers (MMs) have a toolkit as old as the market itself for shaking out weak holders—even when they know buyers are waiting in the wings. Here’s how they do it, in the shadows and under the tape:

1. Paint the Tape Down

They may let a few low-volume sells go through at progressively lower prices—small trades that give the illusion of weakness. Even if there’s a buyer waiting, MMs can delay matching big buys to keep the price looking soft. Retail sees red, panics, and dumps. Boom—cheap shares hoovered.

2. Hold the Bid, Slam the Ask

They show strength on the bid but let it evaporate the moment a retail investor tries to sell. At the same time, they post a fat ask just above, discouraging buys. It creates a fake "stalemate" while draining momentum and triggering stop losses.

3. Flash Spoofing Tactics

Throw up a big fake sell wall on Level 2 to spook holders, then pull it right before real volume hits. It’s psychological warfare. Retail sees a wall and thinks, “I better get out before this drops,” not knowing it’s a mirage.

4. Exploit the Spread

With a wide spread (hello POLX), they make retail pay the penalty both ways. They might fill buyer orders at the ask and then tick down the bid right after, so the buyer is instantly underwater. Weak hands see red and capitulate. That inventory? Quietly fed to institutional or larger buyers.

5. False Reversals / Fake Rallies

Run the price up 5–10%, draw in FOMO traders, then swiftly reverse with a few big red candles. Weak holders and momentum chasers alike get spooked, panic sell, and offload into the waiting arms of those bigger background buyers.

In essence: MMs are liquidity providers, but they’re also opportunists. Their job is to create a market, but in illiquid or AIM stocks, they often become the market. If they know there's size behind the curtain, their mission is simple—shake the tree until enough fruit drops, then deliver the low-hanging loot to the buyers who matter.

ST

Good day all holders..

What’s cooking with POLX?

Well, quite a bit actually—and it’s not just the market makers roasting retail with that notorious spread. Today we saw a +10% climb, following hot on the heels of the 29.7% surge earlier this month. Momentum? Very much alive.

This isn’t just speculative froth either. Polarean’s 2024 results were solid:

📈 Revenue up 247% to $3.09M

📉 Net loss narrowed by 28%

📊 2025 revenue forecast: $5–6M

So yes, real business is being done, real progress is happening. But here’s the kicker—that spread. Still as cheeky as ever. It’s like a one-finger salute to both buyers and sellers, while the market makers quietly cash in from the sidelines.

In short: growth is happening, the fundamentals are improving, but the mechanics of trading this stock? Still a jungle. Stay sharp, stay cynical—but also stay informed.

Let’s see what’s next. 🚀

ST

DV, you’re spot on—every board’s got its own court jester, though ours seems to have lost the script and the punchlines. Still, wouldn’t be the same without a bit of chaos in the mix. Appreciate your steady hand and dry wit—like a glass of decent Scotch in a storm.

ST

Apeirogon,

“This is utter garbage,” you say—without irony, while contributing... what exactly? A bold prophecy delivered from the throne of 1.175p, armed with zero numbers, no projections, and the strategic insight of a pub napkin.

Your objection to 30p hinges on future share issuance? Welcome to biotech, mate. Dilution is baked into the model. What matters is what that capital does. If it funds commercial rollouts, pharma collaborations, and reimbursement success, then guess what—investors aren’t pricing for today’s cash, they’re pricing for tomorrow’s moat. Ever heard of risk-adjusted forward valuation? Didn’t think so.

You're acting like a share register purist in a sector built on milestones and funding cycles. If Polarean lands key contracts, reimbursement traction, or even a sniff of acquisition interest, a £40–60m market cap (yes, 20–30p per share, post-dilution) is not just possible—it’s almost pedestrian.

So before you scream “garbage,” try using something more advanced than your gut and a calculator from 1996. Because right now, your analysis has all the intellectual rigour of a Daily Mail horoscope.

Apeirogon, you are assuming a static share count, which would be fine if there were no additional shares issued. But Polarean (POLX) recently raised funds, and dilution has already occurred—plus there's more authorised share capital available.

Let’s break this down:

Market cap = share price × total number of shares in issue.

POLX’s current market cap is ~£14m at 1.2p/share, implying roughly 1.17 billion shares in issue.

So far, so good.

Now, if the market cap rerates to £42m, the share price would be:

£42m ÷ 1.17bn ≈ 3.6p — exactly what the poster said.

But here’s the twist:

When I said 20–30p per share, I wasn’t talking about the current diluted base. That valuation estimate was from an earlier thesis, or refers to a scenario in which:

1. The share count is smaller (pre-raise), or

2. The valuation is higher than £42m—say, £200m for a full commercial rerate, or

3. It’s a future-forward scenario where traction is strong, sentiment shifts, and the multiples expand significantly.

So, it’s not a math error—it’s a contextual mismatch. I was speaking in valuation multiples and growth potential. You are rightly pointing out that with today’s share count, you’d need a far higher cap than £40–60m to get to 20–30p/share again.

To reach 30p/share with ~1.17bn shares in issue, you’d need a market cap of £351m. So yes—with today’s dilution, 20–30p would require a >25x rerate.

Let’s call it a misunderstanding between:

Valuation logic (mine)

vs

Pure arithmetic with today’s numbers (yours)

Both are correct. But we’re not speaking the same financial language.

Hi agakhan,

That would only be correct if Polarean still had around 200 million shares in issue. But as of now, there are 1.2 billion shares outstanding.

So a £40–60 million market cap equates to roughly 3.3p–5p/share, not 20–30p.

Your maths is based on an outdated share count — pre-dilution.

The share price doesn’t exist in a vacuum; market cap is share price times number of shares.

And with 1.2bn shares, 20–30p would imply a £240–360 million valuation. We’re not quite there yet.

Best to recalculate based on current fundamentals.

GLA.