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It seems like the market is noticing any of that, instead only focusing on the cash situation and allowing the SP to go lower and lower, really frustrating.

Thinice and others:

I just ran your question through gemini pro and this is what I got, sounds plausible though!

"1. The "Inside Information" Trap (MAR Rules)

Under the Market Abuse Regulation (MAR), a company cannot just put out an RNS saying, "We're still talking, it's going well!" * They can only release an update if there is "Inside Information" (a definitive change).

If they haven't signed the final binding contract, saying "we are close" could be seen as misleading the market if a final detail (like a specific insurance clause or a German regulatory bed-count) causes a delay. They are legally safer staying silent until the ink is dry.

2. What’s Taking So Long? (The "Pivotal" Difference)

This isn't a standard Phase II trial. This is a Pivotal Phase III—the final step before ILiAD can sell their vaccine globally.

Multi-Service Negotiation: Unlike past trials, this one likely uses every part of the new hVIVO:

hVIVO: The challenge trial beds.

FluCamp: The massive recruitment drive.

hLAB: The virology and immunology testing.

Venn: The regulatory consulting.

The "German" Factor: Since hVIVO acquired CRS in Germany, they now have to coordinate across two different regulatory jurisdictions (UK and Germany). Finalizing a contract that involves moving biological samples and data between these entities takes months of legal "back and forth."

3. The "Money Trail" Doesn't Lie

The most important thing to remember is ILiAD's $115m Series B funding (February 12, 2026).

That money was raised specifically to fund this trial.

Investors like RA Capital and Janus Henderson don't hand over $115m unless they've seen the "Letter of Intent" and are satisfied the trial is ready to go.

ILiAD has no other "human challenge" partner. hVIVO is the only company on earth with the quarantine capacity (especially after the London expansion) to handle a trial of this scale. They need hVIVO as much as hVIVO needs them."

GL

The SP is rebounding nicely. The iliad agreement will be signed, it's a shame they didn't setup the terms and condition prior to Iliad's fund raise but nobody can stop last minute changes and reconfirming terms and condition so patience will pay off generously in my view. I'm leaving my core holding intact but keeping some power dry just incase the US inflation data disappoints this afternoon.

GLA

GL

Thanks rustyjames

I keep getting similar reponse from both gemini pro:

"The ILiAD Contract Specifics

Valuation: Stifel values this specific Phase III contract at £15+ million.

The Catalyst: The $115m Series B funding for ILiAD (closed Feb 10, 2026) was the "final hurdle."

Contract Status: Analysts expect a formal RNS "Contract Win" announcement within the next 2–4 weeks, as the preliminary "Letter of Intent" (LOI) is converted."

I know it's a million dollar question but is the timeline correct there? "next 2-4 weeks"?

Market might experience a relief rally tomorrow considering oil is going back to the normal price gradually

Thanks Jonny

I did some further digging after your post and you are right about donut, it has the dodgy sign written all over it, reminded me of David Lenigas lol

This guy posted some clips which helped me to dig dipper: https://youtu.be/EtXSv3L4qEc?si=u1PEjXwNBHjgypRq

Hmm, thanks JonnyCJ

Fingers crossed, let's wait and see.

GLA

Interesting! Thanks smart

I've also found few atricles confirming they are also working with donut lab but given the sheer number of devices they use, golaith will cetainly support them where donut lab's batteries won't be appropriate.

The same gemini report added this seciton too:

"The defense sector is actually more interested in the 10Ah than the 50Ah "Gigafactory" cell for several reasons:

Portable Power: 10Ah is the perfect size for "Smart Soldier" battery packs and tactical radios.

Drones (UAVs): The 20% weight reduction reported by Ilika in early 2026 is a massive advantage for flight time.

Safety: Solid-state allows for "pouch" designs that don't explode under pressure or physical damage, a requirement for any equipment carried by personnel."

I'm waiting this clip, trying to learn more about Esox group from third party enthuast: https://www.youtube.com/watch?v=cMRVU7OlpEQ (from 3:45)

Any idea who they are guys?

Gemini digged it out saying:

"You should keep an eye on ESOX Group. In early 2026, they announced they were moving away from traditional batteries for their high-end military drones. While they haven't named Ilika as their sole provider, they are one of the "27 companies" currently evaluating Ilika’s prototypes under the existing Evaluation Agreements."

Well, let Agratas sign a contract first, then may be but as things stand, I’d rather be happy for ilika to get their products licenses with various parties and become a picks and shovels business! Even Paul Scott is now started to think somewhat positively about Ilika after the stearex contract. He will go 100% green if they sign ✍️ a single contract with their Goliath battery lol 😂

Https://www.newcivilengineer.com/latest/steel-frame-for-4bn-bridgwater-battery-plant-complete-clearing-way-for-next-stage-16-02-2026/

Who knows, one day this plant might produce Golaith in industrial scale!

As always, BBC only covered the luxiarious side of the story lol: https://www.bbc.co.uk/news/articles/czej8n9l9l6o

Apologies, the formatting got all messup while copying from gemini!

I had some spare time so thought will run some analysis on QS vs Ilika. It just shows you how undervalued UK market is overall. If Ilika was listed in US, the market could easily be over 5x/6x by now with their progress todate.

Metric Ilika (Goliath 10Ah) QuantumScape (QSE-5)

________________________________________________________________________

Fast Charge, 12 mins (10% to 80% SOC), 12 mins (10% to 80% SOC).

Energy Density, ~350 Wh/kg (Targeted/Modelled)., ~301 Wh/kg (Validated B-sample).

Safety Level, EUCAR 3 (Passes nail penetration, High (Ceramic separator is non-flammable).

with no fire/explosion).,

Stage, Late A-Samples, B-Samples (Testing in vehicles).

(10Ah shipping now).,

Quantumscape mcap: $4.26 billion

Ilika mcap: £52 million

Verdict:

"In terms of "Science": It’s a tie. QuantumScape’s lithium-metal tech is more "ambitious," but Ilika’s oxide-silicon tech is more "practical."

In terms of "Progress": QuantumScape is one step ahead in the automotive sampling process (B-samples vs. Ilika’s late A-samples).

In terms of "Business Model": Ilika is arguably "closer" to profit because they don't need to spend billions on factories to win; they just need one major licensing deal."

Look at the sheer volume guys! Shorts were over 7.4%, plenty of buying to do now.

Short Squeeze!!!!

Hahahahaaaaa

GLA

Creeping up slowly, making me a bit optimistic now. Selling looking exhausted now which only means ...

GLA

Few more deep drive covering the defence sector and this is what was returned:

"While Ilika often operates under strict non-disclosure agreements (NDAs) with its commercial partners, several specific defense links and programs have emerged as of early 2026.

Based on current project filings and executive commentary, here are the defense-specific entities and competitions currently in play for the Goliath technology:

1. Confirmed Research & Development Partners

Ilika has established a history with "Tier 1" defense contractors through UK Government-funded research. Publicly listed collaborators on advanced battery and thin-film projects (through UKRI and Gateway to Research) include:

Thales Group: Linked to Ilika through collaborative research on wearable and flexible technologies for defense applications.

DSTL (Defence Science & Technology Laboratory): Ilika has been a collaboration partner with DSTL Porton Down on projects involving next-gen materials and wearable tech.

AWE (Atomic Weapons Establishment): Though historically linked via older projects, the safety profile of Goliath (non-flammable) makes it a primary candidate for high-security environments managed by AWE."

"Broader Industry Context

The defense sector’s move toward solid-state is accelerating. For example, in January 2026, the European defense firm ESOX Group announced at CES that it is integrating a competing solid-state battery (from Donut Lab) into its military drones. This indicates a "race" among defense primes to secure solid-state capacity.

While Ilika’s most public partners are automotive (like Jaguar Land Rover and Agratas), the company’s CEO, Graeme Purdy, has highlighted that the "geopolitical shift" is driving significant new funding and interest from defense contractors looking for high-performance, safer portable power."

Https://youtu.be/TLYl-jDUBqY?si=mMtUTN3z33Ca81DA

I have gone through their half year results again and was stuck on the Goliath timeline slide (6:20). Notice the 10Ah feedback was highlighted early 2026, not mid 2026. Now I have been told it takes normally 3-6 months for an automotive company to torture test batteries but since JLR was involved really early and was guiding their manufacturing process, together with their 93% yield from the batteries makes you wonder why all of sudden they announced option at this stage?

Is it because they are in a closed period so can’t legally buy any shares in the open market so issued option instead knowing that the feedback of positive and licensing ahoy?

I have run the interim results through Gemini and even it agrees with me with this conclusion:

“The "Director Signal" in the Context of the Timeline

The Award of Share Options RNS on February 24, 2026, is even more interesting when you look at this timeline. Awards are often timed to happen before a major positive data release to ensure the executive team's incentives are locked in at the current price (around 29p–30p) before a potential "re-rating".

The Bottom Line: You are right to focus on that "early" marker. If the timeline holds true, we should see an update regarding 10Ah performance results within the next 4–6 weeks. This would be the definitive "green light" the market needs to move the price toward the analyst target of 48p–130p.”