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Hey Dr.Patience,

here is an extract from the Annual results /trading update Nov 2021.

" The revenue reported is lower than the headline £5.6M indicated in the unaudited full-year trading update issued on 8 June, due largely to revenue recognition relating to an invoice for £1.7M to an historic EarlyCDT Lung distributor. The Group is unable to recognise this revenue in the year ended 31 May 2021 as the revenue recognition requirements of IFRS 15 have not been met at this time".

They left 1.7mio on the table. This is why many investors are/were up in arms. Significant blow to the revenue for that year.

Well said Trek, I echo this. The old guard has now been replaced by a commercially focused team of executives/ director. I feel relieved to see that a new BoD is coming together to take this new business model to where it needs to be. The AI story will surely unfold over the coming 6 months. Spring is back. Really excited about this news.

Probably using Grail and others. Baffled by who long it takes to get a foot in the door with NHS and getting things approved for use. This is not only the NHS though but the rest of the core target group for EarlyCDT. In that sense we should see much faster times to revenue and a more streamlined sales process for ImmunoInsights.

But the cancer screening market is growing and quite sizeable with plenty of room for revenue growth. Shame its sold but again for the best. Agree with Doc. P. around high value, high margin moving forward. Trying to get average down to so will top up as soon as I can free some funds myself.

what's your deal c_schmitt. your reactions resemble a spasm.....

it's obvious you are frustrated. if you can't see anything good about onc, then sell your shares or be smart and don't act like a pre-puberty teenager. i am not that old but you seem a bit immature.

i dread to know what you were like in 2007/08 or during the covid crunch time..... absolutely no resilience. i would assume that my steak here is way heavier and my losses way bigger than yours.

yea i want people to see the value of onc, don't you? if anyone is playing a dirty game it might be you.

the board is making decisions and they are replacing the ceo with immediate effect. this is a result of the recent performance mot likely. but if you think adam had no impact on the success of onc, establishing a service offering that is ready to make money and laying foundations to realise growth moving forward, you are wrong. i am excited for what is to come. let this flower grow man. stop ****ting all over it.

Thank you, Adam for your service to ONC over the last 5 years. Speaking as an outsider, I am cautious to make judgements but the macro-environment has been challenging and at times also provided tailwinds. Regardless, I could see the hard work and struggle to get ONC to where we are now, irrespective of SP. Not everything worked out, clearly. But it seems the company after the restructure and asset sale is now at a new Ground 0. A fresh start...let's just imagine it's all beginning now.

Glad to read Alistair's comments around new and focused growth strategy for FY24 - keen to learn what that may be in detail. Expanding US Commercial team further and promising realisatuon of shareholder value and enhancing dialogue/ in my interpretation being kore Shareholder focused. A more business minded approach is much needed here.

Back to basics. We have a company here with high calibre medical experts, proven business executives and high value commercial teams and not to forget the scientists delivering the work!

Let's try and be more financially responsible moving forward. Feel slightly better now although it was indicated that this financial year is tough. So I guess we are in for a shocker when the next results are out summing up the first year in the new fiscal cycle. If it dips further as a result I take any scraps I have left to put down here. I mean, it doesn't take much right now to lower my average significantly at these values.

I think the main issue is communication. Yes we are only covering the debt, however, the Early CDT overheads are gone now too so lower CAPEX and there are contracts in place with Biodesix and Freenome that should guarantee some revenue for the coming years.

With focus on the ImmunoInsights Service I would wish to see some bolder statement as to the growth potential here. To say the pipe is growing by 0.75m every month standing at around 16-17m8o right now is not good enough. You need at least 4x coverage and probably more when the markets are still under pressure to deliver growth numbers. We need to see a big ambition here that gives investors trust in the companies' potential.

Sorry but we are currently at appx. 13.3mio market cap with real ImmunoInsights revenues at just over 1.1m or so

10x PE....management need to start playing ball here. Wtf

But I need to say it again. I am optimistic here and think that this focus will pay off. The next report will be an indicator. It better be good.

Remember this year is supposed to be the year of inflection for the company. At the moment it is the year for reflection for investors.

At this point it is hard to argue against what you are saying.

Apparently the only way is down for this stock. :(

Goes without saying that the CEO buying in at these levels is an indication that at the very least he is confident in the value proposition of ONC.

Reasons for buying are obvious too:

-Shareholder trust

-Pharma M&A activity and ramp of shares before potential sale

-Knowing that this SP is rock bottom and can only go up from here

I trust that ONC has sold assets and not so desperate as to sell the rest for an apple and an egg

You are spot on there. I would appeal to management/and the large investors to not sell out here at this valuation. Or anything under 120mio at its current state. Many people incuding myself would lose tremendous amounts and I would not see an immediate need to sell. There is opportunity to make so much more cash. My average on this SP is 1.3GBP with a proportionally gigantic holding.

I will have faith. That is all I have left. Faith and appeal

Good luck on your journey C_Schmitt.

I am an average man who is facing the same facts as yourself. I am just looking at them through a more optimistic lens.

It's in everyone's interest that the business performs. Especially those running it as they are the most invested. I disagree with you.

This is not a short term investment. I think We will see this bird take off in the near term. My position is to keep holding until we are airborne and beyond.

Looking at his CV, there is some very credible track record and I believe that he comes across an intelligent individual. I don't think this current point in time is the end all be all for the company but rather the beginning of a strategy they have implemented over time.

I think we need to look at the next 6 month and those will be very revealing. 2more reports. From here on out I think they will be in a much better place.

Unless you are right and I was blind to the fact that there is a bunch of highly qualified idiots, that don't know the first thing about business. I somehow doubt that.

You are right, I don't have transparency and it is unfair to call out who I think should stay or go. Its also unfounded. Its hard to say whose fault it was back when 1mio was left on the table due to an IFRS reporting issue. Its hardtop say whether debt was accumulated to this degree because selling assets was part of the strategy or just because the macro environment is challenging and revenues were not realised in the way it was expected. But to the outside it seems like sloppy handling of the Financials. So if this is something they want to address, then I am sure the investor community, certainly me, would perhaps gain more trust.

I am sell8ng another to put down here today as well. I think that we won't see the shares this cheap again.

I was wrong in the past so what do I know.....

In my view this was the right move in terms of selling assets , albeit disappointing. The geopolitical circumstances starting with Covid made it very difficult to penetrate some of the markets they were eyeing up like China, Russia, Spain, South America etc. Especially when the business doesn't have boots on the ground, I can imagine complying with the regulatory environment either direct or through partners would have been difficult and coupled with lots of overheads. Tough grind that was for a business of ONC size. It makes sense to hand that to a company with global presence and focus on the services side which is highly lucrative especially at scale.

I am sticking with this one here becauae I think that we are not far off from seeing a decent/healthy balance sheet soon which will guaranteed turn the tide on this stock. Frustrating is that its taking longer. But I really believe we are at the cusp of a turning point. With the PI that ONC has today and the amount of top quality customers and Contracts that are being signed the foundations are there. Now it's just time to execute and be prepared for higher volumes coming through. The markets is huge and growing and ONC is a leader in the space. The asset sale seems to have been part of a strategy since July last year so its not something that was done on the whim. CFO in my view needs to go. Not so sure about CEO. This man has incredible experience and credentials that are solid and has always made a great impression when speaking in interviews. The company needs to communicate clearly to the investor community what can be expected here. And then deliver on it. At the moment it's all a bit fluffy and I cannot measure success against fluff.

Let's hope indeed they have not lost faith. I noticed a change in the investor list recently. I wonder who has sold all their shares to dump the price by 50% today.....probably a large holder with small faith...

No doubt. 75% down in last 12 months. Even more if you go last 15 months. We are almost 90%down from all time high. Just remember that nothing is lost unless you sold.

The shares are also worth peanuts right now. Having followed here for 4 years+ I want to highlight that buying shares now means you get them for 1/4 the price of what they were 4 years ago. We have high interest rates, a suppressed Pharma market and certainly a lot of nervousity in the investment community. But one thing should not be underestimated. With the sale of assets the company has cash through a new loan facility. They repayd 65% or so of their debt obligations which is huge. Cash flow positive in near term and 80% profit margin. Business relationships (MSAs with 7+ of top 15 top pharmas) and several relationships with research institutions that will further expand the reach as publications are released and more awareness and marketing occurs. Sales teams in NA ramped up and a path to expand and diversify the incredible PI of IMM7NOinsights to cater for many more diseases.

Financially the business in the next report will be 10x better than they were 4 years ago with the foundations layer to grow at scale. If this all happens according to plan this SP can skyrocket from where it is . I will pick up my balls and put down some more here. Seems risky but man will that lower my average and hopefully pay off in the coming cycles. Long term hold - Strong strong by IMHO.

What do I know?!

"It remains my firm belief that this platform has the potential to offer significant value to our customers, and is primed to respond, at scale, in lockstep with the market as it inevitably rebounds. Post the sale of the Oncimmune Limited, our focus is the expansion of the ImmunoINSIGHTS services business with an intention to achieve a cash flow break even position in the near term." Adam H.

I can see great Business Development both on the Research and on the Pharma Services side. I also understand the strategy has been to focus singularly on the IMMUNOInsights business which allows all resource to flow there and to deliver value a d to expand and generate revenue at scale. Next financial report should reflect the proceeds from the asset sale and potentially wake more people up to the true opportunity here. As of right now though....the numbers are all a bit blurry. When cash flow positive, hopefully by 2024, I think this could take a real U turn.

I also firmly believe the company is at a turning point.

What can I say. 31% drop. I can only appeal to management to get this sorted and provide clear guidance, vision and set realistic expectations. I want to know what the 3 year pla/roadmap is after the sale. I also want to have a better revenue forecast. I understand that this business is young and needs some time and resource to find its feet. But maybe that's a sign that investing here was probably premature. In fact that seems highly likely. I am not sure what you are seeing @trek but I am agreeing more with Compounds view. Peanuts Sale of assets and unfortunately at the right time to cover debts but wrong time in the market for ONC. I also wonder whether the full year revenue will be equally disappointing as the interim result or whether we should just tag on to this impeccable management optimism and believe that business is picking up. Hard to say. I remain hopeful that the worst (surely) must be over....unless the rest of the business simply collapses.....