Member Info for ratcliffewriter

Exactly. If whatever they hoped to release by end of Q2 isn't actually quite ready, I can't see them rushing to get the best effort cobbled together just so they have something to RNS by 30th June. They obviously concentrate on the science, not the calendar, to the frustration of some but to the benefit of science and ultimately of patients I trust.

Ha! Missing word there - it should read ' Porky has been right while you have been wrong.' But I imagine most here will understand what should be there originally.

Be fair Pater – you’re just sore because Porky has been right while you have been. Let’s look at a few bits of your ‘Q and A’ post from March this year – my thoughts in brackets.

Q1. What has Mark stated regarding the cash runway?

A1. It runs into H2 – that’s without tax credits, additional Inaphaea income, grants or exercised warrants (Wrong. It didn’t run into H2 – was he lying or did you do a bit of ‘creative writing’?)

Q2. Has Mark said there will be a placing?

A2. He’s confident exercised warrants will negate the need for one. All ‘placing’ talk comes from uninvested agendas (Wrong – Porky and others called it right yet ME was ‘confident’ - didn’t RNS it did he? Always read RNSs)

Q3. When did CEO Mark top up his holding to 8%

A3. On 4th March, 2 weeks ago. He topped-up during a window of opportunity. Hardly likely to do so if about to raise (Wrong – did he just buy to pump the sp ahead of it?)

Q6. What about additional Inaphaea income?

A6. PredictRx: “early revenue anticipated as soon as Q4 2025”. Another expected income factor not included in H2 runway (Cue tumbleweed again)

Q7. And Ambrose VAL401 PDC screening?

A7. Ambrose are paying cash for ongoing 401 lab testing. Once again, not yet included in H2 runway (Ambrose have so far given Val about 500,000 shares which are as much use as t*ts on a fish it seems – no cash!)

Q8. How about grants? Is Mark familiar with the grant landscape?

A8. Yes. He secured €3m in Eurostar funding at OncoLytika. Only last Oct Val RNSd a £250k ‘UKRI’ grant. (WRONG! Read the RNS – ‘the academic partner has been awarded a £250,000 UK Research and Innovation ("UKRI") grant… Inaphaea is the commercial partner…. No cash to Val there. Stop making things up)

Q9. Have grant applications been submitted and is Val in a strong position for approval?

A9. Several are outstanding. The oncology focus + regulatory changes + NAM adoption makes Val a prime candidate. (Any sign of an RNS confirming any grant? Nope….)

Q11. What’s the score with warrants?

A11. If all the 368m warrants @ 0.5p are exercised, Val would receive £1.8m. The 242m 1.3p warrants ➜ another £3.15m (The 242m 1.3p warrants…! How about the 0.5 warrants? They only need a 350 percent or more rise to be even considered. If a single 0.5p warrant were executed they’d have a halfpenny, but no sign of that either)

Q12. Which projects did Mark referred to in the Dec webinar/RNSs as being targeted for grant funding?

A12. Inaphaea: “multiple opportunities” in VAL201 & CLX. Dominion repurposing RNS “application for non dilutive grant funding” (Is this the same Inaphea that had a ‘Strategic shift’ from income aspiration to full-time liability? Read the latest RNSs – the ones with the news about two evaluations being concluded and the warning about Val’s ability to continue without placings)

All is on track for an amazing 2026 (Seriously?)

You don't get it do you paternostpauper? It's not a 'victory' to see a share price shrivel away as this one does, it's just that it's good to debate both sides of an investment argument and you seem utterly oblivious to the plain fact that any and every single share ever issued in VAL's history in now worth less than ever, but you and certain others wilfully ignore the trajectory and for whatever reason keep pushing out a mixture of unfounded optimism and fantasy which needs tempering with a big dose of fact and realism. So everyone who listened to you and yours will have lost money which they quite possibly couldn't afford and are unlikely ever to get back.

'The report doesn't factor in the recent fundraise'... Maybe because it is yet another stop-gap to pay salaries but leaves nothing over to allow any realistic planning or to stave off another fundraise in the autumn or early winter.

As for 'The company continues to explore commercial revenue opportunities....' - doesn't that translate as 'the company has still not found anyone to sign up with serious cash in any of the ideas it has come up with, even after all these years.'

Given that the latest placing hasn't even produced a 'ramper's blip' to allow offloading of new shares, it begs the question whether there will be any interest in a other placing, and will it come before consolidation or closure.

Correct me if I'm wrong, but does the line (in the RNS) which says ' Strategic shift for Inaphaea BioLabs towards supporting ValiRx's own internal pipeline and the Group's new subsidiaries' mean an acknowledgement that it hasn't generated any revenue and will now become an even greater drain on resources?

Surely those labs have simply failed in their intended purpose of generating outside income, and the most efficient thing to do would be to get rid of them and save another line of cash haemorrhage?

More 'bye bye' than 'buy' to be honest.

This is a perfect illustration of why you should read the RNSs in any research into a potential investment. Notpotalot says there's a 'massive year ahead', others talk in vague terms about applying for grants, tax credits and so on, but RNSs are where the cold hard facts lie (or tell the truth) - another project curtailed, huge losses, and a grim warning -

'The Board has referred to the fact that the Group and Parent Company are reliant on future fund raisings to continue their activities as budgeted. Should future fund raisings be unsuccessful, this may cast significant doubt on the Group and parent Company's ability to continue as a going concern.'

If you aren't patient by now, then you ever will be. It's not treading water, it's waiting outside the laboratory in the public area so pull up a chair and sit down quietly. Meanwhile relax, trust the craftsman (or woman of course), go and have a coffee, and remember that works of art take time. They'll tell you when they have news, and frankly if it goes into H2 I am not bothered - just as well, but as ever, works of art take time.

I remember when Satu went to some pumper-dumper expo and along with some other no-hopers danced for pennies in front of Tom Winnifrith, who would buy a grand's worth of shares in the winner's company. Valirx lost. Mind you they were dealing with Val201 as the most promising potential product in those days, whereas now one of their flagship products is......Val201.

It's interesting how the latest placing has worked out actually- the previous one at 0.25 saw a spike which allowed subscribers to get out after a bit of a pump, which seems to have been the pattern with so many previous ones. There was also the dangled carrot of 'once the sp hits 0.50 the warrants will kick in' (as if they just get triggered like that!).

This time the sp has dropped below the placing price and so far refused to return even to 0.20. Could this mean that the cheering flippers have been denied the quick 10 or 20 percent they were expecting? Could it even mean they have run out of new 'investors' who could be hoodwinked into the 'cutting edge company on the verge of dramatic success' line so oft-repeated?

I always feel sorry for those who bought and held, or who were persuaded to buy and lost big proportions pretty much every time, but I have no sympathy (quite the opposite) for the rampers and their fly paper attitude to anyone they can persuade to take up the placings. Have these new victims finally dried up, and if so what does the future hold for the company in that case?

So - 'Much has already been delivered.'

Really...?! Or does he mean much cash delivered into the bank balances of the BoD from the ever-shaken begging bowl, because from an investor point of view I'd say the 'delivery' amounts to about 3 tenths of f.a.

The latest placing proceeds were 1.155 million before expenses, so your figure is a little ‘ambitious. The rest of the funding relies on tax credits and just ifs and theoretical hopes – there may be a deal, there may be warrants. Whatever cash was remaining just before this placing is irrelevant, as a further placing would be triggered at or before a similar ‘remaining cash’ figure.

This last placing was at a 17.5% discount to the prevailing share price, and has had such a good effect on the sp that the bid on Friday last was ten percent below the placing. Consolidation next? It would fit the pattern of previous years......and years.

While it might be interesting to see what (if any) offers were made for all or part of the company, to do that would also reveal those figures to any other interested parties, which could prove rather counter-productive.

Of course trials take time and money and are often unsuccessful, but Val took years with the 201 effort which was no more than safety and tolerability anyway. It could have been done much faster, but gravy trains are notoriously slow of course, and some of the bulletin board acolytes were talking it up as having put 201 on the verge of a phase 3 instead of being basically a dud.

As an aside, please don't tell me where I'm invested unless you actually know. And you don't.

Porky - I think in reality you expect some waffle RNSs with optimistic conjecture to make the desperately underwater shareholders hang on because they can't afford to sell, you then expect a slide in the sp from its historic low placing price, then you expect a consolidation which will presumably be at the traditional rate of 125:1. You expect this will be followed by more ever-hopeful RNSs which will be greeted with whoops of delight by the usual suspects, topped off with a placing to give a cash runway which will last until.....the next placing.

Maybe I'm being cynical - after all, you will remember that all the company has to do is replace George and Satu with Suzy Dilly. She's a scientist who really knows what has to be done to make this fly. Oops, sorry, I meant all they have to do is replace Suzy Dilly with ME. Same reasons as before. Just different names. Pass the popcorn, there's a good lad.

Are you calling the 201 safety and tolerability study a 'clinical trial'? It might technically qualify, but it was on about a dozen patients, it was in a minor clinic in Tblisi in Georgia, it yielded clinically insignificant results and has not produced even a single peer review. It has spent the subelsequent 8 years or gathering dust. I'd call that a waste of time money and effort - hardly something to brag about.

I'd be far happier to keep government involvement out of Scancell - politicians chase votes, not profit. And of a major wants in, then fair enough but if they won't pay enough then with the connections that Vulpes and Redmile will have, combined with the current geography of immunotherapy, then going independently is very appearing.

Perhaps Porky's previous experiences make him better placed to spot a dud? Research can be a painful process too - one example being the adulation of the increasing amount of shares owned by a single board member. Did you ever watch Inspirit Energy? The boss there bought increasing amounts of shares, ended up with about 30 percent. That wasn't a sign of confidence so much as an act of desperation. Inspirit never came back from suspension.

Probably worth bearing in mind that Kashdog has always been one of the 'astute' and comes from that perennial yet more recently quieter domain.