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Based on recent announcements (as of March/April 2026), Eli Lilly and Company identified orexin receptor biology as one of the most compelling, high-potential areas in neuroscience.

TCF in the mix

Blue start for IRON.

Multi-fold target for TCF.

Https://www.investegate.co.uk/announcement/rns/theracryf-plc--tcf/holding-s-in-company/9569683

upping stake to 3%

The prize is massive deal for TCF.

They may get another offer or they may get a reputable partner to push 0X-1 along.

I indicated who could partner in my previous posts. Both are multi-billion dollar companies. That is based on the closeness of OX-1 to their development pipelines.

Today: I think the team think OX1 is a winner.

Dr Alastair Smith, Chairman, added:

"TheraCryf is approaching a very exciting inflection point as it moves its lead programme, the Ox-1 blocker, from preclinical development into human trials. Not only does our Ox-1 blocker demonstrate class leading performance, but addiction and the broader neuropsychiatric space is a current focus for large pharma and is generating a lot of commercial activity and M&A, such as the recent acquisition of Centessa by Eli Lily for up to US$7.8bn.

I joined the TheraCryf board last year because it was clear to me that the Company was considerably undervalued given the assets it has in its pipeline, the many recent transactions in the neuroscience space and the obvious near term value inflection points for the Company. I have been impressed by the team's delivery of the final preclinical stages over the past year on schedule and to budget and remain very excited indeed about the potential value uplift for TheraCryf as we head into the clinic."

Go through the interview.

This drug hits Receptor 1 and is very specific hence class leading. From the interview they already think this could be a winner based on data and how the drug has been behaving.

And that could be very significant hence the offer rejected.

Https://www.youtube.com/watch?v=_mi6BEzz_EY

2 weeks ago.

Overhang gives that opportunity to build a stake.

Once its gone then up we go.

I think we forget the company is valued at a miniscule 5mill.

There will significant upside.

Some decent trades today and yesterday.

Https://www.thebusinessdesk.com/northwest/news/2170483-theracryf-board-rejects-offer-to-buy-addiction-treatment-which-could-be-worth-billions

TheraCryf board rejects offer to buy addiction treatment which could be worth billions

Someone like Indivior or Otsuka could be really good fits.

Like to see what anyone else thinks.

The fact that an offer was rejected suggests that there is significant upside here

The positive comparison is this: Lilly paying billions for an orexin company tells the market that orexin biology is now strategically hot. This does helps TCF because its lead asset is also orexin-based, has composition-of-matter patent protection across major markets, and is moving through IND/CTA-enabling work toward clinical readiness.

Centessa does not make TCF worth billions today, but it does make the rejected offer look more interesting — because it proves big pharma is willing to pay serious money for the right orexin assets.

No wonder the offer was rejected last month. TCF a mere 5 mill cap.

Significant upside potential

Https://centessa.com/programspipeline/

This was the clinical-stage orexin company acquired by ELi that TCF mentioned for $7.8billion.

Look at the pipeline.

TCF may well be in very good stead.

NT now at 0.24p.

It accumulate at these levels.

100million market probably on blue sky phase 1/2 supported efficacy.

Last interims

Dr Alastair Smith, Chair Commented:

"TheraCryf presents one of the most compelling investment opportunities that I have recently been introduced to. The primary near-term value driver is a potential treatment for addiction; a market that already exceeds $40bn and is expected to grow substantially in the coming years to address the human and economic costs of a broad range of addictions from opioids, to alcohol, to food and binge eating.

"This treatment, which blocks a pathway in the brain that drives addictive behaviour, has the best pre-clinical performance characteristics that I have seen. In addition, it has a short path to being ready to go into human trials next year - a major value inflection point which is certainly not reflected in the current valuation.

"I joined the board as Chair in February and, following a strategic review and a re-capitalisation of the company, the team has delivered strongly on the strategy to focus on our valuable CNS assets as the best route to delivering significant shareholder value.

"I anticipate multiple opportunities for strong news flow in Q1 and throughout 2026 as we drive towards the clinic and I look forward to working with the team to ensure the value of these important steps in the company's growth is communicated effectively."

And..

The Board is confident in the value and strategic importance of its neuropsychiatry programmes, the most advanced of which is an Ox-1 receptor blocker being developed for addiction, a growing market worth US$42 billion¹. The Ox-1 programme, which is fully funded to generate all data required to support an application to conduct a Phase 1 clinical study by Q4 2026, represents a significant commercial opportunity to deliver long-term value for shareholders.

Fully funded.

They have already rejected an offer.

On rejecting the offer last month:

It is encouraging to note that our assets are receiving commercial attention, in line with other modulators of the orexin system, such as the transaction recently announced to acquire a clinical-stage orexin company in a different disease area for up to US$7.8 billion2. We fully expect that our own asset value will be further enhanced by phase 1 clinical data in due course."

A few peeps building around these levels.

Preclinical licence/upfront style value could looking to 1.7p

If it went further i.e Clinic-ready / stronger partner tension then 3p plus.

And they have already rejected an offer for ox -1 last month.

i wonder if another offer will be made in light of todays news.