Member Info for Silverblade

$7m? Come on donmac lets be serious - cost of sales is c.$9m+ pa .The $10m came directly from Sara B on vox markets. The audited accounts (whenever they arrive) will confirm the gap between revenue and breakeven. SB

Revenue of $5.1m when breakeven is $10m pa is nowhere near good enough. Its so bad they were only able to raise a % of what they need to survive. Share price will fall after placing - especially when they have already indicated money will not last much beyond 2026. Its a fools game investing in UK biotech - but we only have ourselves to blame. Next placing 0.2p. SB

To launch a placing without the release of the 2025 accounts - shocking. SB

The longer this goes with no accounts the worse the outlook. SB

VRCI and RENX are kidney diagnostic spin offs from EKF diagnostic's (profitable but not performing anywhere near its potential). Lots of common shareholders - and largely overseen by Christopher Mills at Harwood and Julian Baines in roving CEO, Chairman roles - neither of whom have covered themselves well here. That said / Without Mills support I think it would be game over for both - and they both need to raise a wad of cash asap. SB

The fact there has been no word from the team at Vrci on the delay to the accounts is concerning - its basic good corporate governance. Sara B had previously made reference to revenue recognition issues during a call with Vox markets - linked to the timing of invoicing/payments and covering medicare and private insurers from memory - and this may be an issue with the auditors signing off 2025 accounts. Might explain why attendance at Mello was cancelled. SB

The organisers of Mello 2026 previously announced on 15th May that Verici (Sara Barrington - CEO) would be exhibiting and presenting on 2nd June. The latest schedule shows neither is now happening. This may or may not be linked to the late publication of the audited accounts. Cause for concern? SB

Imposing one's own deadlines for publishing audited accounts and missing them is neither good corporate governance or the way to manage shareholder trust/expectations. SB

Singer Capital Markets’ (VRCI Nomad and Broker - so lets assume they have some inside knowledge) latest forecasts show FY’25 revenue of $4.2m, adjusted EBITDA of -$5.9m, adjusted PBT of -$6.9m and net cash of $2.6m. Meaning at a 0.5p/share, the stock trades on just 1.2x EV/sales - albeit VRCI has said its cash runway will end in H2'26 without a further capital injection.

A loss of c.$7m would indicate breakeven is a long road ahead and goodness knows how many new shares will be in circulation by then with the current market cap. SB

0.415p to buy on ii as well. Cannot sell 1m without it going to a dealer. If singers estimates are correct it could be a bad week. SB

Karlvonwise.

Firstly - I assumed the $750K was part of the ongoing $5m licence revenue milestone payments - which are separate from ongoing royalty payments from actual tests sales which you appear to be highlighting. If that is the case your interpretation therefore differs 100% from mine.

Secondly - I don't concur with the point that PRTA sales cannot occur until a peer review has been published. Yes its clearly helpful, but are you saying the $2650 Medicare insurance reimbursement in early 2024 was agreed without such a critical piece of supporting data not being in place? The PRTA test received full clinical validation in July 2023 from an international clinical study and presumably this was part of the reason TF progressed with the global licencing agreement in the first instance following this clinical validation which ties in with the subsequent Medicare approval. None of which required a peer review.

Appreciate we are not going to agree on these points.

SB

Karlvonwise - I'm ok on the RNS history thanks. Tell me - can you explain why the PRTA test - which was licensed to TF two years ago, received clinical validation two years ago and had a commercial launch - has to date not secured a single dollar in revenue for VRCI aside from the $3.8m licence payments for a product active in the market for two years? Is it because it has not been actually launched into the markets? I hope so. If it has been launched and current non-sales are accurate - not very encouraging? And please don't say its because they have been waiting for this peer review. SB

Personally I'm looking for confirmation that previously announced $3.8m revenue has been fully accepted; current cash position; an indication of monthly cash burn; when further payments from Thermo are anticipated (Lack of commercial progress in PRTA is one of the reasons company is in the precarious position it is); a clear indication expenses are under control bearing in mind cash position; Q2 trading; and - this is very important - a route to breakeven. Without that the market cap will continue to get battered and the risk of at least one highly dilutive funding round remains. SB

Positive news for PRTA / but remember VRCI licenced this test to thermo fisher - we received $5m in milestone payments which have largely been made and will receive royalty payments (currently unquantified) whenever the product arrives at its commercial launch - no news on that date unfortunately. SB

The last placing was done at a c.40% discount to the previous day share price - so 0.25p placing price would be in the ball park. Trouble is to raise what they need to survive next 12 months is going to see a massive dilution - probably somewhere between 1b and 2b new shares. 3b ordinary shares at 0.25p isn’t far off current market cap so the math adds up. Tough times ahead methinks. SB

Growth is a obviously a good sign Karlvonwise - and as you note the new director of sales would seem a solid appointment. I think the $0.8m thermo payment you refer to was in 2025 numbers - so its taken into account in the $3.3m cash at the start of the year. Company is likely to report a 2025 ebitda loss of c.$5m in a couple of weeks - and based on current revenue (c.$1m Q1 2026 - hopefully some growth into Q2) - it will be in a similar position H1 2026 ie a H1 2026 ebitda loss of $2.5m. There is a further milestone due from Thermo (from memory it is in the region of $1m) which would be very helpful - and as you note there is the $1.6m receivables noted in the trading update. New capital will be required in Q3 2026 imo - and based on previous fund raising you would think they will look to a 12 month cash runway - $6m? That level of support from II's would provide a clear signal that there is real belief on the commercial viability of the business. The downside is the likely doubling of shares in circulation - but needs must. SB

I'm in RENX as well Mikemine so well aware of how UBS are handing these particular investments - and as you say it's probably best to ignore despite the numerous RNS announcements they make.

I'm pretty sure the majority of posters here are looking for VRCI to succeed. Its been a painful investment journey for all here to date - but recent progress is positive. There is no doubt they will require to raise money this year - breakeven is c.$10m pa so there is still a sizeable monthly cash burn. Current cash runs into H2 2026. AIM listings are historically for company's in the early phases of development who need access to capital - nothing new there - for VRCI that capital will be used for both general corporate expenses and more specifically the sales team. Perhaps they will wait until H1 2026 is complete to show the market what has been achieved - although progress is required with Thermo relationship rather than 100% reliance on Tutivia revenue. In the meantime the market continues to place a disappointingly bleak valuation on the business - and is likely to continue to do so until placings, ongoing losses are out the way. SB

UBS have been messing around holding notifications for some time here so its unlikely to be related to any 'whale theory'. There does appear to be a small scale seller - 1m, 1m, 2.5m trades - no doubt linked to the fear of a discounted fundraise which could come in the next few weeks - possible tie in the audited results. Hoping that the $3m 2025 Tutivia revenue in the trading update has made it through the audit process. SB

Karlonwise - I appreciate investors have the right to buy/sell for whatever reason - the trouble is these larger trades are dragging the share price lower and lower which will ultimately lead to an increasingly significant number of new shares being issued as part of the fundraise which we all know is coming. I had hoped there may have been a bit more positivity after the Q1 sales and any new money would be raised as a minimum at 0.5p, which is looking petty optimistic. SB

These trades always seem a bit bizarre Mikemine - more concerning are the 1m sells at 0.43p cropping up. SB