Member Info for Silverblade

MVP provides a range of health programmes for its 700,000 members - including access to services via Medicare and Medicaid. So its likely the Renx will be working with MVP to target diabetes and CKD patient groups via their physician network - with reimbursement at $950 a pop via the Medicare deal. Its a no brainer - Renx get access to MVP's physician network to start the onboarding/education process, MVP get their patients screened at no cost and medium/high risk patients are identified/treated with drug therapies from a more informed primary care perspective. Once insurers see the cost benefits of this analysis you would expect they would start to run their private patient groups through the same process - so this work is pretty critical to longer term revenue drivers. All imo. SB

Never mind common sense unhooked - looks like investor sense has also left the building. Price now 20%+ below placing last year and subsequent director purchases. No major II selling which is just about the only positive I can see at the moment. I would have thought if there was some decent trading news they would want to get it out. c. £200m raised to get it to where it is today.....can you imagine trying to do that again in the current funding market. SB

They are certainly taking it to the wire. Last fund raise saw the placing announced and completed on the same day - so there is still time. Retail offer took longer to complete. Hoping the recent budget costs to Medicare announced in the US have not spooked investors further. CEO's former business (still a director) - lunglife AI - now delisted from AIM as they could not raise funds in current market. SB

Just can’t catch a break here unhooked. Verici likely affected as well. The irony is the tests here are all about saving life’s and costs….but why let common sense prevail! SB

Don't know if anyone else noticed this for GCP share price - 01 July-25; RBC Capital Markets; Outperform; 90.00p; Reiteration.

Hoping someone at RBC has done their homework. SB

Hoping we will get a full year trading update in the next two weeks to confirm 2025 revenue has been achieved - and meeting the 20% quarterly growth targets. There is also a lot happening in the US on government funded health programmes - Medicaid in particular (Renx is approved under the alternative Medicare programme) and perhaps some clarity is required as to whether this will have any impact on renx business case. From the low volume trading that is occurring shares are heading in the opposite direction you would expect from a growing business. SB

The CEO's comments in the AR were a bit strange " We are very grateful to our existing shareholders for their continued support and welcome our new shareholders as we continue to improve patient access to Tutivia™ and address the significant unmet market in transplant care." Was she referring to the new shareholders in Feb 2024 - or the anticipated July 2025 raise? The role of the chairman and non-execs has to be called into question here in relation how the company has handled market communications over the last few months. I'm also now not sure how the $3.2m 2025 Tutivia is being achieved. If the company can now invoice for the 334 tests from 2024 - that's $900k. Plus 292 tests in Q1 - that's another $775K. Leaving $1.5m for Q2, Q3, Q4 - that's less than 600 tests for the remainder of the year? That can't be correct surely? SB

They need cash for remainder of 2025; and through 2026 as a minimum. $6/8m? Maybe more. Any way you look at it existing equity shareholders will end up owning a much reduced percentage of their current position. The current market cap has been decimated - requiring such significant dilution existing shareholders would need to purchase substantial holdings in any retail offer/open market purchases to ever see their money back imo. In the latest RNS the following statement was included "The Company remains on track to deliver $3.2 million in Tutivia™ revenues for FY 2025, in-line with market expectations". So to me that reads they have not achieved any significant growth over Q1 - as $3.2m would equate to 300 tests per quarter - which doesn't cut it. Hoping this is wrong but that's what the statement says. SB

I think its just a case of shocking corporate mismanagement. Bit worrying no news on placing yet - guess its Monday for update together with results. Still see a risk they don't the placing away - Q2 revenue growth will be known and may prove crucial in finalising investors sentiment considering the previous 9p placing has been a disaster. There may be questions around leadership as well given recent events. SB

After a decent wee run approaching the mid 70's I wondered what was up today......looks like the 4.5m sell was the culprit. I do wonder if these trusts will ever recover their capital losses from the last 18 months - the constant flow of money out of UK equities does not help - either does the promise of asset realisations and shareholder value initiatives from Gravis which never materialise. SB

Share price is pretty much all time low but company value is higher than low point of £10m due to more shares in circulation. Its fair to question the current situation here - you would think with all the positive progress in last 12 months - and in particular Medicare approval - the market would place a larger value on the business than current market cap. But too many bomb scares over the years makes investors very way, AIM is virtually finished as an investment platform, and company is still loss making - with breakeven targeted end of next year assuming they can continue 20% quarterly growth model. Hopefully we will get a FY trading update mid July which might move the dial. Perhaps the kidney market just isn't ready for innovation notwithstanding all the clinical evidence in relation to improved health outcomes and financial savings. Sister company Vericidx is in a similar sorry state - insurance approved kidney transplant products with large target market - but valued at £3m and desperately in need of funding. The reality is these company's accessed large amounts of capital via AIM which in turn had large short term expectations - and when they failed to deliver they were hammered accordingly. The recent trading volume for both is pretty dismal. On the plus side that can work both ways - positive news on revenue, narrowing losses, onboarding customers, cash runway to profitability - can lead to healthy gains. But for now.........very sore for longer term holders. SB

Donmac - is there anything in particular you think will be announced in the results? I think we already know likely revenue for 2024. Q2 2025 trading update would be helpful to say the least. Do you have any feel for the market cap post fundraise - although this will depend on the dilution which will could be 4 times current shares imo. SB

A small positive to take from current proceedings - and this assume the placing and retail issue goes ahead - is the current $ exchange rate is at its highest for some time. So raising £ on AIM will convert into higher $ than the previous raise. Of course there is downside - all revenue is $ and I'm not 100% clear on how much operational cost is US based v UK - but hopefully the majority is US. SB

In some ways its difficult to see price declining any further - anyone who wanted out should be long gone by now. If the placing is done at a discount of say 10%; and placing investors benefit from EIS relief - they could effectively be picking up shares in the 0.6p territory based on current price. Looking like next week for results and placing - with a possible update on H1 trading given we are almost there. Its been a complete comedy of errors of late - lets hope they get the required support to try and salvage a commercial operation out of this. SB

H1 results were probably to be expected - and agree they were not great. Not sure about quoted data analysis - NAV drop was highlighted some time ago. Does appear they are struggling to sell assets - no surprise given the poor quality of investments they are trying to offload. Will be interesting to see if they can get some traction in next six months. 11 year loan life - which will fall to 7/8 I understand if the assets they wish to sell are achieved. Does highlight some major issues on the longevity of the fund. Interesting comments from chairman in relation to action underway to address NAV discount " The Board and Investment Adviser will continue to engage with the Company's shareholders through these considerations, recognising that there is likely to be a divergence of opinion amongst the Company's shareholder base." Could some of the larger holders be looking for a managed exit/realisation similar to GABI? In the meantime I'm holding - based on average purchase price I'm yielding almost 9% - don't see too much downside risk from here. SB

I reckon they are spending c.$800k a month oogle (c.$10m pa). I did a wee bit of digging to see what we can expect in 2025 revenues over and above the $3.2m Tutivia (which may include the $900k from 2024 "As such the Company will now recognise Tutivia TM revenues from this year in FY25" - although that would indicate a reduction in tests in 2025 from current 300 a quarter which would be cause for alarm). They have already received the first $750k thermo milestone for PRTA - and the second one due later in 2025 has been pushed into 2026. The $5.9m predicted services revenue for this year has also been pushed into 2026 - with an estimated $0.5m contribution this year. So 2025 revenue in the range $3.7m-$4.6m depending on the 2024 Tutivia revenue recognition. So placing needs to cover remainder of 2025 loss (c.$2.5m?); plus 2026 shortfall - anyone's guess on that one. All imo of course....SB

First time I have seen any reference to an anticipated $3.2m Tutivia revenue in 2025. That would imply in the region of 1200 tests carried out this year - 300 per quarter as per Q1 - so looks like 68% growth was a one off based on these numbers. That is assuming the $900k revenue from the 334 tests carried out last year will be recognised in the 2024 accounts. I guess they had to provide an update given previous comments on cash burn. Sounds like we will know more in a couple of weeks. Good to hear there is interest in a placing - but based on these revenue predictions they are going to need a fair chunk of $$. SB

“As of 31 March 2025, the Company held a cash position of $1.63 million. Cost controls are expected to provide sufficient cash runway, assuming receipt of the $750k milestone payment mentioned above, through to the end of June 2025. This funding should support the Company in reaching a MolDX insurance coverage decision before conducting an equity financing to continue its current commercial testing trajectory” SB

Oogle - think of UBS as a fund manager with lots of private clients who buy/sell - so their holding declarations are not actually UBS but a combo of all their private client base - some of whom are clearly trading renx. Agree todays RNS seems relatively low level - but the programme refers to 2000 patient tests which is $2m income which if achieved in a reasonable time period will be helpful as we move into 2026 trading year (starts 1st July 2025) with its $8.5m revenue target and breakeven - that would be massive. SB

That's quite a bottom drawer Pollack! I hope your child's health is significantly improved. Not entirely sure what's going on here today and if its just a poor trading day or something less palatable kicking around. Price has never dipped below 7p in my memory - although company value remains higher than its £10m low point due to more shares in issue. SB