Member Info for Silverblade

Wow. Farcical. Looks like finance team have been completely asleep at the wheel. £7m operating profit - £2m standard tax + £2.5m due to German taxation issues - reducing actual profit to £2.5m. Total 2025 tax bill of £4.5m. 2025 EPS 0.47p (2024 - 1.38p). So no wonder there is no dividend - they can't even fund 1pps through profits. As for claiming they are growing EPS through buybacks....mental stuff. How can anyone have confidence in this business. SB

I similarly understood that NIOX would continue to benefit from historic circassia tax losses - but that does not actually appear to be the case. 2025 Profit before tax £11.2m, Tax £4.2m, Profit after tax £7m. The reason appears to be "A deferred tax asset in Sweden had previously been fully recognised in respect of carried-forward trading losses." Not as strong a position as previously thought. SB

I saw that quote about dividend payments paused to enhance value through growth as well unhooked. Which would be ok. Apart from there is no growth. Revenue % is growing less than inflation. US market is in decline. Contract manufacturing and fermentation is actually losing customers - from a very low base that's quite an achievement. Disingenuous words from the CEO sound remarkably similar to those issued from the Executive Chairman for years now - and don't worry 2027 and 2028 will be years we show the results of all investments. It is laughable - but also pretty tragic we all got taken in. SB

" What has gone wrong?"

How about everything for starters.

SB

Over-reacting? 2024 - Revenue $2.3m, loss $45m. 2025 - Revenue $3m, loss $21m. 2026 - Target Revenue $4m, loss $15m? Yes the business is growing its revenue - but do the numbers demonstrate a viable business? They significantly underestimated how the US diagnostic sales market works and have spent more than $200m creating a business with far too many staff, so many failed partnerships it beggars belief and consistently feeding the market bs in relation to forward trading guidance. So no I don't believe I'm over-reacting. Happy to hear where I have got it wrong. SB

I'm still not sure how Armstrong Investments profit from their holding here. If renx goes into administration which looks increasingly likely do they use the capital loss to offset gains elsewhere? They are based offshore so not easy to get a hold of info - apart from their practice of moving into doomed businesses. SB

The problem is mikodx we already know the H1 2026 revenue results ($1.6m) - the only thing we don't know is the ebitda loss which is likely to be in the region of $6/7m. H2 2026 revenue estimated at $2.4m - and another massive ebitda loss coming. Completely unsustainable. Its getting to the point of no return here; best we can hope for is a fund raise (could they get is away at 2pps?) which in itself would pretty much wipe out all existing shareholders but at least the company survives to some extent. Its either that or administration the way things are headed. Management team seem completely incapable of running an actual commercial business. SB

Reasonable bit of activity today - 3.6m shares traded. It would appear that the stated bid/offer price is being used to calculate whether trades are buys or sells. I suspect quite a number of the larger trades which are down as sells are actually buys (one of which was me hence the comment). Good to see a bit of interest - small scale stuff - but good to see support nonetheless. SB

Not sure what part of my post was hypothesising Cevodynia? I stated a fact about CVI reducing their holding. The same CVI who sold at c.3pps who converted a $4m slice of their convertible bond at 9.5pps in October last year. Hardly a ringing endorsement. So not just an institutional seller - which I fully accept happens - especially when the outlook for a business is far from healthy. As for CE accreditation - whilst this would be a positive - it looks like it is to support a clinical trial as opposed to an actual commercial sales strategy. Trials in the US were actually sponsored by renx itself including the costs. The company has previously stated its sales efforts are 100% focused on the US market. I appreciate everyone has their own opinion on progress but I can assure you the phrase 'chill mate' could not be further from my current attitude to my investment here. SB

CVI Investments have started to reduce their holding - now under 9% (a 0.9% reduction). Do they know something we don't. Not that it could get much worse here. No investor update as previously promised by management. Not looking good at all. SB

I have listened to the 'coffee' talks mikemine - and I do agree they are encouraging. Trouble is nothing hits harder than evidence - walk the talk and all that. The audited results in May are important to confirm the trading update numbers. In terms of test sales - the reality is during 2025 each quarter reported a similar volume of tests - c.300. So it is too early to say sales are already increasing (accepting 2025 was a lot better than 2026 but we know the reasons for that). The CEO has stated "we continue to see strong testing volume acceleration beyond the $3.2m of orders received during the year" so that again is encouraging but imo needs to be validated with actual data. Any future fund raise will need to continue to cover negative cash flow - which includes the costs associated with the sales team. Company's can achieve significant investor confidence and value appreciation if they can demonstrate sustainable growth, market capture and a clearly executed business plan during early (loss making) stages - that is the position I am sure we would all like VRCI to reach. SB

For me there are quite a few reasons which are combining to hold back any share price increase (which is obviously based on market cap). In no particular order: the business has started to ramp up its product revenue but it is still loss making and is likely be so in 2026 and 2027; there is likely to be at least one more fund raise required (possibly two) which will dilute existing shareholders: the AIM market is littered with risky investments and anyone listed here gets tarred with the same brush; UK biotechs are just not in favour with investors at the moment; the company's CEO needs to rebuild her commercial credibility after a disappointing 2025 which hurt investors. I don't want this to be taken as overly negative - just the situation as I currently see it. All it takes for sentiment to improve dramatically is evidence that test sales are growing, clinicians are validating the process, costs remain under control and the future should be good here - at least that's why we are all invested here right?? SB

No need to apologise Lordmakealot - good to have you along for the ride. Its been a tough journey here so far for quite a few of us - but hopefully things have turned the corner. SB

You mean this one...

" Verici Dx PLC

05 February 2026

Agreement with Blue Cross and Blue Shield of Illinois for Tutivia™ "

The tipranks article is just a crib of the VRCI RNS. Hopefully 2026 will see partnerships like this and Prime Health deal show results in increased test sales. I think (Mikemine) if they can show sales momentum with the current sales force, then accessing more capital for expansion becomes that much easier and potentially less painful for existing shareholders. Market cap remains low for a company with this potential - but the company has decent II support which bodes well. SB

Just when you think infra trusts are returning to more normalised valuations the world goes ape again. Gilt yields shooting up, inflation likely to start increasing, and now BoE not likely to cut rates - but possibly increase to curb inflation. INPP still a good place to be and should be able to navigate further shocks on the horizon but recent rally appears over for now. SB

Fair enough 2reincarnated. The other two shares you mentioned could not be any more different. I follow Trellus - no holding - due to its Mount Sinai spin off similarity to vrci and renx. Trellus looks in trouble. Whether vrci raises at 0.25p remains to be seen - its all about sales momentum. If they can show decent growth in H1 2026 - I think it is unlikely the share price will remain at current levels and thus any raise would be more likely at a 10% discount to that price - which I hope is significantly in excess of 0.25p. Good luck with your investments. SB

2reincarnated - Just out of interest are you invested here? Same for you Sandyman? SB

Baines was executive chairman at the point where the company issued its forward guidance for 2026, 2027 and 2028 - guidance which is now found to be completely spurious. He was also there where they announced the tempus collaboration - also dead in the water. No accountability whatsoever for misleading investors. SB

Think the results are due before end of may this year from the last trading update. Hopefully the new centres (now in 30 nationwide) and increase in ordering physicians will start to show in Q1 onwards. The prime health and blue cross deals should further assist test sales via the insured market. Few decent buys over last few days - picked up a few more myself. SB

I am surprised McCullough is still in a job. He has repeatedly fed the market a load of bull in relation to fund raising; sales, partnerships, growth etc. Not sure how he retains any trust from investors anymore. Armstrong Investments see administration on the horizon given their history. Possible II's give it one more capital raise before calling it a day - pretty much wipes out all existing shareholders although II's would still retain positions if they manage to take it private. Great potential; so poorly executed it beggars belief. Fools gold. SB