Member Info for Silverblade

The basic issue here is the one that effects similar early stage biotech stock - investors gamble that the products under development are so appealing to the clinical market that they will not be allowed to fail. Unfortunately this is all too often not the case - and in the current market the risk appetite has virtually disappeared. Yes VRCI had cash of $15.7m at 30.06.22 - but spent $5m in H1 2022 (salaries, R+D, licences, fees). Based on that spend rate of c.$800k/month - we will have about $8m cash (plus some other non cash assets) at the end of this month. We appear to only have one current route to securing revenue - tutivia - and as it stands we have no insurance reimbursement - from what I can see we have the codes - but are yet to make applications to secure cost and coverage determination under Medicare - and do we expect these major milestones to be submitted and approved before the company runs out of cash end of this year? This all presents a major problem - does the company continue as a stand alone entity and hope to secure additional funding from Harwood, Sinai etc; be taken private to conduct this behind closed doors; or look to partner/sell its IP. SB

Sadly unhooked I think the outcome you describe has more and more weight as each week goes by. Patents and laboratory certifications simply do not pay the bills. To think funds were raised at 35p one year ago; including £2.5m from ekf which is now worth c.£500K. The further irony is that shareholders from last June are still waiting on their ekf distributed shares here - there has to be significant risk those shares never materialise - or even if they do at what value - unless there is a substantial change in operational performance. We are running out of time. As usual, it is PI's who have the most to lose here - and who are likely exiting. SB

On the basis of todays announcement I opted to reinvest the March 2023 cash dividend back into GCP shares. I am hopeful we will continue to see ongoing improvement in the NAV - with the next update expected in late April. SB

As we have seen elsewhere unhooked - the health diagnostics market is on the high risk register for now - with little or negligible value attributed to innovative products with no current commercial payback. As far as I can see we still have no agreed pricing reimbursement for the two lead products, and no feedback on how the soft launch of Tutivia is going. We are likely burning just under $1m a month - giving us to the end of this year to show we have a future as a commercial operation with current cash. Add in the SVB debacle and potential impact on wider sector fund raising going forward and implications for existing shareholders - and I can understand why investors are choosing to exit. I'm holding for now. SB

It’s difficult to call the bottom here Hawker - possibly the placing price even with its substantial discount appears at risk. What we would give for a hint on Q2 revenue….SB

Blimey Hawker - good effort - at least someone is providing a bit of price support! One way or another we are due to hear from RENX in next three weeks.....SB

“ Renalytix plc (the “Company”) is aware of media reports indicating the closure of Silicon Valley Bank (“SVB”). The Company does not hold any cash at SVB and it does not have any banking relationship with SVB.“ SEC filing March 10 2023
Phew…..SB

That’s the very question I’ve been looking into today unhooked. I’m probably not in the category you describe - and so far I have found no link to SVB / but the reality is iRenx has c.$30m+ cash and it is unclear which bank is holding. Renx works with Citi bank in US - but as a primarily UK based corporate I am hoping deposits are UK based. One thing is for sure / those with an exposure will be issuing RNS updates first thing Monday - SEC filings started in US on Friday - and there are some big hits - Roku $500m. Another worry we could do without. SB

As bad as this I’m hoping that’s all it is donmac - and not a leak ahead of bad news next week. SB

Good to hear some optimism here - terrible week for Renx on both sides of the Atlantic bearing in mind we are due some blockbuster news - market turmoil or otherwise - and the fact remains we are heading in the completely wrong direction. A familiar pattern for me recently……. Nuts. SB

UK and US shares in constant decline now - slipping below non discounted pre placing price - and worst case could be heading to the placing price itself with the lack of tangible updates as investors weigh up the risks here. SB

Apologies jatw - looks like you were spot on! I did say this was a month for the jitters - still waiting on the milestone rich RNS schedule…..expect we will see a small move down in the morning to follow Nasdaq, unless……SB

I think it’s just a bit of price drift after a pretty decent run over the last couple of months - up over 100% - and we have slipped 10% from recent high of £1.50. Seems March is world kidney month - you would think if an FDA announcement was going to be made - this would be the month to do it…..SB

Of all the duff Mills/Harwood stocks I have - Niox is the only one (recently) in profit - and I actually sold some to buy more ekf, Renx, Vrci. Maybe not so duff after all. Interesting trades as you note oogle - maybe just cashing in on the recent gains. SB

I know the market for investment fund shares such as GCP is poorly due to wider economic issues - but is there more to this than just the market? Almost a 7.5% divi on current price and a full 20p below NAV - £180m. High inflation should help NAV each quarter this year - why such a huge disconnect. Are the fund managers earning their fees. SB

Good effort bladerunner - can’t go wrong taking a profit. Still wishful thinking for me….I need the share price to double for that to occur. That’s interesting about fidelity Hawker - I was looking to see who else had bought into the placing but no luck getting any details. Last I saw was Randy B at pinnacle who went in again in Dec 22 - good timing - hopefully…..SB

Suspect there’s going to be quite a few jitters this month - there is an air of expectation around FDA - only a few weeks left in Q1 2023. Half year results due end of month as well. Doesn’t really bear thinking what will occur should there be a negative from the FDA, so let’s think about what happens when we get a positive - surely that’s the reason we have Jefferson. SB

I trade with interactive investor - and they have recently inserted a general restricted holding position for my allotted shares in my accounts - although do not indicate the actual quantified allocation (it was 1 Vrci for every 50 ekf) and as noted shares are in lock up until late June 23. SB

Argee Chelsea - I like to think a great deal of thought is being given to an updated investor presentation with robust, tested timescales for the new fermentation capacity in particular - including where we sit in relation to customer onboarding given they seem to be influencing specification. The core business is more than capable of double digit organic growth. H1 2023 could be a bit tricky with reorganisation costs - but this is not a complete basket case - far from it - but no more screw ups or your point on breeding confidence evaporates. SB

If further proof was required that the management team do not consider real world shareholder value - please see following extracts from last annual report in relation to how the 125% director bonuses are calculated.

" The 2021 annual bonus targets were linked to both Underlying EBITDA and EPS growth which tracks
improvements in the profitability of the Group and returns to the shareholders."

" For 2022, the executive directors will continue to have the opportunity to earn a bonus of up to 125% of salary.
The bonus will be subject to stretching performance conditions based on Underlying EBIT and EPS."

So - makes it rather easy to pay out full bonus despite a 40% fall in shareholder 'value' in the last 12 months.

And you wonder why BlackRock were selling and we remain at such a low market value. SB