Member Info for Silverblade

Its getting to the point where all shareholding's are either worthless or will shortly become so. Business must be burning through $1m a month - they seem incapable of executing a sales plan and continue to run operations as if there is a never ending supply of cash to continue its Real World Evidence programme rather than trim overheads immediately. SB

I think as investors we are in that period where there is mounting evidence that adoption is moving in the right direction but tempered with the understanding that funds will be required to further support the company into a position where it can stand alone. That is likely to hold back any share price increase - which is frustrating given the true 'value' of the business is considerably in excess of its current position (assuming it continues to execute its growth trajectory). Likely we will have to wait until May FY results for any further updates - but hopeful at that point there will be an indication test uptake continues to accelerate - which will help the conversations with II's on structuring capital needs - with a WRAP PI offer likely as well. Clearly the less new shares issued the better - but there is still scope from here to make a decent return - just takes a bit of second guessing as to where the ultimate issued ordinary share capital ends up (currently 1.5b+120m options). SB

Not entirely sure what to make of the latest shareholder announcement. Hard to fathom the motive. First Equity look like they acted as the broker via a client nominees account (Nortrust) on behalf of two ultimate purchasers (William Black and Armstrong Investments - Black appears to control Armstrong). Difficult to find out given the offshore (Tax Haven) location of these parties which adds a layer of murkiness to understanding what's going on. Possible they have been building a position and only recently triggered the 3% AIM declaration (although is some circumstances this is 5%). Their previous investments show little similarity to Renx - apart from the distressed nature of company position's and subsequent corporate events (LMS Capital - in wind down; Focus Xplore - struggling; Pittards - folded; Zambeef Products - lots of strange activity). Perplexing and a tad worrying. SB

It is a 100% certainty that they will come to the market in the next few months looking for more cash. It is the only route to survival - they have a significant monthly cash burn with far too many employees and expenses for current revenue. Expect the share price to continue dropping imo - and subsequent massive dilution. Sadly that is the shareholder price to be paid for the business failing to deliver. SB

I was only pulling your leg Mikemine - no offence intended. I just thought a market cap 50 times where we are today might be considered a tad optimistic! I know the target market is $300m; and in year one of actual sales they have achieved 1% of that. I would see a realistic target to double tutivia sales each year; $6m in 2026; $12m in 2027 (Breakeven?); $24m in 2028. Alongside that we have the Thermo deal and third test. That would be outstanding imo. Valuations at that point would reflect a high growth, unique product suite with very limited competition - and could be based on high price/sales ratio or ebitda multiples. So yes the valuation could accrue quickly - and if the company ever achieved a turnover of $250m you are looking a a value of $bs! But I don’t see that happening personally. A growth pattern to the above would still reap significant rewards. ATB. SB

Mikemine - would you be able to supply me with whatever hallucinogenic treats you have received from Sara B :-) SB

If you catch TRIG (renewables trust) at the right time it's another interesting sector play. Its not much loved at the moment - but 40% NAV discount and 11% yield. INPP probably the safest out there imo for capital protection and 20+ year inflation linked dividend. SB

Same yesterday Hawker - although ask is 0.65p you can pick them up for 0.6p - so looks like all trades today were likely buys. Good effort if the 1m was you. I'm thinking the strategy here is to lower average price, taking into account the likely fund raise, but tempered with a growing good news revenue stream from the new centres and sales team efforts. SB

Each day now brings fresh lows. Following the trajectory of sister company Vericidx which was forced to raise cash at 0.5pps in its latest fund raise. From a $1b business to struggling to survive. Incredible stuff. SB

Well spotted donmac. I just watched the directors talk interview with sara / good update. I wonder if they will provide some guidance on 2026 revenue targets similar to the $3.2m tutivia number - helps to validate the sales team efforts and hopefully increases support from investors later this year with a higher share price based on evidential strong growth. SB

They had £15.8m cash in bank end of year and are generating £10m net cash pa. If they could actually demonstrate a capacity to grow the business then you would imagine this would be on someone's radar. However, Harwood 30% position becomes a real issue at that point. I have no idea what the plan is here. Baines will not be around to misguide the company forever. SB

EKF has no regard whatsoever for its PI shareholder base. To commence another buyback whilst its major shareholder Harwood are allegedly seeking a waiver at the AGM in May that would negate the requirement to make an offer for the business as a result of a 30%+ shareholding illustrates just how poorly the business is being run. SB

There was no proviso on this occasion donmac. My second post was showing there is a positive path to funding avoiding any death spiral nonsense. That is just being realistic. I am heavily invested here with significantly more shares than yourself - and with an average price of 2.5p I’m not exactly happy about how things have panned out over the last 12 months. But there are grounds for optimism. SB

If the company retains the support of its institutional investor base - and as it stands that appears to be the case - then I assume any future fund raise will follow the familiar route of a placing at a discount to the prevailing share price at the time. Major dilution - but still focused on shareholders retaining significant positions albeit requiring additional risk capital investment. Company's who cannot access the capital markets in this way are more likely to resort to debt funding with more extreme outcomes for existing shareholders - but I don't see VRCI at that point given the progress being made and the historic support from major shareholders led by Harwood. All imo. SB

In addition to increasing tutivia revenues, there is a further milestone payment due from Thermo which should drop in the next few months. The quantum is not entirely clear - I think they have received $3.8m out of the originally quoted $5m so possibly a decent amount still due plus future royalties. IF they can continue the tutivia test revenue momentum from H1 2025 to H2 2025 ($1.2m to $1.8m) into 2026 then there is an emerging path to breakeven - possibly 2027 but certainly 2028 imo. And that makes investors a lot more likely to support ongoing capital needs. SB

Perhaps Sandyman. Although if there is any sense prevailing at VRCI HQ they would choose a different path to last years disastrous raise. Why wait until the summer. Get investors on board now with the positive story starting to emerge. It will still hurt, but needs must. SB

Just picking up on Mikemines response with regards to Renx sales channels. From what I can see there are three ways in which the business secures revenue.

1. Direct to doctor (D2D) is a ground up approach using a directly employed sales force to create demand (looks like there are c.10 direct sales staff under Howard Doran). The target market for this business stream appears to be classified as local care networks (the latest being the Joseph P. Addabbo Family Health Center in New York, Central Florida Kidney Specialists in Florida and The Kidney Experts PLLC in Tennessee). Once sales staff successfully penetrate the practices and secure orders it is hoped the practices may move to integrate the test into existing clinical best practice. D2D is growing but slowly given it is labour intensive and accounts for c.35% or revenue.

2. Electronic Ordering - or EHR - is a top down strategy where care system leadership itself encourages physicians to use the test as part of a best practice strategy. This is the area with the greatest revenue opportunity but the greatest barriers. The target is hospital systems and regional care practices with the goal of introducing automated identification of patients requiring the test with automated alerts issued to physicians for attending patients with diabetes, DKD. MVP healthcare and clearly the Tempus partnership are the latest examples Renx is targeting to deploy its EHR strategy. This currently accounts for c.45% of revenues.

3. Pharma Services. This remains a slow burner with c.10% of revenues coming from partnerships with the likes of Astra Zeneca and the Joslin Centre where work is underway with a major pharma partner on a blood sugar monitoring trial targeting next generation pharmaceutical drug development and commercial programmes in Cardiovascular, Renal and Metabolic Diseases (CVRM). This is possibly linked to the CE Mark certification application to enable clinical use and reporting of the test across the EU.

Hopefully further clarity will come in the next few weeks with the expected investor presentation. SB

Wrong board Marty. SB

Uxm484 - I recall the 2026 target run rate was in the region you quote - with a cash burn of c.$700k per month. But it was unclear on what revenues these were based on. It will be very interesting to see what the company has actually achieved in H1 2026 expenses - I suspect this will be important in securing future capital. Interesting to see headcount numbers as well. Prudence is required until test sales from partnerships pick up. SB

Agree they are small purchases - but I assume this was just a subtle message the team still believe in the future. More importantly - there has been no II selling (yet). That would signal a major problem. So its back to the wait and see game here. They have alluded to a "capital markets day in Q3-FY26 to outline our growth strategy and commercial priorities" and to "providing an overview of the (H1) update in an online presentation via Investor Meet Company and will provide details in due course" - so looks like we will hear more shortly. If growth remains slow to achieve - they need to cut their cloth accordingly. H1 2025 expenses were $8m, yet increased to a total of $18m for FY 2025. This is clearly unsustainable and needs sorted if the business is to survive - and that is predicated on more capital fund raising later this year. SB