Huge re-rate inbound!8 Feb 2026 19:59
CRISM (CRTX) – £6m mcap
Current status
• Two programmes:
1. Glioblastoma (GBM) – Phase 2 starting Q1 2026
2. Prostate cancer – strong preclinical data, validated delivery concept
Key points:
• They already have MHRA + Ethics approval for the Phase 2 GBM trial.
• The trial design is registration-grade Phase 2, meaning:
• If efficacy is strong + safety acceptable → may jump straight to Phase 3 or even conditional approval conversations.
Platform value
Their ChemoSeed delivery tech is:
• Localised
• Sustained release
• Uses generic chemotherapy
• Avoids systemic toxicity
• Potentially high-value in multiple cancers
This is exactly the type of platform big pharma likes to license because:
• Cheap to develop
• Uses known drugs (low regulatory risk)
• High unmet need (GBM, prostate, pancreatic, etc.)
Valuation read
£6m mcap is absurdly low for:
• A Phase 2 glioblastoma trial (orphan, premium pricing, fast-track potential)
• A second programme with strong preclinical validation
• A platform that can generate multiple assets
This is seed-stage pricing with mid-stage capability