Member Info for ThetaDecay

HVIVO plc reported a decrease in revenue to £46.8 million for the year ended December 31, 2025, down from £62.7 million in 2024, alongside a significant drop in adjusted EBITDA to £1.4 million from £16.4 million, resulting in a basic adjusted earnings per share of (0.41)p compared to 1.69p in the prior year. The company's cash reserves also reduced to £14.3 million from £44.2 million, while the contracted orderbook stood at £30 million, down from a restated £43.5 million.

The Company remains in active discussions with ILiAD Biotechnologies regarding a HCT and is finalising the agreement.

Not great results, will most likely see a dip today but good news regarding Iliad, "finalising the agreement" is positive.

Cavendish maintains buy on hVIVO and 16.5p target price after influenza trial contract win, sees revenues weighted to 2026.

https://www.proactiveinvestors.co.uk/companies/news/1090507/cavendish-maintains-buy-on-hvivo-after-influenza-trial-contract-win-sees-revenues-weighted-to-2026-1090507.html

They have capacity up to 70 beds currently

Fair enough at somepoint in the future there might be enough demand where buying another floor makes sense but I can't see them needing that in the next three years but either way lets hope that Hvivo has 100% utilisation first.

LSInvestor, their Canary Wharf facility is already maxed out. To increase beds further would require a lot of costs and buying new floors and more staff, none of which is necessary

Hvivo don't need to add beds, their 150 bed size is already a good amount for their contracts, for bigger Phase III trials the beds will be used multiple times and will go on longer, thats how it works.

And yes Traws will 100% be getting a better rate than Illiad because Traws is a tiny microcap with only a $11 million market cap and only $6 million in cash on hand. They would be handed a discount to enable this Phase II study.

If they are in active negotiations with other biotechs then yes it makes complete sense not to release the numbers currently

Also worth noting that Traws Pharma announced intention to start a Phase II trial using Hvivo on January 26, 2026 so this took close to 3 months to fully sign off and secure the contract. Like I said, these negotiations and contracts can take 2-3 months to secure.

Nice new contract win.

"The study is expected to commence in H1 2026, with the majority of the revenue recognised in 2026. Approximately 150 healthy participants will be recruited through the Company's participant recruitment arm, FluCamp, and all lab work associated with the study will be conducted by hVIVO's own specialist virology laboratory in Canary Wharf."

So not just using Hvivo beds, but also their FluCamp recruitment and Virology Lab. Great win.

Agreed, very rare to find a biotech trading on this much of a discount with their cash pile and soon to be phase III drugs that are potentially blockbusters. Its my largest biotech holding of about 10.

I think the hub and spoke model prevents potential biotechs suitors. Biotechs like to have drugs under full ownership hence why its much more likely for them to bid for the IPO's rather than Puretech itself.

Also reminder that Zai Lab is rolling out Cobenfy for Greater China in Q2, there are over 5 million schizophrenics in China so I expect that to do well over the course of the second half of the year.

Great news! Seaport could hit a 1 billion market cap, will drive a rerating for Puretech if its handled correctly.

I love how you both just use AI to chat with each other :) all in good fun

£8 milion makes no sense. If they are negotiating downwards due to competiton like SGS lowering prices then at minimum we would see £11-13 million comparative to what SGS is charging for their Antwerp facility beds but Hvivo can absolutely get away with charging a premium and also I would expect Iliad to use some extra Hvivo services such as trial recruitment via FluCamp and Hvivo can now complete challenge-agent manufacturing in-house for ILiAD’s pertussis strain, maybe they are trying to negotiate a bundle deal. If Iliad decide to switch CRO's then their goal of starting the trial in Q3 2026 will be delayed, probably into 2027. It usually takes a few months to fully plan out Phase III trials and sign the contracts and its only been 5 weeks since Iliad received funding.

Lol! Just waiting until Iliad contract is signed and the shares will go flying.

I didn't even look at the price when I posted that, some people are so paranoid on here its insane.

Yes better watch out for me LSInvestor, I don't post AI ramping slop and actually hold the shares as a long term investor. I posted news I found about an arbitration case against HVIVO when the shares were up 5%. You know 5% swings are normal in Hvivo?

Yeah makes sense, dodgy company about to go under looking for any excuse to claw back money. Wouldn't think much more about this arbitration unless some real evidence of wrongdoing is bought up. Still long HVIVO and been topping up at the lows recently.

Its not different, its exactly the same product and using partial collagen from dinosaur bones, most of the genetic sequencing is using reptile skin. We have NO preserved tyrannosaurid DNA, this will never change. DNA erodes over time and the oldest preserved DNA is 2 million years, not 65 million years.

We still have NO IDEA what Dinasaur skin looked like or its DNA, scientists are still arguing over whether T-Rex's even had scales everywhere or if they had feathers and fat.

"There really isn't much of a template to work from that could accurately reconstruct a collagen molecule that is specific to T. rex," Carr told Live Science. "Second, collagens are pretty generic molecules across all animals and so I'd be very surprised if there was a species-specific sequence that differentiated T. rex — or any dinosaur — from their closest living relatives."

I support eco-friendly sources of leather but I don't support lying about scientific progress to sell a luxery handbag and generate false hype.