reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 25/06/2025
Our daily digest of news from UK Small Caps 25th June 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and Closing Price on prior day to Publication. Dish of the day Admissions: None Delistings: None today…....yesterday Urban Logistics Reit (SHED.L) left the Mai...
- Hybridan Team
- Jon Levinson
Hybridan Research: Sector Piece: Undervalued, Under Researched Small C...
Welcome to the first in a new series of thematic reports We will be focusing on undervalued and under researched small caps across a range of sectors, reflecting the challenges and general market apathy. We start with a general small cap growth theme. Further editions may focus on other sectors, in the pipeline, potentially, recruitment, and engineering. Last year we tackled AI, which is becoming ubiquitous, as well as cyber security. Both sectors could feature in future editions. The thesis...
- Hybridan Team
- Jon Levinson
Hybridan Monthly 1 May 2025
Hybridan Monthly, 1 May 2025 Market Comment: A contrarian view to companies delisting from the market The flurry of companies delisting from the market has accelerated since early 2024. The London Stock Exchange (“LSE”) has been an easy target for those eager to point the blame. Unfortunately, criticism towards the LSE is now synonymous with the media coverage of a company leaving the market. “The London Stock Exchange is on course for its worst year for departures since the financial crisis….” ...
- Hybridan Team
Hybridan Small Cap Feast: 24/04/2025
Our daily digest of news from UK Small Caps 24th April 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings: 18th March: Uranium Energy Exploration,...
- Hybridan Team
Hybridan Monthly, 3 February 2025
2025: The year of the Phoenix, NOT the Unicorn The pursuit of Unicorn companies valued at $1bn+ will always be newsworthy and exciting. VCs, Private Equity, Governments and Global Stock Exchanges will continue to fight and clamber over one another for the chance of courting them. Our collective attention should therefore not be where support is needed least. Our attention needs to be diverted back to the exciting and unloved. The majestic Phoenix company; known for its ability to be reborn f...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 03/02/2025
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: On Friday 31st January, Cardiogeni (AQSE: CGNI) announced its IPO onto AQSE. The Group’s platform technology is developing a new class of life-saving cellular...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 29/01/2025
Banquet Buffet**** Angle 15.25p £42.75m (AGL.L) The innovative liquid biopsy Company with circulating tumour cell (CTC) solutions for research, drug development and clinical oncology reports successful trial results. Its dual circulating tumour DNA (ctDNA) and CTC-DNA workflow used, for the first time, an end-to-end Illumina solution for analysis. In the study, CTCs were isolated and harvested using the Parsortix system from a single blood tube taken from 27 lung cancer patients. CTCs and ...
- Jon Levinson
Hybridan Small Cap Feast - 24 July 2024
24th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co...
Hybridan Small Cap Feast - 05 Apr 24
5th April 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
Hybridan Small Cap Feast - 29 Jan 24
29th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Andy Smith
Review of interims, issue, and strategic update
RUA have announced its interim results ending 30 September 2023 and together with the previous trading update, strategy update and fundraising announcement, there were few surprises. With the fundraising completed our model indicates a pathway to profitability and we publish our nearer-term financial forecasts out to YE 2025. Following on from RUA’s strategy update, we have also adjusted our valuation. In addition to the product valuation changes reflecting RUA’s strategy update, we have incorp...
- Andy Smith
Fundraising looks well supported
RUA have announced, subject to shareholder approval at a General Meeting, the intention to raise equity via the combination of an institutional placing of shares, a subscription by certain directors and a retail offer. While the minimum gross proceeds are expected to be at least £4.1m, the full amount raised will be fluid until after the retail offer and shareholder approval. The final proceeds raised should be known after the outcome of the Retail Offer is announced on 8 December, and sharehold...
- Andy Smith
Trading Update
RUA have released a trading update ahead of its December interim results announcement. In contrast to the previous year, revenues have been weighted to the second half and while this has suppressed first half revenue growth, October’s and November’s revenues have largely caught up to align with management’s budget expectations. RUA’s recent strategy update and its trading update have several common themes. The reliance on partnerships to fund the development of RUA’s products in RUA Structural ...
Hybridan Small Cap Feast - 24 Nov 23
24th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Andy Smith
Strategy Update, sticking to its objectives
In place of a trading statement that updates investors on the progress of its revenue-generating businesses and its products in development, RUA’s strategy update has been well-received by investors because it outlines the path of the business to greater and earlier revenues than we had expected in RUA Contract Manufacture and RUA Structural Heart. The strategy also lowers the risks for investors compared to funding the development of RUA’s products solely by an equity offering, at a time where ...
- Andy Smith
Positive AGM Statement & Trading Update
RUA Life Sciences’ AGM statement provided tangible progress on its heart valve and vascular graft products, detail on revenue expectations and reassuring cost control since its FY 2023 results announcement. Our valuation remains at £120.3m (542p per share). RUA Contract Manufacture has announced progress with a customer funded project that assuming success, is anticipated will convert into a supply contract. This would appear to be a new customer and is in addition to building on this relations...
- Andy Smith
Final FY 2023 results
RUA Life Sciences final results for FY 2023 were in line with the earlier trading statement and reflect the costs associated with the development of its vascular and heart valve products, its cash-generative business segments, cash conservation and a higher R&D tax credit. Outside the financial results which conformed with the recent trading statement where contract manufacture revenues were ahead of our estimates and total administrative expenses were below, there have been interesting advance...
- Andy Smith
FY 2023 Trading Update
RUA Life Sciences trading update included Group revenues and year-end cash position were modestly ahead of our estimates, with other figures mostly in-line. The highlight of the trading update was the agreement with the FDA on the requirements for the GLP animal study and 120-patient clinical trial required to secure US approval of RUA’s vascular graft. It is clear that RUA is on a pathway to the US approval of its vascular graft which should not be a surprise. RUA Contract Manufacture and RUA ...
- Andy Smith
Commercialisation partnership signed
RUA’s global commercialisation partner for its range of large bore vascular grafts has been announced as Corcym SRL. Corcym is the heart valve business bought out from Sorin/Livanova in 2021 and is a specialist cardiovascular medical device company with complementary products – like sutureless/minimally invasive aortic valves, mechanical heart valves, aortic prostheses and mitral valves and repair devices. RUA Vascular’s products for straight and aortic root grafts will fit perfectly into Corcym...
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