reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 23 March 2026
* 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 priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: Imara Gold (IGLD.L) has left the Main Market What’s baking in the oven? Potential IPOs:*** 17 March: Vista Parcs Group has announc...
- Colin Smith
TheraCryf | Ox-1 Imminent start of final toxicology study
TheraCryf has now completed the preclinical dose range finding studies for its Orexin-1 (Ox-1) blocker lead asset. That clears the way for the imminent start of the 28-day toxicology study which is the final major preclinical study prior to submission for regulatory approval in human clinical trials. TheraCryf is on track to complete all animal studies in 3Q26 and be ready to commence clinical trials in humans by the end of 2026, a key value inflection point, for which the company is fully funde...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 26 January 2026
26th January 2026 @HybridanLLP Our daily digest of news from UK Small Caps * 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 priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: On F...
- Colin Smith
TheraCryf | Ox-1 10kg toxicology study quantity achieved
TheraCryf has announced the successful manufacture of the 10kg quantity of its Ox-1 compound, sufficient to complete the critical 28-day regulatory toxicology studies in animals. These studies are expected to commence in 1Q26/2Q26 following the completion of dosing studies which are currently underway to identify the Maximum Tolerated Dose and Dose Range Finding Studies of the compound. TheraCryf is on track to complete all animal studies in 3Q26 and be ready to commence clinical trials in human...
- Colin Smith
TheraCryf | DAT asset potential value highlighted
TheraCryf notes a recent article in Nature covering the issue of mental fatigue which is indicative of the commercial opportunity provided by the company's dopamine transporter (DAT) inhibitor, its second preclinical programme. The market for chronic fatigue treatment is estimated at US$1.2bn in 2024, rising to cUS$2.3bn by 2033, significantly higher than previously intimated. TheraCryf's DAT inhibitor has been demonstrated to be efficacious in treating animal models of fatigue dosed with the co...
- Colin Smith
TheraCryf | 1H26 - Good progress on Ox-1; results as expected
TheraCryf's 1HFY26 results to September, confirm that the company is making strong progress towards clinical readiness for its Ox-1 lead clinical asset and the results were in line with expectations. There was a modest cash burn in the half of £0.7m, with cash and net cash ending the period at £3.5m. TheraCryf reiterated that it is funded through to the end of calendar 2026 when Ox-1 should be ready for clinical trials in humans, a key value inflection point. TheraCryf's valuation remains nugato...
- Hybridan Team
- Jon Levinson
Friday Take Away: 28 November 2025
Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 28th November 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the web...
- Colin Smith
TheraCryf (TCF) | AGM updates on OX-1 and SFX-01 programmes
TheraCryf held its AGM yesterday at which management emphasised its focus on brain disorders and specifically on advancing the Orexin (Ox-1) programme acquired in the Chronos transaction to clinical stage readiness by the end of calendar 2026, for which the company is now fully funded. The legacy synthetic Sulforaphane molecule (SFX-01) continues to be progressed in third-party funded programmes, most notably in the potential treatment for the brain cancer Glioblastoma at the Erasmus Medical Cen...
- Colin Smith
TheraCryf (TCF) | FY25 results: expanded portfolio; focus on Ox-1
TheraCryf has released results for the year to March 2025 with the next 12-18 months set to be pivotal for the company as it focuses on advancing its Orexin-1 (Ox-1) programme while the Sulforaphane (SFX-01) programmes continue with third party funding. During FY25, the company acquired Chronos Therapeutics, making it a multi-compound drug developer, and raised a total of £5.2m, gross, funding the Ox-1 programme through to clinical readiness while extending TheraCryf's cash runway to 4Q 2026. Th...
- Colin Smith
TheraCryf (TCF) | Pharmaron contracted to progress Ox-1 programme
Following its £4.25m fund raise last February, TheraCryf has now appointed Pharmaron, a leading contract manufacturing and research organisation (CMD/CRO), to progress development of TheraCryf's Orexin programme for the treatment of addiction to the point at which clinical trials in humans can commence. Pharmaron is expected to commence work imminently with expected completion of all necessary studies in 2H26 leaving TheraCryf on track to start a Phase 1 clinical trial in 2026, subject to fundin...
- Colin Smith
TheraCryf (TCF) | £4.3m raise to advance Ox-1 to clinical trial readin...
Further to the Chronos acquisition in 2024, TheraCryf has conditionally raised £4.25m to advance its Orexin programme to clinical trial readiness and now has a cash runway through the end of calendar 2026. The company expects to issue 1.7bn shares at 0.25p/share. While the discount is steep, TheraCryf believes it has the most selective Ox-1 inhibitor molecule in drug development with significant patent protection, targeting a market with multi-billion dollar potential for the treatment of addict...
- Colin Smith
TheraCryf |1HFY25 results – Cash guidance confirmed
The first half of FY25 has been a busy one for TheraCryf. The company closed the Chronos acquisition, trebling its pipeline of development assets, and it completed a £0.9m equity raise. The Erasmus University study on SFX-01, the company's lead clinical asset, is making good progress while the granting of a patent covering the company's Orexin-1 molecule by the European Patent Office has just been announced. Despite its advantages, TheraCryf trades on a fraction of the rating of most peers with...
- Colin Smith
TheraCryf | R&D Day confirms potential
TheraCryf held a Research and Development Day (R&DD) concentrating on the progress of SFX-01, its lead clinical asset in the study relating to glioblastoma at Erasmus University in the Netherlands, and on the two new candidates acquired in the Chronos acquisition. The Erasmus study is demonstrating very encouraging initial results with the drug on track for trial in humans by early 2026. The R&DD explained the differentiated potential in the Orexin and dopamine transporter (DAT) inhibitor progr...
- Colin Smith
TheraCryf | FY24 results - in line; trebled shots on target
TheraCryf reported a net loss for FY24 of £3.1m together with cash and net cash of £2.0m, in line with our forecasts. Post year end, the company raised £0.8m (net) in conjunction with its acquisition of Chronos Therapeutics (Chronos), which trebled its drug development pipeline. The company has a financial runway through towards the end of FY26. Despite its advantages, TheraCryf trades on a fraction of the rating of peers with similar characteristics and has multiple prospective newsflow events...
- Colin Smith
TheraCryf: Initiation - Strong Healing
TheraCryf is a clinical stage drug development company focused on commercialising its proprietary formulation of sulforaphane, SFX-01, and two novel drug candidates acquired in the recent Chronos transaction. The primary targets for SFX-01 are cancer and neurodevelopmental disorders while TheraCryf's new orexin and DAT programmes, extend the company's reach into neuropsychiatric drugs, currently a very active area for acquisitions and partnering. Potential target markets total in the billions of...
- Emily Liu
Hybridan Small Cap Feast 26-10-2023
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October. Tekcapital announced intention to spin off and IPO on 2 October: MicroS...
Hybridan Small Cap Feast - 05 Sep 23
5th September 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...
- Sacha Morris
Hybridan Small Cap Feast 15/08/2023
Andrada Mining 7p £107.7m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an update on the previously proposed Funding Package with funds managed by Orion Resource Partners announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25m funding package with Orion. The financing agreement is as follows: US$2.5m (c£2.0m) equity at 6.39p and US$10m (c£7.9m) Converti...
Hybridan Small Cap Feast - 27 Jun 23
27th June 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 objecti...
Hybridan Small Cap Feast - 19 Jun 23
19th June 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 objecti...
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