Welcome to our new product “Friday Takeaway”
This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to help raise awareness
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 help raise awareness
26th September 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 websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
These companies require further funding in order to achieve their full potential from exciting market opportunities.
INSG Intelligently Managed
POLX Clearer Vision
Insig AI 24.50p £30.81m (INSG.L)
Financial Calendar:
Year End March, Reported 19 September, Interims to September, last reported 19 December 2024
Three Main Shareholders:
Richard Bernstein (CEO) 20.2%, Nikhil Srinivasan 6,3%, Steven Cracknall (Founder and Chief Product Officer) 5.3%
Key Investment Points:
AI Engine, Management team strong, Expanded opportunity
The data science and machine learning solutions Company reported finals for YE March 2025 on 19 September. Insig specialises in transforming document into structures that are AI ready data for various industries including investment and compliance. The 20% shareholder and CEO, Richard Bernstein considers there is a seismic opportunity to expand the range of services and take the benefits of AI to corporate clients.
The existing propriety solutions are Core Infrastructure, Intelligence Engine, and Domain Intelligence which transform how an organisations structures and applies intelligence to data, thereby creating new usages. Clients include the Financial Conduct Authority which has a subscription service licence agreement to access Insig AI's Transparency and Disclosure Index covering UK listed companies. The FCA accesses the toolkit allowing it to search, filter, analyse, and benchmark company disclosures, which are solely evidence based and traceable to company reports. Another new client is a European focused asset manager with £1bn under management, to use the automation of data collection and ingestion helping to provide trading insights and comprises both a licence fee and an ongoing annual retainer.
The finals reported revenue up 40% to £0.53m, with margins of 69% with admin expenses 20% lower at £2m. This led to a reduced (pre-impairment) loss of £1.65m from £2.2m; the substantial impairment charges are £3.3m this year and were £15.43m last year as capitalised development expenses. During the year, there were fund raisings of £0.8m at 12.5p, £0.35m at 16p, and recently £0.35m at 20p. There is debt of £1.7m comprising entirely of unsecured convertible loan notes. This has funded projects by adding to the data engineering headcount and sales leadership.
Richard Bermstein was formerly at specialist research house Amber Analysis providing a risk management service for UK institutions managing over £100bn in assets before joining Schroder Securities as an equity analyst. He later became the CEO of Eurovestech plc, an early stage software technology fund. Pereira Gray, the former Chief Executive of Wellcome Trust's Investment Division, joined in July 2025 as a Strategic and Asset Allocation Adviser.
The Company sees an exciting opportunity to build organically and by acquisitions and are evaluating strategic options including establishing a fund dedicated to investing in digital assets and related enterprises. This will require further funds which assumes investor appetite and if so, the Company may consider reclassifying itself as an AIM investing company.
Hybridan Comment: Insig’s ability to enhance corporate clients' performance with AI is real and there is an opportunity to build scale and make a land grab. The shares have improved from 21p at the start of this week.
Polarean Imaging 0.575p £6.94m (POLX.L)
Financial Calendar:
Year End December, reported 8 May, Interims to June, reported 25 September
Three Main Shareholders:
NUKEM Isotopes GmbH 18.99%, Bracco Imaging S.P.A 14.40%, Rathbones Investment Management Ltd 4.99%
Key Investment Points:
Disappointing Interims, Regulatory Approvals, Global markets
The late commercial-stage medical device Company in advanced magnetic resonance imaging (MRI) of the lungs reported interim results to June 2025 on 24th September with updated guidance for 2025. The Company’s Xenon MRI can provide detailed, quantifiable, crystal-clear pictures of lung imaging. Polarean believes that providing an enhanced picture of the lungs will help a variety of patients suffering from the many lung diseases such as asthma and cystic fibrosis. The word market for MRI Imaging was valued at $6.5bn and expected to grow at around 6.5% from 2025-2034.
Interim revenues declined to $0.6m from $1.1m, reflecting the challenging US market for capital equipment. The proposed US National Institute of Health (NIH) grant funding cuts have impacted new system sales. The consumable sales increased by 36% due to increased use by existing customers, although unlike last year, there were no Xenon MRI system sales. The loss before tax increased to $5.1m from $4.0m and YE December 2025 revenue guidance has been reduced from $5.5m to a similar level of sales as 2024 which was $3.1m. Yesterday, an announcement followed the Interim report, that Polarean had received is first order from the NIH for a new Xenon MRI System for the Clinical Center in Bethesda, Maryland, USA which is the world's largest hospital dedicated exclusively to clinical research.
The net cash reported in the interims was $7.3m, compared to $12.1m in the prior period to 31 December 2024 and management expects there are sufficient funds to support operations through to the end of Q2 2026 and the focus on cash management and cost cutting could extend the runway.
The XENOVIEW product opportunity is expanding with FDA approvals. The FDA has lowered the minimum age to six years old from twelve years old and a paediatric product is set to be launched before the year end. The FDA is also allowing the clinical trial to expand the XENOVIEW label to include gas exchange indications in the lungs which improves XENOVIEW's clinical and commercial reach and utility. The Company now expects the trial to be significantly smaller, start sooner and cost far less at around $4.5m compared to the $11m prior estimate. The Company expects to achieve profitability with greater growth potential after the approval for this clinical trial expansion to include gas exchange indications for an incremental investment of approximately $20m.
A distribution agreement has been signed with a Taiwanese company for Polarean's products in Taiwan. This is strategically important as the expansion outside the US will lead to local regulatory submissions and manage installation & servicing, at lower costs. Taiwan has strong trading links to China, which is the world's largest MRI market, making it a strategically important region for future growth. These commercial efforts have generated a strong and robust pipeline of potential opportunities for sales with outstanding quotes to potential customers at over $21m, an increase of over 650%.Hybridan Comment: The opportunity is simple; can more of the pipeline be converted into sales before Q2 2026.
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