Friday Takeaway—delving a little deeper into UK small caps
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This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
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.
Healthcare innovators nearing inflection points
GENI Clearly ready
TCF Phased for growth
GENinCode 1.05p £7.61m (GENI.L)
Last Reported in Friday Takeaway, 03 October 2025 at 3.6p
Financial Calendar:
Year End December, Expected 8 June 2026, Interims to June, Reported 30 September 2025
Top Three Shareholders:
Santi 1990 SL 11.41%, Maven Income and Growth VCT 7.65%, Octopus Investments 7.02%
Key Investment Points:
US Expansion, NHS Contracts, FDA Approval
GENinCode is a genetics company focussed on the prevention of cardiovascular disease (CVD) and the early detection of ovarian cancer. Significant investment has been made in developing the technology. The Company is working with its partner, Thermo Fisher Scientific, a major global provider of genetic reagents, to support its revenue scale-up and the expansion strategy for its lead product CARDIO inCode-Score across Europe, the UK, and the US. The CARDIO inCode-Score test has been clinically evaluated and validated over the past 10 years by Kaiser Permanente Division of Research and investigated in more than 63,000 adult individuals with no history of coronary heart disease (CHD). The California Genetic Epidemiology Resource GERA cohort followed the individuals over an average of 14 years, using CARDIO inCode-Score to assess the polygenic risk of CHD and its clinical utility to assess the incidence of CHD. For the test to be marketed nationally across the US (i.e. sold to other third-party labs as a Medical Device or in a kit format FDA clearance is required.
FDA clearance was expected in 2025, but as the FDA finalised the Supervisory Review the formal response required further specific information. The supplementary work was carried out in January and expected to take three months to complete. Prior to US FDA approval, laboratories have been introduced to CARDIO inCode-Score as an 'In House Assay' for the prevention of heart disease. Following FDA Medical Device approval, the collaboration will extend to manufacturing and sale of the device to laboratories and test centres across the US. A similar approach will be adopted in the EMEA market. The Lab will charge for the test directly to the patient/payor at c$500/test for Medicare and Self-Pay. Healthcare provider costs are to be determined.
The Interims to June 2025 reported revenues increasing 15% to £1.60m, and an EBITDA loss, little changed at £2.07m. This reflected a combination of higher revenues, improved margins and the containment of operating costs. For the full year 2025 the Company expects revenue of c£3.1m with a loss of c£5.0m. The £4.4m fundraise at 1p in January 2026 are needed to cover the delay in the completion of its US regulatory process. The funds will also be used to drive commercialisation in the US, scale revenues, increase traction with the NHS and expand its EU market. This is expected to accelerate the transition to breakeven over the medium term. There are ongoing distribution discussions for the test with US commercial partners, which can clearly be concluded once approved.
Hybridan Comment: There should be a sufficient cash runway to the potential FDA approval, and an update can be expected when finals are reported. During the delay, substantial integration and commercial groundwork has been completed, so it seems that the bigger risk at the current valuation would be missing the upside.
TheraCryf 0.23p £4.94m (TCF.L)
Last Reported in Friday Takeaway, 28 November 2025 at 0.19p
Financial Calendar:
Year End March, last reported 3 June 2025, Interims to September, reported 3 December 2025
Three Main Shareholders:
Northern Standard Limited 20.01%, First Equity Limited 8.08%, T and I Limited 7.45%
Key Investment Points:
Passing Milestones, Phase 1 Ready, Funding for 2026
TheraCryf is developing novel medicines for people with brain disorders. The lead programme is orexin-1 antagonist (OX-1), which targets binge eating disorders and could soon be clinic ready for human trials. In February 2025, £4.24m was raised with around £2.8m required to complete the pre-clinical development of Ox-1. The Company expects this to provide a sufficient cash runway to the end of 2026, excluding any potential milestone payments, which allows for this key inflection point to be delivered.
Upfront payments are made for assets that are at Phase 1 clinical stage as safety, tolerability and dosage of the medical product have been established for being ready for human trial. According to the CEO, in the neuroscience field upfront payments range between $26m-$49m, which is why reaching clinical stage is such a significant value driver. TheraCryf's Ox-1 blocker is aimed at treating substance use disorders, a market already valued at over $40bn per annum, according to the Chairman, and is expected to grow substantially.
Milestones are being regularly passed such as the dosing of the first toxicology species in the Ox-1 blocker clinical trial enabling work which was completed in early May. The initial analysis shows that it is well tolerated at very high doses. TheraCryf's Ox-1 preclinical data has shown that the Ox-1 blocker has potential for class leading performance including proof-of-efficacy for a binge eating disorder.
On 20 April the successful Good Manufacturing Practice (GMP) for human-grade Ox-1 drug substance was achieved which is an important milestone that further de-risks the programme moving towards the clinic. The successful manufacture of more than 2kg of drug substance, suitable for use in human clinical trials represents a critical milestone enabling the seamless transition from preclinical to clinical activity. This allows the initiation of dosing in humans after the approval to conduct the Phase 1 study, without introducing programme delays due to further manufacturing. The Phase 1 Study will involve a small cohort of 20 to 100 participants which may include healthy volunteers or patients.
The Notice of Allowance was received from the Canadian Patent Office for its Orexin-1 (Ox-1) addiction programme. The patent provides Composition of Matter, the strongest form of patent cover available, conferring long-term exclusivity and significantly strengthening the commercial and partnering proposition for the programme. In April 2026, the company received a non-binding, indicative proposal to acquire its lead neuropsychiatry assets and the Board unanimously rejected it, stating the offer undervalued the assets and their future commercial potential. TheraCryf is proactively working with potential partners including following ups on other approaches with a view to maximising value for shareholders through licensing deals.
Hybridan Comment: It seems likely that the finals will report strong progress towards clinical readiness and the Phase I value inflection point.
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