4basebio

4BB · AIM · Health Care · mcap £81m · 525.0p 2 open situations →

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20252026 Leadership transition and commercial push opDNA clinical supply contracts 2 directors buying M&G plc (as indirect parent shareholder under DTR 5.1.2 and 5.2.1(e) and indirect holder of voting rights under DTR 5.2.1(a)) towards control Elevage Medical Technologies Holdings, LLC (as indirect parent shareholder under DTR 5.1.2 and 5.2.1(e) and indirect holder of voting rights under DTR 5.2.1(a)) towards control

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Dilutive fundraise◷ in 13 days

Leadership transition and commercial push

Funding the commercial push; runway extended to H2 2028

New CEO Amy Walker took over in February 2026 to lead an accelerated commercial growth phase. The H1 results on 28 September showed a £63m pipeline but revenue of only £0.3m, a £8.9m loss and £14.1m cash. On 15 October 2026 the company launched a £15m+ raise to fund growth, extending runway from late 2027 to H2 2028, with targets of >£10m annual revenue and a pipeline of >£80m.

Use of money: Commercial development, Q-Arc fit-out, R&D to cut turnaround times and raise yields, working capital; runway to H2 2028 15 Oct 2026 ↗
Conditions: Resolutions passed at the General Meeting, Placing and Subscription completing, and Admission; Placing not conditional on retail offer 15 Oct 2026 ↗
Placing: 2,664,080 Placing Shares, including 485,436 VCT shares, plus 1,025,239 Subscription Shares 15 Oct 2026 ↗
2Invest: About £1m cash and about £4m set off against its loan; loan maturity extended to 31 October 2030 15 Oct 2026 ↗
Other insiders: M&G 465,830 shares; Elevage 256,504 shares; directors £0.3m (54,366 shares) 15 Oct 2026 ↗
Next milestone: Retail offer closes noon 21 October 2026; Admission 8.00 a.m. on 10 November 2026 15 Oct 2026 ↗

Next: Shareholders vote on the raise at the general meeting · 6 Nov 2026

15 Oct 2026 Retail offer open; shareholder approval pending
15 Oct 2026 Placing results announced; shareholder approval pending
15 Oct 2026 Bookbuild launched; shareholder approval pending
28 Sep 2026 Pipeline built; H1 revenue weak

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Transformational contract / build-out

opDNA clinical supply contracts

Two clinical supply deals signed

Clinical Supply Agreement signed on 20 May 2026 for a Phase II oncology trial, worth roughly seven figures over 12 months. A further agreement followed on 28 September 2026: opDNA for a Tier 1 pharma client's Phase I cell therapy programme, with TriLink as mRNA CDMO. The H1 results put executed orders at £1.4m, giving visibility over £1.2m of revenue in the next 12 months.

Customer: Existing Tier 1 pharma client; Phase I cell therapy 28 Sep 2026 ↗
Use: Starting material for upcoming Phase I cell therapy trial
CDMO: TriLink BioTechnologies (Maravai) makes the mRNA drug substance using CleanCap
Value: Not stated for the cell therapy deal 28 Sep 2026 ↗
Executed orders: £1.4 million to report date, including both clinical supply deals 28 Sep 2026 ↗
Revenue visibility: £1.2 million over the next 12 months 28 Sep 2026 ↗

Next: HQ and GMP orders in late-stage contracting to be signed

28 Sep 2026 Two clinical supply deals signed
28 Sep 2026 Second clinical supply deal, Phase I cell therapy
20 May 2026 Clinical Supply Agreement signed 20 May 2026

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Closed · 3

Insider conviction2 directors buying £33k in 2 buys · 11 Feb 2026 – 17 May 2026 −7% Stake building towards controlM&G plc (as indirect parent shareholder under DTR 5.1.2 and 5.2.1(e) and indirect holder of voting rights under DTR 5.2.1(a)) towards control no bid within a year · 15 Nov 2024 – 15 Nov 2025 −15% Stake building towards controlElevage Medical Technologies Holdings, LLC (as indirect parent shareholder under DTR 5.1.2 and 5.2.1(e) and indirect holder of voting rights under DTR 5.2.1(a)) towards control no bid within a year · 15 Nov 2024 – 15 Nov 2025 −15%

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