4basebio (4BB): Leadership transition and commercial push

This situation live

4BB 4basebio

£81m · 525.0p · −6% since the first step

10 Feb 2026 · New CEO in place; CFO handover under way · −26% until the next step David Roth will join Heikki in the newly formed entity and will step down as Chief Financial Officer and as a Director, following an orderly handover period.

14 May 2026 · CFO named; board reshaped, finance gap closing · +10% until the next step Richard Bungay appointed as CFO, bringing a strong track record in fundraising, M&A and partnering for listed and private companies, including two major exits and over $400m raised

20 May 2026 · First new contract under new CEO · −1% until the next step Multi-year, seven-figure revenue stream reflecting increased commercial momentum

26 Aug 2026 · New CDMO sales channel added under new CEO · +1% until the next step the two parties will collaborate on commercial activities including sales and technical presentations.

7 Sep 2026 · New personalised-mRNA offering added under new CEO · +17% until the next step The growing demand for personalised medicines such as cancer vaccines requires a new paradigm for DNA manufacturing, particularly around the production of small batches of product.

28 Sep 2026 · Pipeline built; H1 revenue weak · −6% until the next step Following our investment into operational and commercial infrastructure in 2025, H1 2026 was a period of strong commercial momentum which positions us well to deliver future growth.

15 Oct 2026 · Bookbuild launched; shareholder approval pending · −1% since The Capital Raise is conditional on shareholder approval.

15 Oct 2026 · Placing results announced; shareholder approval pending · −1% since The Capital Raise is conditional on shareholder approval.

15 Oct 2026 · Funding the commercial push; runway extended to H2 2028 · −1% since The Retail Offer is conditional, inter alia, upon the passing of the Resolutions by Shareholders at the General Meeting, completion of the Placing and Subscription, and the Retail Offer Shares to be i

Dilutive fundraise

Leadership transition and commercial push

Funding the commercial push; runway extended to H2 2028

NOV6 Next: Shareholders vote on the raise at the general meeting in 13 days

Every step · 9

10 Feb 2026 New CEO in place; CFO handover under way – David Roth will join Heikki in the newly formed entity and will step down as Chief Financial Officer and as a Director, following an orderly handover period. ↗
14 May 2026 CFO named; board reshaped, finance gap closing – Richard Bungay appointed as CFO, bringing a strong track record in fundraising, M&A and partnering for listed and private companies, including two major... ↗
20 May 2026 First new contract under new CEO – Multi-year, seven-figure revenue stream reflecting increased commercial momentum ↗
26 Aug 2026 New CDMO sales channel added under new CEO – the two parties will collaborate on commercial activities including sales and technical presentations. ↗
7 Sep 2026 New personalised-mRNA offering added under new CEO – The growing demand for personalised medicines such as cancer vaccines requires a new paradigm for DNA manufacturing, particularly around the production of... ↗
28 Sep 2026 Pipeline built; H1 revenue weak – Following our investment into operational and commercial infrastructure in 2025, H1 2026 was a period of strong commercial momentum which positions us well... ↗
15 Oct 2026 Bookbuild launched; shareholder approval pending – The Capital Raise is conditional on shareholder approval. ↗
15 Oct 2026 Placing results announced; shareholder approval pending – The Capital Raise is conditional on shareholder approval. ↗
15 Oct 2026 Funding the commercial push; runway extended to H2 2028 – The Retail Offer is conditional, inter alia, upon the passing of the Resolutions by Shareholders at the General Meeting, completion of the Placing and... ↗

What is happening

4basebio: Leadership transition and commercial push – Funding the commercial push; runway extended to H2 2028. ['Funding the commercial push; runway extended to H2 2028']

In short: 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.
Announced: 10 Feb 2026 · New CEO in place; CFO handover under way
Latest: 15 Oct 2026 · Retail offer open; shareholder approval pending
Use of money: Commercial development, Q-Arc fit-out, R&D to cut turnaround times and raise yields, working capital; runway to H2 2028
Conditions: Resolutions passed at the General Meeting, Placing and Subscription completing, and Admission; Placing not conditional on retail offer
Placing: 2,664,080 Placing Shares, including 485,436 VCT shares, plus 1,025,239 Subscription Shares
2Invest: About £1m cash and about £4m set off against its loan; loan maturity extended to 31 October 2030
Other insiders: M&G 465,830 shares; Elevage 256,504 shares; directors £0.3m (54,366 shares)
Next milestone: Retail offer closes noon 21 October 2026; Admission 8.00 a.m. on 10 November 2026
Retail offer: Up to 97,087 new shares at 515p, up to £0.5m gross, via BookBuild; not part of the Placing or Subscription
Total size: Up to £15.5m gross including the retail offer

What comes next

Shareholders vote on the raise at the general meeting (6 Nov 2026).

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