Hybridan Small Cap News – February 2026

Hybridan Monthly, 3 February 2026

Market Comment:

By Niall Pearson

For a special February 2026 edition of Hybridan’s View from the Broker’s Desk, we are delighted to be joined by Laurence Hulse, founder of Onward Opportunities, a leading UK Small Cap Investment Trust. 

Laurence started his career at Gresham House in 2015, around the time of its inception, and worked on a number of outperforming equity products.  Recently, Onward Opportunities reported a record year of net asset value growth in the 12 months ended 31 December 2025, delivering top-quartile performance within the UK Smaller Companies sector and extending its track record of outperformance since launch.

Hi Laurence, thank you for you very much for joining us.

1. It would be great to hear about your rationale for creating the Onward Opportunities fund, the gap in the market you were looking to fill and how important was the timing of its launch?

Answer: The timing was particularly prescient because the conditions that make launching a fund very difficult, made for a fantastic investment opportunity, one that required being brave when others were fearful. This naturally appealed to me as an instinctive contrarian and somebody who wanted to try and build something for clients for the long term. We remain one of a handful of funds that have managed to launch and grow in the UK since the pandemic. The gap in the market was one for hands on, high octane, active management and as a result we will never manage lots of strategies or investments at once. I think the future of active management is high conviction and high concentration as the opposite can be provided at much lower costs by passive investment products. It’s this approach that has meant Onward Opportunities (ONWD LN) has been one of the best performing and fastest growing funds in the UK ever. Since its launch, we are currently up c.50%.

2. The never-ending wave of fund redemptions plaguing the small cap market has unfortunately “steered” some fund managers into larger and more liquid companies making the sub £100m market cap arena even more lonely – what’s your view on this?

Answer: For us, it’s fantastic. I would be much more concerned if the market was overly popular, as it would be harder to capture value for our select clients. For the sake of a healthy and sustainable market we hope for more of happy medium with flows and floats returning, however our strategy is proving it can perform in a range of conditions.

3. Companies under £50m market cap get a lot of flak for being “sub scale”.  With EIS/VCT investors unable to fund acquisitions and many institutions not allowed to invest under £50m market cap, a lot of these companies feel stuck – what would your message be to the management of these companies? 

Answer: It’s all about patience and pragmatism. For companies with a genuine product or value to offer investors, there are many sources of capital, even in the current climate. Perhaps in some places investment terms have had to recalibrate from the heady years of quantitative easing, but we are getting back to those levels now and that is why there are early signs of life in the market again.

4. Possible funding routes are always on the Boardroom agenda for private companies who are contemplating raising private VC money or to undertake an IPO.  As a fund manager backing small cap quoted equity, what is your message to those companies on the benefits of using the listed markets as a platform for growth?

Answer: Public funding provides great flexibility and accessibility. You have a unitised currency which can be spent on growth to an almost unlimited extent so long as shareholder support is there. Private Equity has received a lot of airtime for the past couple of decades and can be seen as a more glamourous option, but you lose some of the flexibility and liquidity you can benefit from in the public market.

5. In an increasingly impatient world when looking at investor demands for returns, how do you communicate to your shareholders the importance of having a long-term view when it comes to small cap investing?

Answer: We consistently repeat our 15% per annum return target which we evaluate ‘through the cycle’. We deliver this by identifying ideas that can at least double over 5 years, which backs out at 15% compound. These sorts of numbers take time if they are to be repeatable, hence the 5-year investment horizon. I am pleased that so far Onward has been delivering slightly ahead of this 15% per annum target.

6. It remains a tough funding environment right now for SMEs.  From your portfolio companies, what are the best management teams doing in terms of capital preservation?  How are they balancing this versus maintaining growth?

Answer: They have focussed on what they can control, and they have gone faster and further in pre-empting any additional difficulties down the line. Alumasc has been a great example here. Paul Hooper the CEO has repeatedly demonstrated a strong cost discipline to give it one of the best profit and margin performances in the building products sector since 2021. They have since used those preserved profits to acquire struggling competitors who did not have the same foresight or prudence, therefore turning a potential problem into an opportunity to grow faster or at a lower cost than in a more benign operating environment.

7. And finally, if you were Chancellor for the day, what would you do to get the excitement back into small cap investing?

Answer: I would drastically reduce the taxes and red tape on the energy industry, introducing comprehensive supply side reforms overnight to get costs down. Energy is a cost that impacts almost everything and it’s increasing proportionally as AI emerges as the next paradigm shift for civilisation. A reduction in these huge costs for consumers, companies and the country would have an enormous stimulating effect, and the best thing is, it would not cost the government a penny on a net-net basis. 

Company Reports:

We identify and report on growth opportunities

GTC Growth from the Ground Up

N4P Becoming Popular

Getech Group 2.05p £3.13m (GTC.L)

Price	Results	Top 3 Shareholders	Value
1.9p-2.2p	Year End December	Octopus Investments Ltd 16.4%	Positive EBITDA
Spread 15%	Reported 6 May	First Equity 10.6%	Diverse Pipeline
52 week High/Low 2.4p/1.65p	Interims to June, reported 24 September	Millington Family 8.3%	Barriers to Entry High

Source: Alpha Terminal

Established in 1994 as a spin-off from the University of Leeds, Getech supplies geoscience expertise to a wide range of energy and resources clients. At the core of the service is an invaluable library of data built up over 30 years which is a high barrier to entry. A new management team started in January 2025 and immediately sought to strengthen the financials with the £725,000 sales and lease back of an office property.

The clients are mainly corporate, government, and regulators in petroleum, metals & mining, natural hydrogen, geothermal and carbon storage. These are essential, established and high-growth markets and benefit from using Getech’s data and services. According to a joint industry outlook prepared by the International Energy Forum and S&P Global Commodity Insights, $4.3tn of new oil & gas upstream investment will be needed from 2025 to 2030 to meet rising demand and offset supply declines. The natural hydrogen market is projected to grow from an estimated $3.6bn in 2024 to $9.0bn in 2033, at a CAGR of 10.6% (Emergen Research).

The recent trading update for the FY December 2025 made on 20 January reported the first positive EBITDA since 2019. Getech reported a 6% increase in revenue to £5m, margins of 63%, and the EBITDA became a positive £0.5m compared to a £0.6m loss. The annual recurring revenue (ARR) declined to £2.8m from £2.9m, but 2026 has started strongly. The business was reset reducing the cost base by 20%, while the global sales team has been reorganised and expanded. In October, sales contracts of products and services worth together c£333k were reported and three of the contract wins were with new customers. There are diverse revenue streams with the contract wins: c£150k relates to sales of Getech’s world leading gravity and magnetic data library; c£141k to Getech’s geoscience expert services; and c£42k to renewals of Getech software licenses.

The sales team is primarily focusing on traditional markets such as Oil & Gas and Mining which is mainly for exploration activities, whilst also seeking selective Natural Hydrogen projects. The platform offers innovative project workflows that produce valuable and novel insight for exploration decisions. In the geothermal industry, the Company’s geophysical data library is essential for locating and modelling zones for the identification of potential hydrogen source rocks for further exploration. The expanded sales team expects to improve the size and quality of the business pipeline as new clients utilise the platform under multi-year contracts. The Company’s orderbook stood at £3.8m in December 2025, compared to £4.1m in December 2024, although the wider activity sales pipeline being built should increase the visibility of future revenues.

The Interims to June were reported on 24 September showing an EBITDA loss of £196k compared to a £290k loss in September 2024 and all borrowings were repaid leaving cash of £0.4m. According to Alpha Terminal, forecasts in the market anticipate a loss before tax of £0.3m for the December 2025 Y/E and a pre-tax profit of £100k for 2026. We calculate the shares are valued at 6.2x 2025 EV/EBITDA which drops to 2.3x in 2026.

Hybridan Comment: The heavy lifting to a positive EBITDA is achieved and does not seem to be reflected in the valuation. As the sales pipeline grows, the shares should start making progress.

N4 Pharma 0.48p £3.95m (N4P.L)

Price	Results	Top 3 Shareholders	Value
0.45p-0.475p	Year End December	Tracarta Ltd 18.02%	Developments validate platform
Spread 11%	Reported 6 June	Marc Mathenz 8.89%	Growing Evidence
52 week High/Low 0.725p/0.375p	Interims to June, reported 25 September	Patrick Byrne 5.19%	Studies in Progress

Source: Alpha Terminal

Established in 2014, this biotech Company is developing Nuvec, a proprietary gene (RNA) delivery system to enable advanced therapies for cancer and other diseases. Platform biotech companies don’t sell products; they build engines for creating them. The size of the global RNA therapeutics market was $13.7bn in 2023 and is expected to reach $18.0bn by 2028. N4P is also developing an oral inhibitor for Inflammatory Bowel Disease (IBD). This treatment market was worth $20.4bn in 2023 and is expected to grow to over $27.6bn by 2030.

The Business and Operational Update on 17 December reported an increasing pace of development with the analysis of data from its collaboration with world-renowned non-profit R&D institute SRI International. The research demonstrated the ability to specifically target cancer cells for the delivery of RNA, using Nuvec.  This effective targeting is the ‘holy grail’ for pharmaceutical companies developing RNA-based therapeutics.

Progress was also reported in the collaboration with the Centre for Continuous Manufacturing and Advanced Crystallisation in the field of nanoparticle drug delivery, based at the University of Strathclyde. The programme remains on track for key in vitro and in vivo studies planned for H1 2026 to build out the commercial data package and bring Nuvec towards clinical readiness. The latest studies indicate that Nuvec nanoparticles would offer a significant commercial advantage, particularly in terms of stability and showing a marked decrease in inflammation.

This is also essential work towards the development of N4 101, an oral anti-inflammatory product for the treatment of IBD such as Crohn’s Disease and ulcerative colitis. This lead preclinical programme is an inhibitor, while also aiming to promote the body’s own anti-inflammatory response.

A strong flow of data-driven news can be expected in the coming months, positioning the Company as an RNA therapeutic company, as well as having a unique and scalable delivery platform.

The Company is pre-revenue and the interims to June 2025 reported a 4% reduction in operating losses to  £0.47m, with general Administration costs increasing 6% to £406k and R&D costs were 41% lower at £67k. Net cash was £1.7m, compared to £1.2m, following a £1.75m fund raise in April 2025 at 0.4p per share.

We estimate that this implies a cash burn of £78k per month and at the current rate of spend more than 12-months of cash run way to further improve the quality of the data package. The current cash runway could potentially support commercial discussions with third parties and possible partnership collaborations.

Hybridan Comment: Developments underway may interest a partner which could add significant value.

House Report: House News

Conroy Gold and Natural Resources 15.25p £11.73m (CGNR.L)*

Building on extensive experience of metal exploration, largely focused on gold, the Company is focused on exploratory drilling at the ‘Discs of Gold’ prospect in Ireland. The experienced development team has identified clear geological analogies of the Disc’s license area to world class deposits such as Fosterville (10m oz Au) in Southeastern Australia and Queensway.

The team has chosen to commence a fully funded initial 2,000-metre drilling programme at Clontibret in the Longford-Down Massif where there are two district-scale gold trends (Orlock Bridge and Skullmartin), and several gold targets with multi-million-ounce potential. The first drill is for around 500m vertical depth, targeted at the stockwork zone, located beneath the historic Tullybuck antimony mine. This hole represents the deepest drilling undertaken on the Clontibret deposit to date. This initial programme could significantly and purposefully advance the potential of the “Discs of Gold” deposit.

The Interims to November 2025 reported on 2 February this week showed net cash of £1.5m, after an oversubscribed placement at 10p raised £1.7m and a further £0.4m from the exercise of warrants. This is sufficient cash for the current drilling programme. This completes the restructuring in relation to amounts owing to Directors and former Directors in excess of €3.3m including a write off of €680,000 with the balance being deferred and ultimately repayable from success-based instruments tied to commercial production and a material increase in the share price. Net assets reported were €22,407,969 as at 30 November 2025 and a profit was recorded for the six-month period of €278,636 after the effects of the debt write off.

Hybridan Comment: Exploration is inherently high risk and the shares have risen circa 442% over the last 12 months as investors react positively to the newsflow. If over the next few months the exploration results continue to be positive, and the potential for high-grade gold in the system at depth is shown, this could be the value inflection point for a development investment partner to come in at a corporate or an asset level.

* A corporate client of Hybridan LLP

Updates/Events:

Follow up comments on previous Company Reports

First Tin 14.5p £84.5m (1SN.L)

On 18 December final assay results were reported after a drilling programme at the 100%-owned Taronga Tin Project, Australia for this tin production Company. The focus is on becoming a supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia.

The drilling programme totalled 7,459 metres across 97 reverse circulation (RC) drillholes. The programme was primarily designed to convert Inferred resources to Measured and Indicated status and test several interpreted zones of mineralisation adjacent to the proposed pits. It was successful on all measures confirming the extension of mineralisation, indicating the potential for wider, deeper pits and improving the economics of the project. Significantly higher-grade intersections were reported within, between, and outside the current pit shells. The Resource Estimate is expected by early 2026.

Hybridan Comment: On 25 November, £6.3m was raised at 7p. Most of the funding is being allocated to the Taronga project. The shares have had a good run and, sometimes but not always in mining stocks, it can be as good to travel than arrive.

Last Comment in Hybridan Monthly November 2025, First Tins’s share price then 7.875p

Shield Therapeutics 10.9p £114.8m (STX.L)

The commercial-stage pharmaceutical Company specialising in iron deficiency has crossed a critical financial milestone by achieving positive operating cash flow in Q4 2025. The Trading Update for the FY December 2025 announced on 21 January suggests total revenues of c. $50m for FY25 against $32m, with ACCRUFeR revenues growing 56% in the US and contributing $46m compared to $29m in the FY 2024. The revenue growth was driven by a 21% increase in the average net selling price to $223 and a 33% uplift in total prescriptions to c.199,000.

The Company also announces that it expects to deliver an operating profit in 2026. The YE cash was $11.6m compared to $8.6m in the FY 2024 and a positive operating cash flow of $1m in Q4 was reported.

On 30 January it announced that its partner in China, Beijing Aosaikang Pharmaceutical Co. Ltd, expects to submit the file for marketing authorisation to the China National Medical Products Administration for the approval for ACCRUFeR® in China in Q1 2026.

The increasing momentum creates the financial flexibility to achieve the 2026 strategic priorities of a worldwide roll-out.

Hybridan Comment: The Company seems set for longer term growth.

Last Comment in Hybridan Monthly in October 2025, Shield Therapeutics share price then 7.35p

Ondine Biomedical Inc 8.50p £44.06m (OBI.L)

Ondine Biomedical has developed Steriwave which is a painless, two-step photodisinfection process. A light-activated agent is applied to the nostrils and then activated by a safe red light, triggering an oxidative burst that destroys bacteria, viruses, and fungi in minutes. It is a proven, non-antibiotic solution to preventing infections before they start. It was reported on 2 February this week that Steriwave was recently shortlisted as a finalist for the Product of the Year at the Bionow Awards which recognises excellence, innovation, and world-class impact.

The £11m fund raise on 27 August 2025 was at 15p and Directors participated. The funding was to complete the Phase 3 clinical trial and the results are expected in Spring 2026.

There has been significant progress in trials and commercialisation initiatives. On 22 January 2026 Steriwave^® went on trial with a leading ear, nose and throat (ENT) specialist group operating surgical centres in Madrid and Málaga. Also, announced on 27 January,  Steriwave^® is to be adopted for re-surgical protocols for its orthopaedic patients to protect them from the growing risk of multidrug resistance in Vancouver.

The completed Phase 3 results are anticipated to lead to regulatory approval and to world-wide commercial agreements. The net proceeds of the Fundraising were reported on 27 August 2025 to be expected to extend the Company’s cash runway through to the end of H1 2026. 

Hybridan Comment: Since our cautious comments in September, the shares have fallen back to a level that seems attractive.

Last Comment in Hybridan Monthly September 2025, Ondine share price was then 15.0p

Quantum Base Holdings 24.50p £20.67m (QUBE.L)

The recently listed quantum science Company creating a new global standard in authentication reported interims to 31 October 2025 on 29 January that showed revenue of £260k against nil last year and the Operating loss decreasing to £1.28m compared to an operating loss of £2.58m in the interims to 31 October 2024. On 2 December, £4.26m was raised at 21p to provide working capital.

The initial sales efforts are into the brand protection market where there is strong interest. Partnership discussions and print trials are ongoing with additional international security-printing companies throughout Europe, the Middle East and Asia. R&D investment is continuing as the patent portfolio is expanded with multiple new UK patents granted.

The Board believes that Quantum Base’s scientifically proven, mass-producible quantum-security solutions and its scalable design-and-license model provide a strong foundation for growth. The Company has stated that it is on track to sign four commercial contracts in the current financial year.

Hybridan Comment: The funding is in place to accelerate the roll out of its authentication technology to a wide range of sectors and to an international market.

Last Comment in Hybridan Monthly December 2025, Quantum’s share price was then 20.0p

In the news in February

RC Fornax 12.5p £12.2m (RCFX.L)

The UK-based defence industry consultancy delivering outcome-based engineering solutions aimed at enhancing national security and drive innovation in critical military projects announced a Trading Update on 2 December for the FY August 2026. It reported orders received for the first three months to November of around £2.5m, which is over 70% ahead year-on-year. The increase in customer engagement following the publication in June of the Strategic Defence Review is driving the increase.

The Annual Accounts to August 2025 are to be published in mid-February with results anticipated to be in line with those previously communicated to the market which is for turnover of £4.1m and an EBITDA loss of £1.1m.

On 14 November, £2.32m was raised at 6p and Richard Smith was appointed as a Non-Executive Director. Richard has held senior roles including CFO of Raytheon UK & Canada, Finance Director for the UK Ministry of Defence Submarine Programme, and CFO of Leonardo Helicopter Division. The funds are to re-establish momentum as the Company is tendering for a framework agreement representing up to £80m of orders. RC Fornax’s solutions are differentiated as the consultancy solutions include expediting delivery with recruitment and supply chain management.

Hybridan Comment: The valuation seems to anticipate some of these defence contracts being closed.

** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on 2 February 2026

By Jon Levinson

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