Author: Fiona Craig

GSK (LSE:GSK) said it has achieved positive topline results from its pivotal Phase III B-Well 1 and B-Well 2 studies of bepirovirsen, an investigational antisense oligonucleotide designed as a finite six-month therapy for chronic hepatitis B (CHB). The disease affects more than 250 million people worldwide and is a leading cause of liver cancer. The successful readout marks a significant step toward offering a treatment approach that could move beyond lifelong viral suppression.

The two trials enrolled more than 1,800 patients across 29 countries and met their primary endpoints, demonstrating statistically significant and clinically meaningful functional cure rates when bepirovirsen was added to standard nucleos(t)ide analogue therapy, compared with standard care alone. GSK said the treatment effect was particularly pronounced in patients with lower baseline hepatitis B surface antigen levels, while the overall safety profile was considered acceptable.

Based on these results, GSK plans to begin regulatory submissions globally from early 2026. If approved, bepirovirsen could become the first finite therapy for chronic hepatitis B and serve as a foundation for future sequential treatment strategies. Management believes this could materially strengthen GSK’s hepatology franchise and represent a major shift in how the disease is managed over the long term, with potential benefits for both patients and healthcare systems.

From an investment perspective, GSK’s outlook is supported by its strong financial performance and relatively attractive valuation metrics. Ongoing strategic actions, including share buybacks and sustained investment in research and development, underpin confidence in future growth. These positives are balanced by pressures in certain business segments and ongoing cash flow considerations, suggesting a more measured outlook despite the clinical success.

More about GlaxoSmithKline

GSK is a global biopharmaceutical company focused on developing innovative medicines and vaccines, guided by its aim to get ahead of disease. The group has a growing hepatology pipeline and targets areas of significant unmet medical need, including infectious diseases with large global impact such as chronic hepatitis B.

Directa Plus (LSE:DCTA) reported a modest increase in revenue to €7.0 million for 2025 and a roughly 30% year-on-year improvement in adjusted LBITDA to around €2.5 million, reflecting tighter cost control and operational efficiencies. The group also continued to advance its proprietary technology to manufacture interlocked and blended graphene materials, targeting applications in PFAS-related uses, defence and other highly regulated sectors seen as offering strong growth potential.

Alongside this, Directa Plus pressed ahead with the restructuring of its Setcar subsidiary. Management said the programme has already delivered at least €0.7 million in annualised cost savings and included the award of a €1.5 million Total Waste Management contract with Ford. The group has also launched a process to potentially dispose of non-core land assets, as part of a broader effort to improve capital allocation and enhance shareholder value. Year-end cash stood at €1.5 million, and the board said it is actively pursuing partnerships, joint ventures and licensing opportunities to monetise its patent portfolio, with plans to raise additional funding during 2026.

The update also included changes at board level. Chairman Richard Hickinbotham has stepped down, while chief executive Giulio Cesareo has been appointed interim chairman as the company progresses its CEO succession plans.

Despite the operational progress, Directa Plus’s outlook remains constrained by underlying financial challenges, including continued losses, negative free cash flow and revenue pressure. Technical indicators point to a supportive share price trend, although an overbought RSI suggests some near-term risk. Management commentary from the latest earnings call was more constructive, highlighting revenue initiatives, further cost reductions, increased automation and partnership activity. Valuation, however, continues to be weighed down by ongoing losses and the absence of dividend support.

More about Directa Plus

Directa Plus is an Italy-based producer and supplier of graphene nanoplatelets and graphene-enabled products serving consumer and industrial markets. The company uses a proprietary plasma super expansion process to manufacture sustainable, non-toxic graphene materials in multiple formats. Founded in 2005 and listed on London’s AIM market since 2016, Directa Plus focuses on high-growth, highly regulated sectors through its G+ branded materials and holds the London Stock Exchange’s Green Economy Mark.

Predator Oil & Gas Holdings Plc (LSE:PRD) reported a 19% month-on-month increase in daily oil output from its Trinidad operations, with production reaching 367 barrels of oil per day as at 4 January 2026. The improvement followed the completion of a development well at the Bonasse field and a heavy workover at the Goudron field, both delivered ahead of schedule.

At Bonasse, the BON-17 well successfully accessed a new producing interval with a lower water cut, supporting higher and more efficient output. Meanwhile, the GY-211 workover at Goudron re-entered a previously abandoned reservoir, briefly flowing 221 barrels over a 14-hour period. Management said the result highlights the potential to materially increase production through targeted re-entry of legacy zones. Operational gains have also been supported by infrastructure upgrades, including the installation of a new transformer that reduces diesel consumption and improves lifting efficiency.

With its 2026 work programme now fully funded, Predator is preparing to drill a new high-impact development well and to undertake additional heavy workovers at Goudron. In parallel, the company is advancing regulatory submissions for the Cory Moruga Snowcap-3 appraisal and development well. Management believes these steps validate its recent expansion in onshore Trinidad and position the business to benefit from the area’s rising geopolitical importance and the potential return of major oilfield service providers.

From an investment perspective, the outlook continues to be constrained by the absence of revenue and ongoing losses, alongside negative free cash flow, despite operational improvements during 2024. Technical indicators are broadly supportive, with the share price trading above key moving averages and a positive MACD signal. However, very overbought RSI and stochastic readings introduce near-term risk, while valuation support remains limited due to a negative price-to-earnings ratio and the lack of a stated dividend.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas company listed on the London Stock Exchange. It operates producing onshore oil assets in Trinidad, where it focuses on production enhancement and infill drilling under a master services agreement with local operator NABI Construction. In Morocco, the company is advancing gas appraisal and development projects targeting shallow biogenic gas, potentially for CNG or micro-LNG solutions, supported by favourable fiscal terms and established gas export infrastructure.

Caspian Sunrise plc (LSE:CASP) said it has convened a General Meeting to be held at 2:00 p.m. on 30 January 2026 at the London offices of Taylor Wessing. At the meeting, shareholders will be asked to formally receive the company’s audited financial statements, together with the directors’ and auditors’ reports, for the year ended 31 December 2024.

The company confirmed that the notice of meeting and the associated shareholder circular are being distributed to investors and have also been published on its website. The announcement reflects Caspian Sunrise’s routine governance and reporting timetable, providing shareholders with the opportunity to review and acknowledge the group’s 2024 financial results in a formal setting.

From a market perspective, Caspian Sunrise’s outlook is supported by positive technical indicators, with the shares trading above key moving averages, alongside a low price-to-earnings ratio that points to potential undervaluation. These strengths are balanced by a mixed underlying financial picture, with profitability weighed against declining revenue and pressures on cash flow. Limited disclosure from earnings calls or recent corporate events restricts additional insight into management’s forward-looking expectations.

More about Caspian Sunrise

Caspian Sunrise plc is a London-listed energy company focused on oil and gas exploration and production. The group maintains a broad shareholder base of institutional and retail investors and provides regular updates through its financial reporting and corporate governance processes.

Solvonis Therapeutics (LSE:SVNS) said it has received a Notice of Allowance from the U.S. Patent and Trademark Office covering a new family of compounds within its SVN-SDN-14 post-traumatic stress disorder (PTSD) discovery programme. The patent milestone enhances the intellectual property protection around the early-stage asset as the company works toward selecting a lead development candidate in the first quarter of 2026.

The newly covered compounds are designed to act across serotonin, dopamine and noradrenaline pathways, while incorporating a mechanism for predictable metabolic deactivation. Solvonis said this approach is intended to provide greater control over pharmacokinetics, potentially enabling safer and more flexible dosing. Management believes these characteristics could improve real-world clinical usability and strengthen both the scientific rationale and commercial appeal of its PTSD programme within the competitive central nervous system (CNS) therapeutics space.

Despite the positive IP development, Solvonis’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue in 2024, ongoing losses and continued cash burn. These pressures are partially mitigated by a low-debt balance sheet. From a market perspective, technical indicators are supportive, with the share price trading above key moving averages and a positive MACD signal, although valuation remains difficult to assess due to the lack of meaningful P/E and dividend yield metrics.

More about Solvonis Therapeutics

Solvonis Therapeutics is a London-headquartered, LSE-listed biopharmaceutical company focused on developing novel small-molecule treatments for high-burden CNS disorders, including addiction, psychiatric and neurological conditions. Its pipeline includes repurposed and newly discovered compounds, led by Phase 3 candidate SVN-001 for severe alcohol use disorder in the UK, SVN-002 preparing for a Phase 2b trial in the US for moderate-to-severe alcohol use disorder, and the preclinical PTSD programme SVN-SDN-14, supported by a broader proprietary CNS compound library.

Blackbird plc (LSE:BIRD) said its browser-based collaborative video editing platform, elevate.io, will integrate the music and sound effects library of Epidemic Sound by the end of the first quarter of 2026. The move will allow users to access a wide range of pre-cleared, royalty-free audio content directly within the editing interface, simplifying workflows and reducing copyright risk for professional and creator-economy users.

Management described the partnership as a meaningful enhancement to elevate.io’s proposition and an early endorsement of its collaborative, cloud-native editing model. Blackbird is targeting growth in the global collaborative video editing market, which it estimates could expand to around $4.5 billion by 2029. For Epidemic Sound, the integration extends its reach further into the creator and professional production ecosystem, strengthening its positioning among users seeking efficient, copyright-safe content creation tools.

Despite the strategic progress, Blackbird’s near-term outlook remains constrained by financial pressures, including ongoing losses, cash burn and declining revenue, alongside bearish share price technicals. These challenges are partially offset by a more constructive tone from recent earnings updates, with management pointing to a pathway toward EBITDA positivity and tighter cash management. Valuation remains difficult to assess given negative earnings and the absence of dividend payments.

More about Blackbird PLC

Blackbird plc operates across the SaaS, media and entertainment, and content creation markets, providing patented cloud-native video technology that supports frame-accurate viewing, navigation and editing directly in the cloud. Its flagship Blackbird® platform is used by broadcasters, rights holders, sports and news organisations, live event producers and post-production specialists. The company’s newer elevate.io platform focuses on browser-based collaborative editing for professional teams and the growing creator economy, while its ‘Powered by Blackbird’ licensing model enables third parties to adopt true cloud video workflows.

Innovative Eyewear, a portfolio company of Tekcapital (LSE:TEK), reported a strong acceleration in sales momentum, posting preliminary unaudited revenue of around $1 million for the fourth quarter of 2025. This represented an increase of approximately 45% compared with the same period a year earlier. For the full year, the company expects revenue of about $2.7 million, marking a 65% rise from 2024.

Growth was driven by robust demand for the Lucyd Armor smart safety eyewear range and the Reebok-branded sports collection. Innovative Eyewear has also expanded its global fulfilment capabilities and now estimates that it holds roughly 44% of Amazon’s smart safety glasses segment. Management’s stated intention to purchase shares in the open market has been highlighted as a signal of confidence in the company’s strategy, as it looks to broaden distribution through major retail and optical chains and capture further upside from the growing smart eyewear market. These developments could translate into additional value for Tekcapital, which holds a significant minority stake.

Despite the top-line progress, the outlook remains constrained by financial challenges, including continued operating and free cash flow losses and revenue that, while growing, remains relatively small and volatile. These concerns are partly offset by a conservative balance sheet with no debt. From a market perspective, technical indicators are moderately supportive, with the share price trading above key moving averages, and valuation metrics appear undemanding on a price-to-earnings basis. However, ongoing cash burn and operational instability continue to temper investor sentiment.

More about Tekcapital

Tekcapital is a UK-based intellectual property investment company listed on London’s AIM market. The group focuses on commercialising university-developed technologies with the potential for real-world impact. One of its portfolio companies is Innovative Eyewear, a US-based developer and manufacturer of ChatGPT-enabled Bluetooth smart glasses sold under brands including Lucyd, Nautica, Eddie Bauer and Reebok. Tekcapital currently owns approximately 4.73% of Innovative Eyewear’s issued share capital.

Panther Metals Plc (LSE:PALM) has appointed US-based Extrakt Process Solutions to undertake a phased metallurgical testwork programme at its Winston Tailings Project in Ontario. The work represents an important step toward obtaining a Recovery of Minerals Permit and advancing the project toward a potential cash-generating operation.

Phase 1 of the programme will focus on analysing tailings material from the historic Winston Lake Mine, producing baseline recovery data for a range of metals including gold, gallium, indium, silver, zinc, copper and cobalt. The results are expected to underpin an upcoming mineral resource estimate by SRK Consulting and help demonstrate the economic viability of reprocessing historic tailings. Management said successful reprocessing could unlock residual metal value while also contributing to environmental remediation at the site.

The Winston initiative forms part of Panther Metals’ wider growth strategy in Canada. Alongside the tailings project, the company continues to advance its Obonga volcanogenic massive sulphide and critical minerals district, as well as the Dotted Lake gold project near the Hemlo mining camp. Both assets have recently seen progress on permitting and drilling, strengthening Panther’s exploration pipeline and longer-term development potential.

Despite these operational advances, Panther Metals’ outlook remains constrained by its early-stage financial profile, with no current revenue, ongoing losses and negative cash flow. These factors are partly mitigated by a relatively low level of balance sheet leverage. Technical indicators are broadly supportive, but valuation support is limited in the absence of earnings and dividend payments.

More about Panther Metals Plc

Panther Metals Plc is a London-listed exploration company focused on gold, base metals and critical minerals in Canada, primarily within mining-friendly regions of Ontario. Its asset base includes the Winston Tailings Project, which targets metal recovery from historic mine waste, the Obonga Project in the Obonga Greenstone Belt with VMS and critical mineral potential, and the Dotted Lake gold project located near Barrick Gold’s Hemlo mine.

Henry Boot (LSE:BOOT) said its land promotion business, Hallam Land, has completed the disposal of a freehold site in Swindon to national housebuilder Vistry. The site benefits from detailed planning consent for 366 new homes and achieved an ungeared internal rate of return of 9.2%, contributing to Hallam Land exceeding its 2025 full-year sales target.

The transaction formed the second phase of the wider South Marston strategic scheme, where Hallam Land and its partners have already secured outline planning permission for up to 2,380 homes alongside extensive community infrastructure. Following the Swindon sale, 304 residential plots remain under Hallam Land’s control for future disposal. In total, the business recorded a new annual high of 3,957 residential plot sales, highlighting continued demand from housebuilders for consented land.

Management said the deal positions Henry Boot to benefit from ongoing UK planning reforms designed to speed up housing delivery, while reinforcing the group’s ability to unlock value from its strategic land portfolio. The group’s outlook is supported by a strong balance sheet and an attractive valuation, with recent corporate activity adding to confidence in its longer-term growth strategy.

These positives are tempered by weaker technical indicators, which point to limited share price momentum, as well as challenges in driving sustained revenue and profit growth. In addition, the lack of recent earnings call commentary restricts visibility into management’s near-term outlook.

More about Henry Boot

Henry Boot is a UK-based land, property development and homebuilding group operating across a number of specialist businesses, including Hallam Land, HBD, Stonebridge Homes, Banner Plant and Road Link. Listed on the London Stock Exchange since 1919, the group employs more than 400 people and focuses on residential, industrial and logistics, and urban development. Hallam Land manages one of the UK’s largest strategic land portfolios, while HBD oversees a development pipeline valued at around £1.3 billion across the country.

Phoenix Spree Deutschland Limited (LSE:PSDL) reported condominium sales of €36 million in 2025, comfortably exceeding its €30 million target. The year included a record December, with average achieved prices of €4,132 per square metre coming in above balance sheet carrying values. Management said demand has remained resilient, particularly for vacant apartments, underscoring continued buyer appetite despite a challenging market backdrop.

Following the completion of a full refinancing of its debt and the expansion of its broker network, the group plans to further build its condominium sales pipeline. It is targeting at least €55 million of notarisations in 2026 as part of this effort. From next year, Phoenix Spree Deutschland also intends to begin returning capital to shareholders through compulsory pro-rata redemptions, funded from net proceeds of asset disposals. The move represents a significant milestone in the execution of its managed wind-down and realisation strategy.

The company’s overall outlook continues to be constrained by weak historical financial performance, including several years of losses, uneven revenue trends and a balance sheet that has gradually softened. These factors are partially offset by a recent improvement in free cash flow. Share price technicals are moderately supportive, showing a mild upward trend with broadly neutral momentum, while valuation metrics remain difficult to assess due to the absence of meaningful P/E and dividend yield data.

More about Phoenix Spree Deutschland Ltd

Phoenix Spree Deutschland Limited is a Jersey-incorporated, closed-ended investment company listed on the premium segment of the Official List and the Main Market of the London Stock Exchange. The company invests in German residential property, spanning condominiums and private rented sector assets, and is currently focused on an orderly wind-down and managed realisation process aimed at returning capital to shareholders over time.