Author: Fiona Craig

Coiled Therapeutics (LSE:COIL) has released promising interim results from its ongoing Phase I/II clinical trial evaluating AO-252. The study reported an 80% clinical benefit rate, with patients in the twice-daily dosing cohort experiencing disease control lasting more than six months. This outcome compares favourably with the once-daily dosing arm and with typical results from salvage therapies used in heavily pre-treated solid tumour patients.

The treatment has so far demonstrated a favourable safety profile, with no maximum tolerated dose reached during the study. Researchers have also observed signs of immune-modulating activity involving the cGAS/STING pathway, which may enhance the therapy’s anti-cancer potential. Based on these findings, the company plans to move quickly into dose expansion studies targeting ovarian and prostate cancers. Additional development steps include introducing a next-generation formulation of the drug and launching combination therapy studies in 2026, potentially strengthening AO-252’s clinical prospects and future commercial positioning.

Despite the encouraging clinical progress, the company’s investment outlook remains constrained by weak financial fundamentals. Coiled continues to report volatile pre-commercial revenue, ongoing losses and persistent cash burn. Technical indicators also reflect a prolonged downward trend in the share price. While the balance sheet carries relatively low leverage, the stock’s negative price-to-earnings ratio and absence of dividend yield limit its valuation appeal.

More about Coiled Therapeutics plc

Coiled Therapeutics plc is an AIM-listed clinical-stage biotechnology company developing precision oncology therapies for difficult-to-treat solid tumours. Its lead programme, AO-252, is a first-in-class orally administered TACC3 inhibitor currently undergoing Phase I trials in the United States. The company is also advancing a STAT-6 siRNA programme aimed at immunology indications and benefits from strategic support from A2A Pharmaceuticals.

Tungsten West (LSE:TUN) reported significant progress during the first quarter of 2026 toward restarting operations at its Hemerdon tungsten and tin mine in Devon. The development comes as higher market prices for tungsten and tin have strengthened the project’s underlying economics. The company is targeting the restart of fines gravity processing in the third quarter of 2026, with full plant commissioning planned for the first quarter of 2027.

Work on the project is moving forward rapidly, with major subcontractors now appointed and refurbishment activities and earthworks underway on site. The company has also reinforced its operational leadership team, appointing a new chief operating officer alongside senior managers overseeing processing, mining, maintenance and environmental, social and governance functions.

In a shift to its operating strategy, Tungsten West has ended its mining services agreement with Hargreaves and intends to bring mining operations in-house. To support this approach, the company has secured a £22.3 million equipment financing arrangement with Komatsu. On the funding side, advanced due diligence is ongoing for up to US$85 million in project debt, with lenders indicating support for an initial US$25 million tranche. Together with approximately £25.5 million in existing cash reserves, this funding is expected to support the pathway to restarting production.

Despite operational progress, the company’s outlook remains constrained by financial risk factors, including ongoing losses, continued cash burn and negative equity reported in FY2025 alongside increased debt levels. Technical indicators for the stock have recently strengthened, but valuation metrics offer only moderate support as the negative price-to-earnings ratio reflects the company’s current lack of profitability and there is no dividend yield.

More about Tungsten West Plc

Tungsten West Plc is a UK-based mining company focused on restarting production at the Hemerdon tungsten and tin project in Devon. The company aims to re-establish the site as a major Western supplier of tungsten concentrate and tin, both considered strategically important metals, at a time when global demand for critical minerals is rising.

Avacta Therapeutics (LSE:AVCT), the oncology-focused clinical-stage arm of Avacta Group plc, is advancing its proprietary pre|CISION tumour-activated drug delivery platform. The technology is designed to improve the therapeutic profile of potent cancer treatments by enabling targeted drug release within tumour tissue. Its lead candidate, faridoxorubicin (AVA6000), and second programme, FAP-Exd AVA6103, both aim to enhance the safety and effectiveness of chemotherapy by activating the drug payload specifically in cancerous tissue where fibroblast activation protein is present.

The company has announced that it will host a 2026 Science Day for investors titled “The Next Chapter of pre|CISION.” The event is scheduled for 6 May 2026 at the Royal Society of Chemistry in London. During the session, management and scientific leaders will present updates on recent research progress as well as outline the platform’s longer-term development goals. Attendance will be limited for the in-person event, though the presentation will also be recorded and made available online afterwards.

The event forms part of Avacta’s broader effort to engage with the investment community and demonstrate the potential of its expanding pre|CISION pipeline within the competitive oncology therapeutics landscape.

From an investment perspective, the company’s overall profile remains constrained by weak financial performance and negative technical momentum. While clinical development continues to advance, funding limitations and the absence of major strategic partnerships remain key risks. The stock’s valuation is also challenging due to ongoing losses and the lack of dividend support.

More about Avacta Group plc

Avacta Therapeutics, part of Avacta Group plc, is a clinical-stage biopharmaceutical company focused on developing targeted cancer therapies using its proprietary pre|CISION tumour-activated delivery platform. The approach uses a fibroblast activation protein trigger to release highly potent cytotoxic drugs directly in the tumour microenvironment while limiting systemic exposure. The company’s pipeline includes lead candidate faridoxorubicin (AVA6000) and FAP-Exd AVA6103, both aimed at treating cancers with significant unmet medical need.

Bezant Resources (LSE:BZT) has announced an updated JORC-compliant mineral resource estimate for the Hope and Gorob copper-gold project in Namibia, highlighting a substantial expansion at the Hope deposit. Open-pittable resources at Hope have increased more than sevenfold to over 3.0 million tonnes. The revision also upgrades a large share of the deposit into the Measured and Indicated categories, significantly improving geological confidence. As a result, the expected open-pit mine life has been extended from roughly one year to about 7.5 years based on a planned processing rate of 0.4 million tonnes per year.

The updated resource model also improves the project’s operating profile, reducing the strip ratio from 11:1 to 9:1, which could lower mining costs and strengthen overall economics. In addition, further mineralised material and lower-grade resources located within the pit shell provide potential for additional upside. Management noted that the larger and more defined resource base allows the company to accelerate its development strategy. Phase 2 expansion plans—including a new flotation plant near Walvis Bay designed to produce approximately 25,000 tonnes of copper annually—could now be brought forward by around five years, potentially enabling earlier production growth.

Despite the operational progress, the company’s outlook is constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn. While the balance sheet carries relatively low leverage, these factors weigh on the overall investment case. On the positive side, technical indicators for the stock appear strong, and valuation metrics suggest the shares are inexpensive on a price-to-earnings basis, although this is tempered by the company’s limited operating cash generation.

More about Bezant Resources

Bezant Resources Plc is a mineral exploration and development company focused on copper and gold projects. Its principal asset is the Hope and Gorob project in Namibia, which it operates through its local subsidiary Hope and Gorob Mining (Pty) Ltd. Bezant is in the process of increasing its ownership stake in the project from 70% to 90% following an additional interest acquisition, strengthening its exposure to the project’s potential development and production upside.

Motorpoint (LSE:MOTR) reported record retail sales of roughly 65,000 vehicles for the financial year ended 31 March 2026, representing an 8% increase from the previous year and outperforming overall growth in the UK used car market. Profit before tax is expected to climb about 83% to approximately £7.5 million, while EBITDA is projected to rise 13% to £27 million. The company attributed the performance to more effective data-driven pricing strategies, stronger sourcing through its Sell Your Car channel, and an AI tool that re-engaged historical customer quotes and generated around 900 additional sales. Improved bulk purchasing and sourcing also contributed to record “metal margins,” helping offset inflation-driven cost pressures.

As part of its expansion strategy, Motorpoint plans to open a new store in Leeds during summer 2026, targeting a large regional market where the brand currently has limited presence. The move signals renewed momentum in physical retail growth alongside its established digital platform. Management highlighted a return on capital employed of roughly 70% and an improved Net Promoter Score of 83, emphasising that its capital-light omnichannel model, growing use of AI technology and strong customer satisfaction levels position the group to continue gaining market share despite ongoing economic uncertainty related to inflation and interest rates.

Motorpoint’s investment case is supported by solid financial performance and recent strategic developments. However, relatively high leverage and weaker technical indicators present potential risks. Valuation metrics also suggest the shares may be somewhat stretched, though the company’s market outperformance and growth initiatives contribute to a broadly constructive outlook.

More about Motorpoint

Motorpoint Group is the UK’s largest independent omnichannel retailer of nearly new vehicles, serving both retail and trade customers. The company sells, buys and finances cars through its Motorpoint.co.uk platform and a network of 21 sales and collection locations across the UK. It also operates Auction4Cars.com, an online wholesale marketplace designed for the business-to-business used vehicle sector.

Sunda Energy (LSE:SNDA) announced that its subsidiary SundaGas has signed a letter of intent with Finder TIMOR-LESTE to cooperate on securing a semi-submersible drilling rig and related services for upcoming offshore operations in Timor-Leste. The proposed collaboration would support Sunda’s planned Chuditch-2 appraisal well alongside Finder’s development drilling at the Kuda Tasi and Jahal fields.

The two companies intend to combine their drilling programmes into an estimated 200-day campaign. By aligning schedules, the partners aim to improve the commercial appeal of the rig contract while benefiting from operational efficiencies and potential cost reductions. The updated plan reflects Sunda’s decision to move from a jack-up rig to a semi-submersible unit. As a result, drilling at the Chuditch-2 well is now expected to begin as early as 2027. SundaGas has also applied to the Timor-Leste regulator for an extension of its production sharing contract, although approval has not yet been confirmed.

The company’s outlook is currently constrained by weak financial metrics, including the absence of revenue, widening losses, and ongoing cash burn, despite maintaining low leverage. Technical indicators have provided some support due to recent share price strength, though overbought signals limit near-term optimism. Valuation remains difficult to justify given the lack of profitability and the absence of dividend support.

More about Sunda Energy Plc

Sunda Energy Plc is an AIM-listed exploration and appraisal company focused on gas projects across the Asia-Pacific region. Through its subsidiary SundaGas, the company operates the TL-SO-19-16 production sharing contract offshore Timor-Leste, which includes the Chuditch gas field currently being appraised in partnership with the state-backed energy company TIMOR GAP.

Aptitude Software Group (LSE:APTD) reported a stable performance for 2025, with annual recurring revenue edging down 1% to £49.8 million but reflecting a stronger revenue mix as recurring income increased to 83% of total sales. Adjusted operating margin improved to 15%. Overall revenue declined 7% to £65 million, primarily due to longer sales cycles and the continued run-off of legacy products. Despite these pressures, the company maintained solid cash generation, finishing the year with £21.2 million in net funds. During the period it also completed £5.1 million of share buybacks and maintained its full-year dividend.

Operationally, the company’s Fynapse platform delivered the strongest growth. Annual recurring revenue for the product rose about 70% year on year, supported by a roughly 65% expansion in its sales pipeline and shorter implementation timelines that are helping accelerate customer adoption. Aptitude’s AI Autonomous Finance division also recorded progress, with ARR rising 7%, while management pointed to a growing number of partner-led deals and stronger demand from clients seeking more flexible financial architectures and faster deployment times.

In response to broader industry shifts toward AI-driven, real-time financial platforms, the group has initiated a strategic review to determine how best to scale Fynapse and advance its ambitions in the Finance ERP space. The board and CEO emphasised that the company’s profitability, strong balance sheet and focused positioning in AI-led finance solutions provide resilience in a challenging macroeconomic backdrop while it evaluates strategic options aimed at enhancing long-term shareholder value.

The investment profile is supported by strong financial health and disciplined capital management, including the share buyback programme. However, technical indicators point to a neutral to slightly cautious near-term trend, and the company’s relatively high price-to-earnings multiple suggests the shares may already reflect much of the growth outlook. The absence of detailed earnings call guidance also limits visibility into forward expectations.

More about Aptitude Software Group plc

Aptitude Software Group plc is a London-listed provider of enterprise finance transformation software, specialising in autonomous finance platforms for large organisations. Its flagship product, Fynapse, is an intelligent finance data management and accounting platform designed to help global finance teams modernise their systems, gain real-time insight and improve operational efficiency without requiring a full ERP replacement.

The company operates a SaaS-focused business model centred on AI-enabled finance solutions, particularly within the emerging Finance ERP segment. Its software is widely used across industries including telecommunications, financial services, insurance and healthcare, where demand for real-time financial data, automation and scalable architecture continues to grow.

Capricorn Energy (LSE:CNE) has obtained more time in relation to a potential all-cash takeover approach from Alamadiyaf al-Masiyyah, a subsidiary of the Cafani Group, which has already made several unsolicited and non-binding proposals. Under the revised timetable, the interested party now has until 6 May 2026 to either announce a firm offer or confirm that it will not proceed. During this period, Capricorn remains in an official offer phase, meaning UK takeover disclosure rules continue to apply while the bidder works through financing arrangements.

The extension highlights sustained strategic interest in the company but does not guarantee that a formal offer will materialise or clarify the terms under which one might be made. As a result, uncertainty remains regarding Capricorn’s potential valuation and ownership structure. Shareholders have been advised not to take action at this stage. Oversight from the Takeover Panel, along with ongoing disclosure requirements, is intended to maintain transparency and protect market integrity while discussions continue.

The company’s outlook is supported mainly by improving financial performance, with profitability returning and cash generation remaining strong alongside relatively low leverage. Technical indicators are also constructive, with the shares trading comfortably above key moving averages. However, these positives are balanced by operational and cash-flow volatility, declining revenues, and risks highlighted during recent earnings discussions, including outstanding receivables from EGPC, reliance on concession ratifications, and scheduled operational turnarounds planned for 2026. Valuation appears attractive based on a low price-to-earnings multiple, though the absence of dividend support limits income appeal.

More about Capricorn Energy PLC

Capricorn Energy PLC is a UK-listed oil and gas exploration and production company. Operating under UK securities regulation, the group is currently in a formal offer period governed by the City Code on Takeovers and Mergers, reflecting ongoing corporate interest and the possibility of merger or acquisition activity.