Author: Fiona Craig

Helix Exploration (LSE:HEX) has initiated gas production at its flagship Rudyard Project, becoming the first company to produce helium in Montana and marking a key milestone as it moves from exploration into revenue-generating operations. Initial production is being delivered from three wells connected to a pressure swing adsorption processing plant, with output expected to increase as operational efficiencies improve and a fourth well, Inez, is brought online following completion of testing.

The commencement of production supports ongoing discussions with prospective offtake partners, with Helix aiming to secure a combination of short- and long-term sales agreements to optimise pricing and revenue stability. Although additional testing at the Inez well has been temporarily delayed due to drilling equipment issues, the company said the underlying helium and hydrogen resource potential remains unaffected, reinforcing confidence in the project’s long-term development prospects.

More about Helix Exploration Plc

Helix Exploration PLC is a helium exploration and development company focused on the Montana Helium Fairway in northern Montana. The group targets helium and nitrogen production from the Souris and Red River formations at its Rudyard Project, utilising existing infrastructure and cost-efficient processing solutions to build scale and generate near-term cash flow for industrial gas markets.

Trellus Health (LSE:TRLS) has completed the conversion of approximately £65,000 in principal and accrued interest from its secured convertible loan notes into equity, issuing 16,804,593 new ordinary shares. The transaction finalises the conversion of the company’s first tranche of notes, with the new shares expected to commence trading on AIM around 25 February 2026.

Following admission, Trellus Health’s total issued share capital will increase to 208,719,361 ordinary shares, establishing a revised reference point for shareholder voting rights and disclosure obligations under UK market transparency regulations. The conversion simplifies the company’s capital structure and modestly lowers its debt position by removing the converted loan notes.

The updated voting rights total will allow investors to assess whether notification requirements apply to their holdings or any changes in ownership, improving clarity around significant shareholdings in the company.

Trellus Health’s outlook remains constrained by weak financial fundamentals, including substantial ongoing losses, negative free cash flow and declining equity levels, despite the benefit of operating without debt. Technical indicators provide a more positive signal, with strong price momentum above key moving averages, although valuation support remains limited given continued losses and the absence of a dividend yield.

More about Trellus Health PLC

Trellus Health plc is a healthcare technology company offering Trellus Elevate, a digital, value-based condition management platform that combines data analytics with personalised, resilience-focused care programmes for complex chronic diseases. The company initially targets gastrointestinal conditions such as inflammatory bowel disease and collaborates with pharmaceutical partners to support clinical trials and commercialisation through patient engagement and adherence solutions.

International Public Partnerships (LSE:INPP) has completed the disposal of a 49% minority interest in the Moray East Offshore Transmission Owner (OFTO) project to Daiwa Energy & Infrastructure, generating proceeds of approximately £42 million. The transaction was agreed at a premium to the asset’s most recent valuation, while INPP retains a 51% controlling stake and majority board representation.

The sale forms part of the company’s ongoing capital recycling programme, under which around £387 million has been realised since mid-2023. Proceeds are primarily intended to fund INPP’s investment commitment to the Sizewell C nuclear project and to support its active share buyback initiative, reflecting a continued focus on disciplined capital allocation and balance sheet management as the company supports long-term energy transition infrastructure.

INPP’s outlook is underpinned by strong cash generation and a resilient balance sheet, although these positives are partly offset by a weaker income statement performance in 2024 and valuation metrics affected by a very high price-to-earnings ratio. Technical indicators remain modestly supportive, and recent corporate actions — including buybacks and strategic portfolio adjustments — provide some additional positive momentum.

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International Public Partnerships is a listed infrastructure investment company specialising in global public infrastructure assets that deliver social and environmental benefits. The group manages a diversified portfolio of more than 130 investments across sectors including utilities and energy transmission, transport, education, healthcare, justice and digital infrastructure, spanning the UK, Europe, Australia, New Zealand and North America, with a focus on long-term income generation and capital growth.

Hemogenyx Pharmaceuticals (LSE:HEMO) has secured £118,632 in new funding following the exercise of warrants covering 50,841 ordinary shares, with conversion prices ranging from 180p to 350p per share. The newly issued shares are set to be admitted to the FCA’s Official List and begin trading on the London Stock Exchange’s Main Market, bringing the company’s total issued share capital and voting rights to 6,425,429 shares.

After admission, shareholders should reference the updated share count when assessing disclosure requirements under FCA transparency regulations. While the capital raise represents a relatively small equity issuance, it modestly enhances the company’s financial position and may help support continued development of its clinical-stage pipeline, though it results in slight dilution for existing investors.

Hemogenyx’s outlook remains primarily constrained by weak financial fundamentals, including the absence of revenue, ongoing operating losses and continued cash burn, alongside elevated balance-sheet risk linked to lower equity levels and higher leverage. Technical indicators show strong recent momentum, partially offsetting concerns, although overbought signals introduce potential short-term volatility. Valuation support remains limited due to a negative price-to-earnings ratio and the lack of dividend income.

More about HemoGenyx Pharmaceuticals Plc

HemoGenyx Pharmaceuticals plc is a London-based clinical-stage biopharmaceutical company listed on the LSE under the ticker HEMO. Operating through U.S. subsidiaries in New York City, the group develops innovative medicines, therapeutic candidates and platform technologies aimed at treating blood disorders and autoimmune diseases, targeting areas with significant unmet medical need.

Cizzle Biotechnology (LSE:CIZ) has reported further progress toward the U.S. rollout of its CIZ1B blood test designed for early detection of lung cancer, as its North American partner, Cizzle Bio Inc., moves closer to completing validation work with Omni Health Diagnostics in Texas. The programme is advancing toward a planned application for CLIA accreditation expected in the second quarter of 2026.

The companies have also updated their financial agreement, confirming that Cizzle Biotechnology will receive the remaining US$1.81 million of initial advance royalty payments by the end of 2026. In addition, the revised terms include a guaranteed minimum of US$3.5 million in royalty income beginning in 2031, bringing total contracted revenue linked to the partnership to at least US$5.9 million and providing longer-term financial visibility as the test is introduced across North America.

Despite operational progress, the company’s outlook remains constrained by weak financial fundamentals, including its pre-revenue status, continuing losses, ongoing cash consumption and a significantly reduced equity base. Technical indicators also suggest limited market momentum, while valuation support remains minimal due to negative earnings and the absence of dividend payments.

More about Cizzle Biotechnology Holdings PLC

Cizzle Biotechnology Holdings PLC is a UK-based diagnostics developer focused on early cancer detection technologies. Its lead product is a non-invasive blood test built around the CIZ1B biomarker, which is strongly associated with early-stage lung cancer. The company primarily commercialises its technology through licensing agreements and royalty-based collaborations with partners and cancer care providers.

Novacyt (LSE:NCYT) has entered into an agreement to acquire Australian distributor Southern Cross Diagnostics for an upfront cash consideration of AUD$8.5 million, providing the company with direct exposure to Australia’s expanding clinical diagnostics sector and established relationships with major pathology customers.

Southern Cross Diagnostics has been a long-term distribution partner for Novacyt’s Yourgene Health testing portfolio and has experienced strong recent growth, generating approximately £6.7 million in revenue in FY25 alongside solid profitability. The transaction is expected to be immediately earnings-accretive and will eliminate around £2.0 million of intercompany sales previously recorded between the two businesses.

The acquisition supports Novacyt’s broader strategy to accelerate revenue expansion, progress toward breakeven profitability and widen market access across Australia and the wider Asia-Pacific region. Growth opportunities are expected to centre on products including cystic fibrosis and DPYD genotyping tests. Founder and CEO Nick Thliveris will remain with the business, while his family trust has committed to invest up to AUD$0.8 million in Novacyt shares, aligning long-term incentives. An additional performance-based earnout of up to AUD$16.5 million reflects expectations for continued scaling within a diagnostics market projected to grow at a compound annual rate of roughly 8.5% through 2030.

More about Novacyt

Novacyt S.A. is an international molecular diagnostics company listed on Euronext Growth and AIM, specialising in genomic medicine solutions. The group develops, manufactures and commercialises molecular assays, PCR-based diagnostics and instrumentation delivering integrated testing workflows across human health, animal health and environmental applications, with key focus areas including reproductive health, precision medicine and infectious disease testing.

Pulsar Helium (LSE:PLSR) has continued appraisal activities at its flagship Topaz project in Minnesota, completing drilling of the Jetstream #6 well to a depth of 2,597 feet, where several pressurised gas zones were encountered. The results further support the company’s geological interpretation and maintain a 100% success rate across seven appraisal wells drilled to date.

The company has now initiated drilling of the step-out Jetstream #7 well while also completing a 41.5-mile 2D seismic survey across the project area. The seismic data will undergo processing and interpretation to enhance structural mapping, improve resource evaluation and guide future drilling programmes targeting the large-scale helium, helium-3 and CO₂ system.

Recent operational progress has expanded Pulsar’s understanding of the Topaz reservoir and reinforces its strategy to increase exposure to industrial and specialty gas markets. Confirmation of pressurised gas across multiple well locations, combined with improved subsurface imaging, is expected to strengthen future appraisal and development planning and could influence both the ultimate scale of the project and the company’s role within the emerging primary helium industry.

More about Pulsar Helium, Inc.

Pulsar Helium Inc. is a publicly traded exploration and development company focused on primary helium resources and high-value industrial gases, with listings in London, Toronto and on the OTCQB market. Its principal asset is the Topaz helium project in Minnesota, alongside the Falcon project in Michigan and the Tunu project in Greenland, where the company is pursuing early identification of primary helium systems independent of hydrocarbon production.

Iconic Labs PLC (LSE:ICON) has converted 20 Convertible Notes into equity, issuing 1,269,841 new ordinary shares at a conversion price of £0.01575 per share, equivalent to £20,000 of principal. Admission of the new shares to trading on the London Stock Exchange’s Main Market is expected to take place around 26 February 2026.

The newly issued shares will rank equally with the company’s existing ordinary shares. Following the conversion, Iconic Labs’ total issued share capital has increased to 15,153,868 shares. The expanded share base changes the company’s voting rights structure and may require certain shareholders to review and, if necessary, update disclosures in line with UK transparency and notification rules.

The company’s outlook continues to be weighed down by weak underlying financial conditions, including minimal revenue generation, ongoing operating losses, negative equity and sustained cash outflows. While technical indicators show limited positive signals, they remain insufficient to counterbalance fundamental risks. Valuation metrics are also constrained by a negative price-to-earnings ratio and the absence of dividend yield support.

More about Iconic Labs plc

Iconic Labs PLC is a London Stock Exchange-listed company whose ordinary shares underpin shareholder voting rights and regulatory reporting obligations. Investors closely track the company’s capital structure and equity issuance activity in accordance with UK financial market regulations.

Camellia (LSE:CAM) expects trading performance for 2025 to come in around break-even, marking a significant recovery from the £5.5 million trading loss reported in 2024, helped by improved pricing and production yields across Bangladesh, Brazil and Malawi alongside early progress from its Value Enhancement Plan.

Results were partially offset by weaker contributions from EP Kenya and India. Agricultural output trends were mixed overall, with tea and avocado volumes varying year on year, while macadamia production and prices rose sharply in Malawi as well as at EPSA and Kakuzi operations, providing a key boost to group performance.

The company has also strengthened leadership capability through the appointment of Simon Morgan as Director of Corporate Development. He will oversee the “Invest in Growth” pillar of the Value Enhancement Plan, drawing on his experience in agribusiness and emerging market investments. As part of efforts to streamline operations and reduce exposure to more volatile assets, Camellia’s Indian subsidiary, Goodricke Group, has signed a memorandum of understanding for the potential disposal of the Barnesbeg Tea Estate, highlighting continued portfolio optimisation ahead of full-year results scheduled for May.

Camellia’s outlook remains shaped by financial challenges, including a history of losses and negative cash flow generation. Technical indicators suggest ongoing bearish momentum, and although the company’s relatively high dividend yield may provide valuation support, a negative price-to-earnings ratio and weak underlying financial metrics continue to weigh on overall sentiment.

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Camellia Plc is an international agricultural holding company with subsidiaries managing approximately 50,000 hectares of established farmland across Bangladesh, Brazil, India, Kenya, Malawi, South Africa and Tanzania. The group’s revenues are primarily derived from large-scale cultivation of tea, avocados, macadamias, rubber, wine grapes, blueberries, arable crops, forestry and livestock, positioning the company as a long-term producer of sustainably grown agricultural commodities.