This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Technology companies scaling global opportunities
PULS Build Once, Resell Often
N4P New Opportunity
Pulsar Group 46.50p £63.05m (PULS.L)
Financial Calendar:
Year End November, reported 1 May, Interims to May, reported 14 July
Three Top Shareholders:
Kestrel Partners LLP 28.84%, Canaccord Genuity Group Inc 11.03%, Herald Investment Management 7.19%
Key Investment Points:
AI roll-out, Large Client base, High ARR & Margins
This technology innovator is delivering Software-as-a-Service (SaaS) solutions to 6,000 organisations, from global blue-chip enterprises, marketing and communications agencies to public sector organisations and not-for-profits. Key Clients include the Australian Department of Climate Change, the Competition and Consumer Commission of Singapore, Electronic Arts; HMRC, McDonalds, MHP Group and Microsoft.
The FY November 2025 Trading update on 20 February reported revenue of £61.5m compared to £60m. The structural cost-rationalisation programme delivered £7.0m of annualised cost savings. The Annual Recurring Revenue (ARR) for the FY increased 6% to £64.5m, which already covers the £61m of revenue forecast for the FY November 2025 on Alpha Terminal. The gross margin at the Interims was 69%.
The evolving services and divisions comprise: Isentia, the media monitoring, intelligence and insights solution provider with a recently launched AI product; Pulsar the audience intelligence and social listening platform; Vuelio, which provides monitoring, insight, engagement and evaluation tools for politics, editorial and social media; and ResponseSource, the network that connects journalists and influencers to the PR and communications industry.
On 23 December, Pulsar won a multi-year contract with one of the world's largest marketing and communications groups. The contract is expected to deliver EUR2.1m in ARR and EUR6.3m in total revenue from the initial agreement. More importantly it strategically positions Pulsar's platform as the replacement for competitor solutions. This could accelerate the roll-out of Agentic AI which provides AI powered Insight Agents specialised in delivering real-time, predictive, research and defensive intelligence audience-first strategies, while also driving operational efficiency and standardising critical global workflows.
The first 12 weeks of FY26 generated significant free cash flow, resulting in monthly decreases in net debt since the year-end from £5.6m in November 2025 to £2.7m to 19 February 2026. The Board expects the strong cash generation to be sustainable as the rate of ARR growth is maintained. The EBITDA forecast to November 2025 on Alpha Terminal is £10.2m and £12.0m in 2026, which we calculate would give an EV/ EBITDA of 6.5x for 2025, dropping to 5.3x in 2026. The PBT forecast for 2026 on Alpha Terminal is £5.7m, which we calculate gives a prospective P/E of 15x.
Hybridan Comment: There is an opportunity to build on recent contract success and roll-out the AI enhanced software as a service to a global client list.
N4 Pharma 0.58p £4.58m (N4P.L)
(name being changed to Thalia Therapeutics (THAT.L)
Reported in Friday Takeaway, 9 January 2026 at 0.50p
Financial Calendar:
Year End December, reported 6 June, Interims to June, reported 25 September
Three Main Shareholders:
Tracarta Ltd 18.02%, Marc Mathenz 8.89%, Patrick Byrne 5.19%
Key Investment Points:
Scalable Platform, Drug Discovery, New CEO
A new CEO and a name change to Thalia Therapeutics will conclude the Company’s transition to a therapeutic biotechnology company for serious diseases developing innovative RNA-based oncology and cardiovascular therapeutics while progressing its novel RNA delivery platform Nuvec.
Dr David H Solomon was appointed Chief Executive Officer having been CEO of several listed and private biotech companies in both the US and Europe. David claims deep experience of R&D delivery, strategic business development, financing, and delivering significant shareholder value. David led Silence Therapeutics which listed on Nasdaq, also an RNA therapeutics company.
The strengthened team will focus on innovative, high-value RNA-based therapeutics in cardiovascular disease and oncology, and widen the portfolio through the exploration of further assets. In its first initiative under the new strategy, the Company will advance a novel long-duration dual-acting siRNA therapy against PCSK9 and Lp(a) which are key targets to reduce cardiovascular risk. Cardiovascular issues are a leading cause of global morbidity and mortality. The market for PCSK9 inhibitors is accelerating and estimated to grow from $1.7 bn to $3.14bn between 2023-2025 and to grow to $13.35 bn by 2030-2035. Directors believe their novel product in the Cardiovascular area with supporting IP could be hugely valuable and of interest to industry partners.
The Nuvec platform could deliver RNA to specifically target cancer cells, widely regarded as the 'holy grail' for pharmaceutical companies developing RNA-based therapeutics. These delivery technologies are scalable and designed for repeatable application across multiple therapeutic areas, creating opportunities for its own pipeline and through external partnerships.
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 41% lower at £67k. The net cash in September 2025 was £1.7m, compared to £1.2m in the prior year, following a £1.75m fund raise in April 2025 at 0.4p. If we assume a similar burn rate, Hybridan estimates a circa 12 month runway to improve the quality of the Novel siRNA therapy data package to commence commercial discussions with third parties and potential partnership collaborations.
Hybridan Comment: The repositioning as an RNA therapeutic development company, as well as having a unique delivery platform, increases the potential upside.
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