According to the late, great Charlie Munger: “Investing is simple, but not easy”. The difficult part is not the number crunching, but instead the ability to identify hidden value which is not yet reflected in the accounts such as patents, regulatory approvals, customer feedback and importantly future profitable growth.

Take advanced kidney transplant diagnostics firm Verici Dx (Mrkcap £9.5m) whose shares have had a tough time over the past few years, despite building a suite of world class blood tests and possessing all the necessary US authorisations and 68% insurance cover to fully commercialise its best-in-class science.

So what does this mean for stockholders?

Well to me, after successfully raising £6.35m in July to extend its cash runway until H2’26, the business now appears ideally placed to drive substantial shareprice appreciation by monetising its treasure trove of IPR.

Indeed this already seems to be happening, as today Verici Dx released ‘in line’ H1’25 results (turnover $1.9m) including 1st revenues from its lead product Tutivia ($1.16m vs $2k LY). With 591 tests ordered compared to 334 for the whole of 2024, across 21 transplant centres, representing 10% of US volumes.

Sure there is still a long way to go, yet this is an enormous $900m addressable market, which is increasingly being serviced by both VRCI's own in-house sales team, and its strategic partnership with Thermo Fisher Scientific.

Here good commercial progress continues to be made following the licensing of the PTRA/Clarava prognostic to TFS in Q4'23. There remains significant potential from this strong ongoing relationship and the Board expect to recognise further milestone payments, as well as ongoing royalty income.

CEO Sara Barrington commenting: "We have an exciting opportunity to deliver accelerated commercial growth in an approx $900m addressable market… [by fully commercialising our] two validated products. Our laboratories and logistical operations are set up, we have all the required regulatory approvals and reimbursement."

"We are already seeing successful growth in the number of transplant centres onboarded and funds are now in place to support further growth in testing volumes. Whilst growth financing was secured later in the year than hoped, we continue to target meeting market expectations for the full year, and we are confident that we can maximise the opportunity to displace existing tests and address a significant unmet need.”

In terms of the FY’25 numbers, analyst consensus expectations are for revenues of $4.3m (vs $3.3m LY) with adjusted LBITDA coming in at -$4.8m