13th February 2026
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.
Progress reported in these companies' trading updates suggests potential for inflection points
AREC Sweet Chance
GELN Power Pouch
Arecor Therapeutics 74.00p £27.90m (AREC.L)
Financial Calendar:
Year End December, reported 22 April, Interims to June, reported 25 September
Three Main Shareholders:
BGF Investment Management 13.25%, Lombard Odier Asset Management 8.12%, Unilever 7.76%
Key Investment Points:
Big markets: diabetes & obesity, Partner negotiations, Reducing Cash Burn
A clinical stage biopharmaceutical Company focused on drug development and delivery in diabetes, obesity and cardiometabolic (heart) diseases, AREC’s technology platform, Arestat, has generated a portfolio of proprietary products by working with leading pharmaceutical and biotechnology companies.
This week’s 2025 Business Update FY December 2025 was reported on 9 February, with the results expected in April 2026. Operating losses have been around £10m a year for the last three years and are forecast on Alpha Terminal to reduce to £5.6m. Revenue including discontinued operations (Tetris Pharma) is lower at £3.1m compared to £5.1m, with cash of £6.1m against £3.2m in the prior year, and above expectations.
Arecor has received a $7m upfront payment by selling royalty and technology access for a fee stream for up to $11m via a royalty financing agreement with Ligand Pharmaceuticals. This tangible evidence of commercialisation extends the cash runway to 1H 2027.
The post Tetris Pharma disposal focus is on opportunities that offer higher potential for value creation.
The lead product is the novel insulin candidate, AT278. Progress is reported from this ultra-concentrated (500U/mL) ultra-rapid acting insulin product which has several advantages for diabetes management: fewer injections and enhanced treatment flexibility, as well as cost savings to the health provider. A US patent was recently granted to protect key formulations and uses, with another approval granted by the European Patent Office providing further patent protection. The Diabetes drug market is set to grow at a CAGR rate of 11.80% from $116.1bn in 2026 to $286.36bn by 2034. The Board’s priority is to progress negotiations for co-development and commercialisation partnerships for the Phase 2 trial which is a clear value inflexion point.
Arecor is also developing a novel oral delivery platform for peptides targeting the obesity and diabetes markets. Novel peptide therapeutics are proving to be highly effective in treating chronic conditions such as obesity and other cardiometabolic diseases. There is growing evidence that oral delivery improves patient compliance and adherence to the treatment. The obesity-diabetes drugs market is projected to grow from $59.9bn in 2025 to $103.3bn by 2035, at a CAGR of 5.6%. The Company is generating insights and data to inform the next development steps for the oral peptide delivery platform, which has a low resource burden, but is a large commercial upside opportunity.
Hybridan Comment: Progress is accelerating and with a reducing burn rate, there is time to sign further commercial agreements with a cash runway to H1 2027.
Gelion 18.50p £42.44m (GELN.L)
Reported in Friday Takeway, 7 November 2025 at 23.80p
Financial Calendar:
Year End June, Reported 27 November, Interims to December, Reported 19 March 2025
Three Main Shareholders:
Prof Thomas Maschmeyer 10.1%, Janus Henderson Investors 9.5%, Mr John Bolitho 5.2%
Key Investment Points:
Technological progress, Prototype Samples, Multiyear contracts
An update on 11 February reported progress in technological and strategic partnerships as Gelion commercialises its patented battery technology. This technology is creating the next generation of batteries with improved energy density, increased efficiency, the ability to operate within a broad range of temperatures and with a high cycle life. A high cycle life refers to a rechargeable battery's ability to undergo a large number of charge and discharge cycles before its capacity drops below a usable level. There is a wide range of commercial applications for lighter and longer-lasting batteries.
On 16 October 2025, £10.5m was raised at 20p a share to be used to produce commercial pouch cell prototypes with TDK Corporation (TDK), the Japanese global electronics and battery manufacturer. The main objective is to progress to prototype lines for battery cell manufacturing which is anticipated to lead to multi-year commercial contracts.
There is a comprehensive Sulfur-based Lithium-Sulfur (Li-S) IP portfolio which includes over 200 patents and patent applications across 44 families, covering anode, cathode, electrolyte, battery design and manufacturing, and battery management ensuring end-to-end protection across the entire Li-S battery value chain. The world requires a 180x increase in battery production by 2030 to achieve energy transition.
The 16 October update reported that Gelion has produced laboratory scale materials with pouch cell prototyping by TDK at its plant in Nagano, Japan. Initial pouch cells incorporating Gelion's NES CAM have been successfully manufactured by TDK with test results meeting expectations. Active discussions are progressing with multiple global partners across a range of applications and geographies. Samples of its proprietary Sulfur formulations have been delivered to both TDK and to QinetiQ, a British defence industry company with a long-term partnering agreement with the Ministry of Defence. These samples are an important step in executing the Company's partnership-led commercialisation strategy.
The Interims to December 2025 are expected to be reported on Monday, 2 March 2026.
The FY to June 2026 forecast is for a 218% increase in Revenue to £2.9m on Alpha Terminal and a reduced EBITDA loss to £4.0m from last year’s £7.3m EBITDA loss.
Hybridan Comment: The Australian Renewable Energy Agency (ARENA) has increased the total project budget from c.£4.8m to c.£5.3m and the Company is focused on converting the strong pipeline of other discussions into similar formal partnerships.
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