This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
21st November 2025
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.
2026 will reveal whether these two losses making technology companies are at this point a bargain
FUM Hard Work
QUBE Using Quantum Science
Futura Medical 1.20p £4.02m (FUM.L)
Financial Calendar:
Year End December, Reported 15 April, Interims June, Reported 30 September
Top Three Shareholders:
Lombard Odier AM 26.9%, T Adams 6.86%, WT Lamb Investments Ltd 4.51%
Key Investment Points:
Product relaunch, International Distribution, Busy new year
Futura Medical specialises in the development and commercialisation of innovative sexual health products. The lead product is Eroxon, which is a clinically proven treatment for erectile dysfunction. In November 2025, £2.75m was raised at 1p and the shares are down from a 52 week high of 34p. The funding, which followed a strategic review, will allow management to execute a turnaround plan.
The planned product development includes a new formulation of Eroxon, Eroxon Intense, which is designed to have a stronger sensorial action. There is also an earlier-stage unique topical treatment designed to improve the sexual response and sexual function in women. This could be a substantial market as there are few medical treatment options. Trials for WSD4000 have proved to be efficacious and development is ongoing.
The Interims, reported in September, are the reason for the turnaround funding as sales of Eroxon were flagging significantly below expectations. There were also exceptional costs of £4.1m so losses were a headache inducing £6.5m. The cash held in September was expected to only be sufficient to end of January 2026. The cash at the end of October 2025 was around £1.79m and a tax credit refund for around £0.3m is anticipated. If this is added to the recent funding, net cash is greater than the current market capitalisation.
Eroxon is available in over 25 countries and its commercial partners report that over £40m has been invested on advertising and promotions in just the EU and US alone. In the US, under the terms of the agreement with Haleon, the US partner with an IP License, the Company expects to receive a $2.5m payment upon the granting of a US Patent for Eroxon during H1 2026. The other milestones include updates to partner relationships, the results from the Eroxon Intense Home User Test in Q1 2026, and the Feasibility Study results for WSD4000 also in Q1 2026.
After a line-by-line operating expenditure review, cost reductions have been implemented, including the reduced leadership team and right-sizing the headcount. As a result, the forecast core general and administrative expenses for FY December 2026 are expected to reduce to £3.7m from £5.4m.
Hybridan Comment: Management seems to have a handle on the commercial issues, but it will take until Q1 to see if the survival shuffle becomes the first steps of a growth walk.
Quantum Base Holdings 21.50p £13.78m (QUBE.L)
Financial Calendar:
Year End April, Reported 31 October, Interims October, Interim report due before the end of January 2026
Top Three Shareholders:
Robert Young (Co-Founder & Chief Science Officer, Director) 15.61%, Philip Speed (Non-Executive Director) 13.17%,
Lancaster University 6.76%
Key Investment Points:
Build once sell often, 2nd Customer, 15-year contract
Quantum Identities (Q-IDs) are the product of commercialising quantum science with authenticity tags that are unbreakable, uncopiable, and can be read with a standard smartphone. As a spin out from Lancaster University, the Company listed on AIM in April 2025 raising £4.8m at 23.1p, which after costs leaves £3.3m net on a market capitalisation of £14.8m. The funds are to pursue the ambitions of setting a new global standard in authentication through its patented Q-ID solution, which is practically impossible to replicate even using the most advanced available technology. These authenticity tags can be applied to a vast array of products.
This week, on 17 November, a 15-year agreement was reached with a customer to create a global art registry, with additional scope for extension. The partnership is the first practical application of the Company's Q-RAND technology, a nanoscale quantum random number generator. The exclusive art market agreement is worth £9.4m. There will be £135,000 recognised in FY April 2026, with expected annual recurring revenue (ARR) growing incrementally from £175,000 in 2027 to £880,000 in 2032 onwards. The Customer will implement Q-IDs on each piece of art that is managed through its registry, enabling seamless authentication through the integration of Quantum Base's software into its app. This will provide 100% unbreakable quantum security that protects against forgery and creates a verified record of ownership.
Counterfeiting is estimated to cost businesses and tax authorities at least $2.8 trillion in lost revenue per year. Q-IDs can be applied to almost any print line and in certain cases can be entirely non-intrusive to a product's existing design, so can be utilised in a vast number of end markets. The Group's immediate focus is on expanding within the global security-printing market by way of framework agreements with two international security-printing partners, enabling them to market and sell Quantum Base's Q-technology. There are ongoing partnership discussions with additional international security-printing companies.
The first Q-ID application was with a government tax-stamp department. Tax stamps are official labels applied to products such as tobacco, alcohol or pharmaceuticals to indicate that the appropriate taxes have been paid on them. Quantum’s authentication app correctly identified all counterfeit tax stamps. The Company is in further discussions with five producers of tax stamps with further contract wins expected.
New market opportunities are being sought across pharmaceuticals, luxury goods, automotive, aerospace and precious-metals, where Q-ID's combination of security, scalability and smartphone-based verification offers significant protection and differentiation.
The finals to April reported turnover of £18k and an adjusted EBITDA loss of £1.3m, which was up from £1m. As the Company expanded before the AIM Admission, R&D spending increased to £760k from £319k and net cash was £2.24m. The CEO, Tom Talyor, joined in September 2024 after various management roles at Made Tech Group plc, including Head of Sales and Central Government, working with clients like HMRC and the Ministry of Justice.
Hybridan Comment: The Art customer and 15-year contract is evidence of the transitioning from a technology led developer into a commercial organisation. Shareholders joining the journey will be hoping for a flow of further multi-year applications.
Jon Levinson MBA
jon.levinson@hybridan.com
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