Kidney transplants are one of medicine’s great success stories, but they still come with a frustratingly blunt follow-up toolkit. Too little immunosuppressant and the new kidney can be rejected. Too much and the patient faces higher risks of toxicity, infection and even malignancy.

That is why clever prognostics (1st of its kind) such as Verici Dx’s  Pre-Transplant Rejection Assessment (PTRA), are designed to help doctors assess risk before trouble starts, rather than relying on conventional markers that can be late, noisy or simply non-actionable.

Hence today’s news feels like another important tick in the box.

Here VRCI said a peer-reviewed clinical validation study of PTRA had been published in Kidney360, showing that the test outperformed conventional risk assessment tools in predicting Early Acute Rejection (EAR) during the first two months post operation. In plain English, PTRA aims to identify, before transplant, which patients are more or less likely to suffer early rejection - providing doctors with a better chance of personalising immunosuppression, rather than using a one-size-fits-all approach.

That matters because PTRA is also commercially marketed by Thermo Fisher Scientific, giving the product a powerful global partner and a route into transplant labs that a small AIM company could never replicate on its own.

COO Patti Connolly commenting: “We are delighted that the publication of this study further validates PTRA for predicting EAR in kidney transplant recipients.” The test supports clinicians in identifying patients at low immunologic risk, potentially allowing them to be considered for less aggressive immunosuppressive regimens.

What's more for investors, this excellent news strengthens the broader investment case that Verici Dx’s RNA-signature and AI-driven platform can generate clinically useful tools across the transplant pathway. Right from pre-transplant risk assessment with PTRA to post-transplant monitoring with Tutivia and later Protega.

Trading momentum is currently being driven by rising adoption of Tutivia, where Singer Capital Markets highlighted Q1 testing volumes up 32% quarter-on-quarter to 392 and 34% year-on-year. New centre wins are also helping, with seven transplant centres placing initial orders during the period. Existing relationships are deepening too, with five repeat-order centres delivering volume growth of more than 20%.

In terms of the numbers, Singer Capital Markets’ latest forecasts show FY’25 revenue of $4.2m, adjusted EBITDA of -$5.9m, adjusted PBT of -$6.9m and net cash of $2.6m. Meaning at a 0.5p/share, the stock trades on just 1.2x EV/sales - albeit VRCI has said its cash runway will end in H2'26 without a  further capital injection.

Disclosure: Verici Dx is a Vox Markets client.