The biotechnology market has delivered a mixed landscape in 2025, shaped by shifting investor sentiment, ongoing regulatory pressures, and the continued search for differentiated clinical assets. Against this backdrop several London listed companies have emerged with notable scientific progress and increasingly defined strategic positions, even if their share prices have often reflected wider volatility rather than internal fundamentals.
Retail investors have faced a challenging environment as capital continues to focus on clinical proof points and near term catalysts, creating both opportunities and risks depending on the maturity of each programme. Yet for companies able to demonstrate credible pathways through development, partnering, or regulatory advancement, the market has shown a willingness to reward genuine progress.
This review explores six such companies, each operating at different stages of development but unified by the pursuit of targeted innovation in oncology, immunology, infectious disease, fibrosis, and cardiovascular genetics. Poolbeg, HVIVO, Avacta, ImmuPharma, Nuformix, and GENinCode each offer a distinct investment narrative shaped by recent data, regulatory developments, scientific validation, or commercial expansion. While their trajectories have varied, each presents milestones that retail investors should follow closely as the sector moves toward a catalyst rich period in 2026. Understanding how these companies are positioned today is essential for assessing their potential long term value.
Poolbeg Pharma
Poolbeg Pharma (AIM: POLB) has experienced a relatively quiet period in the market over the past six months, with its share price moving from 3.2 pence on 1st June 2025 to 3.92 pence on 31st December 2025. This steady progression reflects a company that is preparing for significant clinical milestones rather than reacting to short term trading catalysts. The latest interim results for the six months to 30th June 2025 show a cash position of £10 million, providing a runway into 2027 as Poolbeg advances its two highest value programmes, POLB 001 and its oral GLP 1 candidate. This financial stability allows the business to focus on execution ahead of several catalyst points expected through 2026 and 2027. With a lean cost base and a partnering led strategy, Poolbeg continues to position itself as a clinical stage biotech designed for capital efficiency.
The centrepiece of the investment case remains POLB 001, which is in development as a preventative treatment for Cytokine Release Syndrome, a potentially dangerous immune reaction triggered by modern bispecific and CAR T immunotherapies. According to the company’s most recent Phase 2a trial update, the study is now at an advanced planning stage, supported by the free-of-charge supply of an approved bispecific antibody from a major pharmaceutical partner. The trial will focus on relapsed or refractory multiple myeloma patients, with interim data expected in summer 2026 under the guidance of the specialist clinical trials organisation ACT. POLB 001 has demonstrated potent inhibition of inflammatory cytokines in its clinical LPS challenge studies. With an FDA Orphan Drug Designation secured earlier in 2025, POLB 001 carries both regulatory protection and commercial relevance as immunotherapies continue to expand in clinical practice.
Another important development for the programme is the continued strengthening of Poolbeg’s intellectual property assets. A European patent granted in September 2025, relating to the use of POLB 001 in cancer immunotherapy induced CRS, extends exclusivity around this mechanism of action into the 2040s. According to Poolbeg’s POLB 001 benefits from multiple layers of patent protection across the US and Europe, including method of treatment claims and medical use filings. This framework increases the long term value of the asset to potential pharmaceutical partners at a time when the CRS market is projected to exceed $10 billion as bispecifics and CAR T therapies become more widely adopted. With the Phase 2a trial designed as an open label study capable of producing rapid readouts, the company has intentionally structured the programme to support near term partnering discussions.
Alongside POLB 001, Poolbeg is also developing its oral GLP 1 receptor agonist, targeting the rapidly expanding obesity market where patient demand continues to outpace current treatment capacity. The latest interim results confirm that the programme is progressing toward a first in human proof of concept study, with topline data expected in the first half of 2026. This study, led by Professor Carel le Roux at the University of Ulster, will evaluate safety, tolerability, and uptake of the encapsulated GLP 1 formulation, which is designed to improve convenience compared to injectable alternatives. The company has recently highlighted the scale of the opportunity and the shortcomings of existing GLP 1 options, including high discontinuation rates and limited oral availability. Together with Poolbeg’s AI drug discovery collaborations, these programmes give the company multiple shots at value creation as it moves toward a catalyst rich period in 2026.
You can join the discussion on Poolbeg Pharma on Yakkio’s City Ticker Hub Poolbeg page.
Hvivo
HVIVO (AIM: HVO) has experienced a sharp decline in its share price during 2025, falling from around 22 pence at the start of the year to 6.39 pence at the time of writing, a drop that reflects weaker sentiment across the clinical research sector and a slowdown in the conversion of new human challenge contracts. The company’s interim results for the six months to 30th June 2025 show revenue of £24.2 million and an EBITDA of £3.0 million before exceptionals, alongside a cash position of £23.3 million with no debt. Despite reaffirming full year revenue guidance of £47 million, the business expects a low single digit EBITDA loss due to delayed client decision making in the first half. These financial figures indicate a period of transition rather than structural weakness, particularly as the contracted order book stands at £40 million across multiple service lines. This broader operational mix has become increasingly important as the company adapts to more variable demand in the vaccine trial market.
A significant part of HVIVO’s evolution has centred on the steady integration of its German acquisition CRS, which specialises in Phase I and II clinical trials and operates 120 inpatient beds across Mannheim and Kiel. Its expanding cardiometabolic and obesity capabilities were highlighted again in the recent H1 trading update, which confirmed continued progress in both recruitment and study execution. The acquisition has opened access to new therapeutic areas and given HVIVO a second major clinical base on the continent, strengthening the company’s reach at a time when early phase outsourcing in Europe is gaining momentum. Alongside CRS, the company has also diversified its laboratory operations, securing £5 million in new Cryostore and hLAB contracts during 2025. These developments provide greater revenue stability by reducing reliance on the more cyclical human challenge model.
Operationally, the company continues to demonstrate strong scientific delivery, supported by new data readouts from its ongoing challenge model development. The recent positive results from client Phase 2b field work underlines the value of HVIVO’s challenge expertise, which remains a core differentiator in the early phase research market. Additional momentum came from positive data from novel human challenge models, including hMPV, which broadens the company’s proprietary study platforms and strengthens its long term pipeline of specialist trial services. HVIVO has also signed £5 million of new CRS contracts, confirming that cross selling opportunities within the diversified structure are beginning to convert into new business. These incremental gains matter when the company is deliberately shifting toward a more predictable, multi service revenue based strategy.
The broader sector context also plays into HVIVO’s outlook, particularly following the announcement that MSD will acquire CIDARA, one of HVIVO’s long standing clients. This transaction reinforces the growing pharmaceutical investment in infectious disease and early phase immunology, areas where HVIVO has an established reputation. Looking into 2026, the company expects growth to resume as integration benefits from CRS and Cryostore begin to translate into earnings, helped by the continued expansion of laboratory and consulting services. While the share price performance has been disappointing, the financial footing remains solid and the operational platform is now more diversified and internationally aligned than in previous years. For retail investors, HVIVO’s current valuation reflects near term uncertainty rather than the underlying strategic progress that is expected to become more visible as the business enters the next financial year.
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Avacta
Avacta (AIM: AVCT) has enjoyed a strong recovery in sentiment during the second half of 2025, with the share price rising from around 30 pence in early July to 58.00 pence at the time of writing. This improvement reflects increased investor confidence following the company’s transition into a pure-play oncology group, supported by the completion of the Coris BioConcept sale and a strengthened cash runway into 2026. The company’s interim half year results for 2025 confirm that £6.5 million was raised earlier in the year, while a further £16 million equity placing was completed in October to support clinical progress across its expanding oncology pipeline. These funds now underpin the development of AVA6000, AVA6103, and the wider pre|CISION programmes. With a reinforced balance sheet and new leadership across its scientific and clinical teams, Avacta is beginning to reshape its long term strategic positioning in the cancer therapeutics market.
The core driver of Avacta’s valuation remains AVA6000, the company’s first pre|CISION enabled therapeutic designed to deliver doxorubicin directly into the tumour microenvironment while sparing healthy tissue. Updated data from the Phase 1b trial, confirms durable responses in both salivary gland cancer and soft tissue sarcoma, with further signs of tumour shrinkage in selected patients. These results show dramatic reductions in cardiac, haematologic, and gastrointestinal toxicity when compared with conventional doxorubicin. The company also recently presented data at the EORTC-NCI-AACR molecular targets symposium, further validating the platform’s ability to achieve a one-hundred-fold tumour-to-plasma drug concentration ratio. With expansion cohorts now recruiting patients with salivary gland cancer, high grade soft tissue sarcoma, and triple negative breast cancer, the clinical case for AVA6000 is strengthening.
As AVA6000 advances, Avacta is preparing to take AVA6103, its pre|CISION enabled exatecan programme, into first-in-human studies. Recent announcements outline how the programme was supported by preclinical results, where the candidate demonstrated sustained tumour release and complete responses in high potency models. These findings mirror the detailed scientific data shown in the company’s most recent corporate presentation. Avacta is targeting a Phase 1 trial initiation in the first quarter of 2026, leveraging its collaboration with Tempus AI to identify optimal indications through tumour FAP profiling and SLFN11 responsiveness modelling. This data driven approach is expected to improve trial design, patient selection, and ultimately the speed at which AVA6103 progresses through early development.
Alongside its clinical programmes, Avacta is building a stronger operational and commercial foundation under its extensive leadership. The company’s management team, headed by CEO Yamin ‘Mo’ Khan, includes senior oncology specialists with extensive industry experience across drug discovery, early stage clinical development, and regulatory interactions. Their expertise is reflected in Avacta’s streamlined organisational strategy which supports its goal of becoming a fully integrated oncology. The recent shortlisting for AIM Technology of the Year adds further external recognition to the company’s position as an innovator in targeted oncology. With AVA6000 progressing through expansion cohorts, AVA6103 approaching Phase 1, and the broader pre|CISION platform demonstrating versatility across multiple payload classes, Avacta enters 2026 with clear momentum and several major clinical catalysts ahead.
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ImmuPharma
ImmuPharma (AIM: IMM) experienced notable volatility during 2025, with the share price rising sharply from around 1.8 pence in August to more than 17 pence in mi-September before retracing to just over 6 pence at the time of writing. The initial surge followed the filing of a new P140 patent application, which broadened the platform’s potential into precision diagnostics and strengthened the long term commercial outlook. Additional momentum came from strengthened scientific oversight after new senior appointments were announced, signalling a more robust development structure. The interim results reported a loss of £1.8 million and cash of £0.4 million, though later disclosures confirmed an extended runway into the second half of 2026. Despite fluctuations, the scientific rationale underpinning P140 continued to strengthen through clearer mechanistic insights and regulatory focus.
The lead programme, P140 for systemic lupus erythematosus, continues to advance toward a global Phase 3 trial that incorporates an enriched responder design informed by earlier clinical analyses. Operational preparations were updated in November detailing coordinated activities with Avion Pharmaceuticals, the partner responsible for funding and commercialisation in the United States. Work also continued on expanding P140 into Chronic Inflammatory Demyelinating Polyneuropathy (CIPD), supported by preclinical findings suggesting targeted immune modulation rather than broad suppression. These developments reinforce the potential breadth of the platform within autoimmune disease. As the clinical strategy becomes clearer, investor attention now centres on successful progression into Phase 3.
Scientific capability within the company was strengthened further through senior leadership appointments made in September, 2025, with both Dr. Sébastien Goudreau to Chief Scientific Officer and Dr. Laura Mauran-Ambrosino to joining the management team and bringing deeper experience across research and translational development. This expanded team is expected to accelerate work on the Type M diagnostic initiative, which aims to refine patient stratification within autoimmune disease, and on antimicrobial programmes such as BioAMB and BioCIN. Portfolio protection was reinforced by the P140 patent application, strengthening the intellectual property position. Participation in BIO Europe has widened engagement with prospective partners across therapeutic and diagnostic fields. These initiatives reflect a broader effort to position ImmuPharma for strategic collaboration.
The financial structure remains lean, but the outlook described in the November Corporate update highlighted a more disciplined operational approach and a focus on the most value generating programmes. Securing a licensing or co-development agreement remains the most important catalyst, particularly if it provides non-dilutive funding to support the Phase 3 lupus study. The coming year will be shaped by clinical execution, progression in CIDP, and continued discussions with potential partners. ImmuPharma remains a speculative proposition, but one supported by a differentiated mechanism and an expanding data set. For investors willing to tolerate volatility, 2026 represents a potentially defining year in determining whether the company can translate scientific promise into commercial progress.
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Nuformix
Nuformix (LSE: NFX) has experienced a period of sharp volatility in recent months, with the share price rising from below 10 pence in September to almost 0.50 pence in early November before settling near 0.25 pence at the time of writing. The surge followed growing investor interest in the company’s fibrosis pipeline, particularly after confirmation of European orphan drug designation for its lead asset, NXP002, a formulation of tranilast being developed for idiopathic pulmonary fibrosis. The main pump occurred after submission of a US FDA orphan drug application, which expanded expectations for global regulatory protection and commercial exclusivity. These milestones significantly increased interest in the company’s development strategy, attracting speculative capital into the stock. The later retracement reflected profit taking and dilution following a fully underwritten open offer, as well as regulatory clarification requests from the FDA.
The company’s lead programme, NXP002, is an inhaled antifibrotic therapy designed to address the limitations of current IPF treatments by targeting multiple pathways involved in inflammation and fibrosis. Translational studies have shown activity across organ models including lung, liver, kidney, and skin, supporting the potential for broader use in systemic fibrosis. Additional data disclosed at the European Respiratory Society Congress highlighted reductions in markers such as collagen and MCP-1 in patient-derived lung tissue, strengthening the biological rationale for clinical development. The orphan drug progress has increased the likelihood of attracting a partner for first-in-human studies. Success in securing such a partnership remains a central objective for the company in 2026.
Alongside its fibrosis programme, Nuformix continues to develop NXP001, an oncology supportive care asset with potential to improve treatment tolerability for patients receiving chemotherapy. Further research into NXP004, another fibrosis-focused candidate, broadens the pipeline and reflects the company’s ambition to build a portfolio of reformulated or repurposed small molecules with enhanced therapeutic profiles. The financial position has been reinforced through the open offer proceeds, which strengthened short term liquidity while Nuformix progresses discussions with potential collaborators. Recent regulatory interactions, including the FDA’s request for additional clarification on the ODD submission, were confirmed in an update, reflecting the detailed scrutiny typical of orphan drug reviews. These steps collectively shape the company’s path toward clinical advancement.
Nuformix remains a speculative but increasingly visible player within the fibrosis space, supported by clear regulatory tailwinds and a differentiated approach to drug reformulation. The next phase will depend heavily on the company’s ability to move NXP002 into the clinic through partnership funding, a milestone that would validate its cocrystal strategy and broaden investor confidence. Market expectations are now more balanced following the post-spike retracement, creating a valuation that reflects both the promise and the risks inherent in early stage development. Continued progress in regulatory interactions and exploratory clinical planning will be key determinants of sentiment. For investors prepared to embrace volatility, Nuformix offers exposure to a niche but expanding therapeutic area with meaningful unmet need.
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GENinCode PLC
GENinCode (AIM: GENI) has experienced a volatile trading period in recent months, with the share price moving from 1.55 pence in mid-September to a peak of 4.45 pence in late October before retracing to 2.60 pence and stabilising near 3 pence at the time of writing. The rise was driven primarily by renewed market confidence following an update confirming progress in the FDA Supervisory Review of CARDIO inCode-Score, where the company clarified that outstanding issues had been reduced and a clear path forward had been agreed for additional submissions. Investor optimism was further supported by a statement addressing the share price movement, which highlighted continued commercial momentum in core markets, although it also made the market clear that the company was unaware of any specific recent for the recent share price rise. The subsequent decline reflected profit taking and conservative sentiment ahead of year end, particularly given delays in FDA approval and slower revenue recognition in the NHS. Despite this volatility, GENinCode remains positioned at the intersection of preventive cardiovascular genetics and expanding clinical demand.
The company has reported meaningful operational progress across the first half of 2025, supported by strengthening revenues and expanding international adoption. According to its half year results, income rose 15 percent year on year to £1.6 million, driven by the growth of LIPID inCode and CARDIO inCode-Score in the United States, United Kingdom and Europe. More than forty US clinics now use the platform for coronary heart disease risk assessment, reflecting rising clinical interest in polygenic testing. Ongoing discussions with commercial partners aim to widen distribution once regulatory clearance for CARDIO inCode-Score is achieved. These developments indicate that revenue diversification is beginning to take shape across several major healthcare systems.
Clinical and regulatory progress has remained central to the company’s strategy, particularly in advancing its polygenic risk technologies. The FDA process surrounding CARDIO inCode-Score continues to evolve after the earlier assessment, with GENinCode reporting that remaining data requirements are well defined and expected to be addressed through a new submission in early 2026. Commercial and academic validation is also increasing, supported by a landmark study published in JACC Advances showing improved risk stratification through genetic scoring. Meanwhile, the ROCA ovarian cancer surveillance test has begun NHS deployment under a partnership with UCLH and the North Central London Cancer Alliance, creating a new clinical avenue for the company. Across Europe, sales of LIPID inCode and THROMBO inCode continue to expand in Spain, Italy and Germany.
The commercial outlook has strengthened further with new state approvals in the United States, including authorisation for CARDIO inCode-Score in New York State, one of the country’s most stringent regulatory environments. GENinCode has also entered a collaboration with Thermo Fisher to support broader adoption of its test portfolio, a development that could materially accelerate US growth. While NHS restructuring has delayed expansion in certain regions, the company continues to deliver on targets in Spain and Germany and is scaling its pilot programmes across Catalonia and Extremadura. With cardiovascular disease remaining the world’s leading cause of mortality, the demand for predictive genetic tools is expected to rise. GENinCode now enters 2026 with improved scientific validation, expanding international sales channels and a regulatory pathway that, once completed, may unlock the company’s most significant commercial opportunity to date.
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Final Thoughts
Taken together, these companies illustrate the breadth of innovation emerging from the UK and European life sciences sector. Some, such as Poolbeg and Avacta, have entered periods of acceleration as they prepare for significant clinical readouts that could reshape their commercial prospects. Others, including HVIVO and GENinCode, are refining operational models and broadening their international reach, laying the groundwork for more stable revenue trajectories. Meanwhile ImmuPharma and Nuformix continue to attract speculative interest as their platforms progress through key development and regulatory milestones. In each case the value proposition remains closely linked to execution, partnering strategy, and the timing of clinical or regulatory events.
For retail investors the coming year will demand careful judgement as market conditions continue to favour well financed, data driven programmes with clear differentiation. The companies highlighted in this report offer exposure to areas of high unmet need, ranging from cancer and autoimmune disease to fibrosis and cardiovascular risk prediction. While risks remain inherent at this early stage of development, progress achieved during 2025 has strengthened the strategic positions of several of these businesses. As 2026 unfolds, the balance between scientific achievement and commercial validation will determine which of these narratives can translate into durable long term returns.
Disclaimer: The information presented in this article represents the opinions and research of the author and is provided for informational purposes only. It is not intended to be, nor should it be interpreted as, financial, investment, or legal advice. Investors are encouraged to perform their own due diligence and consult with qualified financial advisors before making any investment decisions. Investing in small-cap stocks involves significant risks, and past performance is not indicative of future results. The author and publisher are not liable for any financial losses or actions taken based on the content of this article.
