Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul>
<li>The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity announced its intention to commence a share buyback programme with an aggregate value of up to £3m.</li>
<li>As referenced in the Company's final results for the year ended 31 December 2025, announced on 31 March 2026, the Company had a cash position of approximately £12.4m.</li>
<li>The Board considers that the Company's strong balance sheet and cash generation provides the opportunity to take advantage of current market conditions to repurchase shares at attractive levels and the Programme reflects continued confidence in the Company's future prospects.</li>
</ul>


The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity announced its intention to commence a share buyback programme with an aggregate value of up to £3m.
As referenced in the Company's final results for the year ended 31 December 2025, announced on 31 March 2026, the Company had a cash position of approximately £12.4m.
The Board considers that the Company's strong balance sheet and cash generation provides the opportunity to take advantage of current market conditions to repurchase shares at attractive levels and the Programme reflects continued confidence in the Company's future prospects.


Shield Therapeutics Plc - Hybridan Small Cap Feast: 27 April 2026

Cross Asset Strategy

<ul>
<li>For a special February 2026 edition of Hybridan’s View from the Broker’s Desk, we are delighted to be joined by Laurence Hulse, founder of Onward Opportunities, a leading UK Small Cap Investment Trust.</li>
<li>Laurence started his career at Gresham House in 2015, around the time of its inception, and worked on a number of outperforming equity products.</li>
<li>Recently, Onward Opportunities reported a record year of net asset value growth in the 12 months ended 31 December 2025, delivering top-quartile performance within the UK Smaller Companies sector and extending its track record of outperformance since launch.</li>
</ul>


For a special February 2026 edition of Hybridan’s View from the Broker’s Desk, we are delighted to be joined by Laurence Hulse, founder of Onward Opportunities, a leading UK Small Cap Investment Trust.
Laurence started his career at Gresham House in 2015, around the time of its inception, and worked on a number of outperforming equity products.
Recently, Onward Opportunities reported a record year of net asset value growth in the 12 months ended 31 December 2025, delivering top-quartile performance within the UK Smaller Companies sector and extending its track record of outperformance since launch.


Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Thematic (Sector/Industry)

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025.


Hardman & Co Healthcare Index: 2025 – Index rose, but another tough year

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.


Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

<ul>
<li>Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence</li>
<li>As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”.</li>
<li>The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. </li>
</ul>


Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence
As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”.
The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. 


United Kingdom

Shield Therapeutics plc, a specialty pharmaceutical company, focuses on the development and commercialization of secondary care-focused pharmaceuticals. Its lead product is Feraccru, a novel therapy for the treatment of iron deficiency anaemia (IDA) in patients with inflammatory bowel disease. Its products pipeline includes PT20, a novel iron-based phosphate binder for the treatment of hyperphosphatemia related to chronic kidney disease (CKD); PT30 and PT40 that are intravenous iron formulations; and Feraccru to treat patients with IDA related to CKD and other indications. The company was founded in 2008 and is based in Gateshead Quays, the United Kingdom.

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Shield Therapeutics (STX LN)

Shield Therapeutics Plc - Hybridan Small Cap Feast: 27 April 2026

As referenced in the Company's final results for the year ended 31 December 2025, announced on 31 March 2026, the Company had a cash position of...

Hybridan

Hybridan Monthly - February Edition

For a special February 2026 edition of Hybridan’s View from the Broker’s Desk, we are delighted to be joined by Laurence Hulse, founder of Onward...

Hybridan

Hardman & Co Healthcare Index: 2025 – Index rose, but another tough year

The Hardman & Co Healthcare Index (HHI) has been running since 2009.Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

The Hardman & Co Monthly: November 2024

Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence

Hardman & Co

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