Research on TheraCryf PLC (TCF:LON) from Capital Access Group
TheraCryf has announced results for the year to March 2026 in line with management's expectations. Closing net cash was £1.5m, ahead of the post-period-end equity raise of £1.05m, leaving the company funded through FY27. More importantly, TheraCryf advanced the programme for its Ox-1 lead clinical asset flawlessly and is approaching more value inflection points ahead of first in-human trials. The target market for Ox-1 is currently worth US$42bn and growing rapidly. The company is completing the remaining clinic-enabling activities and continues to engage with potential commercial partners to maximise shareholder value in a hot area of interest for the pharma industry. Given that context, we believe TheraCryf's valuation is nugatory.
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