ValiRx (AIM:VAL) shares tumbled, falling 7.7% to 0.18p, after it concluded its Evaluation Agreement with Stingray and declined to exercise a pre-agreed licence option.
Under the terms of the agreement, the jointly owned results will revert to Stingray, and ValiRx is entitled to a cash payment equal to 1.5x its total investment, estimated at approximately £50,000, should Stingray secure alternative investment within 12 months.
"We have completed this second evaluation phase of the Stingray assets ahead of schedule and well within budget, and will retain some upside if it is commercialised in the next 12 months," said Dr Mark Eccleston, CEO.
The work completed was the second phase announced on 5 August 2025, followed initial evaluations carried out by Inaphaea, and ValiRx judged that the assets would require significant further lead optimisation and development before a candidate could be advanced.
ValiRx described the project as its first "hybrid" evaluation approach and said it will redeploy resources towards later-stage assets while the evaluation results are assigned back to Stingray.
