Clinical and operational progress dominated the small-cap tape, led by a registration-grade cancer trial milestone at Crism Therapeutics and a partner-funded seismic campaign advancing at Block Energy in Georgia. Elsewhere, results season brought a mix of encouraging turnarounds, Getech's swing to EBITDA profit, Iofina's record earnings, against a sharp profit warning at Craneware, whose shares fell over 22% after a cyber incident and regulatory delays reset FY27 expectations.
Crism Therapeutics doses first patients in Phase 2 glioblastoma trial
Crism Therapeutics Corporation (AIM:CRTX), the UK clinical-stage drug delivery company developing localised chemotherapy treatments, has opened a registration-grade Phase 2 trial of irinotecan-ChemoSeed in resectable glioblastoma, with patient recruitment beginning on 27 August. The milestone caps a period of accelerating clinical momentum for the company's implantable, biodegradable ChemoSeed technology, which is designed to deliver chemotherapy directly into tumour tissue rather than systemically, and shares in the company, now trading at 11.49p, rose 2.13% on the news.
The two-part study will first assess dose escalation in recurrent glioblastoma before evaluating progression-free survival in newly diagnosed patients. During the same period, the US Food and Drug Administration granted orphan drug designation to irinotecan-ChemoSeed, offering up to seven years of US market exclusivity upon approval. Financially, the company reported a widened loss of £1.413 million for the six months to 30 June, up from £0.93 million a year earlier, reflecting administration costs of £1.52 million including £956,000 on research and development. Crism raised £2.745 million through an oversubscribed placing and retail offer in May, and separately secured an £896,088 Innovate UK grant and a £99,902 Invest Northern Ireland grant supporting its glioblastoma and prostate cancer programmes; cash stood at £2.269 million at period end, up from £1.128 million at 31 December.
"This designation significantly enhances the commercial profile of irinotecan-ChemoSeed and establishes a supportive framework for international regulatory engagement," said Andrew Webb, Chief Executive.
The widening loss is the cost of progress rather than a warning sign, R&D spend and administration costs are rising precisely because the clinical programme is advancing into a registration-grade trial, the step that ultimately determines commercial viability. Orphan drug status materially de-risks the US pathway and sharpens the company's negotiating position with potential partners, while the incoming appointment of Charles Spicer as Non-Executive Chair from 1 October signals a board being built out for the next, more capital-intensive phase of clinical execution.
Block Energy advances partner-funded Georgia seismic survey
Block Energy (AIM:BLOE), the AIM-listed oil and gas company with assets in Georgia and interests offshore Gabon, said its 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ is roughly 70% complete, with the shares slipping 1.03% to 0.965p. The survey began recording in August and is expected to finish by mid October, forming the obligatory portion of Project IV, the company's staged appraisal of a prospect independently assessed by DeGolyer and MacNaughton in 2023 to hold 301.7 million barrels of oil equivalent of mean unrisked recoverable prospective resources.
Of the 4,729 source points acquired as of mid-September, 4,534 used Vibroseis and 195 used explosive sources, with explosive-source acquisition ongoing; the programme has logged 68,676 cumulative man-hours without a lost-time incident. The campaign forms part of an approximately $95 million staged seismic and drilling work programme that may be fully funded by Aspect Georgia, which farmed into licence XIQ in January and can earn up to a defined interest by carrying the costs through the drilling phase.
The funding structure is the story here: by having Aspect underwrite the seismic and potential drilling costs, Block Energy retains full exposure to a potentially transformational discovery without diluting shareholders or straining its own balance sheet. "This preserves Block's capital while providing shareholders with retained exposure to a potentially transformational outcome," said Christopher Brown, Technical Director, a structure that shifts the near-term financing risk onto the partner while keeping the upside intact for existing holders.
Getech swings to EBITDA profit as revenue climbs 15%
Getech Group (AIM:GTC) reported revenue of £2.4 million for the six months to 30 June, up 15% from £2.1 million a year earlier, with shares up 2.04% to 2.5p. The subsurface data and software supplier, whose tools help locate oil, gas and mineral resources, swung to an adjusted EBITDA profit of £0.2 million from a £0.1 million loss in the same period last year, while net cash generated from operations rose to £0.9 million against an outflow of £0.3 million a year earlier.
The cash balance climbed to £0.6 million at period end from £0.2 million at the start of the year. The contractually committed order book grew to £4.7 million by the end of August, up from £4.0 million at 30 June and £3.8 million at the end of December, while annualised recurring revenue rose to £3.0 million from £2.8 million. A three-year Globe subscription renewal with a state-backed Asian offshore oil and gas producer, worth roughly £520,000, delivered a 28% uplift versus its previous term.
The renewal uplift and growing recurring revenue base suggest Getech's software pivot is gaining pricing power with existing customers, not just adding volume, a meaningfully different signal than simple top-line growth. "The Board remains confident that Getech will build on current momentum as it executes its growth strategy," said Michael Covington, Chairman, and the swing into operating cash generation gives the company more room to invest without needing external capital.
Blencowe names interim CEO as Orom-Cross funding talks continue
Blencowe Resources (LSE:BRES), the AIM-listed graphite developer focused on its 100%-owned Orom-Cross project in Uganda, has appointed Iain Wearing as Interim Chief Executive Officer with immediate effect, as shares rose 6.53% to 6.2p. Wearing, previously Chief Operating Officer, led the technical work behind the project's Definitive Feasibility Study and will run funding, technical and operational workstreams while the board searches for a permanent CEO; he has invested approximately £500,000 in cash through previous company capital raisings and does not join the board in his interim executive role.
The updated feasibility model puts Phase 1 capital expenditure at $45 million, with the company weighing strategic, institutional and development-finance funding options. The US International Development Finance Corporation has supported the feasibility study through a technical assistance grant, and discussions with development finance institutions continue alongside commercial talks; Blencowe raised £3 million in a recent placing to bridge working capital needs.
Promoting the technical architect of the feasibility study into the top role, rather than bringing in an outside executive, signals the board wants continuity through what is now the critical funding phase, investors will be watching whether internal knowledge of the DFS translates into faster progress on binding agreements. "Our priority is to convert that progress into Phase 1 funding and binding commercial agreements. Multiple discussions and due diligence processes are active, and we are pursuing a funding structure that supports development and delivers value for shareholders," said Iain Wearing, Chief Executive Officer.
MediaZest reiterates double-digit growth guidance
MediaZest, the AIM-listed audio-visual firm, said strong summer trading and growing recurring revenue underpin confidence in double-digit revenue and profit growth for the full year.
The reaffirmed guidance points to underlying demand holding up through a period when many small caps have flagged softer trading, with recurring revenue streams providing a steadier base for the growth targets management has set out.
Iofina doubles earnings in first half
Iofina (IOF), trading at 52.255p and down 1.41% on the day, posted record first-half revenue and profit as new plant capacity and firm iodine prices drove a sharp margin improvement.
The earnings doubling reflects the payoff from recent capacity investment landing at the same time as favourable pricing, a combination that has meaningfully lifted profitability even as the shares dipped slightly in the broader session.
Accsys warns of slower start to FY27 amid distributor destocking
Accsys Technologies (AXS), up 3.12% to 79.4p, said trading in the five months to 31 August fell short of expectations as distributors worked down inventory, though full-year EBITDA should still land ahead of last year.
The destocking dynamic points to a demand timing issue rather than a structural downturn, with management still expecting year-on-year EBITDA growth despite the softer start, a distinction the market appears to have taken in stride given the shares' gain on the day.
Elixirr revenue jumps 25% as AI work triples
Elixirr International plc, the challenger consultancy, posted record first-half results with revenue up 25% and AI-related work more than doubling.
The acceleration in AI-related engagements underscores how quickly demand for AI advisory work is scaling within consultancy client bases, giving Elixirr a growth lever beyond its core challenger-brand positioning.
Eco Buildings signs Gambia framework for 10,000 homes
Eco Buildings Group (ECOB), down 1.08% to 11.87p, has agreed a binding national framework with The Gambia's government to build a minimum 10,000-home programme and establish a West African manufacturing and technology hub.
The deal gives the company a long-term, government-backed pipeline in a region where it can now build local manufacturing capacity, potentially lowering delivery costs across future contracts in the wider West African market.
Invinity Energy Systems orders triple as cost cuts narrow gross loss
Invinity Energy Systems (IES), up 5.62% to 23.5p, said trading remains in line with full-year expectations after customer orders nearly tripled and its gross loss fell 62% in the first half.
The combination of surging order intake and a rapidly narrowing gross loss suggests the flow battery maker's cost discipline is starting to catch up with demand growth, a key step toward sustainable unit economics.
Craneware holds revenue flat, delays offset AI progress
Craneware (CRW) posted steady FY26 revenue but reset FY27 expectations after a post-year-end cyber security incident and ongoing 340B regulatory delays, sending shares down 22.65% to 1038p.
The scale of the reaction reflects how directly the cyber incident and regulatory holdups threaten near-term revenue recognition in the healthcare software group's core business, overshadowing any progress made on AI-driven product development during the year.
Mkango Resources to rename itself Mkango Magnetic Materials
Mkango Resources (MKA), down 2.22% to 44p, will trade as Mkango Magnetic Materials from 23 September, marking its shift from raw material developer to downstream rare earth magnet recycling and manufacturing.
The rebrand signals a strategic repositioning up the value chain, away from pure resource extraction and toward higher-margin magnet production and recycling as the company seeks to capture more of the rare earth supply chain.
Predator Oil & Gas begins drilling at Morocco's MOU-6 well
Predator Oil & Gas Holdings (PRD), down 1.16% to 3.311p, has started drilling operations at its MOU-6 well in Morocco, with the programme expected to run for up to 20 days.
The well represents a near-term catalyst for the company, with results due within weeks that could materially affect its Moroccan exploration narrative.
Verici Dx sets Q4 launch for transplant gene test
Verici Dx (VRCI), up sharply by 11.11% to 0.25p, plans to launch TranscripTx, a first-in-class genetic test for transplant patients, in the fourth quarter of 2026.
A commercial launch date gives the diagnostics company a concrete milestone to work toward after a period of development, with the test's first-in-class positioning offering differentiation in the transplant monitoring market.
Contango Holdings clears all investor loans
Contango Holdings says it now has enough working capital to last through mid-2027 and expects to pay a maiden dividend later this year.
Clearing investor loans while extending its cash runway materially strengthens the balance sheet, and the prospect of a maiden dividend marks a notable shift in tone for a company moving toward shareholder returns.
Mothercare to receive further £0.8 million from liquidators
Mothercare will collect another £0.8 million cash dividend via its subsidiary's role as secured lender to the collapsed Mothercare UK, though the group's broader solvency outlook remains unchanged.
The payment adds incremental cash recovery from the historic UK collapse without altering the wider group's fundamental financial position.
Hamak Strategy sells 8 Bitcoin to fund Akoko gold study
Hamak Gold Npv Di (HAMA), up 2.22% to 0.69p, cashed in part of its treasury after a Bitcoin price rise, directing proceeds toward its Ghana gold project and debt reduction.
The move lets the dual-strategy miner crystallise gains from its digital asset holdings and redeploy them directly into advancing the Akoko gold study, while trimming liabilities along the way.
Anglesey Mining identifies four targets at Parys Mountain
Anglesey Mining (AYM), trading at 7.0p, saw satellite and geological analysis from Satellite Applications Catapult and the British Geological Survey flag four areas warranting further exploration at its Welsh polymetallic project.
The targeted areas give the company a clearer, data-driven roadmap for its next exploration phase at Parys Mountain, narrowing the search for additional polymetallic mineralisation.
London BTC extends Nevada gold trend to 3.5km
London BTC Company (BTC), down 1.54% to 1.92p, has collected 78 rock chip samples across 3.5km of historical workings at its Teep gold project in Nevada, with 2km of the trend still unsampled.
The unsampled stretch leaves considerable room for the strike length to grow further as assay results and additional fieldwork come through.
Coiled Therapeutics enrols two dose cohorts of new AO-252 formulation
Coiled Therapeutics (COIL), up 0.82% to 9.83p, has completed patient enrolment across two escalation cohorts of its reformulated AO-252 cancer drug, keeping it on track for a year-end safety readout.
Hitting the enrolment target ahead of the safety data keeps the reformulated programme on schedule, with the year-end readout now the next meaningful catalyst for the precision oncology company.
Upland Resources-backed LSOG spuds deep well in Wyoming
Upland Resources Npv (UPL), trading at 2.8p, said partner Lost Soldier Oil and Gas has started drilling its third Wyoming well, targeting a deeper high-pressure gas zone as the partner moves toward first production.
Targeting the deeper high-pressure zone raises the technical stakes of the well but also the potential upside, as the partner pushes toward converting the asset into producing output.
PureTech's Gallop wins FDA Fast Track for LYT-200
PureTech Health (PRTC), down 6.06% to 124p, said its Gallop Oncology subsidiary cleared its End-of-Phase 1 meeting with the FDA and secured Fast Track designation for LYT-200, paving the way for a Phase 2 trial in relapsed or refractory high-risk myelodysplastic syndromes.
Fast Track status gives Gallop Oncology a more direct regulatory pathway and closer FDA engagement as it advances into Phase 2, a meaningful de-risking step even as the parent's shares fell on the day.
Guardian Metal fast-tracks Tempiute mine access after strong tungsten hits
Guardian Metal Resources (GMTL), up 3.7% to 168p, will begin rehabilitating historical underground workings at its Tempiute tungsten project in Nevada after drilling returned a 92-metre intersection grading 0.34% tungsten trioxide.
Reopening the historical workings gives the company faster and cheaper access to test the extent of the mineralisation revealed by the strong intercept, accelerating the path toward a resource upgrade.
Beacon's gene therapy hits pivotal trial goal for Syncona
Syncona's portfolio company Beacon Therapeutics reported positive topline results from its Phase II/III VISTA trial, a milestone the life science investor calls a key value inflection point.
A successful pivotal readout materially de-risks Beacon's path toward regulatory filing and gives Syncona a tangible marker of progress within its broader portfolio of life science investments.
