4BB

4basebio PLC

Health Care First-pass screen £78m

400/1000 Overall fit

AI beneficiary 35% 28

Operating leverage 25% 58

Valuation 25% 32

Downside protection 15% 52

First-pass take

4basebio is an early-stage biotech supplying synthetic DNA for mRNA vaccines and gene therapies. Revenue doubled to £933k with 67% gross margins, but the company lost £12.3m on £13.9m admin spend with no path to profitability disclosed for 2025. Zero AI exposure; operates in cyclical pharma R&D with apparent customer concentration (HelixNano, Tier-1 pharma). Net cash of £19m provides ~3-year runway but doesn't justify the £250x sales valuation.

Flags

loss-makinglow-revenuecustomer-concentrationno-ai-exposurecyclicalhigh-burnearly-stage-biotech