Fusion Antibodies PLC

First-pass take

Early-stage biotech CRO with 73% revenue growth and improving gross margins (swung to +22%), but material going concern uncertainty, high customer concentration (47% from 2 clients), net debt position, and loss-making operations. OptiMAL® platform and AI/ML R&D programs are in validation phase; market tailwind from antibody discovery growth (8–10% CAGR) is real but not AI-specific. No current valuation data in document.