NFX

Nuformix PLC

Health Care First-pass screen £4.44m

270/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 40

Valuation 25% 25

Downside protection 15% 15

First-pass take

Pre-revenue biotech with single lead asset (NXP002, IPF treatment). Mentioned AI in drug discovery analysis but zero AI revenue exposure. Auditor-flagged going concern risk, negative net cash (£97k vs £264k payables), and dependent on uncertain NXP002 licensing deal.

Flags

pre-revenuegoing-concernsingle-assetnegative-net-cashheavy-dilutionpre-clinical