OBI

Ondine Biomedical Inc.

Health Care First-pass screen £61m

300/1000 Overall fit

AI beneficiary 35% 20

Operating leverage 25% 40

Valuation 25% 30

Downside protection 15% 40

First-pass take

Ondine is a clinical-stage antimicrobial biotech with zero AI exposure, fundamentally misaligned with the AI-focused strategy. While revenue grew 70% to £2M and gross margins improved (58%→64%), operating losses are £19.4M with tight 1.4-year cash runway. Phase 3 trial outcome is binary risk.

Flags

no-ailoss-makingmicro-capclinical-trialtight-runway