TCF

Theracryf PLC

Health Care First-pass screen £4.84m

380/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 35

Valuation 25% 40

Downside protection 15% 55

First-pass take

Pre-revenue, preclinical biotech with zero AI exposure; focused on orexin-1 antagonist for addiction (late 2026 IND target) and SFX-01 for glioblastoma. Trading near cash (£4.1m, ~£5m market cap), but massive dilution (275m→2.13bn shares YoY) and negative £2.4m cash burn offset valuation appeal. Partnership-dependent model and clinical development risk material.

Flags

loss-makingpre-revenuepreclinical-stagenot-ai-beneficiarymicro-capmassive-dilutionnet-cashpartnership-dependentexecution-riskearly-clinical-only