LONDON, July 3, 2026, 17:06 (BST)
- CRISM Therapeutics Corporation (LON:CRTX) was quoted around the 10p level used in its latest equity raise, with delayed Friday feeds showing reference prices from 9.60p to 10.50p.
- Spreadex’s total position fell to 2.9050% from 3.4733% after a cut in CFD/spreadbet exposure; its direct voting-rights position stayed at 2 million shares.
- The company has pointed to a late-July site initiation visit as the next disclosed step before patient recruitment in its Phase 2 glioblastoma trial.
CRISM Therapeutics Corporation (LON:CRTX) ended the week with the market testing a simple line: 10p. That was the price of the company’s 27.45 million-share May/June equity raise. It was also the exercise price for director options granted on June 30, making 10p the short-term level against which new money, management incentives and Friday’s share quote can be judged.
Different delayed feeds did not settle on one clean reference after the London close.
| Feed | Friday reference | Why it matters |
|---|---|---|
| Google Finance | 9.60p last price, up 1.05%, at 16:43 BST; volume 1.04 million | 4% below the 10p placing price by last-price feed |
| Hargreaves Lansdown | 10.00p sell / 11.00p buy; market closed; volume 1,043,386 | Bid matched the placing price, offer sat above it |
| Trading212 historical feed | 10.50p close, up 4.76%; day range 9.30p-10.70p | Close stood 5% above the placing price |
The latest regulatory notice was about ownership, not clinical data. Spreadex told the company on July 2 that its total position had dropped below 3%, after its exposure through CFDs and spreadbets fell to 300,374 voting rights from a previously disclosed 0.9476% position. Direct voting rights were unchanged at 2 million shares.
| Spreadex position | After July 1 threshold event | Previous notification |
|---|---|---|
| Direct voting rights | 2,000,000 / 2.5257% | 2.5257% |
| CFD/spreadbet voting rights | 300,374 / 0.3793% | 0.9476% |
| Total position | 2,300,374 / 2.9050% | 3.4733% |
That implies a voting base of about 79.2 million shares and a reduction of roughly 450,000 voting-rights equivalent in Spreadex’s total position, based on the July 2 filing. Friday turnover of just over 1.0 million shares was about 4.4 times the average volume shown by Google Finance.
The funding math is large for a company of this size. CRISM said in its annual results that it raised £2.745 million before expenses through the placing and retail offer, secured a £896,088 Innovate UK grant and a £99,902 Invest Northern Ireland grant. Those disclosed funds and grants add up to about £3.74 million, equal to roughly 45%-49% of market value using Friday market-cap feeds of £7.60 million to £8.31 million.
| Funding and market value | Figure |
|---|---|
| May/June 2026 equity raise, before expenses | £2.745 million |
| Innovate UK Biomedical Catalyst grant | £896,088 |
| Invest Northern Ireland grant | £99,902 |
| Total disclosed equity raise plus grants | £3.741 million |
| Market-cap range from Friday feeds | £7.60 million-£8.31 million |
CRISM is still a pre-commercial biotech. It reported no revenue for 2025, other income of £231,000, a loss of £1.903 million and cash of £1.128 million at Dec. 31. Administrative expenses rose to £2.009 million from £901,000, including £908,000 of research and development spending.
| 2025 audited item | 2025 | 2024 |
|---|---|---|
| Revenue | £0 | £0 |
| Other income | £231,000 | £25,000 |
| Administrative and other expenses | £2.009 million | £901,000 |
| Loss for the year | £1.903 million | £607,000 |
| Cash at year-end | £1.128 million | £1.282 million |
Executive Chairman Andrew Webb said CRISM was “well funded, with a Site Initiation Visit planned for late July,” according to the final-results statement. The company said that visit is the final step before patient recruitment begins for its Phase 2 trial of irinotecan-ChemoSeed in surgically resectable glioblastoma. Investegate
For equity holders, the key issue is whether the June raise keeps the stock anchored around 10p until trial recruitment starts. CRISM said its going-concern view includes the June equity issue, 2026 grant funding for a substantial part of planned trial costs, and possible cost savings if cash burn rises.
The broader AIM market was weaker on Friday, with Google Finance showing the FTSE AIM All-Share at 776.09, down 0.17%, at 16:50 BST. CRISM’s own trading line was more company-specific: a sub-3% Spreadex filing, a price sitting around the fresh equity level, and a late-July clinical site step still ahead.
