Open Orphan Plc (GB:HVO)
LSE:HVO
Want to see GB:HVO full AI Analyst Report?
Top Page
Open Orphan Plc
(LSE:HVO)
Select Model
Select Model
Rating:53Neutral
Price Target:
7.50 p
▲(5.63% Upside)
Action:ReiteratedDate:04/24/26
The score is held back primarily by the latest financial deterioration (losses, negative gross profit, and significant cash flow weakness). Offsetting this are moderately positive technical momentum signals and earnings-call indications of improving demand/pipeline, though liquidity and booking visibility remain key near-term risks.
Positive Factors
Differentiated HCT models
Owning unique, commercial human challenge models creates a durable competitive moat: few providers can run these specialized studies. This supports higher win rates with pharma and governments, premium pricing, repeat business and long-term strategic partnerships that persist beyond short cycles.
Negative Factors
Severe cash depletion
A ~67% reduction in cash in one year materially shortens runway and increases reliance on external financing or rapid margin/revenue recovery. This constrains investment, heightens refinancing risk and could force operational trade-offs that impair execution of strategic diversification over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Differentiated HCT models
Owning unique, commercial human challenge models creates a durable competitive moat: few providers can run these specialized studies. This supports higher win rates with pharma and governments, premium pricing, repeat business and long-term strategic partnerships that persist beyond short cycles.
Read all positive factors
Open Orphan Plc (HVO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£51.63M
Dividend Yield2.94%
Average Volume (3M)7.17M
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth-25.43%
EPS Growth-155.41%
CountryUK
Employees301
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding688,401,060
10 Day Avg. Volume16,921,125
30 Day Avg. Volume7,174,585
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.13
Price to Sales (P/S)0.92
P/FCF Ratio-2.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£10.00Price Target Upside40.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)£50.49M
Open Orphan Plc Business Overview & Revenue Model
Company Description
Open Orphan Plc (HVO) is a specialist contract research organization (CRO) based in the United Kingdom that focuses on providing services to the pharmaceutical and biotechnology industries. The company specializes in conducting clinical trials for...
How the Company Makes Money
Open Orphan primarily makes money by providing outsourced clinical research services to third parties. Its core revenue stream is contracted fees for designing and delivering human challenge trials (controlled studies in which volunteers are expos...
Open Orphan Plc Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 15, 2026
Earnings Call Sentiment Neutral
The call balanced notable strategic and operational progress (diversification, acquisitions integrated, expanded lab and clinical capabilities, unique HCT models, renewed contracts and pipeline growth) against material financial headwinds in 2025 (significant cash depletion, order book reduction, cancellations, and margin pressure from non-HCT work). Management delivered a small profit, reiterated confidence in near-term pipeline (Traws Pharma) and longer-term pivot (ILiAD Phase III, guidance for high single-digit growth in 2026), but the company faces near-term liquidity and booking visibility challenges as it executes the diversification strategy.Positive Updates
Full-year Revenue and Profitability
Reported revenue of GBP 46.8m for FY2025 and an operating profit of GBP 1.4m despite headwinds and net acquisition losses of GBP 1.4m, demonstrating underlying profitability in a challenging year.
Negative Updates
Significant Cash Reduction
Cash balance fell from GBP 44.2m at start of year to GBP 14.3m at period end, a decline of approximately -67.6%, driven by acquisitions, working capital and lower HCT bookings.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-year Revenue and Profitability
Reported revenue of GBP 46.8m for FY2025 and an operating profit of GBP 1.4m despite headwinds and net acquisition losses of GBP 1.4m, demonstrating underlying profitability in a challenging year.
Read all positive updates
Company Guidance
Guidance from the call highlighted that after a challenging FY2025 (revenue £46.8m; profit £1.4m despite net acquisition losses of £1.4m), the company finished the year with £14.3m cash (down from £44.2m) after using ~£29m of cash (core £15.4m, inorganic £14.5m), generating £10.4m from operations and spending £1.4m on PPE; the order book was restated to £30m (from £43.5m) under a stricter CTA-based recognition policy (SUA→CTA lag 5–12 months). Management expects HCT’s share of revenue to fall from >85% in 2024 to under 50% in 2025 (i.e., >50% non-HCT going forward), sees a 50% increase in new proposals in Q1 2026 YoY, has signed the Traws Pharma HCT (up to 150 subjects, majority of revenue in 2026) and is near-finalizing a multiyear ILiAD Phase III whooping cough HCT (majority revenue in 2027), and forecasts high single‑digit revenue growth in 2026; other metrics cited include ongoing Phase I wins typically £0.6–1.0m each, Cryostore revenue £0.8m, German clinical trials £12.3m, variable cost rates roughly 15% for HCT and 25–30% for clinical trials, ~200 beds, and a 350,000-strong volunteer database.Open Orphan Plc Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
64
Positive
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 46.77M | 62.73M | 56.04M | 48.48M | 36.86M |
| Gross Profit | -6.12M | 62.73M | 10.41M | 4.00M | 35.90M |
| EBITDA | 4.31M | 17.80M | 14.02M | 2.70M | 3.07M |
| Net Income | -5.99M | 10.65M | 16.11M | -776.00K | -74.00K |
Balance Sheet | |||||
| Total Assets | 71.81M | 88.89M | 83.23M | 51.38M | 42.27M |
| Cash, Cash Equivalents and Short-Term Investments | 14.30M | 44.18M | 36.97M | 28.44M | 15.69M |
| Total Debt | 14.79M | 12.90M | 12.53M | 1.56M | 3.15M |
| Total Liabilities | 33.66M | 44.22M | 48.90M | 31.16M | 21.59M |
| Stockholders Equity | 38.16M | 44.67M | 34.33M | 20.22M | 20.68M |
Cash Flow | |||||
| Free Cash Flow | -14.80M | 7.88M | 12.06M | 14.62M | -2.30M |
| Operating Cash Flow | -13.40M | 10.34M | 17.24M | 15.98M | -1.56M |
| Investing Cash Flow | -11.90M | -660.00K | -5.18M | -1.36M | -739.00K |
| Financing Cash Flow | -4.56M | -2.40M | -4.70M | -1.83M | -1.20M |
Open Orphan Plc Technical Analysis
Positive
7.10
Price Trends
7.85
Positive
6.90
Positive
7.78
Positive
Market Momentum
0.37
Negative
73.12
Negative
91.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HVO, the sentiment is Positive. The current price of 7.1 is below the 20-day moving average (MA) of 7.26, below the 50-day MA of 7.85, and below the 200-day MA of 7.78, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 73.12 is Negative, neither overbought nor oversold. The STOCH value of 91.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HVO.
Open Orphan Plc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | £51.63M | -7.21 | -14.65% | 2.94% | -25.43% | -155.41% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | £14.99M | -7.18 | -15.57% | ― | 13.32% | 55.07% | |
44 Neutral | £17.50M | -9.67 | -210.32% | ― | -11.43% | 23.40% | |
42 Neutral | £323.68M | -1.74 | -361.23% | ― | ― | ― | |
40 Underperform | £8.80M | -0.25 | -316.67% | ― | 72.17% | 79.03% | |
40 Underperform | £21.59M | -6.19 | -213.66% | ― | 13.42% | 65.63% |
* Healthcare Sector Average
GB:HVO
Open Orphan Plc
7.50
-10.05
-57.26%
GB:AVCT
Avacta Group plc
74.00
39.50
114.49%
GB:IXI
IXICO plc
6.88
-2.13
-23.61%
GB:OBD
Oxford BioDynamics
0.21
-0.22
-51.19%
GB:FAB
Fusion Antibodies Plc
14.00
7.45
113.74%
GB:APTA
Aptamer Group Plc
0.63
0.25
64.47%
Open Orphan Plc Corporate Events
Business Operations and StrategyFinancial Disclosures
hVIVO Wins Landmark Phase III Human Challenge Contract for ILiAD’s Whooping Cough Vaccine
Positive
Apr 22, 2026
hVIVO has signed a contract with ILiAD Biotechnologies to run the world’s first pivotal Phase III human challenge trial of a whooping cough vaccine, testing ILiAD’s intranasal candidate BPZE1 against the current Tdap standard. The stud...
Financial DisclosuresShareholder Meetings
hVIVO Publishes 2025 Annual Report and Sets May AGM Date
Neutral
Apr 17, 2026
hVIVO plc has published its Annual Report and Accounts for the year ended 31 December 2025 and circulated its Notice of Annual General Meeting to shareholders. The documents, including proxy materials, are now available on the company’s webs...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
hVIVO Reshapes Clinical Platform as 2025 Profits Slide on Sector Headwinds
Negative
Apr 15, 2026
hVIVO reported a sharp drop in 2025 revenue to £46.8 million from £62.7 million and a fall in adjusted EBITDA to £1.4 million, reflecting a transitional year and wider macro headwinds across pharmaceutical services. Profitability an...
Business Operations and Strategy
hVIVO Rebrands as Unified End-to-End Clinical Development Partner
Positive
Apr 14, 2026
hVIVO has unveiled a new unified brand identity that consolidates Venn Life Sciences, CRS and Cryostore under the single hVIVO banner, marking its evolution from a specialist services provider into an integrated, end-to-end drug development partne...
Business Operations and Strategy
hVIVO seals Traws Pharma deal for Phase 2a influenza human challenge trial
Positive
Apr 14, 2026
hVIVO has signed a clinical trial agreement with U.S.-listed Traws Pharma to run a Phase 2a influenza human challenge study of tivoxavir marboxil, an oral, single-dose antiviral candidate targeting seasonal and avian flu. The randomised, double-bl...
Business Operations and StrategyFinancial Disclosures
hVIVO sets 15 April date to unveil 2025 final results
Neutral
Apr 7, 2026
hVIVO plc, a specialist CRO focused on human challenge trials and early-stage drug development, serves a broad biopharma client base including most of the world’s largest drug makers. Its integrated platform spans preclinical work through Ph...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
hVIVO Issues New Shares as Part of Cryostore Acquisition
Positive
Feb 23, 2026
hVIVO plc, a London-listed early phase contract research organisation, focuses on human challenge trials and broader early-stage clinical services for infectious and respiratory diseases. The group complements its core UK facilities with German tr...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
hVIVO Beats EBITDA Guidance as Acquisitions Cement Full-Service CRO Platform
Positive
Jan 29, 2026
hVIVO reported that 2025 revenue is expected to come in at about £46.7 million, in line with guidance but down from the prior year, while delivering a better-than-anticipated low single-digit positive adjusted EBITDA margin and maintaining a ...
Business Operations and StrategyFinancial Disclosures
hVIVO Sets Date for 2025 Trading Update and Investor Presentation
Positive
Jan 27, 2026
hVIVO plc has announced that it will release a trading update for the year ended 31 December 2025 on 29 January 2026, signalling upcoming visibility on its recent financial and operational performance. The company will host a live investor present...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.