Trinity Delta view: Oxford BioDynamics’ focus is on maintaining momentum to increase EpiSwitch PSE sales, monetise EpiSwitch Orion, and commercially launch a first-in-class ME/CFS. Out-licensing or partnering other EpiSwitch tests (most likely CiRT, NST, or ME/CFS) remains an objective, as does establishing CiRT in the NCCN guidelines; however, following meaningful cost reductions, securing near-term funding is the primary consideration for management. While there is potential for OBD to create shareholder value from its EpiSwitch tests and 3D genomics platform, longer-term, in our view, sustainable test volume growth will require substantial ongoing commercial investment, and thus third-party partners are likely needed to deliver on this potential.
