External finance inflows into small-cap biotech doubled

External finance inflows into small-cap biotech doubled month-on-month, enhancing capital for R&D. Price momentum may accelerate on positive trial data releases. CEO Brown said at the halfway stage in August: “The company continues to experience an elevated level of uncertainty within its operating environment, which has, and management believes could continue to have, unforeseen impacts on the company’s actual realised results.” A higher share of firms reported applying for bank loans compared with the previous survey round (Chart 8). In the second quarter of 2025, the share of firms submitting loan applications rose to 23%, marking a 4 percentage points rise from the previous quarter. This increase was observed across all firms, with SMEs at 18% and large firms at 31%. Additionally, 3% of firms felt discouraged from applying for bank loans, a figure unchanged from the previous quarter. The most common reason firms gave for not applying remained having sufficient internal funds to support business plans (49%, from 52% in the previous quarter). External finance into fintech startups is reshaping public valuations; related listed companies gained 6% in two weeks. Analysts expect continued momentum alongside digital payment adoption growth.