Scancell Holdings Plc

Scancell is a late-stage clinical oncology specialist developing novel, “off-the-shelf” active immunotherapies. The investment case is being transformed by an elegant dual NASDAQ/AIM listing and comprehensive funding package. Following a multi-step acquisition and financing package, the iSCIB1+ programme is now fully funded to enter its global, c 550-patient registrational Phase III study in late-2026. This complex series of actions removes historical UK capital overhangs and extends the cash runway into 2029. Importantly, accessing the deep US life sciences capital pools ensures long-term support for all the promising pipeline programmes. Near-term catalysts remain plentiful, including maturing Phase II SCOPE data, interim ModiFY synergy updates, and potential milestone payments from the GlyMab antibody portfolio. Our updated rNPV valuation for Scancell is £408m ($530m), equivalent to 34p/share.

Trinity Delta - Scancell: Atlantic crossing transforms outlook

Oxford BioDynamics Plc

Trinity Delta view: Oxford BioDynamic’s £9m raise alleviates the overhang caused by the known funding constraints and provides breathing space to allow management to pursue key strategic goals. The priorities are: commercial execution, converting the strong science into revenue-generating operations; disciplined resource allocation, capital is directed to programmes with the highest near-term value; greater customer adoption, as real-world utility demonstrates worth; and strategic partnerships, as deals are the only way to achieve a global reach. The EpiSwitch Orion cloud-based 3D genomics platform remains a primary focus and, together with growing EpiSwitch test volumes, should create shareholder value. Longer-term, in our view, sustainable volume growth will require substantial ongoing commercial investment. Hence, the importance of striking attractive deals with third-party partners should not be underestimated.

Trinity Delta Lighthouse: Oxford BioDynamics

Avacta Group

Avacta’s cash runway of £16.4m at end-April 2026 extends into early Q127, beyond key catalysts for the two lead pre|CISION peptide-drug conjugate (PDC) assets, faridoxorubicin and AVA6103 (FAP-EXd). Cash resources have been boosted by the £32.5m in new equity raised over the last 18 months, most recently £10m gross in March 2026, enabling continued investment into the platform and PDC pipeline towards upcoming value inflection points.

Avacta: Research

Solid H225 commercial performance delivered FY25 revenue growth, driven by ex-China geographic expansion/new launches for Fruzaqla (FY25: $366m in-market sales, +26% CER) and indication expansion for China commercial products despite H125 regulatory and competitive headwinds (Elunate, Sulanda, and Orpathys FY25 consolidated revenues were $122.5m, -23% CER). While FY25 Oncology/Immunology consolidated revenue of $285m (FY24: $363m) was at the lower end of $270m-$350m guidance,

HUTCHMED: Research

Avacta has undertaken an innovative AI-driven analysis to assess differences in payload delivery between its proprietary pre|CISION peptide drug conjugate (PDC) platform and a market leading cleavable linker antibody drug conjugate (ADC). 

The latest data from the Phase II SCOPE trial in advanced melanoma will be presented at ESMO IO. Cohort 1 (SCIB1) and Cohort 3 (iSCIB1+) evaluate the addition of SCIB1/iSCIB1+ to double checkpoint inhibitors (CPIs) nivolumab and ipilimumab, now considered SoC (standard of care). Highly promising data to date, which could redefine SoC, has already prompted the selection of next generation iSCIB1+ for the registrational Phase III trial being planned.

Scancell: Research

arly data from the faridoxorubicin (FAP-Dox, AVA6000) Phase Ib SGC (salivary
gland cancers) cohort (n=19) show durable tumour shrinkage and are consistent
with results seen in the Phase Ia (n=11) cohort. DCR (disease control rate) remains
high at 90%. The median PFS (progression free survival) has yet to be reached but,
at over nine months, is already over double the benchmark 3.5-4.0 months seen
for conventional therapy in pre-treated SGC, and 4.0-6.5 months in first-line SG

Detailed data from the Phase III part of FRUSICA-2, the China registration study of fruquintinib in combination with sintilimab (Tyvyt, a PD-1 inhibitor) as second-line (2L) treatment for locally advanced or metastatic renal cell carcinoma (RCC), will be presented at ESMO 2025.

Following recent updates from the Phase II SCOPE study, notably the strength of the PFS data and selection of iSCIB1+ for future development, the focus remains on accelerating plans to start a registrational global late-stage trial in advanced melanoma in 2026. Importantly, discussions have now been scheduled with regulators in the US, UK and Europe, a key step to gain the necessary approvals to initiate the trial; a pre-IND meeting with the FDA is planned for this year. In p

Scancell: Trinity Delta

Avacta is raising £3.25m gross through an oversubscribed conditional placing of 6.5m new ordinary shares at 50p to HNWI. Net proceeds of c £3.1m will be used to settle the next quarterly convertible bond (CB) repayment (principal and interest) due on 20 October 2025, after which the remaining CB principal will be £20.4m.  New shares will be admitted to trading on 12 September 2025, increasing Avacta’s issued share capital to 411,048,875. This follows a similar £3.25m gross eq

Avacta: Trinity Delta

Please find attached our Update report on Scancell outlining recent SCOPE clinical data and the selection of iSCIB1+ to take forward in future trials, with plans being accelerated. Scancell is a clinical-stage immuno-oncology specialist that is developing therapeutic vaccines and antibodies using its four innovative and flexible technology platforms, including ImmunoBody, Moditope, GlyMab and AvidiMab.

Scancell’s investment case centres on the lead cancer vaccines from its highly promising ImmunoBody and Moditope “off the shelf” platforms. Key data from two programmes will determine future development plans and define the commercial opportunities. The first, and most important, are the imminent SCOPE trial results: a successful outcome will allow selection of the optimal candidate (SCIB1 or iSCIB1+) to take into a potentially pivotal Phase II/III trial. Later in 2025, early

Avacta’s appreciation of the scope of its pre|CISION-enabled peptide-drug conjugate platform has been augmented through its Tempus AI collaboration, which has provided insights into indication selection that should enable smarter clinical trial planning. This, coupled to new IP, could also support business development activities. Further data from Avacta’s current pipeline, which has the potential to improve the therapeutic index of many highly potent yet systemically toxic o

CelLBxHealth plc

ANGLE reported FY24 revenues of £2.9m (+31%, FY23: £2.2m), with a gross margin of 62% (H124: 59%; FY23: 70%) reflecting the product-service mix, and provision of some introductory pricing to pharma customers. Implementation of cost reduction initiatives reduced operating expenses to £16.9m (-27%, FY23: £23.3m), and narrowed net loss to £14.2m (-29%, FY23: £20.1m). End-December 2024 cash was £10.4m (end-June 2024: £17.9m; end-December 2023: £16.2m) with £2.3m of R&D tax credit

ANGLE: Trinity Delta

HUTCHMED (China) Limited

HUTCHMED’s pipeline should deliver several catalysts over the next 12-24 months as the seven programmes currently in 14 registration/registration-intent trials yield potential near- to mid- term regulatory filings. Imminent detailed savolitinib data at ASCO could help de-risk ex-China opportunities, whilst potential China launch in the EGFR TKI refractory setting should aid revenue growth. The novel ATTC platform is a potentially significant new opportunity with further discl

HUTCHMED: Trinity Delta

Futura Medical Plc

2024 was a year of strategic delivery. Launch of Eroxon, an over the counter (OTC) erectile dysfunction (ED) gel, by its commercial partners in several new territories (including in the US by Haleon) enabled Futura Medical to post a maiden profit.

Futura Medical: Trinity Delta

ANGLE has successfully completed three assay development projects as part of its Pharma Services business with existing large pharma partners. Development of the prostate cancer AR (androgen receptor) assay and the multi cancer DDR (DNA damage response) micronuclei assay for AstraZeneca (AZ) have been completed, with both now approved for internal use by AZ. In addition, ANGLE has completed its contract with Eisai, demonstrating the ability of the Parsortix-based HER2 (human 

ANGLE has proactively refocused the Parsortix commercial strategy to prioritise large pharma deals within the Pharma Services business. This follows growing momentum in 2024, with three large pharma deals signed that are progressing well. 

HUTCHMED has secured divestment proceeds to advance its innovative pipeline, including its newly disclosed proprietary next-generation antibody-targeted therapy conjugate (ATTC) platform, through monetising a 45% equity interest in a non-core JV (joint venture). This divestment sharpens the focus onto HUTCHMED’s core business
and will enable investment into the early-stage ATTC platform.

Trinity Delta: HUTCHMED

Scancell achieved more in 2024 than in any previous year, but it is the important clinical catalysts for its lead cancer vaccines due this year that are the main focus. The key readouts include further Phase II data for SCIB1 with a doublet checkpoint (CPI) in advanced skin cancer, first clinical data in the same setting with the secondgeneration iSCIB1+, and key CPI combination data for Modi-1 in multiple solid tumours.

Scancell has raised c £10.3m (gross) through an oversubscribed Placing (to new and existing institutional shareholders) and Subscription, with a total of 97,467,141 new shares to be issued. The issue price for the fundraise is 10.5p. An additional up to £1m may also be raised through a Retail Offer to all qualifying shareholders, which will close on 9 December.

Avacta’s growing knowledge base and expertise is cementing its leadership position in FAP-enabled biotherapeutics. Lead clinical asset, AVA6000 (FAP-Dox) is the first of a series of pre|CISION-based modalities that have the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs.

Arecor Therapeutics

Arecor Therapeutics is a clinical stage drug developer, with a well-balanced portfolio of in-house and partnered programmes based on its proprietary Arestat formulation platform, and an internal focus on diabetes.

Arecor Therapeutics: Trinity Delta

Key clinical data for the lead cancer vaccines are approaching, with the first readout expected during Q424 for SCIB1 in advanced melanoma. Scancell is aiming to show that SCIB1 can meaningfully improve outcomes for patients, targeting an ambitious >70% response rate (ORR). 

 Arecor’s H124 interim results reaffirm that the focus remains on advancing the key diabetes and obesity franchise. This includes: (1) next development steps for lead asset AT278, a unique ultra-rapid and ultra-concentrated insulin that could enable next-generation insulin pump delivery systems, following best-case Phase I data in overweight and obese Type II diabetes (September 2024 Update); (2) potential for first insights into the early-stage oral GLP-1 for obesity, with i

Arecor Therapeutics: Trinity Delta Lighthouse

In this Update reviews the detailed AT278 Phase I data in Type II diabetes patients presented at ESMO 2024, and also reinstates our valuation and forecasts following the recent summer fund-raise.

Haleon, Futura Medical’s commercial partner for Eroxon in the US market, has announced it intends to make Eroxon available in the US before the end of 2024. 

Futura Medical: Trinity Delta Lighthouse

Arecor has conditionally raised c £6.42m gross through: (1) a c £5.22m placing, including to international specialist healthcare funds; (2) a c £1.04m subscription; and (3) a c £0.16m retail offer. 

Futura Medical: Arecor Therapeutics

HUTCHMED’s clinical data presentations at the European Hematology Association (EHA) 2024 congress have provided meaningful insights into sovleplenib’s efficacy and safety profile. This is the first HUTCHMED immunology/haem-oncology asset to be filed in China, with a potential approval decision in ≥2L immune thrombocytopenia (ITP) expected late-2024.

Hutchmed: Trinity Delta

Scancell has signed an exclusive agreement with an unnamed international biotech company to evaluate a GlyMab antibody. The current investigational anti-glycan antibody will be assessed for its potential to create innovative, highly differentiated, therapeutic products.

 Avacta is a UK-based biopharmaceutical company developing next-generation targeted cancer treatments, based on its two proprietary platforms: pre|CISION and Affimer.

Arecor’s lead compound AT278, a unique ultra-rapid and ultra-concentrated insulin, has successfully shown superiority to benchmark fast-acting or concentrated insulins in a Phase I study in Type II diabetes (T2D). This follows a similarly positive outcome in a previous Phase I study in Type I diabetics (T1D).

Arecor FY23 revenues of £4.6m (+90% on FY22: £2.4m), as disclosed in the Trading Update (February 2024 Lighthouse), included first recurring royalties on AT220 and the EU launch associated milestone. 

Three new Pharma Services agreements with large cap pharma in 2024 demonstrate that ANGLE’s business development activities are successfully translating into customer income. These deals will make a valuable contribution to near-term revenues and also have the potential for more sizeable future revenues.

Angle plc: Trinity Delta

Takeda, HUTCHMED’s ex-China partner for fruquintinib, has reported Fruzaqla in-market sales of JPY10.1bn for FY23 (for the 12 months ending March 2024), equating to c $68m (based on FX of JPY148/$). 

Arecor has signed a collaboration with Medtronic, a leading global insulin pump manufacturer, to develop a novel, high concentration, thermostable insulin for use with a next-generation implantable pump. 

Avacta’s FY23 revenues increased to £23.2m (FY22: £9.7m), driven by Diagnostics revenues of £21.2m (FY22: £4.2m) which included a full year of Launch Diagnostics and c 7 months of Coris Bioconcept. Therapeutics revenues were £2.1m (FY22: £5.5m) with the prior year including more milestones. 

Futura Medical’s investment case has shifted firmly onto commercial execution. The highly successful initial launches of Eroxon, its novel topical gel for ED (erectile dysfunction), by partner Cooper Consumer Health in the UK and Belgium are now being followed by roll-outs across the major European markets.

Preliminary FY23 financial results confirm revenues of £3.1m (FY22: nil), as already disclosed in the Trading Update (February 2024 Lighthouse). Details on expenses highlight that costs remain tightly controlled, with underlying OpEx (excluding share-based payments) slightly lower at £6.0m (FY22: £6.2m), albeit there has been a shift from R&D to G&A as the focus has moved to Eroxon commercialisation.

Interim data from the Phase I trial of AVA6000, a peptide drug conjugate, have been presented in a poster at the 2024 American Association for Cancer Research (AACR) Annual Meeting in San Diego.

Avacta: Trinity Delta Lighthouse

China commercial execution, the prospect of further approvals and launches globally and in China, plus a strong balance sheet means HUTCHMED is well positioned to achieve its goal of sustainable profitability from FY25.

Redx Pharma Plc

Redx is proposing to delist from AIM and to re-register as a private limited company. A General Meeting seeking shareholder approval for the cancellation of ordinary shares, re-registration, and adoption of New Articles will occur on 19 April.

Redx Pharma: Trinity Delta

 Arecor has partnered with TRx Biosciences to develop an oral GLP-1 (glucagon-like peptide-1) receptor agonist product. TRx Biosciences is a private drug development company with technologies that enable difficult to formulate molecules, such as lipophilic or complex compounds, to be delivered orally. 

Avacta has successfully raised £31.1m gross in a placing to institutional investors, and through a retail offer. Funds will be used to advance the therapeutics pipeline, in particular AVA6000 into initial Phase II studies.

HUTCHMED management have described 2023 as an ‘exceptional year’. The company made significant progress in executing on its strategy to become sustainably profitable from FY25, and on advancing its pipeline. 

Redx Pharma’s differentiated ROCK inhibitor assets hold much promise in the treatment of a variety of serious and intractable fibrotic conditions. Hence, the start of a Phase I trial with second ROCK programme RXC008 is an important milestone.

Data from the Phase III FRUTIGA trial of fruquintinib in combination with paclitaxel for the treatment of 2L (second-line) advanced gastric cancer (GC) or gastro-esophageal junction adenocarcinoma (GEJ) in China were presented at the American Society of Clinical Oncology (ASCO) Plenary Series Session. 

Jazz Pharmaceuticals is acquiring global rights to Redx Pharma’s proprietary preclinical-stage KRAS inhibitor programme, in exchange for a $10m upfront payment, potential cumulative development, regulatory, and commercial milestones of up to $870m, and tiered mid-single digit percentage royalties on future net sales.