FY25 was a year of excellent operational and strategic execution, marked by a significant strengthening of leadership (CEO & CMO) and clinical progress (incl. post period). This puts Scancell in a prime position to make a smooth transition to a late-stage Biotech in FY26, and create significant shareholder value through partnering or licensing deals. The key highlight for us, was the interim Ph2 readout from its lead cancer vaccine iSCIB1+ for advanced melanoma, a major de-risking event that has resulted in accelerated discussions with the FDA (pre-IND meeting to take place in CY25), MHRA & EMA. In our view, the progress made to date has still not been duly reflected in the shares. A compelling BUY, TP 30p.
