Upbeat interim results highlight the significant operational progress made during the 1H and post period, most notably the recent FDA clearance of its IND for iSCIB1+. Thus, unlocking the path to a global Phase 3 registrational trial in advanced melanoma and in our view a major de-risking event. As a reminder, Phase 2 data from the completed 140 patient study demonstrated that iSCIB1+ meaningfully outperformed standard of care (SoC), delivering 74% progression-free survival (PFS) at 16 months versus c. 50% for SoC. Now just potentially months away from a Phase 3 (contingent on funding), we remain of the view that the share price grossly undervalues the longer-term commercial opportunity. We reiterate our BUY and 30p TP.
