Trinity Delta view: Scancell’s investment case centres on the potential of the lead oncology programmes from its highly promising ImmunoBody and Moditope “off the shelf” platforms. iSCIB1+ already forms the majority of our current rNPV (51.3%) and this is set to rise as Scancell navigates key de-risking events such as securing the funding for iSCIB1+ to enter this pivotal Phase III study. The quality and duration of responses seen in SCOPE provide reassurance that iSCIB1+ could alter standard of care in advanced melanoma if replicated in the registrational trial. Investor attention will now focus on the likely funding mechanism for the trial, with partnership expected to be one of the principal avenues under consideration. Our rNPV valuation is £382m, or 37p/share, with further upside potential as iSCIB1+ progresses and the expected news flow from both the Moditope platform (Phase I/II ModiFY data from the renal cell carcinoma cohort exploring Modi-1 with doublet CPIs) and the GlyMab portfolio.
