Trinity Delta view: Key upcoming SCIB1 data in advanced melanoma are largely de-risked given prior results, in our view, and Scancell is already preparing for future SCIB1/iSCIB1+ development, pending full SCOPE data, including from iSCIB1+ in H125. A potentially pivotal adaptive Phase II/III trial is being planned and critical elements to ensure rapid progression are being addressed. We believe this indicates confidence in the outcome of the ongoing SCOPE trial, appropriate in our view given prior data. Importantly, the current cash runway extends to Q325, beyond these SCIB1/iSCIB1+ milestones and Modi-1 data in H125; this could be extended through licensing activity. Our Scancell rNPV based valuation is £304m, or 33p/share.
