Trinity Delta view: Scancell’s H126 results and recent data read outs showcase the progress achieved. The quality and duration of responses seen in the SCOPE study provide reassurance that iSCIB1+ could shift the standard of care in advanced melanoma if replicated in the registrational trial. Inevitably investor attention is now focused on the likely funding mechanism for the trial, with partnership expected to be one of the principal avenues under consideration. However, we would argue the strength of data and cost of the proposed Phase III study is such that in-house development should remain a primary consideration. Our rNPV valuation is £382m, or 37p/share, with further upside potential as funding is secured for iSCIB1+ progress and the expected news flow from both the Moditope platform (Phase I/II ModiFY data from the RCC and SSCHN cohorts) and the GlyMab portfolio (including updates from partner Genmab).
