Lead asset faridoxorubicin (AVA6000) has delivered a credible Phase Ib data package in salivary gland cancer (SGC) with no cardiotoxicity and a 90% disease-control rate, while second-generation FAP-Exd (AVA6103, exatecan) has just begun a four-tumour Phase Ia trial (FOCUS-01). The science is genuinely differentiated and could mitigate well-documented limitations of antibody-drug conjugates (ADCs); however, after years of guidance, no partnership has been signed, the cash runway extends only to Q1 2027, and the convertible bond reset embeds further dilution risk. We rate the science a BUY, the balance sheet a SELL, and on balance an investor entering today is paying for hope rather than evidence hence our HOLD.
