Avacta has treated its first patient in the first clinical trial of FAP-Exd (AVA6103), a second-generation pre|CISION-enabled peptide-drug conjugate (PDC). FAP-Exd is a novel sustained release PDC with an exatecan payload intended to address the known limitations of the potent Topo I inhibitors (short half-life, severe systemic toxicities). The FOCUS study is designed to generate robust data in four specifically selected solid tumours (cervical, gastric, pancreatic, and small cell lung cancer). The results, from c 144 patients, will determine the FAP release kinetics, examine safety, and provide preliminary efficacy of FAP-Exd. Phase Ia results should be available in late-2026, with Phase Ib expected to start in early-2027. These data will help validate the clinical utility, commercial potential, and inherent value of the FAP-activated PDC pre|CISION platform. Our updated valuation is £471m/$603m, or 103p/share.
