In our “Jabs will prevail” note, our thesis pivoted on the possibility (probability?) that ILiAD would secure funding to initiate hVIVO’s largest HCT to date, as well as providing the validation of being acceptable to the FDA as a pivotal. Study. Iliad have secured the funding through an oversubscribed round, and we anticipate that the contract with HVO will be formally signed over the coming weeks. We acknowledge that there is still a lot of uncertainty regarding the near-term outlook, but we view the anti-vax headwinds as temporary. We now have clarity on ILiAD funding and given that the HCT is viewed as a pivotal study by the FDA, which could be a near term game changer. HVO is trading on a 0.7x FY26 EV/sales which we feel is unwarranted, given the peer group average of 3.1x FY25 EV/Sales and 3.0x FY26EV/Sales. We maintain our 17p PT based of a 2.0x FY26 EV/Sales multiple. We make no changes to our forecasts and re-iterate our BUY and PT of 17p
