Top-line results from part 2 of the Phase II CORIST trial in metastatic colorectal cancer (mCRC) were disappointing for Scandion, as the SCO-101/FOLFIRI combination failed to reach the 30% tumour reduction threshold. Despite this, SCO-101 did show indications of efficacy and the company intends to begin enrolment for CORIST part 3 in Q322, which will investigate a new dosing regimen in a larger patient population to fully evaluate SCO-101’s utility. We continue to estimate a cash runway for the company into FY24; however, as proof-of-concept data have been elusive so far, we expect the company will need to raise capital by end-2023/early FY24 to continue clinical development. Considering CORIST part 2 results, we have reduced our valuation of Scandion Oncology to SEK279.0m or SEK6.9 per share, from SEK609.5m or SEK15.0 per share previously.
