Trinity Delta view: Scancell’s cash runway extends to early 2025, covering important clinical milestones for both SCIB1 and Modi-1 programmes. The highly impressive initial SCOPE data effectively demonstrate the value of the SCIB vaccine in combination with CPIs, suggesting results from the second stage (due in H124) could be similarly positive. Early clinical data from the Modi-1 ModiFY study will also be available in 2024. Encouraging clinical outcomes would validate both the ImmunoBody and Moditope vaccine platforms and likely stimulate industry partnering interest. Licencing interest is also expected for the GlyMab and AvidiMab antibody platforms as Business Development activity is ramped up. Our Scancell rNPV based valuation is £300.1m, or 36.7p/share.
