Key clinical data for the lead cancer vaccines are approaching, with the first readout expected during Q424 for SCIB1 in advanced melanoma. Scancell is aiming to show that SCIB1 can meaningfully improve outcomes for patients, targeting an ambitious >70% response rate (ORR). If this is achieved, this would vastly exceed current 50% ORRs, but is a realistic aim, in our view, given prior SCIB1 data. Results from the improved next-generation iSCIB1+ are expected H125.
Assuming positive outcomes, Scancell (SCLP ) is well-prepared to rapidly progress to a registrational Phase II/III trial, subject to sufficient finances. Important CPI combination data for Modi-1 in kidney cancer are also expected H125. Commercial prospects for both could be maximised through partnerships, and positive data could catalyse interest and discussions, in our view. Scancell’s antibody platforms, GlyMab and AvidiMab, provide attractive outlicensing opportunities. The current cash runway is into Q325, beyond key clinical data. Our updated Scancell rNPV valuation is £311m, or 33p per share.