appreciation of the scope of its pre|CISION-enabled peptide-drug conjugate platform has been augmented through its Tempus AI collaboration, which has provided insights into indication selection that should enable smarter clinical trial planning. This, coupled to new IP, could also support business development activities. Further data from Avacta’s current pipeline, which has the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs, are anticipated over the next 18 months. Full Phase I AVA6000 (FAP-dox) salivary gland cancer (SGC) data are expected H225, with similar data in TNBC (triple negative breast cancer) to follow in H126; these data could be a prelude to a deal. Subject to funding, Phase II studies in both indications may begin in 2026. A second pre|CISION asset, AVA6103 (FAP-EXd), is on track to start Phase I in early-2026, with first clinical data by end-2026. Our Avacta valuation is £446m ($558m), equivalent to 114p/share.
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