Research on Scancell Holdings Plc (SCLP) from Trinity Delta
Scancell is a late-stage clinical oncology specialist developing novel, “off-the-shelf” active immunotherapies. The investment case is being transformed by an elegant dual NASDAQ/AIM listing and comprehensive funding package. Following a multi-step acquisition and financing package, the iSCIB1+ programme is now fully funded to enter its global, c 550-patient registrational Phase III study in late-2026. This complex series of actions removes historical UK capital overhangs and extends the cash runway into 2029. Importantly, accessing the deep US life sciences capital pools ensures long-term support for all the promising pipeline programmes. Near-term catalysts remain plentiful, including maturing Phase II SCOPE data, interim ModiFY synergy updates, and potential milestone payments from the GlyMab antibody portfolio. Our updated rNPV valuation for Scancell is £408m ($530m), equivalent to 34p/share.
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