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Avacta Group

Trinity Delta view: Avacta is now funded through to the early data from the first patients on therapeutic doses of AVA6103 in the Phase I/II FOCUS study; these should provide the first clinical insights on efficacy, kinetics and toxicity. Confirmation of the expected targeted tumour localisation and a reduction in systemic toxicity would be an essential validation step; not simply demonstrating that AVA6103 proposed mechanism is working but de-risking the wider next gen pre|CISION platform. We believe such data should also act as the natural catalysts to drive meaningful commercial partnerships. In the interim, AVA6207, the lead dual payload programme, is close to candidate selection and targeting an IND around end-2027/early 2028. Our Avacta valuation and forecasts are currently suspended; for context, our last published valuation was £525m, or 111p/share (105p fully diluted).

Trinity Delta Lighthouse: Avacta

Avacta is a differentiated clinical-stage oncology specialist, increasingly defined by continuing progress with its second-generation pre|CISION tumour-activated Peptide Drug Conjugate (PDC) platform. The lead Gen Two programme, AVA6103 (FAP-EXd, a FAP-activated, controlled-release exatecan), has delivered initial Phase Ia safety and pharmacokinetic data from the FOCUS-01 trial. These data provide early human validation that the platform successfully replicates the targeted tissue localisation seen in preclinical models. They show a three-fold reduction in systemic payload exposure compared to market-leading antibody-drug conjugate (ADC) benchmarks and avoid the severe myelosuppression typically associated with free topoisomerase I inhibitors. Further clinical news flow over the next 12 months should establish the utility, positioning, and value of the pre|CISION platform. Our rNPV-based valuation is £525m/$671m, equivalent to 111p/share.

Trinity Delta - Avacta: Encouraging first data from AVA6103 Phase Ia study

Avacta: Research

Avacta’s cash runway of £16.4m at end-April 2026 extends into early Q127, beyond key catalysts for the two lead pre|CISION peptide-drug conjugate (PDC) assets, faridoxorubicin and AVA6103 (FAP-EXd). Cash resources have been boosted by the £32.5m in new equity raised over the last 18 months, most recently £10m gross in March 2026, enabling continued investment into the platform and PDC pipeline towards upcoming value inflection points.

Avacta has undertaken an innovative AI-driven analysis to assess differences in payload delivery between its proprietary pre|CISION peptide drug conjugate (PDC) platform and a market leading cleavable linker antibody drug conjugate (ADC). 

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Shares in Avacta rose on Monday after the clinical stage biopharmaceutical company presented preclinical data showing its novel dual payload pre|CISION technology at a oncology conference in Boston.

Avacta presents promising findings to Boston conference

Trinity Delta: Avacta

Avacta is raising £3.25m gross through an oversubscribed conditional placing of 6.5m new ordinary shares at 50p to HNWI. Net proceeds of c £3.1m will be used to settle the next quarterly convertible bond (CB) repayment (principal and interest) due on 20 October 2025, after which the remaining CB principal will be £20.4m.  New shares will be admitted to trading on 12 September 2025, increasing Avacta’s issued share capital to 411,048,875. This follows a similar £3.25m gross eq

Avacta: Trinity Delta

Avacta has undertaken a conditional placing (‘the Placing’) of 10.83m new shares raising £3.25m (gross) at 30p each (being a discount of c.7.7% the closing price on 16 July 2025) from long term, high net worth investors. Admission of the new shares is expected to take place on or around 24 July 2025.

Avacta: Turner Pope

Avacta’s 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 o

Avacta Group

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Trinity Delta Lighthouse: Avacta

Trinity Delta Lighthouse: Avacta

Trinity Delta - Avacta: Encouraging first data from AVA6103 Phase Ia study

Avacta: Research

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