Promising Data in Paediatric Brain Cancer Patients
We assess the equity value of Vidac Pharma Holding plc using a sum-of-the-parts, multi-stage discounted cash flow (DCF) model, in which the two pipeline candidates—VDA-1102 for actinic keratosis (AK) and VDA-1102 for cutaneous T-cell lymphoma (CTCL)—are valued separately. By concentrating on key drivers of value creation such as earnings, reinvestment requirements, and associated risks, the DCF approach estimates the intrinsic value of intellectual property based on expected future cash flows. This long-term perspective is, in our view, particularly well-suited to Vidac Pharma’s development-stage profile. We calculate an equity value of GBP 198.4 mn or EUR 4.30 per share and reiterate our Buy recommendation for the shares of Vidac Pharma.Vidac Pharma recently announced encouraging pharmacokinetic results from a preliminary study of Almavid in paediatric brain cancer patients. VDA 1102, the active ingredient in Almavid, disrupts the binding of hexokinase 2 (HK2)—an enzyme overexpressed in cancer cells—to the mitochondrial voltage-dependent anion channel (VDAC1). This interaction suppresses apoptosis, enabling cancer cells to evade programmed cell death and continue proliferating. The mechanism of VDA 1102, which modifies HK2’s structure and disrupts the binding, has already shown promising clinical results. In previous Phase 2 trials, VDA 1102 demonstrated efficacy with minimal side effects in the treatment of two oncological skin conditions: actinic keratosis (AK) and cutaneous T-cell lymphoma (CTCL). Now, administered to three children, Almavid demonstrated remarkable pharmacokinetic characteristics with brain tumours, including sustained blood stability for over 24 hours (indicating that the molecule is stabile), strong dose linearity, and consistent plasma concentration profiles across all patients. The findings suggest Almavid’s potential as a broad-spectrum therapeutic agent for solid tumours—both as a standalone treatment and in combination regimens, according to the company.
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