reports
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: ANGLE
Trinity Delta view: ANGLE’s focus is on progressing and growing the Pharma Services business, which has the potential to drive significant mid- and longer-term revenues through later-stage development as part of existing deals (depth), cross-selling (breadth), and new deals (halo). This a key element in widening adoption of Parsortix-based CTC analysis to support development of new therapies and potentially broaden the applicability of existing targeted drugs. Cancer mutations as potential bioma...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED continues to consistently execute strategically, with sustainable profitability ahead supported by solid in-market product sales growth. Near-term top-line growth will be driven by additional global launches and new indications for current products, plus potential new product approvals. Acquisitions and/or in-licensing will be sought to support the mid-term, whilst accelerated investment in the highly promising ATTC platform (from proceeds of the SHPL disposal) shoul...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Avacta: Executing steadily on therapeutics focused strategy
Avacta continues its transition into a pure-play therapeutics company to advance its pre|CISION-enabled peptide-drug conjugate platform. The expanding pipeline has the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs. Progress has been tangible with early efficacy and safety data from the Phase Ia salivary gland cancer (SGC) dose escalation cohort of lead asset AVA6000 (FAP-Dox), and confirmation of dosing and ongoing enrolment into Phase Ib ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Oxford BioDynamics: Seeking deals to enhance EpiSwitch revenue potenti...
There is a near-term focus on partnerships, collaborations and licensing deals to maximise the revenue potential of Oxford BioDynamics’ portfolio of innovative and clinically robust tests. We believe the market opportunities for CiRT, PSE, and the portfolio of tests remain intact and sizeable, but successful uptake requires continued significant commercial investment and/or partners, in our view. New management is considering all options to crystallise value from these diagnostic tests and the i...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s diabetes franchise is central to its investment case, with AT278 making a significant contribution to our rNPV-based valuation. Management has taken some tough decisions, notably the cessation of Tetris operations, in order to remain focussed on demonstrating the value of its novel insulins and confirming their central role in the emerging field of AID pump systems. The news of progress on co-development partnering of AT278 for the next study programme is welcomed an...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: ANGLE
Trinity Delta view: ANGLE’s collaboration with Illumina, the global leader in next-generation sequencing systems and assays, has significant potential to expand the Parsortix commercial opportunity. Liquid biopsy centred on ctDNA analysis is already widely adopted and these recent studies confirm that Parsortix-enabled dual CTC-DNA and ctDNA analysis can provide additional complementary information for cancer diagnosis and longitudinal monitoring. Establishing an optimised end-to-end workflow fo...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Our investment case for Futura Medical is heavily weighted towards the US market, which is the main component of our sum-of-the-parts NPV valuation, worth more than Europe and RoW combined. Investor attention has, rightly, focused on Eroxon’s market traction, particularly repeat purchases, where there remains limited visibility. The slower than expected sales ramp is disappointing and future sentiment now hinges on the success of the revised promotional positioning. However, ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta LIghthouse: Scancell
Trinity Delta view: Scancell has the financial resources to progress its two highly promising oncology vaccine platforms (Moditope and ImmunoBody) to key clinical inflection points during 2025. Further data from the ongoing SCOPE trial (Cohort 1 data in mid-2025 and Cohort 3 data in H225), assuming the positive response rates seen in early read-outs is maintained, will help define the optimal vaccine form (SCIB1 or iSCIB1+) and the structure of the potentially pivotal Phase II/III trial. Meanwhi...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
ANGLE: Adapting to align with the biggest future opportunities
ANGLE has proactively refocused the Parsortix commercial strategy to prioritise large pharma deals within the Pharma Services business. This follows growing momentum in 2024, with three large pharma deals signed that are progressing well. This business has the potential to drive significant mid- and longer-term revenues through later-stage development as part of existing deals (depth), cross-selling (breadth), and new deals (halo). The shift avoids regulatory and research funding headwinds which...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Futura Medical has successfully transitioned into a commercial healthcare company that is profitable and cash generative. Investor attention is focused on the market traction being gained by Haleon in the US, where even modest commercial success would be transformational. There is no market data for the rate of repeat purchases in Europe, which means, as discussed previously, revenues are impossible to forecast with any accuracy. Additional challenges include unpredictable la...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Oxford BioDynamics
Trinity Delta view: New funds are welcome and will allow OBD to continue operating for the next 12-months. During this time, new management plans to review the business to right-size the cost base, whilst seeking business development opportunities to maximise near-term revenues. Recent test volumes, notably PSE, are showing encouraging signs of growth, although it remains to be seen if these are one-off upticks, or a new sustainable base. Early submission for CiRT guideline inclusion would also ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: Advancing innovation and increasing core business focus
HUTCHMED has secured divestment proceeds to advance its innovative pipeline, including its newly disclosed proprietary next-generation antibody-targeted therapy conjugate (ATTC) platform, through monetising a 45% equity interest in a non-core JV (joint venture). This divestment sharpens the focus onto HUTCHMED’s core business and will enable investment into the early-stage ATTC platform. Cash proceeds of c $608m provide additional financial flexibility as HUTCHMED executes on its goal of sustain...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Scancell: Poised for several pivotal clinical events in 2025
Scancell achieved more in 2024 than in any previous year, but it is the important clinical catalysts for its lead cancer vaccines due this year that are the main focus. The key readouts include further Phase II data for SCIB1 with a doublet checkpoint (CPI) in advanced skin cancer, first clinical data in the same setting with the second-generation iSCIB1+, and key CPI combination data for Modi-1 in multiple solid tumours. In addition, the GlyMab and AvidiMab platforms provide attractive out-lice...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s investment case centres on the prospects for its development stage diabetes and obesity franchise. Attention is, rightly, focussed on AT278, its innovative ultra-rapid ultra-concentrated insulin. AT278 has the potential to become a key enabler in the development and uptake of next-generation insulin pump delivery systems, allowing both greater miniaturisation and longer wear times. We do not view Arecor as a revenue story, hence the impact of Tetris related changes t...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s key value driver with the biggest upside potential remains its diabetes and obesity franchise, hence the focus is on advancing key assets particularly AT278, a unique ultra-rapid and ultra-concentrated insulin that could enable next-generation insulin pump delivery systems. Nevertheless, technology partnerships and formulation collaborations offer additional, albeit more modest, upside opportunities. Successful progression into a licencing agreement not only unlocks ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Sovleplenib is an important pipeline asset for HUTCHMED and one that is expected to make an important contribution to future growth. With a 2025 approval decision pending, launch planning is well advanced with a modest specialty immunology sales and marketing team supplementing the existing commercial infrastructure. Clinical data, including that recently presented at ASH 2024, confirm an attractive efficacy and safety profile, including longer-term, in a highly pre-treated p...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta LIghthouse: Scancell
Trinity Delta view: Scancell’s upsized £10.3m fundraise, including to new specialist healthcare investors, extends the cash runway to H226, beyond key value inflection points for both SCIB1/iSCIB1+ and Modi-1, and also allows the time for Scancell to evaluate potential suitable out-licencing and partnering opportunities to optimally advance key assets from a position of strength. The fundraise reflects continued momentum at Scancell, with recent positive SCIB1 data, and hot on the heels of the s...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta LIghthouse: Scancell
Trinity Delta view: Scancell has four distinct technology platforms: two highly promising oncology vaccine platforms (Moditope and ImmunoBody), and two antibody technologies (GlyMab and AvidiMab). Investor attention remains, understandably, focused on the vaccine programmes, notably further data from the ongoing SCOPE trial (Cohort 1 data in H125 and Cohort 3 data in H225) following much anticipated recent positive response rate data from Cohort 1 (November 2024 Lighthouse). Nonetheless, licenci...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Avacta: Targeting the tumour microenvironment with pre|CISION
Avacta’s growing knowledge base and expertise is cementing its leadership position in FAP-enabled biotherapeutics. Lead clinical asset, AVA6000 (FAP-Dox) is the first of a series of pre|CISION-based modalities that have the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs. Other novel programmes AVA6103 (FAP-EXd) and AVA7100 (an Affimer-drug conjugate platform) further broaden the potential utility of the pre|CISION platform. Progress into th...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta LIghthouse: Scancell
Trinity Delta view: Data from the SCOPE study are reassuring and pave the way for the planned randomised adaptive Phase II/III trial. Assuming continuing positive results at week 25 for both Cohorts 1 and 3, investor attention will understandably centre on the funding of this potentially pivotal study. Our forecast cash runway extends to Q325, beyond these SCIB1/iSCIB1+ milestones and Modi-1 data in H125; however, our cash assumptions do not include any potential licensing deals for the GlyMab a...
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