Avacta Group (AVCT) H1 2025 earnings summary

Executive summary

• Clinical and preclinical oncology programs advanced, with ongoing Phase 1b expansion cohorts for AVA6000 (Faridoxorubicin) showing encouraging initial activity and pivotal data updates scheduled for late 2025 and ESMO 2025.

• AVA6103 (FAP-EXD) remains on track for first patient dosing in Q1 2026, with strong preclinical data showing durable responses in resistant tumor models.

• Strategic focus on partnerships, business development, and collaborations, including with Tempus AI, to support funding and clinical advancement.

• Industry interest in the pre|CISION platform is increasing, with pipeline and platform updates scheduled for late 2025.

• Sale of Launch Diagnostics and Coris Diagnostics completed, supporting cash position.

Financial highlights

• Cash and cash equivalents at period end were £12.65 million, down from £28.56 million year-over-year and £12.87 million at year-end 2024.

• Cash outflows from operations and working capital were £12.14 million for H1 2025.

• Cash inflows from investing activities were £8.77 million, mainly from the sale of Launch Diagnostics.

• Revenue from continuing operations was £0.06 million, unchanged year-over-year; discontinued operations revenue was £6.10 million.

• Operating loss from continuing operations decreased to £14.18 million (H1 2024: £14.86 million).

Outlook and guidance

• Faridoxorubicin program to present final phase 1a data at ESMO 2025 and full expansion cohort data in late 2025.

• Initial data from triple negative breast cancer cohort expected in H1 2026.

• AVA6103 on track for first patient dosing in Q1 2026, with initial data anticipated late 2026.

• Third pipeline program to reach candidate selection with IND filing targeted for late 2026.

• Cash runway extends into Q1 2026 based on current committed expenses.