Avacta Group (AVCT) H2 2025 earnings summary

Executive summary

• Focused exclusively on oncology, leveraging the proprietary pre|CISION peptide drug conjugate platform targeting FAP, expressed in 90% of solid tumors, for improved efficacy and safety in cancer therapy.

• Achieved all stated R&D and clinical milestones on time, including first patient dosed in AVA6103 phase I and positive updates at major oncology conferences.

• Pipeline includes Gen 1 (AVA6000), Gen 2 (AVA6103), and Gen 3 (AVA6207 dual payload), with ongoing clinical trials and robust preclinical data.

• Strategic focus on advancing clinical programs, expanding IP, and pursuing partnerships to maximize shareholder value.

Financial highlights

• R&D investment increased to £18.8M in FY2025 from £14.3M year-over-year, reflecting pipeline progress.

• Administrative expenses decreased to ~£10M from £12M year-over-year.

• Net operating cash outflow from continued operations was £22.64M, down from £24.94M in 2024.

• Raised £32.5M over 18 months; cash balance at end of April 2026 was £16.4M, extending runway into early Q1 2027.

Outlook and guidance

• Initial clinical data from AVA6103 expected by end of 2026; phase I-B data for AVA6000 to be presented in H1 2026 at ASCO and BIO International.

• Gen 3 AVA6207 payload and candidate selection anticipated in H2 2026.

• Next 9-12 months described as transformative, with multiple data catalysts and partnering discussions ongoing.