Scancell Holdings (SCLP) H2 2024 earnings summary

Executive summary

• Positive efficacy signals from lead cancer vaccines, with SCIB1 in combination with checkpoint inhibitors showing an 85% overall response rate in unresectable melanoma, exceeding the 70% target in the SCOPE study.

• Modi-1 demonstrated safety as monotherapy, with 60% of patients showing stable disease; now being tested in renal cell carcinoma with doublet checkpoint inhibitor therapy.

• Strategic partnership with PharmaJet secured for needle-free vaccine delivery, supporting readiness for Phase 2/3 registration trials.

• Enhanced organizational capabilities with new hires in business development, manufacturing, CFO, and CMO roles.

Financial highlights

• Revenue for the year ended 30 April 2024 was £5.3m, up from £4.7m in the prior year, mainly from SC129 upfront payments.

• Operating loss increased to £18.3m from £11.9m year-over-year, reflecting higher development and administrative expenses.

• Cash and cash equivalents stood at £14.8m at year-end, with a cash runway extending to Q3 2025.

• Financing in late 2023 raised £11.9m, supporting clinical development and organizational expansion.

• Convertible Loan Notes maturity dates extended by two years, deferring interest and improving cash position.

Outlook and guidance

• Full cohort data for SCIB1 and iSCIB1+ expected in Q4 2024 and H1 2025; Phase 2/3 registration trial to begin in 2025.

• ModiFY study data in RCC with checkpoint inhibitors anticipated in H1 2025.

• Ongoing out-licensing discussions for GlyMab and AvidiMab platforms, with partnering options under continuous review.