Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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£38M cash as at end March 24 : Would like to think deals will be done this year & certainly long before end 2025 ,so at the moment healthy cash reserves & diagnostics conributions will be cash positive .
Lots happening 2H2024 .
"[00:56:45.760]
-Christina Coughlin So this is correct. Back to my favourite slide. Based on the data that we've seen in the clinic, and that
includes both the PK, the efficacy, the safety, we have been working on the pipeline very hard internallyere. We describe there are multiple formats that we can everage the precision technology, not just the precision drug conjugates, but also Precision Plus, which is going to allow us to take, we mentioned immune mediated or targeted therapies as warheads, so not just a cytotoxic.
We also have the Precision ADC format, the Affirmer drug conjugate format. And so we are quite excited about how the pipeline is coming together. And we haven't disclosed the details yet.
But what I do commit to you is that in the second half of 2024, we will be disclosing the pipeline.We think it's pretty exciting with a couple of really novel programmes coming forward. And with that disclosure, we will also be describing time to the clinic and where we are with each of those programmes. So good question. And we very much look forward to that particular update in the second half of 2024"
Science will prevail - yes current market cap stinks - apparently " everything on the table " have you been dealt good or bad hand - your choice " stick ,fold or twist " I will stick with the company . It is all about for me the asset IP value & someone will pay to get their hands on Avacta proprietary technology .
Good luck everyone .
GMCC,
How, can you possibly know all of that?
Have you taken over where Smith left off?!
They was shafter, or we was shafted. SoleBoy gave some insight into what likely happened last night.
Something that Turner Pope mentioned when they called me up was that AS and TP had a special relationship going a long way back. I really don't know what to make of that - special yes, but not in a good way.
See my posts on the 'Onwards and upwards' thread.
(Proof reading was regarded as heresy in the Alan regime.)
Strangy83, "We are now on the cusp of a rebate..."
Blimey, Strangy, that's optimistic even by Sujood's standards ;-)
I agree BV. To be honest if they have not sorted funding out by the end of this year through deals or sale of DX it will be poor. 2 weekly should highlight even more efficacy data, more 3 weekly data to come as 4 patients with high fap continue to take drug and were showing reductions (albeit small but expected to reduce further) and they are working on more potent toxins which will be revealed in H2 which is not dissimilar to a for sale sign. Defo makes sense to go for the ACDs rather than 3996 and other older molecules.
So, by my reckoning, Avacta will need 12 months projected cash flow by end of March 2025 in order to continue as a going concern. That would mean until end of March 2026. That would mean that the statement "That cash, based on our current runways, takes us through probably to the start of 2026", whilst 'encouraging', means that another shot of funding - from whatever source - will be required to be on the account before the end of March.
I'm not an accountant and can't read financial statements so please put me right if I am, hopefully, wrong about this.
Going concern
These financial statements have been prepared on a going concern basis, notwithstanding a loss of £24.95m and operating cash outflows from operations of £21.8m for the year ended 31 December 2023. The Directors consider this to be appropriate for the following reasons.
The Directors have prepared detailed cash flow forecasts that extend to at least twelve months from the date of approval of the financial statements. The forecasts take into account the Directors' views of current and future economic conditions that are expected to prevail over the period. These forecasts include assumptions regarding the status of therapeutic development collaborations, the AVA6000 clinical trials, and product development projects together with the Launch and Coris sales pipelines, future revenues and costs, together with various scenarios which reflect growth plans, opportunities, risks and mitigating actions. The forecasts also include assumptions regarding the timing and quantum of investment in the therapeutic development programmes.
Whilst there are inherent uncertainties regarding the cash flows associated with the development of both the therapeutic platforms, the Directors are satisfied that there is sufficient discretion and control as to the timing and quantum of cash outflows to ensure that the Company and Group are able to meet their liabilities as they fall due for at least twelve months from the date of approval of the financial statements. The key factors considered in reaching this conclusion are summarised below:
· As at 31 December 2023, the Group's cash and cash equivalents were £16.6m (2022: £41.8m).
· The Group completed an equity fundraise in March 2024, which raised gross proceeds of £31.1m (£29.4m net proceeds)
· While the Group does have external borrowings in the form of a convertible bond with principal amount remaining of £40.8m, this liability can be settled by the issue of new equity, rather than cash, at the discretion of the Group.
· The Directors have considered the position of the individual trading companies in the Group to ensure that these companies are also in a position to continue to meet their obligations as they fall due.
The Directors continue to explore additional sources of income and finance available to the Group to continue the development of the therapeutic platforms beyond 2024. The sources of income could come through the licensing of assets/targets from the proprietary Affimer® and pre|CISION™ platforms or through additional therapeutic collaborations, similar to the LG Chem and Daewoong collaborations, which may include up-front technology access fees and significant early-stage development income, or through additional equity fundraises.
Based on these indications, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements ...
Beautiful. It works.
Easily said - Probably yeah. Unlike Tony I can also subtract. I'm popping in my CV for the CFO role now....
Get the phase one clinical data & then boom :
" We have hired our Chief Business Officer, Simon Bennett,and let me tell you, he is quite busy. The commercial deals that we've spoken about, these are really unlocked by these clinical data. And so there are multiple conversations ongoing. Progress is being made on multip le fronts in the pipeline"
Still selling pitch forks for the AGM notrex. I'll scratch out Alan and get Tony on there for you. I would imagine that CC knows that there will be some awkward questions at the AGM if Tony is still there.
This is currently a loss making business. A change in strategy is needed which I hope the change in CEO indicates. On the to do list I’d like to see them divest the diagnostic business and use the funds to pay off the bond plus get some deals in place to become cash generative - you can’t be too picky while we are bleeding cash.
Hi BV: Yes - I'm sure she will indeed inculcate loyalty in others - likely she has already to some extent. I guess I'm likely to have to settle for the CFO getting the heave-ho - but if he's still here this time next month I'll be back on the case. He's an utter disaster who needs to go asap - had AS bitten that bullet we might not be where we are now.
Https://avacta.com/wp-content/uploads/2024/04/Avacta-Group-plc-Preliminary-Results-29Apr2024_final.pdf
" So at the end of March, we had circa 38 mil lion cash. That cash,based on our current runways, takes us through probably to the start of 2026"
"
Don't worry notrex, CC will have her own loyal support in place soon enough - or she won't be effective as CEO.
Does it do any good to rake up the details of that disastrously priced placing when those responsible, AS and TG*, have gone? Doing so wouldn't change anything as changes (will) have been made already. It could only be for the morbid curiosity of people not privy to what still might be confidential or commercially sensitive.
* Assumming TG's days can be counted on digits.
Good Morning -very useful transcript from yesterday.
https://www.dropbox.com/scl/fi/36pr2bcwdrg7wqwchedq2/AVACTA-Prelims-and-Update-April-30th-2024.docx?rlkey=kbadjkv1w13h1ougizsobjeld&e=1&dl=0
Notrex I can't recall ever seeing a single RNS explaining why a CEO has gone. The reasons here are obvious. A change in strategy, mismanaged funding and just simply being there so long.
Christina seems to be a seriously impressive human being. Doesn't mean she will be a great CEO but it's a good start
Tedious twunts.
We are now on the cusp of a rebate...
News will send the SP upwards quick.
No charts required just look at the science and the CEO.
AS has indeed gone - and we are left to draw inferences about why he has gone - but the reason has not been overtly spoken or written anywhere. If I'm wrong - please point me to the RNS/interview or whatever where it was? I want CC to show early steel by ruthlessly cutting herself from the past - I don't want to see inappropriate loyalty to previous colleagues on display - this is a multi-million pound business - not the local science club (that AS seemed to treat it as).
She will enjoy a short honeymoon period - she needs to use it effectively whilst it's still there.
It's never easy to oust a CEO and founder of a business and one who has likely run the co like a private business for too long. Chris seems to have a different view on how to move forwards whereas AS wanted to IND 3996 whereas CC seems to want to look at the more toxic newer drugs which to me makes sense. Most large pharma are going for ADCs so if we're able to improve upon them so the next generation then this will surely accelerate interest rather than applying our amazing tech to older albeit better known molecules. Now the pathfinder, 6000, has shown the platform works it's time to apply to the newer therapies and make them even better. No doubt an awful few months for holders but surely a low point and upwards fromhere.
Worth remembering we still had several patients taking drug in the 3 week study and data will be presented so surely the results will improve and even more PFS and patients lives extended without the awful side effects. News on 2 weekly soon too and hopefully some BOD appointments too
Some very interesting comments in this thread.
Hello all, very infrequent poster here, but I've had a listen to the presentation again and at 6 minutes 15 seconds in, they state "cash runway 'probably' to the start of 2026". I'm a bit uncomfortable with the 'probably' bit but based on that statement, I'll go with start of 2026 with the possibility of a fundraise some months before this (as they can't leave a fundraise to the very end of the runway). That gives me until mid next year to see how they've progressed before I decide how to proceed with my investment, and hoping that in this next year, they would have progressed quite significantly.
On a separate note, because I am a nit picker, at 20 minutes and 30 seconds in on slide 18 bottom right, its not very good use of wording with the open bracket, i.e., "...such as (such as..."
Am I too picky? I guess its not so bad as the maths in the RNS the other day!
it’s in the open. it was a **** show. alan has gone, tony will go. it’s only a festering sore in your head. the ceo will be looking forward not back and slating alan and acknowledging he made bad decisions does her no good. yesterday’s waffalesque answer (a final tribute, it was like he was in the room…. maybe he wrote the script as it was scripted) showed that it’s not going to happen. move on. if you can’t, meh, stew on it forever.