Avacta Group Share Chat (AVCT)

This week... I will mainly... be cooling off in the bath

Not a quiet week for me! Off to Birmingham tomorrow to get absolutely hammered at Marie Vaunt. Let’s go! 🤣🤣🙌

Maybe a week off to recover from 'jet lag' and San Diego, and be ready for July 4th?

At least someone's got round to making RH Chairman (though AVA7100 still there) ...

https://avacta.com/about/leadership/

Big second half to come ...

Partner for the 'pivotal' AVA6000 trial,

TNBC (STS?) data to come (surely the FDA will have seen this prior to granting the above?),

AVA6103 update - early positive words would be helpful - it's been running for 3 months, they will absolutely know how it's going,

AVA6207 dual-warhead choice,

Etc.

GLA

Everyone is knackered from the late KO world cup matches

Hold tight until there's more palpable commercial triggers

Surprisingly uneventful following last week’s FDA agreement and data demonstrating FAP persisting alongside tumour reduction.

No problem selling 100k shares, so someone is happy to hoover up all sells at this price. I couldn’t be happier with the current outlook for Avacta in H2 and H1 next year; deals/ partnerships, more great data/ progress from 6000, 6103, commencement of 6207, BP showing their hand, followed by…..B/O; all good possibilities . Hope you all have a great weekend.

Even nicer if you pipe down for a few weeks

I still feel that a deal of any sort is only going to happen when AVA6000 P1b clinical trial has matured data. Or some unequivocal CV clinical trial results for AVA6103 are published. The first implies passage of time, so I wouldn’t be expecting that quite yet. The second we have been promised in 4Q26. So I think overall we are in for a nice quiet wait for a couple of months. Especially if the hysterical rampers keep their thoughts to themselves. It’s been so nice over the last few days.

Anything with a $ in the RNS. That's the only thing.

A partner for phase 2? A platform level deal? Strong TNBC data? Perhaps a surprise 6103 related RNS?

What’s going to fuel the SP?

About the QCA

https://www.theqca.com/

Good Morning courtesy Stonks thanks

FYI

The Quoted Companies AllianceThe Quoted Companies Alliance

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It's Three Cheers Friday!

Join us as we celebrate the latest achievements from QCA members who are driving growth and innovation across the UK.

ECO Animal Health has announced the commercial launch of ECOVAXXIN® MS across the EU. This poultry vaccine against Mycoplasma synoviae is the first commercial market entry from ECO’s proprietary R&D pipeline, targeting an infection that causes significant economic harm, protecting future layer and breeder flocks while leveraging ECO's massive EU distribution infrastructure.

Zephyr Energy plc has expanded its operated land position in the Paradox Basin, Utah, through the successful acquisition of an additional 2,294 acres of Utah Trust Lands Administration (TLA) leases. This strategic move directly consolidates regional holdings to the north of its White Sands Unit, bringing the company's total operated footprint to more than 72,000 gross acres.

And Avacta Therapeutics has reached a major milestone by securing an agreement with the U.S. FDA on the pivotal trial design for faridoxorubicin (AVA6000) for patients with salivary gland cancer. The path to potential full regulatory approval is now streamlined into a single pivotal study with progression-free survival (PFS) as the sole primary endpoint, offering substantial time savings as the company progresses toward commercialisation.

Colin Harrington Christopher Eadie Rick Grant Gordon Bowman Stein

Dr. David Hallas Chris Wilks Frank Armstrong Christina Coughlin

Richard Hughes

hashtag#Growth hashtag#Innovation hashtag#AIM hashtag#Success hashtag#ThreeCheersFriday

https://lnkd.in/eCXv5dqS

Gmcc

' Only a few say "guys" '

'Guys, guys, I'm literally shaking..." '

Open and shut case I think you'll find.

Two possibilities.

Someone with two or more accounts. Requires at least two different writing styles (as will be shown) which can't be easy.

Or two people, each with their own writing style, sharing the same computer.

@RichMacintyre - https://www.lse.co.uk/profiles/RichMacintyre/ - is obviously a Tom Winnifrith-type account, if not TW himself.

The other account – the one the person thought was being used – I'd say is maybe not a regular poster but someone who, when they do post, says things like "I welcome alternative views" and "stop getting posts deleted" and may use the term "guys". So be wary of posters who do these things ...and note who they are defending.

And deliberately spelt MacIntyre wrong to fool us to thinking it was a different poster. 🤣

Ah ok, that makes sense.

I wouldn’t give it much thought. Rich certainly isn’t one of the board’s main contributors when it comes to research or company information.

He’s only really appeared recently to take a consistently negative stance on Avacta. If I had to guess, I’d say it’s just a generic second trading account trying to appear more diplomatic and reinforce different agendas (Pathetic TBH everyone should only use 1 account, grow a pair), while still pushing a bearish narrative, not a known poster like Touk for example.

The third person post was amusing though. 🤣🤣.

Obviously. I was asking whether you had any idea who that person is.

And AVA7100 is still in the pipeline "and is anticipated to have candidate selection in 2H 2025 with a potential IND in 2H 2026."

No Richard Hughes is as from 22nd june 2026

ask grok he will tell you this..

Wakey Wakey Karen. Shaun Chilton is still chairman and RH isn't!

Are we sure we want to go to the Nasdaq?

Scancell Holdings plc Ord GBP0.001 15.50p -1.22p -7.26% – this morning

I won't accept a penny less than 10B. Huge revolutionary platform. They all need it

Ipad, I note that sp of Scancell has behaved oddly since they announced a possible reverse takeover on to the Nas.

ie -2.16p (-11.01%)

in the last week

Sorry. My bad. I meant comparing to Avacta.

Plenty on the Scancell board should be able to help you with that.

Macintyre stick to hemo 🛎🔚

Probably!! 🤣🤣🤣

No idea what a bottom feeder is however it does sound like one of doggy's weekend activities

Maybe I should have given Laura G a call. 🤣🤣

All joking aside, you win some, you lose some. I’ve had several winners recently, including Stateside with NVTS and Tempus, plus Saga.

Avacta, though, continues to look extremely promising from a fundamental perspective.

My advice, Do your own research, have patience and filter out the bottom-feeding traders who obsess over every daily moves and flip/flop doesn’t take a rocket scientist to figure out who I’m referring too…. It’s LDA🙄🙄🤣. 👍

Ha! Good one ice!

How did WH Smith go a wood group and the one that went bust and indeed given the time you have been ramping this stock we can include AVCT to!

( I don’t have a problem with picking wrong ons, we all do it from time to time but you of all people should perhaps keep the stones in your pocket, particularly as you are so rude to anyone that disagrees with your particular take.)

Thanks timster just popped up for air and a read of the board

It's ok LDA NATO says he's attacking us in 4 years that gives us a bit of time to spend the billions budget.

Well it sounds like it’s time you started demanding war updates from Putin too, I’m sure he would respond to a man of your gravitas and it might put you more at ease.

In the mean time i am busy building a bunker in the garden have serious concerns about the ukraine war and feel putin may take advantage of the uks defence spending

Timster thats no necessary but someone somewhere knows something and answers are needed pronto

...with chips.

Final part

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Rejection Rules & Expected Focus Timeline

Would they have to announce a rejection via RNS?

No. AIM rules require disclosure of information likely to have a significant effect on share price. However, since the pending application was never public, a rejection is a gray area. Most companies would not disclose it; they would simply resubmit with additional data and say nothing.

Reconstructing the SGC Priority Timeline

January 2025: Phase 1b expansion cohorts initiated in three indications (TNBC, soft tissue sarcoma, and SGC)—all three were nominally equal at this point.

October 2025 (ESMO): Phase 1a data in SGC showed median PFS not reached and a disease control rate of 91%. This is likely where SGC was internally confirmed as the registrational focus.

May 2026: In preliminary results, Avacta explicitly described SGC as "the lead indication selected."

Expected ODD Application Window

A well-run regulatory function would have filed an SGC ODD application in Q4 2025 or Q1 2026 following the compelling ESMO data.

If filed in Q4 2025 \rightarrow Response expected Q1/Q2 2026.

If filed in Q1 2026 \rightarrow Response expected Q2/Q3 2026.

Conclusion: If an application was filed in that window, a decision should already be imminent or received. The absence of an RNS announcing an ODD for SGC suggests they either haven't filed yet, received a deficiency letter requiring more data, or are strategically holding the news to coordinate with a partner deal.

Is it likely that they will get ODD?

Yes, highly likely. The criteria are straightforward:

Prevalence: SGC affects well under 200,000 Americans annually.

Clinical Plausibility: Supported by Phase 1a/1b data showing a 92% DCR and immature PFS trending well above benchmarks.

Existing Treatments: No established standard of care in SGC.

Precedent: Avacta has already successfully obtained ODD for AVA6000 in soft tissue sarcoma.

Outright rejection is unlikely given the data quality. The main risk is a prolonged silence, which loops back to tactical timing or data-gathering delays.

Continued

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Key Terms Defined

ORR — Objective Response Rate: The proportion of patients with a measurable tumor reduction meeting predefined criteria (typically confirmed partial or complete response by RECIST).

ODD — Orphan Drug Designation: An FDA designation for drugs targeting diseases affecting fewer than 200,000 people in the US, conferring 7-year market exclusivity, fee waivers, and tax credits.

Orphan Drug Designation (ODD) Timeline for SGC

If Avacta applied for ODD for SGC, how long would it take, and what is the likely timeline?

Timeline: 3–5 Months in Practice

The FDA's target is to respond to ODD requests within 90 days. Real-world timelines are closer to 3–5 months when factoring in routine deficiency letters requesting additional information.

Application Requirements

SGC easily qualifies on prevalence grounds. The core of the application is the scientific rationale, which must establish a medically plausible basis for expecting the drug to be effective. Avacta is in a strong position here given the Phase 1a/1b data already in hand.

Strategic Implication

If they filed an ODD application for SGC today, they'd likely have it in hand by Q4 2026—before the cash runway expires in Q1 2027. It would also materially strengthen partner negotiations.

Is the Application Public?

No. ODD applications are strictly confidential until a designation is granted. The FDA only publishes information after a positive decision. Rejections and pending applications are never disclosed. This makes it a genuine binary catalyst that could arrive completely unannounced via an RNS.

Continued -the below summary was why I was interested in accelerated approval.

---+

Summary: Accelerated approval could move the commercial launch forward by 3–5 years (from ~2031 to ~2027–2028). However, the probability is low given the weak confirmed ORR (~12.5%) and the absence of an ODD in SGC.

Continued

---

How Would the Timeline Change if Accelerated Approval is Received?

The Accelerated Approval Question

The FDA agreement dated June 25, 2026 explicitly specifies PFS as the sole primary endpoint for full approval. Accelerated approval requires a separate FDA agreement on a surrogate endpoint (like ORR or DCR), and that conversation hasn't been publicly disclosed.

Assessing the Evidence

Arguments in favor:

SGC has no established standard of care—a classic setting for accelerated approval.

Recent FDA precedent shows rare-tumor approvals on very small single-arm datasets (e.g., zenocutuzumab was approved with a 36.8% ORR in just 19 patients). AVA6000’s n=38 with 92% DCR is structurally competitive.

In 2025, 6 of the 16 FDA cancer drug approvals enrolled fewer than 100 patients, mostly via single-arm trials with Orphan Drug Designation (ODD).

Arguments against:

The FDA has explicitly directed them toward PFS. Changing course requires reopening regulatory dialogue.

The confirmed ORR in the n=32 pivotal-population cohort is only 4 partial responses (~12.5%). That is a weak ORR for an accelerated approval submission; the high DCR (92%) reflects stable disease, which is not a standard accelerated approval surrogate endpoint.

AVA6000 has ODD in soft tissue sarcoma but not yet in SGC.

Timeline Comparison: Full vs. Accelerated Path

Continued

---

Pivotal Trial PFS — The Approval Endpoint

This is where the real investment horizon lies:

Phase 1b PFS Maturity + Partner Deal Close: Avacta has explicitly stated it will only advance to a pivotal trial with a partner. The regulatory clarity is expected to strengthen ongoing partnership negotiations. A deal close in H1 2027 remains the floor based on prior analysis.

Pivotal Trial Design and Activation: Once Phase 1b data mature and a partner is aboard, IND amendments, site activation, and enrollment ramp for a randomized pivotal trial typically take 12–18 months before the first patient is dosed.

Pivotal PFS Endpoint: The pivotal trial would enroll both first- and second-line patients in the most prevalent subsets of SGC, with PFS as the sole primary endpoint for full approval. In a randomized controlled trial for SGC—a rare tumor—enrollment alone is likely to take 2–4 years given disease prevalence. Then you need event-driven PFS maturity.

Bottom line on pivotal PFS determination: Realistically 2031–2033, assuming:

Phase 1b data mature: H2 2026–H1 2027

Partner deal closes: H1–H2 2027

Pivotal first-patient-in: 2028–2029

Enrollment completion + PFS maturity: 2–4 years post-FPI

Key Risks to This Timeline

Upside (Accelerated Approval): Avacta could seek accelerated approval on ORR/DCR earlier. The 92% disease control rate and confirmed partial responses are arguably sufficient. However, the FDA agreement is currently for full approval based on PFS, and there is no indication an accelerated route has been agreed upon.

Downside (Cash Runway): The £10M raise in March 2026 only extends the cash runway to early Q1 2027. If Phase 1b PFS doesn't mature before cash runs out and no partner deal closes, Avacta will need another dilutive raise. The convertible bond October 2026 pressure point is the more proximate risk.

Note new member of staff -

"Senior Scientist at Avacta TherapeuticsSenior Scientist at Avacta Therapeutics

1d • 1 day ago • Visible to anyone on or off LinkedIn

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I am happy to announce that I have started a new position as a Senior Scientist at Avacta Therapeutics. I would like to thank those of you who have supported me in the process of being appointed to this role. I'm really looking forward to working on this innovative pre|CISION® platform with a

dynamic and talented team."

--------

"Senior Scientist with over 20 years of experience in drug discovery, immunology and cell biology, including 18 years at Charles River Laboratories — one of the world's leading CROs. Expertise in immunological and cell-based assay development, flow cytometry (NovoCyte Advanteon, BD Accuri), high-content imaging (IncuCyte) and primary cell culture including PBMC isolation. Experienced project and discipline lead with a consistent record of delivering complex multi-client programmes and enabling key milestones under tight deadlines."

Gmcc

Thanks Thompi - reassuring that it could happen his year. Males sense as it's in no ones interest to leave it open ended...

Thanks Thompi for that feedback and thanks to Sandy for that great X post

Hi Biggi.

Tbh I’m not sure, and I wouldn’t want to BS you.

What I can say with confidence is that Chris said at the AGM that median PFS will definitely be this year. She was also asked whether Phase 2 might stall if there wasn’t a partner. She was very clear that she wasn’t concerned about that. The BIO presentation on the Phase 2 trial design also suggests they are very well prepared.

I left the AGM in good spirits. I’d seen Chris look a little stressed at times before, particularly at last year’s AGM before Richard Hughes stood up and addressed the CLN issue. This felt like a very different AGM. CC was relaxed, upbeat and positive from the word go.

Thanks Thompi and good point. But, I wonder if there is some sort of cut-off point where PFS passes and the FDA can then move ahead with approval for 6000? Alternatively is there a danger that the better/longer PFS takes to establish, then patients miss out and we have no clear movement on 6000 for AVCT?

Thanks BV & Saint.

A message for LDA - from the AGM: median PFS will definitely be this year.

We have to remember, that despite the SP, the longer the PFS the better it is for the patients. It is easy to lose sight of that sometimes.

Or Bella, with decades of experience the market can rate the importance of financial stability compared to the science blurb?

Because if they can’t you best sell up as the science breakthroughs will not move the price (according to your logic)

But maybe, just maybe the science blurb has not produced anything that the market can value yet?

Where is the deal? When will it be announced? What will the terms be? What cut will AVCT get? When will p1b even finish?

I am as confident as I can be that when these absolute, basic, fundamental questions are answered you will see how quickly the market can understand the science blurb.

O-M...' Market still doesn't get it yet.'...they only care about money...fundraisers they like...deals with upfront payments and/or income/preceived income they like.

Science blurb is not really their thing.

I wonder how many PI's have cashed in shares to pay for World Cup tickets/travel...

O-M...' Market still doesn't get it yet.'...they only care about money...fundraisers they like...deals with upfront payments and/or income/preceived income.

Science blurb is not really their thing.

Richard Hughes has worked a blinder with his adroit approach to the CLN. He first negotiated a pause in payments until now reducing dilution and the constant downward pressure on the share to allow time for the science and data in trials to mature towards securing Avacta's first deals. As Avacta approached the dealine of 30th June he quietly raised £9 million to meet the payments that might be requested this year to further kick the CLN can down the road whilst the trial data and science mature further to the release of 6103 data at the end of this year, by which time I expect Avacta to have signed two deals one for SGC once the PFS has been established, which cannot be far away, and the other for 6207 once the second payload and indications are announced. First event up to 3 months, second event up to 5 months. 6103 data most probably in December. First deal likely £20-30 million second deal probably more. We arrive at the year end with a chunk of cash in the bank, two deals and the hottest data in Avacta's history. A strong hand to take into the inevitable negotiations that will no doubt begin upon the release of that 6103 data to big pharma. Market still doesn't get it yet.

Wyndrum (Touk) - Up you pop again with your normal meaningless waffle!

Maybe it’s time you give a update on the LFT!

I appreciate that. I do think the SP will hold, but as I’m buying for the long term, it’s the final SP that matters to me, especially when i can buy below my average (80p), so I will do better if it retraces, as I will continue buying if the trials continue to match my very high expectations.

IMO, we’ll partner in Q3 or Q4, and will probably be in negotiations for a complete TO next year.

My conviction is based upon company releases, the positive interactions with FDA, and the ability of a small company to create IP that can release highly toxic chemo almost exclusively to the tumour, sparing the patient, so incredible and valuable to them and investors.

I’m not a trader, so have little or no interest in today’s SP unless I’m buying of course.

No energy of any kind.

Just an observation.

My apologies for not understanding your meaning.

(Normally people buy because they expect the stock to rise. When it falls some see it as a good thing which always surprises me. I understand the perceived desire to profit even more but if a stock has risen on news and then falls back to a support then it weakens that support level. I hope you are correct and it holds.)

Wyn, such a lot of negativive energy. I was happy the SP dropped over the last two days, not the same as your share price is falling; which implies it is continuing to do so.

You are either trapped in your own doom mongering attitude, or your grasp of language and context are rather poor.

I said, and I think that there is likely to be strong buying when it gets near 72p, and am very happy with the lucky timing for me to buy another 40k shares today. Please don’t spin my meaning to suit yours.

Wyn

Today 13:28

It always makes me smile when people rejoice in a stock where the price is falling.

Always be careful about what you wish for.

What a crystal clear example of this muppets transparent attempt to manipulate sentiment in a share he is not invested in .

As I have said on numerous occasions hourly paid hired help . One poster many aliases , complete twat of the highest order

Harchris thats very funny

Beautiful story

You're wrong gemstar, I was sat with CC at Stonehenge this solstice munching on mushrooms of the magic variety and as the sun hit its most northerly point in its path across the sky we embraced and she stared into my eyes and said 'q3 has arrived, bring on the next batch of 6000 results'

So by her definition we've already been in q3 for over a week.

Reason enough, for anyone who hasn't already done so, to bin this idiot.

Q3 commenced on 24th June, the Midsummer Quarter Day

Q4 commences on 29th September being the Quarter Day of the Feast of the Archangel Michael ( Michaelmas) This Feast Day is particularly important as the celebration of this Holy Day teaches the importance of facing fears and strengthening resolve.

A point for avatars to bear in mind as the Day approaches

Imo Partnering / take over is a possibility before but who knows

Sit back ignore the guess work

And believe I your investment

Gla j

Don’t you mean ‘massive sells’

Yesterday’s massive buys must be Institutional, SP didn’t move being bought at mid price. Strong indicator of partnering term sheet announcement probably within 4 weeks IMO. Not selling my holding, as available shares to buy will be diminishing, pushing SP up with subsequent re-rate.

So seems to me the question is who is buying these shares? I can understand the supply coming from a placee whos just flipped around 900k taking approx 90k profit after a couple of weeks. Nice. Who now has brought those shares i do wonder.

Bluekipper

So what have I posted that is a guess?

And how does it differ from the ramping carp on here?

Blue at the close today

Breach £1 this week

Deal RNS tomorrow

Those are ok are they?

I suppose he waited 30 minutes before changing user this time.

Touk/Wyn/D-G - don't say stuff you wouldn't say to my face. No-one like a keyboard warrior.

Someone knows something 👀

Wyndrum (Touk) - You sure are making a lot of stuff up today. It’s a lot better to stick with the facts than your embarrassing guessing game.

ZZZZZZZZZZZZZZZZZZZZZZZŹZZZZZZZZZZZZZZZZZ....and more ZZZZZZZZZZZ

OK, own up. Who's done it with Laura?

Thanks for posting that on multiple chat boards.

Despite misspelling licence, https://www.macmillan.org.uk/cancer-information-and-support/treatments-and-drugs/clinical-trials

And, of course, Wiki is your friend, but in a general way, https://en.wikipedia.org/wiki/Clinical_trial

Could one of our posters who has knowledge of clinical trials (perhaps BV, or nursesteve or someone) explain the steps please. My wife worked in clinical trials (for GSK) but many many years ago. She tells me following phase 1 trials it would have to go to blind trials, then double-blind and then wider cohort. But she readily admits her knowledge is from the 1990s and very out of date. Just trying to scope where we are on the "proving" journey.

Thanks, LF

For the last time, I couldn’t give a flying toss what Avacta’s market cap is today or why AIM values it at only £350m.

The company still owns 100% of the platform, has two clinical-stage assets in humans and further technology coming through the pipeline, which will potentially make ADC redundant.

My investment thesis has never been based on today’s share price or market cap on AIM. It’s based on the fundamentals, the science, the clinical data and the longterm commercial potential.

I’d much rather spend my time reading company presentations and scientific data than trying to explain every daily move in the AIM share price, which is dominated by FUD bottom feeding traders, trying to make beer 💷. 👍

Https://business-news-today.com/why-avactas-avct-smallest-fap-signal-could-create-a-much-bigger-opportunity-for-precision/

IceCool

It may go a way to explaining how those who influence the SP see us though.

It deals in facts… except it barely discusses AVA6103, platform optionality or comparable ADC valuations.

It’s essentially an AVA6000 article with a share price commentary attached.

If that’s your definition of balanced we will have to agree to disagree. 👍

Not wasting any more time on it.

People can read it and make up their own minds. If they find it useful, happy days.

Personally, I thought it was a complete waste of my time. 💯💯🤔

You seem a bit angry again Touk?

Of course! - a TRIUMPH Spitfire..

Didn't know they made those in America.

Toukankahmoon

28.06.2026:

'I will be showing cars at UK’s biggest American car show at Tatton Park Knutsford next weekend.'

++++

Toukankahmoon

29.04.2026:

Bloody hilarious

What a good use of a BB kids.

++++

If you want to publicise an event AND make an Ass of yourself, that's a good way to do it, although I thought you had a Spitfire to show..

Whenever your ready to stop posting, - you don't need our permission.

Bloody hilarious

What a good use of a BB kids.

So avacta investors have a choice between dogging or spending a few hours with toukankahmoon

Toukie you thoroughly disliked l, so is there any wonder why!!

Is this the same as you posted in July 2025?

AVCT still have some debt to repay sure but they could wipe it out today with a 3% dilution - hardly crippling.

Poor Macintyre . another muppet for the green bin

I think you've got your AVAs in a muddle. 'ava cuppa, read the RNSes properly and come back with something substantive.

Oh Behave!!! "Keep hold of your golden tickets AVA6103 read out later this year and Avacta are swallowed up." utter tosh!

The RNS said they "further clinical development only with the support of a partner." so no more news without a partner, how long is that going to take 3-6mths, how many mio will they burn before then?

Nothing but a factory to furnish their debt, churn churn churn!

That pump failed and worse they spelt it out for the sheep, no money for trials, still have debt and no background talks, get your pocket books out, the collection bowl will be coming around again shortly!

Is there a fizzy share on the dead parrot London market?

Its like watching paint dry, with no action on the SP ZZZZZZZZZZZZZZZ

How the Exatecan Payload (AVA6103) Alters Bargaining Power

The initiation of the FOCUS-01 Phase 1 clinical trial for AVA6103 (FAP-Exd) in early 2026 transformed Avacta from a "single-drug" company into a validated multi-generation platform technology.

1. Validation Against the $10B+ ADC Market

AVA6103 delivers exatecan, the exact same highly potent topoisomerase I inhibitor payload that powers Daiichi Sankyo and AstraZeneca’s blockbuster Antibody-Drug Conjugate (ADC), Enhertu. Preclinical data presented at AACR 2026 showed that Avacta’s pre|CISION platform achieved a tumor maximum concentration (Cmax) over one log higher than Enhertu, alongside a 3x higher Tumor Selectivity Index (TSI). This proves pre|CISION can deliver premier payloads more safely and efficiently than standard ADCs.

2. Shifting from "Vendor" to "Threat"

ADCs suffer from major manufacturing complexities and intense systemic toxicity (e.g., interstitial lung disease) because antibodies circulate in the blood for days. AVA6103 clears from the plasma in just two hours while locking the active exatecan payload inside the tumor for over five days. This makes Avacta a dangerous competitor to established ADC players, forcing Big Pharma to consider acquiring or licensing pre|CISION defensively to protect their own multi-billion-dollar franchises.

3. Freedom to Structure Dual-Payload Deals (AVA6207)

With exatecan clinically validated via the ongoing FOCUS-01 trial, Avacta has simultaneously showcased its Gen 3 dual-payload capabilities (AVA6207). The company can now pitch a dual-track strategy to suitors: out-licensing AVA6000 as a standalone commercial asset for immediate near-term revenue, while retaining or co-developing the high-margin exatecan and dual-payload pipelines.

Current Partnership Leverage

Following the U.S. FDA agreement on a single, streamlined pivotal trial design for salivary gland cancer in June 2026, the risk profile for potential partners has dropped significantly. A single study route to market drastically lowers the upfront capital a partner needs to commit, making active talks highly competitive.

Financial Scale of Oncology Platform Partnerships

A multi-asset oncology platform partnership usually involves a total transaction value ranging from $500 million to over $2 billion per asset, heavily weighted toward milestone payments.

* Upfront Cash/Equity: Typically $50 million to $150 million paid immediately upon signing. This non-dilutive injection would completely fund Avacta's internal operations and eliminate the need for further AIM market capital raises.

* Development & Regulatory Milestones: $300 million to $700 million paid progressively as the drug clears Phase 2, Phase 3, and achieves FDA approval.

* Commercial Milestones & Royalties: Milestone tiers tied to annual sales (e.g., reaching $500M or $1B in revenue), paired with tiered royalties (typically 10% to 20% on net sales).

The Structural Shift: Because the FDA agreed to a single pivotal trial design for AVA6000, Avacta's negotiating partner avoids the massive financial burden of a traditional, multi-phase late-stage clinical program. The partner can step straight into a single, high-probability Phase 2/3 trial, drastically lowering their upfront financial risk and protecting Avacta from giving away too much equity.