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A king wanted to go fishing and he asked the royal weather forecaster for the weather for the day.

The palace meteorologist assured him that there was no chance of rain.

So the king and the queen went fishing...

On the way he met a man with a fishing pole riding on a donkey, and he asked the man if the fish were biting.

The fisherman said, "Your Majesty, you should return to the palace! In just a short time I expect a huge rain storm."

The king replied: "I hold the palace meteorologist in high regard.

He is an educated and experienced professional.

Besides, I pay him very high wages. He gave me a very different forecast. I trust him."

So the king continued on his way, however, in a short time a torrential rain flooded the fields, and the King and Queen were totally soaked.

The king returned to the palace and fired the meteorologist.

Then he summoned the fisherman and offered him the prestigious position of royal forecaster.

The fisherman said, "Your Majesty, I do not know anything about forecasting. I obtain my information from my donkey.

If my donkey's ears droop, it means with certainty that... it will rain."

So the king hired the donkey.

And thus began the practice of hiring dumb asses to work in influential positions of government..

Key takeaways on what this means for Avacta Therapeutics, competitors, and the oncology delivery sector

Elevating Francis Wilson to Chief Scientific Officer signals chemistry-led platform consolidation rather than commercial pivot.

* platform consolidation is assured when it hosts 6000 and 6103, and 6207 being designed for same platform.

Removal of the cardiac dosing cap for faridoxorubicin suggests growing regulatory confidence in tolerability data.

* thereby providing industry validation, (regulatory validation👀), for preCISION & 6000.

Dosing to nearly four times conventional doxorubicin without severe cardiac toxicity challenges a long-standing anthracycline constraint.

* Safe high dosage capability recognised by FDA.

Flexible dosing and biologic dose comparison in Phase 1b clarify the path toward efficacy-focused trials.

* A recognition that with three indications being trialled, flexibility should provide for optimum dosing identification

The pre|CISION platform is increasingly positioned as a multi-asset delivery engine rather than a single-drug program.

* Taken as read by shareholders and Avacta, but hopefully will be evident to all should successful 6103 trial results be published.

Competitive differentiation will depend on demonstrable efficacy gains, not safety improvements alone.

* Cardiac safety improvements evident. - Improved chemo targeting leading to much reduced side effects.

Manufacturing, activation variability, and capital requirements remain execution risks.

* No shortage of plans to spend on R&D are evident. Shareholders awaiting visibility of funding source(s).

Upcoming Phase 1b data and AVA6103 clinical entry represent key near-term valuation catalysts.

* Not to speak of removal of the cardiac dosing cap and new flexible dosing permissions.

Investor re-rating is more likely after efficacy data than on safety updates alone.

* 👍

The oncology delivery landscape may shift if tumor-activated prodrugs consistently expand therapeutic windows across payload classes.

* Oncology delivery landscape may have already shifted as evidenced by BP discussing IP cliff removal, with preCISION delivery of cash cow drugs.

From 21.01.2026 RNS - Dr Alexander Spira:

Virginia Cancer Specialists

"I am thrilled to work with Avacta on this exciting new drug. The ability to concentrate a potent topoisomerase I inhibitor directly in the tumor while protecting normal tissues from harmful effects is the next stage of how we should be treating cancer. We are looking forward to participating in this second pre|CISION® Phase 1 trial and helping the Company to drive this pioneering technology forward."

Here is VCS's patient enrolment video.

https://virginiacancerspecialists.com/available-clinical-trials-at-virginia-cancer-specialists/

Introduces the newly diagnosed through the concept of finding a suitable cancer trial via VCS services.

VCS acts as a portal introducing screened patients to those companies looking for willing trialists.

Recommend the whole video, but it's long winded, (ie not rushed for those recently diagnosed).

Slides 9,13 & 14 were most relevant for me.

Bella, I'm quoting company presentations and Trinity Delta.

But I'll take any answer I can get from an Investor Relations company willing to respond to an Investor on behalf of Avacta.

What a breath of fresh air that would be, and we could all organise a knee's up to celebrate responses. Ha ha....dream on.

Will advise any response, but it won't be this week I'm thinking.

That's clear.

What isn't clear is the nature of the phase 2 partnership sought by Avacta.

15:31

I'll keep checking my Spam directory for Cohesion's response..

I bet tonight's custard skin from your spotted dick that Sleeper account = avacta@cohesionbureau.com 😉

Should read 'faridoxorubicin' thanks

Replacement email sent.

I've sent this to cohesion this afternoon, to see whether I get no response as per previous agencies.

avacta@cohesionbureau.com

Hi Cohesion Investor Relations,

Many investors are unaware of the cost to Avacta of pursuing the upcoming phase 2/3 trial, for which the company currently seeks a partner.

Does the company hope to

1 Have the partner cover 100% of the costs of the phase 2/3 trial.

2 Have the costs divided between Avacta and partner, dependent upon negotiations between parties.

At the 30.09.2025 Investormeet presentation, a question was asked and insufficiently answered to get a response amenable to all.

The question was:

Q2 How much do you expect phase 2 for faridoxorubicin to cost Avacta? How will you fund this if a partnership doesn't materialise?

The response from the CEO was:

A2 "So we're very confident in the maturing data in the phase 1B of, fairy docks and, we think that this will support the long-term value of this asset. Salivary gland cancers, you know, high unmet need and, we continue to, collect data, in the various cohorts. We have committed that we won't start the further development activities in the absence of a partnership. However, as I've said, the maturing data set in phase 1B is providing us with, ample confidence that precision is, working exactly as, we designed it to work. The development in the expansion cohorts is, well underway. We believe the preliminary data here will provide that natural inflection point for the program. It's gonna provide also clarity on accelerated approval pathways that we might be able to seek. And also there's, really an opportunity, for the overall market to, digest essentially the commercial potential for the program and the platform. As I mentioned, we'll have that,. Pipeline update, platform update, and so we're really excited about, the fourth quarter, for the company."

It is assumed that this question was selected by Avacta to be asked in the presentation beforehand.

Any information you can provide on this subject would be a great help

Kind Regards

Avacta shareholders

IVM 30.09.25 - select Q/A tab.

https://www.investormeetcompany.com/meetings/interim-results-491

Update possibly end of March to coincide with the 1/4ly business update. (where have they gone BH?)

Q2 How much do you expect phase 2 for faridoxorubicin to cost Avacta? How will you fund this if a partnership doesn't materialise?

CC doesn't address the question very well, though other info appears.

Note 26.06.2025 Trinity Delta:

The foundational IP around the sustained release pre|CISION mechanism and the better appreciation of the scope of the pre|CISION platform gleaned from the Tempus collaboration provides multiple new opportunities for Avacta to unlock value through generating and developing a pipeline of highly novel tumour targeting drug conjugates, subject to securing additional funds. One potential funding pathway centres on business development, including securing:

• Product-based partnerships: partnering or out-licensing deals with large pharma/biotech companies that have clinical and/or commercial expertise in certain therapeutic areas, or geographies, could help accelerate development of either existing or new product candidates. We note that Avacta is actively seeking a deal for AVA6000, ahead of starting Phase II development in H126

Opti

The company has said it will not take 6000 into phase 2/3 without a partner.

1 Depending on that deal, there may be cash available.

2 The state of AVCT finances might be cautionary for any AVA6000 partner.

Would that partner be willing to proceed with Avacta unable to show sufficient longer term funding to proceed with phase 2/3, or unable to state when funding would become available?

Sorting funding before finalising a partner would nullify such concerns.

"Avacta has strongly signalled a deal for that to fund 6103".

Avacta selling 6000 to fund 6103?

IVM presentation 30.09.2025

Q2 How much do you expect phase 2 for faridoxorubicin to cost Avacta? How will you fund this if a partnership doesn't materialise?

CC: "So, we're very confident in the maturing data and the phase 1B of Faridoxorubicin and we think that this will support the long-term value of this asset.

Salivary gland cancers, you know, high unmet need - and we continue to collect data in the various cohorts.

We have committed that we won't start the further development activities in the absence of a partnership.

However, as I've said, the maturing data set in phase 1B is providing us with ample confidence that precision is working exactly as we designed it to work.

The development in the expansion cohorts is well underway. We believe the preliminary data here will provide that natural inflection point for the program.

It's also going to provide clarity on accelerated approval pathways that we might be able to seek"...

....Which will be of great interest to prospective partners.

RNS'd FDA agreement that the dox lifetime limit to be removed on 03.02.2026.

"Agreed updates to the trial protocol include the removal of the maximum dosing limit and to allow flexibility in dosing levels.

These two developments underscore the growing confidence from investigators and regulators in the tolerability profile of faridoxorubicin, and should support a smooth transition to future efficacy studies."

"The final cohorts of patients with the selected indications in Phase 1b will be enrolled, enabling two dose levels to be compared in order to determine the optimal biologic dose in future trials."

+++

We await further details as to how the company enacts the FDA agreement, affecting past patients who have stopped faridox doses when they reached the lifetime limit.

This is also true for those patients on present cohorts who are still being dosed, but yet to reach the lifetime limit, as doses administered beyond 550 migs will affect the PFS calcs that are the end point of the trial.

These patients now have the right to be treated beyond 550 migs...

...Again of interest to prospective partners.

6K Phase 1a data cutoff in 17 Dec 25 presentation was 15.09.2025 ie 4 months ago

6K Phase 1b data cutoff in 17 Dec 25 presentation was 15.10.2026 ie 3 months ago

Update possibly end of March to coincide with the 1/4ly business update. (where have they g

'6103 is actually validating 6000 which itself is derisking 6103.'

I'll go for 6000 phase 1a results are being validated by 6000 phase 1b results in SGC so far. (Two other indications results not known yet).

A couple of non-Avacta trials that mention FPI, state that FPI = first patient enrolment.

Neither discuss enrolment details though. 🤣😂

FWIW

Chris Maggos

Strategic Consulting and IR, PR & BD Services for Biotech / Medtech

Experience

Managing Director

Cohesion Bureau · Full-time

Dec 2022 - Present · 3 yrs 3 mos

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Our experienced multi-disciplinary U.S. and Pan-European team offers insightful strategic consulting and services to expedite your corporate growth.

In addition to strategic consulting, we offer execution services for partnering, fundraising, investor and (social) media relations.

We have a dedicated editorial unit producing corporate content, including, writing, graphic design, video and photography.

We want to be your partner for growth.

Our experienced multi-disciplinary U.S. and Pan-European team offers insightful strategic consulting and services to expedite your corporate growth.

In addition to strategic consulting, we offer execution services for partnering, fundraising, investor and (social) media relations.

We have a dedicated editorial unit producing corporate content, including, writing, graphic design, video and photography.

We want to be your partner for growth.

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Sep 2014 - Present · 11 yrs 6 mos

Geneva, Switzerland

BioConfidant offers strategic consulting on three closely related types of corporate activities: investor relations, public relations and business development (i.e. licensing and M&A).

With our partners around Europe and in the U.S. we started Cohesion Bureau in 2022 to level the playing field for European startups and small-cap companies.

We established and managed the European investor relations business of LifeSci Advisors from 2015-2021.

We are passionate about developing relationships and collaborating with clients to earn the visibility and impact they need to succeed.

If this was true in Nov 2024 (so for AVA6000), I would assume the situation is a little more rosy now.

Possibly some starters for 10 here.

https://www.trinitydelta.org/research-notes/targeting-the-tumour-microenvironment-with-precision/

A reminder from Trinity Delta – Targeting the tumour microenvironment with pre|CISION - 18.11.2024

"Avacta has so far FAP-enabled ten different warheads building up a database of multiple pre|CISION compounds that include c 40 capping groups (which alter the PK of the conjugate) and c 20 linkers (required for FAP cleavage with certain warheads and can be used to modify FAP affinity and activity). These have all been characterised through computational simulations to evaluate molecular binding and how they dock into the FAP structure. A key consideration is how close the warhead can get to the FAP cleavage sequence; this typically depends on the size of the molecule, and often defines whether a spacer group is required. Consideration is also given to how long the conjugate and the active warhead are likely to remain in the TME, and this informs whether PK alterations, achieved through an alternative capping group, are needed to either allow the sustained release of the warhead or to slow plasma clearance.

"Francis - We will learn more about this program in the clinic and apply that as we continue to develop NOVEL INTELLECTUAL PROPERTY around our highly successful pre|CISION® platform."

- We look forward to plenty of new IP to come.

29.10.2025 CC: "Much of the success and how we are going to be able to move the dual payload through is going to depend on our initial observations in the clinic with the exatacan molecule.

Francis and Tom mentioned that a lot of what we are doing with the dual payload is based on the learnings in the lab with the exatecan molecule.

We expect to learn a lot about the exatecan molecule as we move it into the clinic and that's going to inform a lot about the dual payload molecules.

Clinic learnings in the first half of 2026, will inform how quickly we're going to move the dual payload through."

Also

"if we do right and we do great things for patients, we will be doing great things for our shareholders."

I hope they stack the new IP high.

It will increase the bargaining value of the company.

It doesn't sound like Francis is going to be straying far from the lab, unless other chemists are inbound, and Francis is the mentor. 💫

CC : ""In addition to his leadership internally, he has also been a key member of the team positioning our business across the international drug development sector. Francis is a well-known leader in medicinal chemistry externally and we are looking forward to forging the next chapter of pre|CISION® with his scientific leadership and expertise. "

I think she wants him to become more of a Key Opinion Leader, - she uses 'leader' above - in spreading the pre-CISION gospel.

To become more influential with respect to FDA / MHRA and the like.

Michelle Morrow may have decided the grass was greener.

"former CSO Michelle Morrow will be leaving Avacta to pursue another opportunity" - singular not plural.

She must have done a lot of work to get AVA6103 successfully through the IND Application. (That's true for all staff).

She knows what's inside the capping group and the linker group, - those two blue blobs (group A & group B) in blue in certain presentations.

Source Grok:

"what is the procedure to administer a dose of a radiopharmaceutical drug?"

https://x.com/i/grok?conversation=2020452204348313802

Intravenous administration of AVA6103 is going to be a doddle compared with radiopharmaceutical administration by a team of several.

Time / expense to get radiopharmaceutical to hospital?

If the decision to make funds available to dose a patient is made by a health insurance company,

I don't think they would consider a radiopharmaceutical for long if a cheaper method of administration is available.

PDC

ADC - it has targeting issues.

radiopharmaceutical - difficult / expensive to administer, too many specialists

This is my list of most to least preferrable drug types for experts to consider using.

Novartis must be 👀

From Investormeet 29.10.2025, - and this is as much info as I have on file for 6207 development.

Q 3 When can we expect dual payload PDC to come to the clinic?

A 3 We anticipate for AVA6207 selection of clinical candidate in the second half of next year (H2 2026). It will be based on another round of optimization as well as the animal models, the full pharmacology both efficacy animal models, but also it's really important for us to look at the tumor to plasma, and fine tuning the delivery of each of them.

From candidate selection then we've defined that specific drug that we intend to take forward. It generally takes about a year to enter the clinic. In that year we do the GMP manufacturing for the drug to go into patients. The non-clinical toxicology studies. So these are not the animal models with tumors. These are the animal models where we push the doses as high as we can go and understand the tox.

In parallel with those in that last year we also start the clinical trial preparation. All of these workstreams then meet up prior to start of clinical trial.

Much of the success and how we are going to be able to move the dual payload through is going to depend on our initial observations in the clinic with the exatacan molecule. Francis and Tom mentioned that a lot of what we are doing with the dual payload is based on the learnings in the lab with the exatcan molecule. We expect to learn a lot about the exatecan molecule as we move it into the clinic and that's going to inform a lot about the dual payload molecules.

Clinic learnings in the first half of 2026, will inform how quickly we're going to move the dual payload through.

Also

Q 11 Which ATR and PARP inhibitors have been used in these studies? Can we expect these to be the next program in the Avacta pipeline?

A 11 We have disclosed neither the PARP nor the ATR inhibitors that were used in these studies. If it's used in an ADC we can use it in a PDC.

As we work through candidate selection we will be identifying which of these we're going to be wanting to move forward.

No big decisions have been made and we continue to work on these.

Apologies little time available this afternoon.