Today's Trinity Delta research report21 Jan 2026 20:07
...End-June 2025 cash and equivalents were £12.6m (vs £12.9m at end-December 2004), with a £16.9m cash balance at end-2025.
In H225, Avacta completed two equity raises for a total of £6.5m gross (c £6.2m net) to fund the July and October 2025 convertible bond (CB) repayments, sold Coris for £2.15m in cash, and completed a £16m gross (we assume c £15.1m net) equity raise.
This extended the cash runway into Q326, beyond key data read outs, allowing management to progress its pipeline through to the next inflection points.
For the purposes of our model, we include £30m of cash inflows in FY26e (as illustrative short-term debt) to address the H226 funding shortfall.
This could come from a variety of sources, such as potential licensing deals or collaborations, and debt and/or equity funding which could include the potential for dual listing on AIM and NASDAQ.
Here's a simplified version of the above provided by Grok:
At the end of June 2025, Avacta had £12.6 million in cash (slightly down from £12.9 million at the end of 2024). By the end of 2025, the cash balance reached £16.9 million.
During the second half of 2025, the company:
Raised £6.5 million gross (~£6.2 million net) through two small equity placings → used to repay convertible bonds in July and October 2025
Sold Coris for £2.15 million in cash
Raised £16 million gross (~£15.1 million net) in another equity placing
These moves extended the cash runway into Q3 2026 — long enough to cover important upcoming data readouts and reach the next key milestones in the pipeline.
For modelling purposes, we assume an extra £30 million of cash inflows in 2026 (treated as short-term debt for now) to cover any remaining funding needs in the second half of 2026.
This could come from licensing deals, partnerships, more debt, additional equity raises, or possibly a dual listing on AIM and NASDAQ.
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So Trinity Delta, - who would routinely OK text within this report with Avacta prior to publishing, - are assuming £30 million of cash inflows in 2026.
This could come from licensing deals, partnerships, more debt, additional equity raises, or possibly a dual listing on AIM and NASDAQ.
Does that line display, in order of appearance, the source of this £30M funding in the most likely order.
I'm assuming these are all the sources of funds the company would consider.
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