Member Info for Bella6532

Number will be through end June. The forward looking statement is what will count. Just hope they have a bit of unexpected good news to support the numbers. 🤞

I'm a bit confused dot com..are they going to licence the indications or PreCision + payload?

BV...I thought they wanted a partnership deal for AVA6000 not a Licence deal...

I agree BV but based on finances right now perhaps an initial deal might not be all that bad if it unlocks more lucrative deals down the road and prevents the financial wheels falling off.

BV..is it possible a licencing/royalty deal will be announced when IND is secured and this will also unlock minimum £13m royalty investor funding.

Ice I think we're coming at it from two different directions but the result is the same...Heights called the shots and have agreed to defer only as long as Avacta sorts out its funding as specified by mid Jan 2026.

ICE...why did Heights insist on the following terms? It was an unsecured bond and IMO the following amendments turn it into a secured bond. Without a deal they want to see the bond secured by cash...ie £13m ....at least...and that means they wojld also lkke to see potentially more to keep the company afloat.

' The Amendments are subject to the following conditions having been satisfied by 15 January 2026 (the "Long Stop Date"):

· Avacta completing a fundraise of, or receiving gross proceeds of at least £13,000,000 in aggregate on or prior to the Long Stop Date by way of:

o Entering into any partnership or other agreements in respect of its pharmaceutical products; and/or

o Any strategic investment into the Company; and/or;

o An equity fundraise'

Worth reading again to compare with what has happend since and what we now know...

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

'Steady execution on Avacta’s therapeutics focused strategy should support management efforts to attract global specialist healthcare investors and secure sustainable funding for further pipeline development. As typical with development stage therapeutics companies, additional resources will be required to fully fund the next stage of AVA6000’s development in SGC and TNBC and to move the next wave of pipeline assets, including AVA6103 and AV7100, into the clinic. Last reported cash of £17.3m (end-April 2025) provides a runway into Q126, beyond key data (full Phase I results in SGC) for AVA6000. Avacta is maintaining optionality regarding funding sources, considering licensing or other business development deals as well as the potential for dual listing on AIM and NASDAQ."

Ice..July was paid in cash from the raise.

October will be cash too from the last raise.

Heights wants to see their Bond covered by cash...

Ice...they want all the Bond repayments covered. As long as they are covered by date specified (15 Jan 2026) they are happy to defer payments etc. Heights being hard nosed and securing their position.

RH said it would be easy to raise the money to cover a couple more payments which has now been done. Each rasied £3.25m. The first raise netted £3.1m and the Bond Payment including Interest was £2.964m and the Bond Balance = £22.95m which leaves 9 more Qrtly payments @ £2.55 plus interest.

Repayments in 2026/27 are predicated on Avacta basically raising the money upfront to cover 4 Qrtly Payments. £3.25 x 4 = £13m.

OK so I think we're all clear with that bit...

Then we get this bit:

'Quarterly Convertible Bond repayments and interest in respect of 20 January 2026 and 20 April 2026 payment dates will be deferred until 20 October 2027 (together, the "Deferred Repayments")'

Now assuming it's not a typo and they do mean 20 October 2027 and not 20 October 2026 the 2026/2027 Repayments will be:

Jan 2026 £0

Apri 2026 £0

1. Jul 2026 £2.55m plus interest - paid from £13m fundraiser made prior to 15 Jan 2026

2. Oct 2026 £2.55m plus interest - paid from £13m fundraiser made prior to 15 Jan 2026

3. Jan 2027 £2.55m plus interest - paid from £13m fundraiser made prior to 15 Jan 2026

4. Apr 2027 £2.55m plus interest - paid from £13m fundraiser made prior to 15 Jan 2026

5. Jul 2026 £2.55m plus interest

6, 7 & 8. Oct 2027 £7.65m plus interest

9 Jan 2028 £2.55m plus interest

At this point the Bond is fully paid off.

OK I think we all get that bit too...now it becomes interesting - two more dates for your diary. 30 June 2026 and 1 October 2026 ...Based on what happens leading up to these dates and I can only think it's to do with a major investment which will give Avacta the cash to make the deferred payments earlier then they will be brought forward accordingly - one or both. Now I say investment because if a Partnership and/or Licence Deal is done, would they want and upfront payments spent on paying off the Avacta Loan - I would say not and I think this revised Bond Payment structure is to satisfy Partners/Licencees not get them involved in their money buying down our Bond deal.

'Upon the earlier of (i) the date on which the Company publishes the data readouts of its Phase 1b trials of FAP-Dox (AVA6000) in triple negative breast cancer and (ii) 30 June 2026, the Bondholder will have the right to accelerate the satisfaction (in cash or shares) of one of both the Deferred Repayments and in addition, from 1 October 2026, at any time accelerate the satisfaction of the quarterly repayments on the Convertible Bond, subject to a maximum of one acceleration per quarter

Company Positioning (3 July 2025)

AIM-listed (#AVCT) pure-play oncology therapeutics company with new management and cash runway into Q1 2026 following the divestment of the diagnostics division (DONE..check)

• Exploring opportunities for a potential dual listing on NASDAQ (???)

• Experienced management team, located in both London and US (DONE..check)

• Intention to explore licensing and partnering opportunities. Avacta is seeking a partnership to develop AVA6000 (???)

Now what is the likelihood of a Partnership deal leading to a NASDAQ Listing?

or a Financial Deal leading toa NASDAQ Listing/RTO and then a Partnership deal?

Is a NASDAQ listing really dead and buried or not?

Why do I have the feeling we are going to get some unexpected news soon…a bit of a curved ball…

Now look at P29… FAP-EXd (AVA6103) Planned for Phase 1 to Initiate in Q1 2026

If the chart is correct it looks like they wish to start in February 2026. Funding?????

The £13m mentioned in last RNS is to cover the Bond payments. How much more will they need to fund not only AVA6000 but also a second trial starting.

Guys, as I said…Avacta needs to get the funding sorted ASAP in order to start AVA6103 Phase 1 set up and recruiting.

https://avacta.com/wp-content/uploads/2025/07/Avacta_Corp_23July2025.pdf

Cinder...if you look at the Healthcare Royalty website..no company news since their T/O announcement in July...!!?

Big Pharma also in a bit of a pickle right now...

Deal and/or Funding MUST be secured and banked before mid Jan...so my guess one or both in next month...October???

We don't know if Avacta has looked into this or not based on them not finding a MTD in 1a.

'An accelerated titration design study is a form of dose escalation study design that is used in Phase I, often in oncology; these trial designs aim to fulfill a similar goal as 3+3 designs (finding the maximum tolerated dose), but in a more efficient manner that results in fewer participants receiving sub-therapeutic doses of treatment. Accelerated titration designs vary significantly but tend to emphasize a more aggressive approach to the early portion of the study when participants are on lower doses. These designs appear to better balance the detection of the maximum tolerated dose with the efficiency of the study design and may result in fewer participants being under-treated.

Example: One kind of accelerated titration design enrolls only one participant at each dosage until the first toxicity event, at which point larger cohort sizes may be used to examine that dosage and higher doses to determine safety. Accelerated titration designs may also allow for intrapatient dose escalation, where a participant on a lower dose may be escalated to a higher dose if no toxicity is observed. '

It's a safety trial and that's all they have to prove right now and patients on 1a were terminal...are they all terminal on 1b too?

Efficacy trials are a different ball game...will the patients be terminal on the P2 trial too?

In the real world many patients are diagnosed in early stage and would receive the likes of AVA6000 much much earlier so far more chance of reaching remission and most of all with little or few side effects...think patient welfare...AVA6000 will take chemo treatment from Di-kensien to 21st century. What people have to suffer whilst on chemo is criminal...

‘One possible tool to help is a new quantitative assay (Troplex), developed at Yale, which measures levels of both HER2 and TROP2, both of which are targets for ADCs. The assay can help clinicians determine which marker is more highly expressed in a given tumor, indicating whether it would be better to use T-DXd first (if HER2 is more highly expressed) or SG first (if the tumors have higher levels of TROP2).’

https://www.oncologynewscentral.com/breast-cancer/t-dxd-and-then-what-in-metastatic-breast-cancer-real-world-data-offer-few-clues

OK big deal..you measure the levels of HER2 and TROP2 but you still only have two drugs which have horrendous side effects…

‘T-DXd (trastuzumab deruxtecan) side effects can include interstitial lung disease (ILD) (lung inflammation), which requires immediate medical attention, as well as fatigue, nausea, vomiting, diarrhea, constipation, loss of appetite, hair loss, skin rashes, and anemia. It can also cause lowered white and red blood cell counts, leading to increased risk of bruising, bleeding, and low energy. If you experience any severe or concerning side effects, particularly shortness of breath or persistent cough, contact your healthcare team immediately. ‘

‘Common side effects of sacituzumab govitecan (SG) include diarrhea, nausea, fatigue, hair loss (alopecia), neutropenia (low white blood cells), anemia, and decreased appetite. It's crucial to report symptoms like fever, chills, shortness of breath, sudden swelling, or excessive bruising to your healthcare team immediately, as these can indicate serious infections, severe reactions, or blood clots. ‘

You guys needs to wake up to what is going on in the Avacta trials…not only is PreCision delivering it’s payload accurately and without a lot of fuss…it’s doing it WITH MINIMAL OR NO SIDE EFFECTS…it’s the F*ng side effects which are always the problem…

Dr. Lustberg said that “the overall results of the study are disappointing. It really does highlight the tremendous gaps that we still have in metastatic breast cancer and our current therapies, but I also feel hopeful that a lot of exciting research is trying to address this gap.”

Vol. Sold 274,402

Sold Value £143.69k

Vol. Bought 703,160

Bought Value £359.57k

And no great SP movement...

Https://www.cnbc.com/amp/2025/09/16/eli-lilly-ceo-david-ricks-addresses-uk-us-investments.html