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My thoughts are you should read the RNS more carefully. Search for the words “payments” and “expected”.

Yes, the further milestones being passed in the near term is very significant and, IMO, connected to the establishment of Glymab Therapeutics. I suspect that Genmab will be taking a stake in GT for cash in 2025. This will push the cash runway out significantly, I suspect.

As Burble noted, the partial-redemption of the CLNs is intriguing - and it has only just been decided. I wonder if this will be explained in the presentation later……

Chester,

Some years ago there was a similar situation in a stock I held, where a persistent institutional seller drove the price down by 30-40%, despite what seemed to be excellent prospects. The seller turned out to be L&G, who had lost a find management mandate and needed to convert everything to cash by a particular date. When they finished, the stock rebounded 49% overnight….and a few months later, the shares were up by 150%…..and some years later they reached nearly 30x the level that L&G sold at.

In other words, one can’t know the circumstances from the outside……and it is dangerous to assume.

I also believe it will go up - partly because Vulpes will be able to resume buying and take out any larger seller.

25 mn sale at lunchtime.....as a placee takes their 9% return.

Otherwise it would have been much higher?

Just on the topic of efficient market theory…..about which I learned 40+ years ago:

Markets are efficient in pricing everything that they know about assets. The wider the pool of assets one considers to be the market, the greater the degree of efficiency in pricing those assets.

BUT when it comes to single stocks, there is a really crucial nuance…..because markets are actually pricing everything that participants THINK they know about assets - and their “knowledge” may be wrong, incomplete, outdated or based on a collection of misunderstandings. And that is REALLY important to remember.

Note that Diggle/Vulpes’ knowledge won’t suffer from being outdated or based on misunderstandings. It is also unlikely to be wrong - though of course it remains incomplete.

I’d also note that I’ve been in the position, for a number of years, of knowing the actual inside story and helping to craft RNSs……and then observing how the markets respond. Very frequently the comments on RNSs were jaw-dropping. Bulletin board users seem to have an unerring ability to grasp the wrong end of the stick if they possibly can - and then, of course, they perpetuate that myth amongst themselves so that (as far as they are concerned) their groupthink errors gave actually become immutable fact. (I have two particularly egregious examples of this in relation to personnel changes at that company - which I won’t be expanding on here).

So……my opinion is that the recent price moves at Scancell convey absolutely no information - and it will be important to CORRECTLY interpret what is (and isn’t) said on Thursday. I suspect the market will soon be seen to have been massively wrong re Scancell…..though whether than revelation emerges on Thursday or at a later date, one can only guess.

I suspect that those who think a raise will follow the results are about to get a new one ripped.....

Chester,

Remember that directors are out of the market until the results are published.

To be fair, tf, I don’t think the Thursday presentation will be aimed at any further explanation. If there is any trials news before Thursday it will be a freestanding announcement with perhaps another presentation with a different cast. My observation was not a strong expectation…..merely a riposte to those who assume the Thursday call will be front-running the trials announcements.

If I were Phil, I wouldn’t have brought forward the Results RNS/Call to before the expected trials announcement - because it encourages people to assume the trials data will be delayed (as seems to have happened, judging by the share price). It is very difficult to talk about the results etc without being pressed on the expectations for trials results - so I wonder whether the main event on Thursday (triggering the earlier results release) may be Glymab-related.

Remember there has been quite a bit of macro influence on the markets this week, with the FTSE250 down 2% on Tuesday. Plenty of shares saw institutional trimming. Vulpes will be out of the market, with results due, so there is little by way of a back bid.

IMO that will change dramatically next week.

Correct. The results RNS is plainly separate from the trial update, because it is only CEO/FD. But it is perfectly possible that the trial info comes out a couple of days earlier - rather than later as everyone seems to just assume.

I don’t see why you rush to assume that trial update news will be held until AFTER the results. I would do it the opposite way round, if the data happened to be available. Modi-1 results on Tuesday?

Ruck,

I’ve no doubt that is broadly true. But the question remain valid.

Absolutely true, Ruck. I can speak for the last five years, which have produced only about 14%pa compound.

But the NEXT six months??

“l know some on here have downsized investments because they've realised there are other gains to make along the way before news lands“

Aaahhhh…..it must be wonderful to have a crystal ball 😏

Like some elsewhere, my view has always been that you can’t tell when news will land.

Impatient traders will always cash out in the expectation of getting back in again if something happens. I think that is a major error….and, in the event that we get 2-3 big pieces of news in the next few months and in short order, it may turn out to be extremely expensive.

It is worth remembering that Karin Smyth (the minister responsible for cancer diagnosis) and the Cabinet Minister responsible (Wes Streeting) are both cancer survivors (Melanoma in Smyth’s case; kidney cancer in Streeting’s).

It is also worth noting that Rachel Reeves’ budget is set for 26th November……and the government must be absolutely desperate to find good news stories from British companies…..

The political backdrop in the UK could barely be more encouraging for Scancell - and I trust that their CVLP presence will raise the profile. For instance, putting iSCIB1+ into registration trial and Modi-1 into phase 2 through the CVLP, with perhaps Modi-2 to come, would be very handy……

See re Smyth…… https://www.bbc.co.uk/news/articles/c4g71y38nyyo and

https://hansard.parliament.uk/commons/2025-06-17/debates/BA840B7B-BE84-41F2-A5B9-6893685D8FAA/CancerDiagnoses

“ We hope this will also be the case for larger registrational studies in the future”

……interesting. Any particular ones in mind?😏

Does this indicate that the CVLP will effectively just roll on into the registrational trial of iSCIB1+?

AI has a massive potential to become a global game of instant chinese whispers……the capacity for misunderstandings/misinterpretations is infinite - especially if those who produce content don’t flag their use of AI…..!

Spot on Ruck…..except for the fact that I know that Scancell have been using Google Deepmind in their research for over a year….. mainly to signpost the most promising direction for their research.

I suspect we’ll see the fruits of that shortly…..

…..at 10.90 this time.

Accumulating. Vulpes again?