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Whatever the details are, the accounts don’t get signed off by the auditor without qualification if there is any doubt about the availability of cash to November 2024. He will therefore have seen - and checked - the cashflow forecasts that underpin the assertion that there is cash to H1 2025.

Importantly, Taverham, they also point to an expectation of strong partnering interest once the data from the 27 patient expansion is in. This says to me there will be a deal by mid-24 that involves a) an upfront cash payment and b) full funding for the 18 month trial.

No. You need to read it again.

Re the delay, my guess is that this was connected to the restatements in note 24. Whether that was triggered by a change of FD at Scancell or a change of audit partner at BDO, it is embarrassing to have to restate treatment of the CLNs for two prior years. This is the sort of issue on which the audit partner will have sought a second opinion from derivatives specialists in BDO - and that may have caused the delay.

Clearly, though, it has no cash impact - and, importantly, the cash runway now runs to H1 2025. They will be in the market for some material deals over the next 12 months, IMO.

First milestone in the SCOPE trial was to achieve responses in more than 8 out of 15 patients which would suggest that SCIB1 in combination with doublet CPI therapy might meaningfully improve current outcomes for these patients. 16 stage IV metastatic patients received this combination. 11 of these study patients have reached 13 weeks and been evaluated at radiological imaging and nine have already shown an objective response, equating to an ORR of 82% with no increase in toxicity. At this time point the reduction in tumour volume was 31%-94%. Four patients reaching the 25 weeks imaging evaluation and two reaching the 37 weeks evaluation have shown a 69%-94% and a 87%-94% reduction in total tumour burden, respectively.

…..impressive!

It isn’t being “locked-in” that should worry people…..it is being locked-out!

If the results are accompanied, as Ipad suggests, by some blockbuster news , then the price could gap higher at relisting. If they are to get suspended, then you only have until tomorrow night at latest to get positioned.

As tf says, the reality is likely to be more mundane - but one cannot be certain.

Good posts, tf.

Stark contrast with the complete nonsense from some others…..

Barking mad suggestions from Ruck and Violin. Without the Annual Results being published, much of the presentation info will have to be binned as the info in it will remain inside info until the results are published.

Any presentation before the results would be pointlessly uninformative.

Chevron buying Hess for $53bn, following on from Exxon/Pioneer.

Jim Cramer says stock market undervaluing oil is the driver for this.

Yes. But prompting for TR1 doesn’t always result in one being produced!

….another deal:

https://www.reuters.com/markets/deals/roche-buys-telavant-holdings-71-billion-2023-10-23/

Another pharma flashing the cash.

Let me just spell it out:

The list is clearly up to date, because it reports Radoff’s stake correctly at 57mn+.

But it also shows that Barbara Contini has over 65mn shares. She wasn’t even on the major shareholders list in March - so (if this link is correct) there has been substantial and unreported shuffling of share stakes in the last six months and, one deduces, these have not been reported to the Company as required (n.b. the reporting obligation rests with the shareholder until they advise the Company).

Rather curious (though not unprecedented, in my experience elsewhere) - and has some significant implications.

Look at the holdings list.....Brad not alone.....

https://www.sharecast.com/equity/Pharos_Energy/director-deals

On the topic of the market being stupid, if anyone was stopped out on today’s news then they will fully deserve it.

I used to chair a plc audit committee. Whilst this delay is unwelcome, it will be due to matters beyond the control of Scancell and (most likely) BDO. Fulminating about the delay - and suggesting a change of auditors - completely misses the point. The company has explained as much as they can without breaching privacy, and it should be left at that. BDO will resolve it one way or another.

Vulpes can’t buy. They are in a close period, as Diggle is a Director.

What nonsense.

Audits are managed by an audit partner but there is usually one other senior person who “does all the work”. If circumstances mean that either are unable to work, the result is a delay. If that happens early in the process, the auditor would switch in other people - but if it happens at the end (as here) that is less likely to be sensible. Presumably there will be a further announcement on this next week.

Simply untrue to say it is cancelled. It will be rearranged. It only exists to allow interaction on the final results, which are clearly in abeyance.

By “unforeseen circumstances impacting the audit engagement team” it seems extremely likely to me that one or more of the team have been caught up in this Hamas/Israel problem. Murdered relatives would take priority.

Of course it might be some more mundane personal matter - but I doubt it, from the timings.

Nearly 4mn shares traded today. Highest daily volume for about 18 months.

I suspect we are approaching the end of the selling and perhaps will soon hear something on the the total scale of the upside potential in 125…..

Will be interesting to see how much was bought by the company today, out of the 4mn…..

Bojo,

Re your high-jump analogy…..pharma managements are not casual spectators at some perpetual amateur athletic events. They have businesses to run.

A better analogy would be Premiership football clubs, who regularly sign up 8 year olds in the hope that they turn into the next Raheem Sterling or Harry Kane…..