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Excellent interview, super-enthusiastic CC (as usual), also a great deal of real content and demonstration of current 'thinking'. Nothing really commercial, except the usual allusions to ongoing conversations. Great stuff, strongly recommend a listen.

GLA

Most ‘sins of past’ undone (but not forgiven).

Dx disposal (more-or-less given away, but necessary for the ‘play book’ – you know the one).

CLN sorted (albeit ‘parked’ for now), and some short-term funding – credit to BH and RH.

Progress with science / pipeline / trials truly brilliant – credit CC (in R&D and CMO roles), and fantastic scientists.

Great setup for AVA6103 trials – thankyou CC and 'involved' team.

Now CC (as CEO) and (so far, invisible) BD team – SB and YB (plus maybe DB), really need to demonstrate their ‘contribution’ with a significant commercial deal.

GLA

Ps – Novartis, just ‘fill that gap’ in your pipeline, you know it makes sense, and waiting will cost.

Short interview with Tempus CEO Eric Lefkofsky from Bloomberg at JPM …

https://x.com/hashtag/JPM2026?src=hashtag_click&f=live

Brief extracts, paraphrased (definite oncology focus) …

‘… make sure that patients are on the right drug, on the right trial …’

‘… licensing de-identified data pretty broadly to 19 of 20 largest BP and 250 biotechs …’

‘… most BP at present moment trying to figure out how to use AI, the technology, the data, to re-invent how they do drug discovery and development …’

‘… we are a clinical provider dealing with thousands of Oncologists as they are making life and death decisions every day treating patients …’

Looks like we're in good company.

GLA

Https://www.businesswire.com/news/home/20260111442047/en/Tempus-Announces-Preliminary-Fourth-Quarter-and-Full-Year-2025-Results

Tempus reports “Revenue of ~$1.27 billion, representing ~83% growth year-over-year, including ~30% organic growth”.

“This announcement comes ahead of the Company’s presentation today at the 44th Annual J.P. Morgan Healthcare Conference. A live webcast of the presentation and our updated investor deck can be found on Tempus’ investor relations website at investors.tempus.com.”

Reported on SpacetwiX by BlackRock on the JPM Healthcare thread …

https://x.com/KoushikC16/status/2010591965277286437

“Tempus is positioning itself to build the largest oncology-focused foundation model by embedding its data”.

Data which is helping focus our trials.

GLA

I would say very interesting …

Telix seem to be using mAb’s for prostrate and kidney cancers – Rosopatamab (targeting PSMA) and Girentuximab (targeting CAIX) respectively, with the radioisotope 177-Lu. Note 177-Lu also used by Lilly and Novartis.

They are also doing diagnostic imaging for the above with 68-Ga and 89-Zr.

Plus brain cancer with 18-F for imaging and 131-I for therapy using 'small molecule' targeting.

Think SOFIE for imaging and Novartis and Lilly (CanSEEK™ - which is pre|CISION® under license to Lilly via PointBiopharma) for therapy.

And checkout TLX400 – a radioligand targeting FAP, currently in development.

We have FAP targeting already, and this could be applied to RLT’s. Current Telix mcap $2.5bn.

GLA

This from Ben on twiX, really deserves it’s own thread …

https://x.com/111BEN_111/status/2009369035557818544

Further …

https://www.reuters.com/business/healthcare-pharmaceuticals/merck-talks-buy-biotech-revolution-medicines-ft-reports-2026-01-08/

Well worth some AI research comparing Revolution Medicines ‘Tri-Complex Inhibitor Platform’ to the Avacta pre|CISION® platform.

A brief extract from my AI ‘research’ …

“Modality: Small-molecule tri-complex inhibitors that bind a cellular chaperone (e.g., cyclophilin A) and then engage the active GTP-bound form of RAS (RAS(ON)), creating a novel druggable interface on previously “undruggable” RAS proteins.

Mechanism: These tri-complex molecules form a three-component complex (chaperone + inhibitor + RAS) that blocks oncogenic RAS signaling at its source.

Designed to target mutant forms of RAS (e.g., KRASG12C, KRASG12D, KRASG13C, Q61H) and pan-RAS profiles, and often oral small molecules with covalent or high-affinity binding.”

My AI seemed quite engaged and really wanted to continue beyond this summary for BD folks (quite appropriate?) …

“High-Level Takeaway for Investors / BD Teams

Revolution Medicines is likely to attract more driver-centric acquirers (Merck, Roche, Pfizer) due to its RAS targeting breadth and potential direct tumour growth suppression across high-impact cancers.

Avacta’s pre|CISION® is more likely to attract platform/combination-minded buyers and partners (Novartis, AstraZeneca) looking for tumour-targeted delivery engines that can be paired with multiple established and emerging therapeutics.”

‘Research’ also showed how the two platforms could be complimentary – lot of detail though.

So, Avacta (massively) undervalued or what?

GLA

Is that 'Novartis Deal Announcement'?

GLA

Perhaps consider the target audience for Avacta’s presentation materials ..?

(Hint – I would really love to see the slides actually removed from the ‘Novartis presentation’)

Shareholders, yes, mostly well informed long-term PI’s.

Companies that will be interested in the the pre|CISION® platform and pipeline of products – specifically the senior business development folks charged with identifying opportunities to bring to their boards. These folks will understand the science, the potential market impact of transformational technology, and the ‘fit’ to their own companys pipeline and strategy. For me, the BP business development teams are the true target audience.

II’s follow the above, once interest is apparent and validation is clear, but only if they move quickly – once BP makes a decision it will probably be too late.

GLA

Thanks @gmcc and https://x.com/asininitybeyond ...

Merck - Pembrolizumab (Keytruda®; PD-1 inhibitor, mAb), ‘sales at risk’ ~$20bn.

The Keynote-522 Phase 3 trial met it’s primary endpoint establishing pembrolizumab and chemotheraphy as the standard of care for early-stage TNBC.

The second pass cycles (chemo and pembrolizumab) can include doxorubicin.

Please check this – it may be that the Keynote-522 regimen limits the cumulative dox dose to 240 mg/m² (over 4 cycles) to balance efficacy with cardiac risk, while pembrolizumab has a low cardiac risk?

How to do better for patients seems obvious?

GLA

'Multiple Durable Complete Responses Continue Weeks After FAP-Exd Dosing in a PDX Model of Small Cell Lung Cancer (SCLC)'.

Cancer is 'flatlined' - see charts.

GLA

More info courtesy stonks via my StarlinX terminal (green screen version) ...

https://x.com/JStonker/status/2001393022244692254

Liking the DS connection.

GLA

Updated today …

https://www.clinicaltrials.gov/study/NCT04969835

Grok says …

"The clinical trial NCT04969835 — titled "A Study Evaluating the Safety, Pharmacokinetics and Early Efficacy of AVA6000 in Solid Tumours" — had its record updated today, December 17, 2025.

This update (version 11) was based on a submission that met quality criteria on December 11, 2025. Compared to the previous version (submitted October 28, 2025), the changes were in the following sections:

Study Status

Eligibility

Contacts/Locations".

Things moving behind the scenes? Novartis the favourite, rest of the ‘field’ …

AZN / Daiichi Sankyo have Enhertu (Trastuzumab Deruxtecan or T-DXd) – Deruxtecan being an Exatecan derivative. (Setback today noted earlier on twiX).

Merck have Keytruda (Pembrolizumab), another kind of immunotherapy (PD-1 inhibitor).

GSK with DDR’s, but not MMAE’s, but do have Blenrep (Belantamab Mafodotin) that uses an MMAF (an MMAE derivative).

Lilly, Pfizer ..?

GLA

Yep, still there, and now downloaded for the 'historical record' (haha).

Novartis targeting FAP with their RLT products - but don't have ADCs. So why not fill that pipeline gap, but with next gen PDCs?

GLA

Why not Avacta?

Remember CanSEEK™ (aka pre|CISION® under license to Lilly – via PointBiopharma) for RLT therapy.

The utility of the pre|CISION® platform is immense.

GLA

Seems to have been updated again ..?

https://avacta.com/investors/key-information/

GLA

More detail courtesy stonks from twiX ...

https://x.com/JStonker/status/1995512963638476808

GLA

Key information page just updated …

https://avacta.com/investors/key-information/

If the big buys going through this PM continue, perhaps this will need to be updated again soon?

GLA

Bit of chat picked up via my StarlinX terminal (I’m on the ‘green screen’ economy tarrif) from Myles regarding MMAE patents …

https://x.com/MylesMcNulty/status/1993349343160479969

Does seem to be the case that the main patents are held by Pfizer (Seagen) with some licensing out to (for example) – Roche / Genentech, Astellas, GSK, and others. But possibly a direct patent held by Daiichi Sankyo (?) – does need more research, but could be quite interesting.

So where did our dual payload molecules come from? Down the ‘rabbit hole’ then …?

From the AVA6207 poster …

“The investigators and the team at Avacta would like to thank SynthesisMedChem who performed chemical synthesis; Sygnature Discovery who performed chemical synthesis, cytotoxicity and kinetics assays …”

SYNthesis med chem - https://synmedchem.com/about/

Member of the Viva group of companies - https://www.vivabiotech.com/about

Provide CRO and CDMO services, based in Shanghai.

I previously mentioned MedChemExpress - https://www.medchemexpress.com/

Who are selling Faridoxorubicin (‘for research use only’).

They are part of Haoyuan Chemexpress Co Ltd - https://www.chemexpress.com/

Also based in Shanghai.

Can’t see that the two companies are particularly linked though?

Just to complete the picture (ex-China), Sygnature Discovery - https://www.sygnaturediscovery.com/

A ‘portfolio company of Five Arrows Principal Investments (FAPI – yep, just a coincidence), the European private equity arm of Rothschild & Co., following a major investment in June 2021 …’.

Seems like we’re in ‘good’ company.

GLA

For sale ..?

https://www.medchemexpress.com/faridoxorubicin.html?utm_source=google&utm_medium=CPC&utm_campaign=Europe&utm_term=HY-177083&utm_content=AVA%206000&gad_source=1&gad_campaignid=22009082842&gbraid=0AAAAAqw0bdqZhTbsoWNqXSnswOytpjBh0&gclid=CjwKCAiA8vXIBhAtEiwAf3B-g6V-hzDDnoAICA5rubhN6jsHb0q15ArLYmCV2NjPxz0oY0D9734mWhoCH7sQAvD_BwE

‘Research use only.’

Seriously – haven’t seen this before, any thoughts?

GLA

Good spot by Ben on SpacetwiX …

https://x.com/111BEN_111/status/1990460565488062621/photo/1

J&J pay $3bn for phase 1, 2 asset. More about Halda Therapeutics …

https://haldatx.com/our-pipeline/

Trials of HLD-0915 still has some time to run …

https://clinicaltrials.gov/study/NCT06800313

Possibly more interesting (?), from TwoStep Therapeutics – a targeting peptide …

https://jitc.bmj.com/content/13/Suppl_2/A1073

“PIP-MMAE is a fully synthetic knottin peptide-drug conjugate composed of the tumor-targeting peptide ‘PIP’ conjugated to the cytotoxic payload ‘MMAE’ using a clinically-validated linker.”

Currently at the ‘xeno-meeces’ stage. Also RLT in their pipeline …

https://twosteptx.com/our-science/

What’s the relevance to the J&J story? This …

https://twosteptx.com/news/twostep-therapeutics-selected-to-join-johnson-johnsons-global-incubator-network-jlabs-2/

While J&J are in top 5 BP’s by sales or mcap, they don’t make my ‘most likely to acquire Avacta list’ - AZN / DS, Novartis, Lilly, Pfizer, Merck, Roche / Genentech, GSK.

(Might re-think that, haha).

GLA