Member Info for LiveLongnProsper

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

Changed today, not sure what?

Did though notice for the first time a new UoM, i.e. “kcat/Km”. I immediately wondered what the number of cats on the street had to do with Avacta, but then Grok helped …

‘The ratio kcat/Km measures how efficiently an enzyme converts substrate to product, especially at low substrate concentrations. Its units are:

kcat / Km = s⁻¹ / M = M⁻¹ s⁻¹

This means kcat/Km is expressed in per molar per second, indicating the rate of reaction per unit of substrate concentration per enzyme molecule.’

New to me anyway.

GLA

Talking of Nasdaq – bear with me, but more-than-likely a ‘rabbit hole’ with a dead end ..?

CC has some new ‘friends’ on Linkedin (i.e. similar profiles) – only noticed because they’re not the usual Avacta folks.

Anyway, one of these is Carisma Therapeutics – who are just about hanging on to a Nasdaq listing by a thread. Could be a suitable RTO ‘vehicle’? Or could just be a Philadelphia thing? Most likely completey irrelevant.

Timing of this webinar certainly odd – short notice, everyone just finished reading and absorbing AACR posters and so up-to-date with science? More science? More pipeline stuff? More trial data? Surely not commercial / financial strategy?

No doubt more ‘rabbit holes’ to go down over next few days.

GLA

Presumably something new on the science / trial data / pipeline 'front' – p1a full data due, p1b going for ~3 months.

CBO must be too ‘busy’ (which is becoming a ‘euphemism’ for ‘nothing to tell’ on commercials – at least yet?) , but nevertheless my questions …

Please update on commercial and financial strategy and status. For example …

Are license deals imminent for AVA6000, AVA6103, or other (e.g. pre|CISION® platform)?

How are Avacta planning to secure funding - license deals, institutional investment, open equity raise, other?

GLA

Assume ‘it works’ ™ (i,e, the pre|CISION® platform works) – proven delivery of doxorubicin (AVA6000) to the TME at higher doses and withy minimal side-effects, now exceeding previous PFS for SGC.

BP acquisition drivers – risk / reward, include …

Risks – Pipeline (R&D / trial failure), how to maintain product market share and revenue (competition), patent expiry … etc.

Rewards – Reduced R&D risk through acquisition of IND / pre-clinical / early trial assets, access to innovative new technology and areas of unmet therapeautic need, new IP / patents / skills … etc.

‘Two sides of the same coin’.

Why would BP not be interested in pre|CISION®, AVA6000, AVA6103 … others?

There are other FAP targeting molecules, and Lilly have CanSEEK™ for RLT (AKA pre|CISION®, licensed from Avacta). ADCs typically target proteins such as HER2 / Trop2 / others, but ADCs are more difficult to manufacture, larger moleculles can be seen by the immune system, etc. – see Avacta’s comparisons on this,

Why would BP let Avacta progress to market, say with FAP-Dox for SGC, when FDA AA for SGC could lead to revenues early next year? Can’t see Avacta becoming fully self-sustaining, revenue generating and profitable, extending AVA6000 to TNBC and STS (Avacta ‘gone dark’ on these recently), not to mention AVA6103 coming through fast.

Under threat, examples ...?

Novartis – no ADCs, have Pluvicto targeting PSMA and other RLTs trying to do FAP targeting and imaging – such as FAP-2286 and FAPI-46/74 (all acquisitions / licensed in).

AZN / Daiichi Sankyo – Enhertu (Trastuzumab Deruxtecan) delivers an Exatecan derivative, targets HER2.

Pfizer and J&J with significant Doxorubicin sales.

Merck – Keytruda (Pembrolizumab) a PD-1 inhibitor – remember the ‘Affimer® biotherapeutics: The next generation of cancer therapiesmmunotherapy’ poster from 2023 – AVA032 being a PD-L1 therapy. Immunotherapy mentioned by CC in recent interview.

Rambling on now, but my view is – the risk to BP of NOT acquiring Avacta too great, and plenty of reward upside. Just takes one to move. Full P1a reveal and P1b interim update coming … watch this space.

GLA

With ~9.3m new shares, ‘all things being equal’, Heights should be selling at an average of more than ~150k per day to clear in time for the next CLN. Probably needs be >200k to avoid potential loss as the prospect of (yet) further dilution approaches with the next CLN coming due.

They are managing client investments and their corporate risk team will (one would expect) be fully engaged. Selling could ‘ramp up’ imminently – obviously interesting if not, but it is surely (?) the potential for a share conversion of the remaining £25.5m (maybe in one go?), to a large ‘investor’ that is a ‘fascinating’ possibility.

GLA

Have to keep reminding myself that pre|CISION® is a platform, and ‘it works’ (™).

The AVA6000 trials are actually testing doxorubicin to the limit by delivering to the TME and (mostly) nowhere else, the same doxorubicin that has been the ‘first-line standard of care’ for certain cancers for many years.

Current (presumably interim – ‘data cutoff 10 April 2025’) ‘conclusions’ state …

“FAP-Dox (AVA6000) is safe and well-tolerated in both the Q3W and Q2W dosing regimens with, with preliminary evidence of efficacy in patients with salivary gland cancers and no severe cardiac toxicity. No MTD was determined in the trial despite dosing up to 385 mg/m2 every 3 weeks (~4x conventional dose doxorubicin). Confirmed responses were observed in patients with stromal only expression of FAP with salivary gland cancers. The disease control rate is 91% in this indication with median PFS not reached and >25 weeks median follow up”. We continue …

So, the platform works, dox has been ‘working’ for ~50 years, SGC has no standard of care – guess I must be missing something?

GLA

@B2HS2l, “2 Where does that leave ADC performance now?”. Good question, ADC ‘hegemony’ is certainly a problem. Our science is making a huge ‘dent’, now need commercial team to ‘step up’, this is what your scientists have given you, just get on with it …

Targeting – e.g. proteins found in tumour CAFs, proteins expressed by certain genes.

Warhead delivery – e.g. Dox (AVA6000), Exatecan (AVA6103), RLTs, Immunotherapies, others in pipeline.

Target precisely, drop the warhead in the right place, manage the half-life of the warhead, ensure an inert leaving group, etc.

Smaller molecules – better penetration, immune system ‘invisibility’.

Significantly reduce ‘off-target’ toxicity.

Ease of manufacture – chemical synthesis vs use of animals or nuclear reactors.

Supply chain – ‘bench chemistry’ vs (for example) nuclear material management.

Etc. , could go on.

Again, ‘commercial team’, you have a truly brilliant product to sell and you have patients waiting …

GLA

Https://x.com/avacta/status/1915861356630200444

Must be good then?

GLA

Https://www.fiercepharma.com/pharma/merck-kgaa-confirms-late-stage-talks-springworks-about-35b-buyout

Merck team – other acquisition targets are available.

GLA

Nice one @Yorkshire, Novartis continues to be my favourite

The CLN outcome this time seemed inevitable given the cash runway and (seemingly) no imminent commercial ‘deals’. Hope to see the ‘upcoming’ batch of posters more than recover sentiment and concentrate some BP minds.

Just a note on valuation – I know many will not like this, but the EV (Enterprise Value) hasn’t really changed much, and that’s a factor (if only a ‘starter for 10’) in acquisition considerations.

EV = Equity + Debt – Cash. We’ve swapped some debt for equity, issued (effectively) new equity for interest and discount, so SP should go down by the effect of those last 2 components.

Of course, the real value of Avacta is in it’s Products / Pipeline / IP / Patents / Trial Data, etc., and that is surely (?) many multiples of where we stand just now.

Looking forward to the posters, particularly the embargo ‘reveal’.

GLA

Https://www.abstractsonline.com/pp8/#!/20273/presentation/10472

Presenters / Authors include – William D Tap (MSK), Lee D Cranmer (Fred Hutch), Chris Twelves (Leeds and trial coordinator), also our previous poster presenter Udai Banerji (Institute of Cancer Research).

Personally, I’m expecting more (and highly positive) data.

GLA

BG holding was just about irrelevant. Possibly (?) a slightly more interesting distraction while we’re waiting for something substantive. Key Information page on Avacta website currently saying …

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

“There are currently no individually significant shareholders holding in excess of 3%”.

But also implying not recently updated as total shares noted … ““As at 2nd September 2024, the company has 362,159,730 ordinary shares of 10p each”.

When we know the correct number from the last CLN RNS Jan 21 to be 376.216,957.

Below suggests that Lombard Odier hold 11.8m …

https://www.msn.com/en-ie/money/stockdetails/fi-ao67k2?cvid=313a3f99857b4491ff6b89c4c04e0aa5&ei=4&id=ao67k2&l3=L3_Ownership&investorId=all

And 11.8 out of 376.2 is 3.1%, but no TR1.

FWIW this site seems to confirm the Lombard Odier holding (albeit as at ~1 year ago), and also lists some individual holdings …

https://www.financecharts.com/stocks/AVCTF/ownership

No idea how up-to-date or accurate these sources are, always DYOR.

Looks to me like PI’s hold ~70%+, likely the majority of these being LTH’s, some with a far better understanding of the platform than anything (that I have seen) published by any ‘analyst’.

GLA

@Yorkshire, interesting one. August 2024, but while we wait for news next week …

Page 7 of paper …

“3.2. Peptide-drug conjugate (PDC) Peptide-coupled drugs are a new generation of antitumor agents. PDCs mainly comprise a peptide, a linker, and a cytotoxic payload. PDCs are structurally similar to ADCs and differ in that the antibody-targeting component is a peptide consisting of cell-penetrating peptides that translocate the drug across the cell membrane and cell-targeting peptides that bind specifically to receptors on the cell membrane. PDCs have advantages over ADCs, such as small molecular weight, strong tumor penetration, and good tumor suppression in solid tumors. They are easy to synthesize and cost-effective, with low immunogenicity and high safety. Two PDC drugs are commercially available globally: Lutathera and Pepaxto (which have been withdrawn from the market).”

‘Table 3

Method - Peptide Conjugation.

Advantages - Good biocompatibility, degradability and chemical modification flexibility. Stable. Overcoming tumour resistance.

Disadvantages – Complicated process.’

Notes …

Lutathera is a RLT (177Lu) from Novartis – who are not really into ADC’s, this drug using a peptide for targeting. Despite the paper suggesting that it has been withdrawn, it appears to be actively used and being further developed.

Pepaxto is a PDC from Oncopeptides AB. It delivers a Melphalan ‘warhead’ by targeting of aminopeptidases, which are overexpressed in myeloma cells. Apparently withdrawn from US market but still in limited use in EU and elsewhere.

Philadelphia office (might?) say – ‘AVA6000, AVA6103 are US products – will ‘off-shore’ R&D to UK, manufacture in US, sell to world for large profit’.

London office (might?) say – ‘sell out to Chinese at earliest opportunity’.

European office (we still have Coris in Belgium!) (might?) say – ‘we will further develop the product, run trials at leading hospitals worldwide, retain the IP within Europe, and make available (at a fair price) these world leading cancer therapies across the world for the benefit of patients.’

I still think Novartis need us.

GLA

As per Tom and Paul from twiX …

https://x.com/Tom_The_Bomb__/status/1912121418310988082

https://x.com/PJ_Crabb/status/1912120661754912990

Down to 29 ‘spots’, qualification criteria widened significantly as noted on this thread.

Looks like trials progressing well – just need a commercial deal or two.

GLA

Good spot @gmcc, see also on twiX now.

Distinguising the criteria for treatment between ‘high grade STS or SGS’ (no previous anthracycline-based therapy) vs TNBC (prior treamnent with dox / other anthracycline OK if completed 6+months ago and adjuvant or neoadjuvant).

Previous version citeria was no previous treatment for TNBC.

Should mean more qualifying patients?

Presumably FDA ‘on board’ with a recommendation from SAB (including MSK and Fred Hutch leads)?

Seems very positive.

GLA

Confirmed dates.

CLN – determine whether in shares or cash, w/c April 21 (not Monday) – or before.

April 28 …

https://www.abstractsonline.com/pp8/#!/20273/presentation/5420

Abstract published – using Tempus AI data to analyse FAP expression across multiple tumor types CAFs, leading to further and better informed pre|CISION® pipeline developments.

April 28 …

https://www.abstractsonline.com/pp8/#!/20273/presentation/3042

Abstract published – looks like a ‘deeper dive’ into AVA6103 than we already see in the latest corporate slides. Look forward to that.

April 29 …

https://www.abstractsonline.com/pp8/#!/20273/presentation/10472

“Abstract is embargoed at this time” (until 13:00 ET 25 April). Maybe more data?

To be confirmed – Coris, P1a data update (‘2Q 2025’), co. results, AGM – plus …

ASCO poster presentations revealed on 23 April …

https://meetings.asco.org/meetings/2025-asco-annual-meeting/327/program-guide/posters

Perhaps the most relevant sessions – Sarcoma, Lung Cancer (NSC), Breast Cancer, Head and Neck Cancer, Molecularly Targeted Agents and Tumor Biology ..?

Probably missed a few.

GLA

@gmcc, let's see if we get some Linkedin posts from DW?

Coris, though smaller, more interesting than Launch (who were really just a Dx product wholesale operation), with their own R&D, design, manufacturing, and selling for the range of LFT’s etc.

Would naturally benefit from Affimers and any residual (post-Covid) LFT expertise left in Avacta. But no sign so far of a Coris + Affimer product.

I suppose if they were to be cash positive (anyone know?) on a standalone basis (inc. paying for the ‘corporate’ Dx guys), then no particular hurry to sell – apart from a small amount of strategic confusion.

GLA

@gmcc, let's see if we get some Linkedin posts from DW?

Coris, though smaller, more interesting than Launch (who were really just a Dx product wholesale operation), with their own R&D, design, manufacturing, and selling for the range of LFT’s etc.

Would naturally benefit from Affimers and any residual (post-Covid) LFT expertise left in Avacta. But no sign so far of a Coris + Affimer product.

I suppose if they were to be cash positive (anyone know?) on a standalone basis (inc. paying for the ‘corporate’ Dx guys), then no particular hurry to sell – apart from a small amount of strategic confusion.

GLA

Courtesy stonks from twiX …

https://x.com/JStonker/status/1909325864203845872

Launch now gone, Coris still here …

https://avacta.com/diagnostics/our-brands/

Dx guys also …

https://avacta.com/diagnostics/diagnostics-team/

But this page is really quite weird ..?

https://avacta.com/diagnostics/

‘Diagnostics division’?

“In the highly competitive diagnostics market, Avacta’s proprietary Affimer® platform provides a powerful tool to differentiate immunodiagnostic products to gain competitive advantage and grow the market share of acquired businesses”.

Not sure this even makes sense – ‘grow the market share of acquired businesses’ - does this mean Coris have Affimer products or IP?

Are we having second thoughts about Dx (I think I'm only joking ..)?

GLA

"Dispose of coris .." Yep, sooner the better. In the meantime they haven't even bothered to update the website for the Dx link and the ridiculous 'M&A led strategy' nonsense - after stating that (at least implying that all of) Dx disposed of and now pure play Tx. Sloppy to say the least.

GLA