Member Info for Mayo51

That’s handy , you could put it in the passenger seat, pass the cable out through the front window and charge as you go.

Jcool,

I’m a bit confused, I realise there is Meta Systems, a €27m Italian company.

https://www.metasystem.it/en/about

Your Meta, I think, may be Meta Systems, the Facebook company, 10 bn shares x $200 each = $2,000bn or $2tn, their latest mcap is actually $861bn.

Wish I had been in this before last weekend but glad to be here anyway.

Stumbled on this by accident and so glad I did, what a week and what potential.

Of course, got concerned by a bit of a retrace but it was fairly muted.

Wishing everyone well in this share, been involved in biotech shares and always waiting for the business and marketing to start.

Looks like we’ve got a lot of the scientific elements and now got the ex-Tesla personnel to push it on the business front.

I’ve been concerned about the true cash position since July 2023 when they decided to cut back elsewhere and concentrate on the 2 lead clinical products, SCIB1 and Modi-1.

At that point, they were talking about a cash runway to H2 2024, then there seemed to be a lot going on in October 2023 with Accounts Release, potential Investor Presentation, the delayed BDO audit and the extension of the cash runway to H1 2025.

I’m not convinced it was all BDO’s fault, I consider that they may well have questioned the cash runway based upon recent expenditure and may have been reluctant to sign off the audit.

Anyway, at the AGM, Lindy confirmed that the cash runway was actually till Jan 2025, just into H1 2025, and didn’t include any allowance for SCOPE/SCIB Stage 2/3 preparation.

Also, a question was asked about the investor Presentation and the reply was with the delayed accounts, we needed to arrange the AGM first and then would wait a couple of months for the Investor Presentation.

A day later we were informed about a £6m cash raise plus a potential £2m OO Placing, the following morning it was a £10.6m cash raise plus a potential £2m OO Placing.

Anyway, now it’s a £10.6m plus a potential £8m OO Placing.

There was definitely a problem with the cash runway, I’m glad it’s resolved and leaves Scancell able to progress SCOPE/SCIB1 and Modi-1.

I imagine there are certain conditions agreed to enable the cash raise and we are more likely to receive benefits, i.e. partnering, deals, etc, going forward.

It’s basically brought it to a head, all good in my opinion.

Regards,

If anything, Moderna sounds a real possibility for SCIB1.

Moderna and Merck are targeting ressectable Melanoma with a personalised vaccine.

SCIB1 is targeting a unressectable Melanoma, a different market, with an off the shelf, one size fits all, cheap to produce vaccine, with high levels of potency.

Didn’t the Moderna man, after Lindy’s presentation, say to her ‘If that works, we’re in trouble’?

Wouldn’t mind employing the fund raiser in sales

That’s OK, fairly amazing though, the cash runway gets extended between July and October, we’re looking for £6m, potentially £8m, at 5pm yesterday and have got £10.6m, potentially £12.6m, at 7am this morning.

Although I definitely appreciate the cash runway now being extended well into, hopefully late2025, I do get frustrated with the way information is transmitted.

In July, we’ve got a cash runway to H2 2024 when concentrating on 2 assets, it becomes early 2025 in October whilst there are apparently problems with BDO.

We have the AGM 2 days ago, yesterday we’re looking to raise £6m when it’s actually £8m, we’ve now been told this morning it’s actually £10.6m when we’re looking to £12.6m.

We’ll have to wait till next April to realise our true October 2023 cash position and our potential cash runway timeline.

A bit frustrating, just glad it’s the weekend.

Hi Bojo,

It’s a bit difficult to factor in income, our only income so far, apart from the government funded Covidity grant, is the £5m Genmab payment .

Lindy said yesterday that Genmab are doing the ‘heavy lifting’ and incurring the costs in taking it forward, any payments will be relatively small and it’s basically a 5 year plan.

Also, we have no other confirmed deal, Genmab may assist us in providing validation, there’s no doubt that we are actively seeking deals.

However, based on the limited income so far, how can we reasonably factor in income, if we could I would suggest there wouldn’t be an £8m capital raise.

Regards,

Hi,

I’ve previously been concerned about their cash runway, Scancell would’ve known their £19m cash position at 30th Apr 2023, my fear is that they were spending considerably, resulting in their RNS dated 10th July 2023, confirming their intention to focus on their 2 lead clinical assets and stating they had a cash runway to H2 2024.

My concerns were that despite a cash balance of £19m, they would’ve had further liabilities, for the period pre-30th Apr 2024, which obviously hadn’t yet been paid.

Anyway, there were obviously deep discussions in July which forced the RNS and Lindy clearly wasn’t comfortable in her Proactive interview.

Since then, we had the BDO auditor’s delay and, coincidentally, the cash runway had been extended to early 2025 within the 30th Apr 2023 Accounts, finally released on 31st October 2023.

Lindy then confirmed yesterday that early 2025 was actually January 2025 and we are now looking at an £8m cash raise.

I consider that our October 2023 position (won’t hear until April 2024) is probably quite a bit lower than an anticipated £13m, I’d be surprised if our cash balance less any pre-31st October 2023 liabilities were in excess of £10m.

In my opinion, I think the cash raise will only cover our liabilities to early 2025, without any SCOPE Stage 2/3 Progress allowances.

Just a feeling.

Paul,

Agreed, it gives us greater certainty, I was concerned at the cash runway when the results came out with £19m cash at April 2023 and say a rough cost of £1m/month.

Lindy confirmed yesterday that it would run out in January 2025 and the SCOPE Phase 2/3 wasn’t included in the figures.

The cash is vital and we need greater certainty otherwise any potential purchasers will exploit any potential cash weaknesses.

Doesn’t really, we haven’t seen the dilution drop yet, will see it tomorrow morning.

All,

SCOPE and SCIB1, iSCIB1+ are definitely the positives, extended patent life, 15 years expiring in 2039, a question was raised about SCIB2 and Lindy mentioned a possible SCIB3.

Definitely need a partner to really take this forward.

Botski,

Yes, the venue was excellent, hated the Oxford Stadium, kept thinking of it being owned by Robert Maxwell.

Lindy mentioned BioNTech and Moderna in relation to SCIB1, the difference being that our one is a one size fits all rather than their personalised ones which takes at least 6 weeks and a lot of effort to individually personalise.

Excellent post-AGM chat and Moderna comment, as Jean said, in response to Richard Goodfellow’s question, the big Pharma are risk averse but with lots of cash, they’d prefer to wait for the data and won’t mind paying the money, it’s a balance, the more data we can provide the bigger the payout.

Had to wait to get in to the building, met Richard at the entrance, said we’re there for the Scancell AGM and he’s the previous CEO at his first post-CEO AGM, I said you’ll be asking all the questions then.

Forgot to ask him if he was the seller a few weeks ago!!

Regards,

Hi Violindog,

The question was raised, the delayed audit was definitely a BDO issue, won’t be repeated, and they considered that they should get the AGM done with the Investors Presentation following a couple of months later.

Naturally, there was a big focus on SCOPE and SCIB1 and although they’re looking to get it ready for Stage 2/3, which will take to end 2025, nothing is built into the cash runway, which effectively runs out in Jan 2025, Lindy did say early 2025 but specifically said Jan 2025.

Also, Genmab are in the early stages and as Lindy put it, incurring all the costs or carrying out all the ‘heavy lifting’ in moving it forward, payments appear to be slow and it’s effectively a 5 year project.

ModiFy appeared to take a back seat, great ovarian responses but would require progress/validation on head and neck first to assist approval, was getting a bit lost at this stage, still thinking through the SCIB details.

Regards,

Hopefully it’s not Diggle, if so we are in trouble!!

Thanks EE,

It’s a balancing act, they’re already taking action, a reduction in cash forecast will curtail their ambitions.

I think the auditors needed convincing, the half-year results will obviously be more telling, they need a further Genmab payment to settle things down.

Regards,

Yes, assumptions, but no guarantees.

Thanks Moonparty,

I appreciate that, which they announced in July 2023, so takes a little time to implement.

Even if we cut it back to £1m/month it’ll only take us to this time next year.

Regards,