RE: Radio silence…2 Jun 2026 10:25
Vascular
Using the Trinity method of valuation:
https://www.trinitydelta.org/research-notes/abundant-development-opportunities-in-immuno-oncology/
"Valuation
We value Scancell using a sum-of-the parts, where the rNPVs of the three distinct technology platforms are summed together with cash. Within each, we have a standalone valuation for the clinical assets (ie iSCIB1+ and Modi-1) plus indicative placeholder platform valuations. Our Scancell valuation is £382m ($477m), or 37p per share (31p fully diluted), with iSCIB1+ the most important contributor, worth >50%. We value the ImmunoBody platform (which includes iSCIB1+) at £215m/$269m, with upside to our iSCIB1+ peak sales forecasts, in addition to upcoming de-risking events which could lift the ImmunoBody valuation alone to £346m/$432m; these include further iSCIB1+ survival data, FDA feedback on the registrational trial design, and clarity on the funding for this trial."
If funding is sorted, Trinity reckons the iSCIB1+ valuation changes from £215 m to £346 m. Hence the total valuation changes from £382 m to £513 m. I reckon the undiluted valuation then changes to 49p i.e (37 x 513 ) / 382
But that's Trinity and not Panmure.