RE: Iliad secures funding10 Feb 2026 18:08
Just a note on how much they could get out of this contract. £15 million is a negative case in my opinion. RSV Antiviral for a Phase II gave Hvivo £16.8m, but this is a phase III trial.
ILiAD trial has several unique cost drivers that make it larger than a typical HCT:
1. Participant numbers: The earlier CHAMPION-1 Phase 2b challenge study enrolled 53 participants, of whom 46 were inoculated with virulent B. pertussis and stayed for a 16-night quarantine. Business Wire For a pivotal Phase 3 HCT designed to support FDA marketing authorisation, you'd expect significantly more participants, likely 150–400 to achieve the statistical power needed for a registration-enabling study. hVIVO's Canary Wharf facility has a 50-bed quarantine unit hVIVO, meaning the trial would need to run in multiple cohorts over many months.
2. Scope of services. This contract likely includes Bacterial challenge agent manufacture (this is hVIVO's first bacterial HCT, requiring new GMP manufacturing capabilities, with their bacterial lab at Canary Wharf now operational to support this study). Participant screening and recruitment via FluCamp (for potentially thousands of screened volunteers to yield 200–400 enrolled). Extended quarantine stays (pertussis requires longer quarantine than viral HCTs — the Phase 2b used 16-night stays, and a bacterial model may need similar or longer). Also potential virology/immunology lab work via hLAB services.
hVIVO's previous £16.8m RSV contract included expedited challenge agent manufacture plus a multi-cohort challenge trial. If we assume that contract involved roughly 100–150 participants (typical for multi-cohort Phase 2a RSV HCTs), that implies roughly £110k–170k per participant all-in
For the ILiAD Phase 3 with 200–400 participants: at £100k–150k per participant (some economies of scale on a larger trial), that gives a range of £25m–£40m.
Assuming the above a more realistic central estimate is probably in the £20–35m range, potentially recognised over 18–24 months (2026–2027). This would represent roughly 40–60% of hVIVO's FY25 total revenue (£46.7m) and over half of their current market cap.
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