Member Info for Thompi

I’ve reread today’s RNS very carefully. It is very positive:

• £3.25m raised in an oversubscribed placing

• October 2025 bond payment covered in cash

• January and April 2026 repayments officially deferred to October 2027

BUT there are nuances that we should be aware of: “deferred” doesn’t necessarily mean Avacta gets a free pass until 2027. The bondholder can call those Jan/Apr 2026 payments forward - EITHER once TNBC Phase 1b data is published OR from 30 June 2026. And from October 2026, they also gain the right to accelerate other quarterly repayments.

Thorn, obnoxious fudding and just as nauseatingly obnoxious in ramp mode.

Christ Thorn, I only took you off filter to see who had started the thread. No one is “quibbling” about the half-life - because there was never an issue to quibble about. It hasn’t been a problem with AVA6000, apart from in your own head.

Oneknows — I agree, the playing field isn’t level for PIs versus IIs. Unfortunately, that’s just the reality of the investment world. But it doesn’t stop it being frustrating when we are always on the wrong end of it.

From what I saw at the AGM, I do genuinely believe RH will bring valuable funding expertise and commercial experience to Avacta, which should ultimately benefit all shareholders. I just hope Simon Bennett is doing enough behind the scenes to earn any fees we are paying him.

Gracie — on Myles, I share some of your cynicism. However, the mini raise’s terms were more favourable than the VWAP Heights 10% discount we would have faced if the CLN repayment had been in shares. Despite the recent SP decline over the last few days, I still think it would be in a much worse position if Heights had been repaid in shares.

At the start of last month, the share price was hovering in the low thirties - now it’s above 50p. The recent raise came on more favourable terms than a CLN Heights share repayment would have, and the boost to sentiment from the RH factor is immeasurable. He’s instilled confidence that there are options. Gracie, would you prefer they go back to paying Heights in shares? I certainly wouldn’t.

Aquisace, just to add to Tim’s post regarding Thorn’s long track record of de-ramping AVCT - much of it baseless. Take a look at Myles McNulty’s posts on X. It seems that Thorn, under one of his aliases, may have been working in tandem with TW:

https://x.com/mylesmcnulty/status/1808061031421235643?s=61&t=BBb2UcjLDTXOFIzJM-vM6A

I have now blocked him, as I find his supposed ‘conversion’ difficult to stomach given everything he’s said in the past.

I have done what I should have done a long time ago - filtered Thorn. No idea what possessed me to unfilter him in the first place. It’s like letting the genie out of the bottle and then trying to cram him back in again. He was irritating when he wasn’t invested, and he’s just as bad now.

I didn’t get to speak to Richard Hughes after the AGM, but as others mentioned, he was compelling when he spoke during the business presentation. Talking to people afterward, RH was just as impressive in off-line discussions.

I thought this was a great post on X.

https://x.com/am231982/status/1948943766712131862?s=61

Thorn you are a bloody idiot!

Thorn, I asked Grok ‘s opinion on your post and I suggest you do the same. The answer is too long to post in full, so I asked for a summary.

Opinion on the Post (Summary)

The post questions Avacta’s AVA6000 half-life, the choice of exatecan for AVA6103, and the timing of pharma partnerships, suggesting issues with pre|CISION 1 and a lack of management transparency. It relies on speculative assumptions not fully supported by data.

- **Half-Life Concern**: The post misinterprets AVA6000’s design. Doxorubicin’s 35-hour half-life is sufficient, and pre|CISION focuses on tumor-specific delivery, not extending half-life. Pre|CISION 2 and 3 optimize delivery for potent warheads like exatecan, not fix AVA6000.

- **Warhead Choice**: Exatecan was chosen for AVA6103 due to its potency and need for controlled release, not because AVA6000’s doxorubicin is flawed. Warhead selection aligns with cancer-specific strategies.

- **Partnering Deals**: No evidence suggests pharma ignored AVA6000 due to half-life. Partnerships likely depend on clinical milestones, with AVA6000’s strong Phase 1a data (91% disease control, no cardiac toxicity) boosting its appeal. Pre|CISION 2 and 3 expand the platform’s scope.

- **Skepticism**: The call for questioning is valid, but claims of hidden issues lack substantiation. Avacta’s data and updates show transparency.

Thorn, I have no idea what you want me to comment on? Because there has never been a problem with the half-life of AVA6000.

One of the reasons we “are all of a sudden off and running” is because the IP for the sustained release mechanism was filed last Autumn. Prior to that Avacta were not able to disclose any details on AVA6103.

I genuinely don’t know what you’re talking about.

I agree with your comment to Thorn, Ice - AVA6000 was always about proving the platform and demonstrating that pre|CISION works in humans.

The reason it was chosen is because, in AS’s words, “it was the most advanced programme in Tufts University when we licensed that pre|CISION platform, so it made a lot of sense to get that molecule into the clinic and get human proof of concept as quickly as possible…”

As Thorn surely knows by now, there has never been an issue with AVA6000’s half-life. There is, however, one with exatecan - which the advances in pre|CISION are designed to address.

And Touk - it’s not that Thorn has changed his mind or timed his buys well that winds some posters up. It’s the fact he spent years spamming this board while uninvested, spreading misinformation about things like AVA6000’s half-life or Avacta “defaulting” on Affyxell etc. That’s what makes his sudden conversion to the cause hard to swallow.

thorn you have talked some real fud rubbish on this board - we have had to put up with half-lifegate, affyxell-default-gate, arthritisgate… you have a very selective memory. ******!

Totally agree, BV, Tim, Ben, PL, CJ and Pedro. After years of relentlessly spreading FUD, the newly ‘converted’ Thorn is nauseatingly hard to stomach.

Thorn - I admit I am struggling with this newly invested version of you, after how ever many years you have relentlessly fudded this board.

We have had to put up with Half-LifeGate, AffyXell-default-Gate, ArthritisGate… have I missed any ‘concerns’? I’m sure I have - you have been a prolific poster while not being invested.

I understand that people change their minds when circumstances change - that’s fair enough.

But by feck, this conversion is hard to take….

Coldwater - a correction to your post - it is not well over two years since CC took over from AS. Chris was appointed CEO in April 2024.

CC was left a mess to sort with the Diagnostics Division and the CLN.

I have topped up twice since the AGM on the strength of RH’s words there. I am optimistic that we have finally turned a corner, especially with the recent commercial strengthening of the board.

https://www.lse.co.uk/rns/AVCT/board-change-khojjv17zrpcfs3.html

I’m not entirely convinced, Ben, that AVCT have been in constant deal talks over the last fifteen months. It clearly didn’t stop Tony Gardiner from selling some of his shares last August while still acting as interim CFO.

Thanks Dogs80 for that insight from the AGM.

That’s a different version from what Brian Hahn reportedly told two credible posters - that the matter was due to be discussed at the next board meeting. I’m not questioning your post, which I’ve taken at face value. I do, however, find it surprising that - according to CC - there hasn’t been a single opportunity in over a year since she became CEO for a board member to buy shares. It’s not as though they have announced any deals during that period.

Totally agree, 54retiresoon. RH said at the AGM that the CLN didn’t need to be settled in one big £25m lump - it could be dealt with in stages. That’s exactly what he and Zeus have done with this instalment, and they have achieved it in a very short space of time.

Whoever on here said this is no different from the CLN is talking rubbish. Don’t forget - if the repayment had been made to Heights, it would have been at a 10% discount to VWAP. This raise is to LONG-TERM INVESTORS, not a loan company that would have just dumped the shares on the market. It’s a very strong outcome.

RH has shown he’s not just talk.

Fecking hell, Thorn - where has AVCT stated that they won’t be taking STS into Phase 2? Later in your post you say:

“I can only assume that the tumour concentration of Dox achieved with AVA6000 is less than that achieved with standard Dox, or AVA6000 is flushed out of the system so fast that it simply doesn’t have time to accumulate sufficiently.

I don’t know that but I suspect it.”

CC explained the rationale in the prelims for prioritising SGC.

And just for info, CC also said in the recorded AGM that “the efficacy will be presented in both salivary gland cancer and soft tissue sarcoma a little bit later this year.”

https://avacta.wistia.com/medias/k6j3aliioe