Scancell Holdings (SCLP) H1 2025 earnings summary

Executive summary

• Interim results highlight strong progress in clinical development, organizational leadership, and financial position, with a focus on advancing differentiated cancer vaccine and antibody platforms.

• Lead vaccine products in advanced melanoma and head and neck cancer show impressive efficacy and safety, with long-term immune control and no added safety concerns when combined with standard of care.

• Strengthened leadership team and board, with new CEO, CMO, and industry specialist investors bringing late-stage development expertise.

• Strategic partnerships, including PharmaJet for needle-free delivery and Genmab for antibody licensing, enhance commercial prospects.

• Cash runway secured through the second half of 2026, supporting ongoing and future clinical milestones.

Financial highlights

• No revenues reported in the period, but a $6 million upfront from a second commercial deal with Genmab, to be recognized in fiscal 2025.

• Operating loss for the six months ended 31 October 2024 was £10.5 million, up from £8.1 million year-on-year, reflecting increased R&D and manufacturing investment.

• Net loss for the year was $12.5 million versus $2.5 million in the prior period, mainly due to non-cash convertible loan note modifications.

• Cash and cash equivalents at period end were £9.1 million, enhanced post-period by £11.3 million financing, Genmab payment, and £2.7 million R&D tax credit.

• Net liabilities increased to £15.5 million from £3.5 million as of 30 April 2024.

Outlook and guidance

• Anticipated 25-week response data for both SCIB1 and iSCIB1+ cohorts in mid-2025; intradermal cohort data expected in H2 2025.

• Further clinical readouts for Modi-1 in head and neck and renal cancer expected throughout 2025.

• Planning underway for randomized studies to support product registration.

• Continued proactive business development and strategic partnering, leveraging emerging clinical data.