Investment Perspective

Oxford BioDynamics (OBD) employs 3D genomics to develop cutting-edge diagnostic tools that improve patient outcomes, facilitate personalised medicine, and enhance the precision of therapeutic interventions. At the core of OBD’s innovation is the EpiSwitch platform, which enables the identification of epigenetic biomarkers based on CCSs (Chromosome Conformation Signatures). These signatures provide insights into the three-dimensional structure of the genome and its regulatory mechanisms, offering a novel and powerful basis for developing diagnostic and prognostic tests. EpiSwitch CiRT (Checkpoint Inhibitor Response Test), predicts a patient’s response to cancer immunotherapy, and the PROWES registry study is underway to generate uptake and to support inclusion in key guidelines. EpiSwitch PSE, for prostate cancer, has recently been launched and is initially targeting the concierge medicine sector in the US. EpiSwitch NST (for colorectal cancer) and EpiSwitch SCB (for canine cancers) ready for partnering. Even modest penetration into these large markets, notably with EpiSwitch PSE, could be transformative for OBD.

Investment Perspective

Avacta’s growing knowledge base and expertise is cementing its leadership position in FAP-enabled biotherapeutics. Lead clinical asset, faridoxorubicin (AVA6000 or FAP-Dox) is the first of a series of pre|CISION-based modalities that have the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs. Other novel programmes including AVA6103 (FAP-EXd) and the dual payload peptide drug conjugates further broaden the potential utility of the pre|CISION platform. Progress into the clinic and successful clinical results over the next 18 months should provide multiple value-inflection points.

Investment Perspective

Scancell is a clinical-stage oncology specialist developing immunotherapies. Its differentiated portfolio is anchored around two novel ‘off-the-shelf’ platforms, ImmunoBody and Moditope, complemented by the GlyMab antibody platform that targets tumour-associated glycans. Collectively, these three platforms offer broad potential across a range of solid tumours. Following FDA sign off on the proposed study design, lead ImmunoBody asset iSCIB1+ is poised to enter a registrational study during 2026, with funding secured through the proposed UK placing, Neuphoria reverse merger and US PIPE transactions. SCOPE Phase II data continues to mature, with further updates expected in H1 calendar 2027. For Moditope, interim data from the renal cell carcinoma (RCC) cohort of the ModiFY study will provide important insights into the potential synergy of lead asset Modi-1 when combined with checkpoint inhibitor therapy. Alongside, the GlyMab portfolio continues to produce compelling preclinical results, with the Genmab partnered assets expected to trigger a near-term development milestone on clinical entry.

Investment Perspective

HUTCHMED has established a solid track record of delivery on its strategic objectives. A key milestone is the prospect of sustainable profitability, as continued commercial execution and progress from the most advanced in-house pipeline assets sees the company transition from a China-based R&D-focused biopharma to a fully integrated commercial business. Four products are now available in China, with the first HUTCHMED product launched in the US, Europe, and Japan by partner Takeda. Key pipeline programmes are progressing with multiple near-term clinical and regulatory catalysts for new indications, new markets, and new products. The oncology opportunities remain compelling globally, and while its first-in-class/best-in-class small molecule TKI (tyrosine kinase inhibitor) drugs are gaining traction, HUTCHMED is diversifying into biologics with its ATTC (antibody-targeted therapy conjugate) platform. We continue to view HUTCHMED as a unique biopharma opportunity with a broad pipeline of differentiated assets, global ambitions supported by large pharma partners, proven commercial execution in China yielding a growing top line, all balanced with shrewd investment. Our HUTCHMED valuation is $5.80bn/£4.54bn/HK$45.27bn, or $33.27/ADS and 520p/HK$51.90 per share.