Avacta

AVA6103 (FAP-Exd) starts Phase Ia FOCUS clinical trial

Update | 8 April 2026

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Avacta has treated its first patient in the first clinical trial of FAP-Exd (AVA6103), a second-generation pre|CISION-enabled peptide-drug conjugate (PDC). FAP-Exd is a novel sustained release PDC with an exatecan payload intended to address the known limitations of the potent Topo I inhibitors (short half-life, severe systemic toxicities). The FOCUS study is designed to generate robust data in four specifically selected solid tumours (cervical, gastric, pancreatic, and small cell lung cancer). The results, from c 144 patients, will determine the FAP release kinetics, examine safety, and provide preliminary efficacy of FAP-Exd. Phase Ia results should be available in late-2026, with Phase Ib expected to start in early-2027. These data will help validate the clinical utility, commercial potential, and inherent value of the FAP-activated PDC pre|CISION platform. Our updated valuation is £471m/$603m, or 103p/share.

Year-end: December 31202320242025E2026E
Revenue (£m)2.90.10.10.0
Adj. PBT (£m)(18.2)(24.2)(24.0)(24.8)
Net Income (£m)(28.3)(22.9)(31.5)(30.5)
Adj. EPS (p)(33.3)(52.8)(33.9)(30.5)
Cash (£m)(12.2)(15.3)(8.4)(6.7)
EBITDA (£m)16.617.8*17.03.3
Source: Trinity Delta Note: Adjusted numbers exclude share-based payments and exceptionals
  • FAP-Exd (AVA6103) Phase Ia study underway The first patient in the FOCUS-01 Phase I clinical study has been treated with FAP-Exd. The study will enrol c 144 patients in two parallel independent arms in four FAP-positive cancers (cervical, gastric, pancreatic, and small cell lung cancer). These indications have been selected as part of a strategic collaboration with Tempus AI to identify patients with the greatest likelihood of benefitting from the targeted delivery of a topoisomerase 1 inhibitor to a FAP sensitive TME (tumour micro-environment). The Phase Ia dose escalation element is expected to report preliminary results in late-2026, with the Phase Ib dose expansion component expected to start in early-2027.
  • FAP-Exd is the lead second generation pre|CISION asset Faridoxorubicin (FAP-Dox, AVA6000) has validated the pre|CISION approach, demonstrating targeted doxorubicin release in the TME, and improved safety and tolerability vs standard doxorubicin (including no cardiotoxicity, permitting the removal of the lifetime cumulative maximum dosing limit of free doxorubicin). However, in our view, it will be the second- and third-generation PDCs where the pre|CISION chemistry can modulate key properties (including tailored or sustained payload release and highly specific tumour targeting) and has enabled the creation of dual payload PDCs, that define the potential wide-ranging opportunities of the pre|CISION platform.
  • Valuation of £471m ($603m) or 103p/share (90p fully diluted) Updating our rNPV model to reflect cash received and increased share count following the oversubscribed £10m equity raise generates a valuation of £471m ($603m) or 103p per share (90p fully diluted). Avacta’s cash runway extends into early Q127, beyond several expected catalysts. Importantly, the raise also allows Avacta to retain 100% ownership of its pre|CISION PDC assets through to greater value inflection points.

Update

8 April 2026

Price67.00p
Market Cap£305.7m
Enterprise Value£288.8m
Shares in issue456.29m
12 month range26.0p-84.00p
Free float96.7%
Primary exchangeAIM London
Other exchangesN/A
SectorHealthcare
Company codesAVCT.L
Corporate clientYes

Company description

Avacta is a clinical stage biotech focused on the novel pre|CISION platform to generate peptide drug conjugates to target delivery of toxic payloads into the tumour microenvironment, which has the potential to expand the reach and reduce the systemic toxicities of highly potent cancer therapeutics. Two programmes, FAP-Dox (AVA6000) and FAP-Exd (AVA6103), are in clinical development.

Analysts

Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043

Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041

Exhibit 1: Summary of financials
Source: Avacta, Trinity Delta. Note: Adjusted numbers exclude exceptionals

 

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