Scancell has reported H119 results in line with expectations. The cash position was £7.6m, with the net loss of £3.24m compensated for by the two equity raises, totalling £14.9m, over the past year. Development appears to be progressing well, with important clinical programmes expected to start patient recruitment during the next two quarters. Additionally, in January 2019 the management team has been strengthened by two important new hires. As detailed in our Initiation note, we value the company, using a risk-adjusted DCF model, at £82.0m, or 21.1p a share.
| Year-end: April 30 | 2017 | 2018 | 2019E | 2020E |
| Sales (£m) | 0.0 | 0.0 | 0.0 | 0.0 |
| Adj. PBT (£m) | (4.5) | (4.9) | (8.6) | (7.6) |
| Net Income (£m) | (3.5) | (4.2) | (7.1) | (6.4) |
| Adj. EPS (p) | (1.4) | (1.3) | (1.8) | (1.6) |
| Cash (£m) | 2.7 | 10.3 | 4.3 | 10.0* |
| EBITDA (£m) | (4.5) | (4.9) | (8.6) | (7.6) |
Update
31 January 2019
| Price | 7.5p |
| Market Cap | £26.8m |
| Enterprise Value | £19.2m |
| Shares in issue | 387.8m |
| 12 month range | 7.60-19.47p |
| Free float | 95% |
| Primary exchange | AIM London |
| Other exchanges | N/A |
| Sector | Healthcare |
| Company Code | SCLP.L |
| Corporate client | Yes |
Company description
Scancell is a clinical-stage immuno-oncology specialist that is developing two innovative and flexible therapeutic vaccine platforms. ImmunoBody and Moditope induce high avidity cytotoxic CD8 and CD4 responses, respectively, with the potential to treat various cancers.
Analysts
Mick Cooper PhD
mcooper@trinitydelta.org
+44 (0) 20 3637 5042
Lala Gregorek
lgregorek@trinitydelta.org
+44 20 3637 5043
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