Scancell’s investment case centres on the lead cancer vaccines from its highly promising ImmunoBody and Moditope “off the shelf” platforms. Key data from two programmes will determine future development plans and define the commercial opportunities. The first, and most important, are the imminent SCOPE trial results: a successful outcome will allow selection of the optimal candidate (SCIB1 or iSCIB1+) to take into a potentially pivotal Phase II/III trial. Later in 2025, early data from the renal cell carcinoma (RCC) cohort of the ModiFY study should provide decisive insights into Modi-1’s potential benefit when coupled with double checkpoint inhibitor (CPI) therapy. A new company, GlyMab Therapeutics, has been formed to separate Scancell’s vaccine and antibody platforms, reflecting their differing scientific needs and strategic direction. We expect the two businesses will attract different partners, investors and funding. Our rNPV valuation for Scancell remains £330m, or 32p/share.
| Year-end: April 30 | 2023 | 2024 | 2025E | 2026E |
| Revenues (£m) | 5.3 | 0.0 | 7.5 | 0.0 |
| EBITDA (£m) | (11.0) | (17.3) | (11.0) | (9.6) |
| PBT (£m) | (14.3) | (9.1) | (12.7) | (11.1) |
| Net Income (£m) | (11.9) | (5.9) | (9.6) | (9.8) |
| EPS (p) | (1.46) | (0.68) | (0.98) | (0.95) |
| Cash (£m) | 19.9 | 14.8 | 20.5 | 14.8 |
Update
9 July 2025
| Price | 10.40p |
| Market Cap | £107.8m |
| Enterprise Value | £87.3m |
| Shares in issue | 1036.8m |
| 12 month range | 7.26-19.75p |
| Free float | 58.7% |
| 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 has four broadly applicable technology platforms. Two are therapeutic vaccines, Moditope and ImmunoBody, and two are antibody based, GlyMab and AvidiMab.
Analysts
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Philippa Gardner
pgardner@trinitydelta.org
+44 20 3637 5042
Table of Contents
Scancell is a clinical stage immunology specialist focused on oncology. It has two highly promising vaccine platforms (ImmunoBody and Moditope), and two antibody technologies (GlyMab and AvidiMab), with the potential to treat many solid cancers. Investor attention is on the vaccine platforms as lead programmes progress through key stages of clinical development. Material data are expected through 2025, with the first for ImmunoBody from the ongoing SCOPE Phase II trial. Following impressive earlier results, the data should help determine the optimal candidate, SCIB1 or the commercially more attractive iSCIB1+, to progress into a potentially pivotal Phase II/III trial. For lead Moditope asset, Modi-1, interim data from the RCC cohort of the ModiFY study should provide valuable insights into its potential benefit when coupled with double CPI therapy. Meanwhile, we note GlyMab antibodies continue to generate exciting preclinical data and, interestingly, the formation of GlyMab Therapeutics as a new legal entity. At this stage, our risk-adjusted NPV valuation remains £330m or 32p/share, with further upside potential from the expected news flow.
Scancell is focused on the adaptive immune system. It has two non-personalised vaccine platforms (ie that are available “off the shelf”) which target various oncology indications through different mechanisms: ImmunoBody vaccines address CD8 T-cell pathways, while Moditope’s effects are mediated via CD4 pathways. Its two antibody platforms include GlyMab, which generates unique high affinity anti-glycan antibodies, and AvidiMab, which can enhance the avidity of most antibodies. Genmab, an antibody specialist, has already licensed two GlyMab antibodies. Scancell’s pipeline is shown in Exhibit 1.
SCIB1, together with the next generation iSCIB1+, form the lead ImmunoBody programme. iSCIB1+ has been modified using AvidiMab technology to enhance potency and with additional melanoma specific epitopes to broaden the addressable patient population. Both are being studied initially for the treatment of advanced unresectable stage III/IV melanoma in the open label Phase II SCOPE study. The primary goal is to demonstrate that SCIB1/iSCIB1+ in combination with standard of care (SoC) CPI doublet therapy (Yervoy/ipilimumab plus Opdivo/nivolumab) act synergistically and achieve improved clinical outcomes. SCIB1 or iSCIB1+ is given up to 11 times for up to an 85-week period.
The SCOPE trial design includes four cohorts (Exhibit 2) and is enrolling 140+ patients across c 16 specialist oncology centres in the UK. The main outcomes are safety and tolerability, with ORR (objective response rate) as the primary efficacy endpoint. Secondary efficacy endpoints include progression-free survival (PFS), duration of response (DoR), complete response rates (CR), disease control rate (DCR) ie stable disease or tumour regression, and overall survival (OS). The goal is to materially improve on the ORR of 48-50% seen in patients receiving SoC doublet therapy alone in the real-world setting. Similarly, the doublet therapy median PFS is 11.5 months (CheckMate-067 data) and 7.9 months for real-world data, CR rate is 16%, and DCR is 58%. For context, these responses set a high bar, as they are the highest observed in such advanced melanomas. Additionally, the study aims to determine the optimal ImmunoBody product and mode of administration, and the design of the planned pivotal Phase II/III registration trial.
Cohort 1 included patients selected for HLA haplotype (A2 positive and one of DR4, DR7, or DQ6). The preliminary top-line data (November 2024 Lighthouse) from 25 patients (Exhibit 3) showed meaningfully improved outcomes across all key metrics. The ORR at 25 weeks was 72%, with 18/25 patients showing a clinical response. Other measures were equally positive: PFS of 80% at six months (20 patients); a CR rate of 20% (five patients); and a DCR of 84% (18 patients). Responses were verified during scans at 19 and 25 weeks. With all 43 patients treated and evaluated, availability of full 25-week data is on track for July 2025; this should reveal more about the sustainability and durability of these responses.
Cohort 2 follows Cohort 1’s structure but evaluates SCIB1 in combination with pembrolizumab. The importance of pembrolizumab was diminished as the results of the landmark CheckMate-067 trial highlighted the benefit of first-line doublet CPI therapy (nivolumab plus ipilimumab) and shifted clinical practice. Nevertheless, there is still value in knowing how effective the SCIB1 combination with pembrolizumab is. However, more relevantly, it brings additional insights to the safety and tolerability database. A major hope of adding SCIB1/iSCIB1+ to doublet therapy is not to simply improve response rates but, importantly, to potentially reduce the burden of the associated CPI toxicities. Results from Cohort 2 are expected in July alongside the Cohort 1 data.
Preliminary data from Cohort 3 are also expected in July. Cohort 3 is evaluating 50 patients with intra-muscular iSCIB1+ plus doublet CPI; 19 patients have the target haplotype (as in Cohort 1 and 2) and 31 are non-target HLA haplotype. These data from Cohort 3 are eagerly awaited, as they will guide the optimal ImmunoBody construct for the planned Phase II/III adaptive registration trial.
Cohort 4 is noteworthy as it is evaluating 43 patients in the same format as Cohort 3 but through an intra-dermal route (PharmaJet’s Tropis delivery system) and with an accelerated dosing regimen. This follows on from preclinical work suggesting the activation and presentation to antigen presenting dendritic cells is superior intra-dermally and it could also lead to an accelerated dosing schedule (three priming doses given in quick succession at weeks 0, 1 and 3, followed by a booster dose at week 7). The effect should be greater efficacy, but the dosing could also help address those patients who miss therapy due to CPI treatment toxicities (requiring the use of steroids). Patient recruitment has been bolstered by the partnership with the NHS Cancer Vaccine Launch Pad (CVLP) initiative. Initial Cohort 4 data are expected towards end-2025.
The differences between SCIB1 and iSCIB1+ may appear minor but could be material clinically and commercially. SCIB1 incorporates specific epitopes from the proteins gp100 and TRP-2 which play key roles in the production of melanin in the skin. These were identified from T-cells of patients who achieved spontaneous recovery from melanoma skin cancers but, although highly effective, are only suitable for the 30% to 40% of patients with the appropriate HLA type. iSCIB1+ is a modified version of SCIB1 that has a broader array of melanoma-specific epitopes and therefore can be used by the whole patient population. In addition, the AvidiMab platform has been used to improve potency and, importantly, also confers extended primary patent protection to iSCIB1+. Management estimates the addressable market size for SCIB1 and iSCIB1+ in unresectable melanoma is c $1bn and c $3.8bn, respectively. Exhibit 4 shows how iSCIB1+ could be positioned as a central element within the unresectable melanoma treatment pathways, notably in the adjuvant and neo-adjuvant settings.
Planning for the registrational Phase II/III trial is well underway, with the expectation that it will be a multinational, multi-centre, blinded study (with key centres in the US, UK, and Europe), with an adaptive trial design. Assuming positive outcomes in Cohort 1 and 3, we expect this trial to further evaluate iSCIB1+ and initially use the intra-muscular route of administration, with the intra-dermal added later if Cohort 4 data are supportive. A smooth regulatory clearance could see the Phase II/III study start patient enrolment during 2026.
While SCIB1/iSCIB1+ are in the limelight, the ModiFY study continues to progress well with first results, interim data from the renal cell carcinoma (RCC) cohort, expected in Q325. Modi-1 is the lead programme from the Moditope vaccine platform. Moditope generates a cytotoxic CD4 T-cell response against peptides associated with autophagy, with preclinical studies suggesting tumours have limited defences against an attack from cytotoxic CD4 T-cells, in contrast to one from cytotoxic CD8 T-cells. These tumour-specific neoantigens are generated from stress-induced post translational modifications (siPTMs) and include citrullination (an enzyme-based conversion of arginine to citrulline) and homocitrullination (where lysine residues are converted to homocitrulline). Modi-1 targets citrullinated peptides from two different proteins, which should limit the tumour’s ability to bypass, or escape, the mechanism. Early clinical data support the profile of the induction of potent anti-tumour activity by Modi-1, without significant toxicity, as seen in preclinical studies.
The Phase I/II ModiFY trial of Modi-1 is a multi-cohort, adaptive trial (Exhibit 5). It has already completed the initial dose escalation and safety phase and is ongoing in multiple specific expansion cohorts. In these, Modi-1 is administered alone or in combination with CPIs in patients with head and neck (H&N), triple negative breast (TNBC) and renal cancers, and as a monotherapy in patients with ovarian cancer, where there are no approved CPI therapies currently. The ovarian cancer cohort, consisting of 16 patients, is fully recruited.
The initial dose escalation and safety phases showed Modi-1 was well tolerated at low and high doses as monotherapy in four tumour types and in combination with a CPI in two tumour types. No dose limiting toxicities were observed. There has also been encouraging early efficacy as monotherapy, with good T-cell responses, in various hard-to-treat cancers, including H&N, ovarian and TNBC. Despite failing prior treatments, 60% of patients receiving Modi-1 achieved stable disease for at least eight weeks, and some patients experienced longer periods of stabilisation.
In a similar manner to SCIB1/iSCIB1+, the combination of Modi-1 with CPIs could be synergistic and lead to improved patient outcomes. Such a combination could potentially improve these observed response rates materially. In January 2025 early data from the head and neck cohort, exploring the use of Modi-1 coupled with pembrolizumab in SCCHN (HPV negative H&N squamous cell carcinoma), saw three of the seven evaluable patients showing a partial response at their 25-week scan. This represents an encouraging ORR of 43% compared to typical ORRs of 19% for pembrolizumab and 13% for nivolumab as current SoC. The results also showed good safety and tolerability profiles and support the planned continuation with up to 21 patients enrolled. The positive outcomes help underpin investigator interest in exploring Modi-1 in the neoadjuvant setting.
As with the SCOPE trial with ImmunoBody, the tenet is that doublet CPI therapy is highly synergistic when coupled with targeted vaccines. An arm exploring Modi-1 in combination with CPIs in advanced renal cell carcinoma (RCC) is underway. Doublet CPI is the SoC for advanced RCC and is used in the first-line setting. The study protocol received regulatory approval in May 2024, with a planned cohort of 44 previously untreated patients. Enrolment is underway, with 19 patients dosed to date; preliminary interim data are expected in Q325 (with further data from the H&N cohort likely later in Q425).
Scancell has formed a new company, GlyMab Therapeutics, enabling the separation of the vaccine and antibody platforms into independent corporate entities. The strategic rationale behind this is to allow focus, resources, and investor attention to be appropriately directed to Scancell’s distinct and unique platforms, potentially offering two independent value creation pathways. The timing reflects the progress of the lead wholly owned GlyMab asset, SC134, through preclinical development and the expectation that an IND to start clinical studies will be filed within the year. SC134 is a bispecific T-cell engager that could offer “best in class” activity in small cell lung cancer (SCLC). More broadly, the GlyMab platform has been validated through the partnering of two programmes with Genmab, with their continuing generation of encouraging data supporting the clinical concept of anti-glycan antibodies.
Currently GlyMab Therapeutics is a wholly owned subsidiary of Scancell, and the platform, all relevant IP and staff will be transitioned across to this entity over the next 12 months. The near- to mid-term goal is to attract strategic and institutional investors to fund SC134 to clinical proof of concept data, to advance a second in-house GlyMab programme to IND filing, and to develop a further two to three preclinical assets (for either in-house development or partnering).
The importance of GlyMabs lies in their approach and specificity. Virtually all monoclonal antibodies (mAbs) target specific peptides or proteins. In contrast, GlyMabs selectively target sugar motifs, known as glycans. The glycans on cell surface glycoproteins and glycolipids are fundamentally altered in tumour cells and consequently have a different ‘glycan coat’ to healthy cells. It is now recognised that these are not simply the consequence of disordered biosynthesis in cancer cells, but highly specific changes correlated with malignant transformation and tumour progression. The clinical potential is clear, but the challenge has been to produce high affinity antibodies that recognise these tumour-associated glycans.
Scancell has built a pipeline of five differentiated antibodies which are generating encouraging preclinical data. These GlyMabs are exquisitely tumour-specific and, in contrast to other approaches, have been shown in various models to have high affinity and good potency. The platform is highly flexible and can be employed to produce many differentiated GlyMabs that can in turn be developed into multiple products with differing mechanisms of action, such as antibody drug conjugates (ADC), bispecific antibodies, and chimeric antigen receptor T-cells (CAR-T).
The first GlyMab partnering deal, struck in October 2022, effectively validated the approach. Genmab, a well-regarded, highly experienced, and commercially successful antibody expert, acquired the rights to develop SC129, a preclinical GlyMab, into multiple therapeutic modalities for all disease areas, excluding cell therapy applications (retained by Scancell). The total potential milestones could reach up to a maximum of $624m across all modalities, with Genmab paying Scancell a $6m upfront fee and potential future milestones of up to $208m for each product. Scancell is also entitled to receive a low single digit royalty on net sales of all commercialised products.
In December 2024 Genmab signed a second commercial GlyMab licence (December 2024 Lighthouse), confirming it was the unnamed international biotech company that paid $1m in June for an exclusive seven month period to evaluate its target GlyMab potential. This deal covers SC2811 which targets SSEA4 (stage-specific embryonic antigen-4) for potential use in solid tumours. Detailed terms are undisclosed, although it is known that Scancell is eligible to receive an upfront fee and potential development/commercialisation milestone payments up to a maximum of $630m across all defined modalities, plus low single-digit royalties on sales. In return, Genmab gains the global rights to develop and commercialise SC2811 as multiple novel therapeutic products.
Scancell’s lead in-house asset, SC134, is gaining scientific momentum with a November 2024 paper highlighting the strong preclinical data in models of SCLC. SC134 is T-cell bispecific that targets Fucosyl GM1, a glycolipid overexpressed in most SCLC tumours but virtually absent from normal healthy tissues. SCLC tends to be an aggressive tumour with a poor prognosis and a five-year survival of c 18%; for extensive stage (ES-SCLC) patients the five-year survival drops to c 7%. The addition of a CPI, typically nivolumab, to platinum-etoposide chemotherapy has become first-line SoC, but a clear need for better treatments remains.
Fucosyl GM1 is also the target for Bristol-Myers Squibb’s BMS-986012 antibody and, following positive Phase II data (median OS of 15.6 months vs 11.4 months SoC), a 530 patient Phase III trial is actively recruiting patients. This progress is effective confirmation that fucosyl GM1 is an attractive target in SCLC and should help generate interest for SC134 among potential partners.
We value Scancell as a classic drug discovery and development play, using a sum of the parts rNPV-based model (risk-adjusted net present value). More details on our valuation, including the unchanged main assumptions underpinning each rNPV, are in our October 2024 Update. At this stage. our Scancell rNPV valuation remains £330m, equivalent to 32p/share. Several catalysts are expected over the next 12 months (Exhibit 6), notably data for both SCIB1/iSCIB1+ and Modi-1, with upside potential from successful outcomes.
Our financial forecasts are unchanged (Exhibit 7), with more details available in our October 2024 Update. The current cash runway extends into H226. This is beyond the key near-term value inflection points for SCIB1/iSCIB1+ and Modi-1, providing Scancell with time to evaluate potential suitable out-licencing and partnering opportunities to optimally advance its assets from a position of strength.
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