Research on Scancell Holdings Plc (SCLP:LON) from Trinity Delta
Trinity Delta view: We have argued that the strength of SCOPE data and costs of the proposed iSCIB1+ registration trial are such that in-house development should remain a primary consideration. Our June 2026 Update highlighted how securing funding to initiate the iSCIB1+ Phase III study would de-risk Scancell’s investment case and result in c £120m/$150m uplift in our rNPV valuation. Ahead of further confirmatory announcements connected with this transaction, we suspend our valuation and forecasts. For context, our last published Scancell valuation was £399m ($499m), or 38p per share (32p fully diluted).
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