Scancell draws broker praise after fresh melanoma data and FDA progress

Panmure Liberum said Scancell's latest phase II SCOPE readouts and favourable FDA feedback materially strengthen the case for its iSCIB1+ melanoma vaccine, reiterating a Buy rating and 32p target. The data, to be presented at ESMO, show progression‑free survival of 74% at 16 months in biomarker‑selected patients—a 28% improvement versus standard immunotherapy—with the gap widening over time and an 80% pre‑identification rate for likely responders, which should simplify phase III recruitment and support partnership talks. Regulators have indicated alignment on a single global, placebo‑controlled pivotal trial of roughly 460 patients using PFS as the primary endpoint and on dose/delivery; Scancell has cash runway into H2 2026 and targets first patient recruitment in Q3 2026.

Analysis

Panmure Liberum reiterated a Buy rating and 32p target after Scancell's phase II SCOPE readouts, where the iSCIB1+ vaccine plus standard immunotherapy achieved 74% progression‑free survival (PFS) at 16 months in biomarker‑selected patients, a reported 28% improvement versus benchmark therapy; the efficacy gap has widened over time and data will be presented at the ESMO Immuno‑Oncology Congress. The SCOPE dataset also indicates that roughly 80% of melanoma patients can be pre‑identified as likely responders, which the broker says should simplify recruitment and improve the probability of phase III success. Regulators, including the FDA, have signaled alignment on dose, delivery and endpoints for a planned single global, placebo‑controlled pivotal trial of about 460 patients using PFS as the primary endpoint, reducing near‑term regulatory uncertainty. Scancell has cash runway into H2 2026 and expects first patient recruitment in Q3 2026; positive safety, widening efficacy signals and active partner discussions increase the chance of a partnership, but financing and pivotal execution remain material near‑term risks.

Key Decisions for Investors

• Consider increasing exposure to Scancell on the strength of the 74% PFS at 16 months, 28% improvement versus benchmark and Panmure Liberum's reiterated Buy/32p, but size positions to reflect remaining phase‑III execution and financing risk
• Monitor the full ESMO data release and FDA/protocol detail closely—confirm statistical robustness, biomarker selection criteria (the ~80% pre‑identification claim) and safety before committing additional capital
• Track partnership developments and cash runway (operating into H2 2026); if a partner or financing is not secured by mid‑2026, reassess exposure to account for dilution or delayed timelines
• Use milestone events (formal FDA protocol acceptance, start of recruitment targeted Q3 2026) as de‑risking points to add to positions or reduce hedging, while maintaining a cautious stance until phase‑III enrollment is underway