Avacta, a UK-based clinical stage biotech, is differentiated clinical-stage oncology specialist, increasingly defined by continuing progress with its second-generation pre|CISION tumour-activated Peptide Drug Conjugate (PDC) platform.
The lead Gen Two programme, AVA6103 (FAP-EXd, an FAP-activated, controlled-release exatecan), has delivered initial Phase Ia safety and pharmacokinetic data from the FOCUS-01 trial.
These data provide early human validation that the platform successfully replicates the targeted tissue localisation seen in preclinical models. They show a three-fold reduction in systemic payload exposure compared to market-leading antibody-drug conjugate (ADC) benchmarks and avoid the severe myelosuppression typically associated with free topoisomerase I inhibitors. Further clinical news flow over the next 12 months should establish the utility, positioning, and value of the pre|CISION platform.
Initial FOCUS-01 data confirm pre|CISION kinetics Preliminary phase Ia safety and pharmacokinetic data for the lead Gen Two programme, AVA6103, provide the first human validation of the optimised FAP-activated platform. Initial escalation cohorts demonstrate a three-fold reduction in systemic payload exposure compared to existing antibody-drug conjugate benchmarks. While these findings remain exploratory, they indicate that the engineered capping group successfully anchors the parent conjugate within the tumour microenvironment (TME) to create a localised, slow-release reservoir.
FOCUS-01 phase Ib expansion to provide first efficacy data phase Ia dose escalation is continuing through the remaining cohorts, with full safety findings expected by late-2026. The phase Ib portion of the study, planned for early-2027 across six high-prevalence solid tumour indications, is structured to evaluate objective response rates and disease control in these indication-specific cohorts, with initial efficacy data expected to emerge in H127. This transition would represent a critical milestone should pre|CISION translate its pharmacokinetic safety margins into measurable clinical utility.
Proof of mechanism data prompts us to revisit assumptions for our pre|CISION platform valuation given potential for pipeline expansion with multiple payloads addressing the wider 90% of FAP-expressing solid tumours. Cash of £16.4 million at end-April 2026 provides a runway into Q127, covering several value inflection points. Future funding options include licensing/partnering deals, an additional NASDAQ listing, and further equity raises. Our rNPV model values Avacta at £525 million or 111p/share (105p fully diluted) vs £475 million or 101p per share (94p fully diluted) previously.
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