11th Sep 2025 12:06
(Alliance News) - Scancell Holdings PLC on Thursday said it has made "strong progress" over the last 18 months, but noted impacts from the "tough macroeconomic environment", as it posted a wider full-year loss.
The Oxford-based pharmaceutical firm reported a pretax loss of GBP15.3 million for the financial year that ended April 30, widening from GBP9.2 million a year earlier.
Revenue improved to GBP4.7 million from nothing, following its second revenue generating agreement with Copenhagen-based biotech Genmab, which was exercised by Genmab in December last year, but recognised as revenue in 2025.
This agreement provided an option to evaluate Scancell's SC2811 antibody.
The weaker bottom line amid the improvement in revenue can be attributed to increased costs.
Research and development expenses grew 14% to GBP14.7 million from GBP12.9 million, and Scancell swung to a finance expense of GBP737,000 from GBP9.9 million in income relating to derivative liability revaluation.
Interest expense also increased, rising 58% to GBP1.7 million from GBP1.1 million.
Shares in Scancell Holdings were 2.7% lower at 8.31 pence on Thursday morning in London.
Looking ahead, Scancell said it has a cash runway through to the second half of 2026, with the company noting "further upside opportunities."
Its cash balance as of April 30 stood at GBP16.9 million, up 14% from GBP14.8 million a year earlier.
"Scancell has made strong progress over the past 18 months. The positive Phase 2 SCOPE study in advanced melanoma represents a significant milestone for the company...We are now focused on the next steps. We have built our leadership team and organisational capabilities to advance our therapies into late-stage development," said Chair Jean-Michel Cossery.
"We recognise the tough macro-environment for biotechnology companies. This has widespread impacts including on our share price. Within this environment, we have been steadfast in delivering positive clinical data, securing commercial partnerships and developing organisational capabilities. We remain resolutely focused on delivering the potential of our immunotherapies for our patients and in turn driving shareholder value," added Cossery.
By Christopher Ward, Alliance News reporter
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