Märkte & Kurse

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Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH

24.06.2025 / 13:47 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc

     Company Name:                Vidac Pharma Holding Plc
     ISIN:                        GB00BM9XQ619

     Reason for the research:     Update Report
     Recommendation:              Buy
     from:                        24.06.2025
     Target price:                EUR 4.30 (previously: EUR 4.90)
     Target price on sight of:    36 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler

Promising Data in Paediatric Brain Cancer Patients

We assess the equity value of Vidac Pharma Holding plc using a
sum-of-the-parts, multi-stage discounted cash flow (DCF) model, in which the
two pipeline candidates-VDA-1102 for actinic keratosis (AK) and VDA-1102 for
cutaneous T-cell lymphoma (CTCL)-are valued separately. By concentrating on
key drivers of value creation such as earnings, reinvestment requirements,
and associated risks, the DCF approach estimates the intrinsic value of
intellectual property based on expected future cash flows. This long-term
perspective is, in our view, particularly well-suited to Vidac Pharma's
development-stage profile. We calculate an equity value of GBP 198.4 mn or
EUR 4.30 per share and reiterate our Buy recommendation for the shares of
Vidac Pharma.

Vidac Pharma recently announced encouraging pharmacokinetic results from a
preliminary study of Almavid in paediatric brain cancer patients. VDA 1102,
the active ingredient in Almavid, disrupts the binding of hexokinase 2
(HK2)-an enzyme overexpressed in cancer cells-to the mitochondrial
voltage-dependent anion channel (VDAC1). This interaction suppresses
apoptosis, enabling cancer cells to evade programmed cell death and continue
proliferating. The mechanism of VDA 1102, which modifies HK2's structure and
disrupts the binding, has already shown promising clinical results. In
previous Phase 2 trials, VDA 1102 demonstrated efficacy with minimal side
effects in the treatment of two oncological skin conditions: actinic
keratosis (AK) and cutaneous T-cell lymphoma (CTCL). Now, administered to
three children, Almavid demonstrated remarkable pharmacokinetic
characteristics with brain tumours, including sustained blood stability for
over 24 hours (indicating that the molecule is stabile), strong dose
linearity, and consistent plasma concentration profiles across all patients.
The findings suggest Almavid's potential as a broad-spectrum therapeutic
agent for solid tumours-both as a standalone treatment and in combination
regimens, according to the company.



You can download the research here: http://www.more-ir.de/d/32906.pdf

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553

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2159740 24.06.2025 CET/CEST

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