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Scancell Holdings

SCLP · AIM · Health Care · mcap £126m · 91.0p 3 open situations →

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Project milestones

iSCIB1+ melanoma registration path

Phase 3 set-up; start later in Q4 2026

Since Nov 2025 Scancell has moved iSCIB1+ towards registration: IND cleared, Fast Track granted, MHRA CTA granted 19 Aug 2026, and BlackRock loan of up to US$25m signed 24 Sep 2026. Results of 9 Oct 2026 confirm CROs engaged and Phase 3 start 'later in Q4 2026'. The loan needs shareholder approval at the 20 Oct GM, with US$7m to be drawn after.

Cost
10.50% cash interest on term loans; 10.95% capitalised on convertibles; warrants of 4.5% of each drawdown 24 Sep 2026 ↗
Repayment
18-month interest-only, then 24 monthly instalments; repayable in full on change of control 24 Sep 2026 ↗
Trial timing
Phase 3 start by end 2026; initial PFS data H2 2028 24 Sep 2026 ↗
Next milestone
General Meeting 20 October 2026 to approve the Debt Financing; US$7.0m drawdown follows 9 Oct 2026 ↗
Trial start
Phase 3 expected later in Q4 2026; first-site opening awaited for further tranches 9 Oct 2026 ↗
Further regulatory
Further regulatory applications expected later in 2026 9 Oct 2026 ↗

Next: General Meeting to approve BlackRock debt; US$7m drawdown follows · 20 Oct 2026

  1. 9 Oct 2026 Phase 3 set-up; start later in Q4 2026
  2. 24 Sep 2026 BlackRock loan signed; EGM approval pending
  3. 19 Aug 2026 UK MHRA CTA granted; FDA IND cleared
  4. 24 Jul 2026 Phase 3 funding conditional on US financing
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Large acquisition / reverse takeover

Neuphoria reverse merger

Agreed; F-4 filing, vote and SEC review pending

Scancell confirmed talks on 26 June 2026 and agreed the all-share Neuphoria merger on 23 July 2026, with a $39.1m PIPE conditional on completion. The 9 Oct 2026 results say the Form F-4 is due to be filed that day and the GM is on 20 Oct 2026. The auditors flag going-concern uncertainty excluding merger-conditional funds.

Timetable
Closing late Q4 2026; End Date 28 February 2027, extendable by 60 days 23 Jul 2026 ↗
Share changes
10:1 share consolidation before closing; each ADS represents ten Consolidated Ordinary Shares 23 Jul 2026 ↗
Next milestone
General Meeting 20 October 2026; Form F-4 expected to be filed 9 October 2026 9 Oct 2026 ↗
PIPE Financing
$39.1m, conditional on completion of the Merger 9 Oct 2026 ↗
Redmile CLNs
All convertible loan notes to convert into ADSs or non-voting shares on completion, subject to GM approval 9 Oct 2026 ↗
Neuphoria cash
Scancell to acquire a minimum of $10.0m of Neuphoria's remaining cash 9 Oct 2026 ↗

Next: General Meeting to vote on Merger and financing; F-4 filed with SEC · 20 Oct 2026

  1. 9 Oct 2026 Agreed; F-4 filing, vote and SEC review pending
  2. 23 Jul 2026 Merger agreed; conditions pending
  3. 23 Jul 2026 Merger and financing announced; conditions pending
  4. 26 Jun 2026 Advanced discussions; no firm agreement
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Takeover target

Possible offer

approach
  1. 26 Jun 2026 approach
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Closed · 1

Insider conviction1 director buying £1,275k in 4 buys · 21 May 2025 – 15 Dec 2025 +4%

Company filings. Not investment advice.

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