Avacta H1 2026 Pretax Loss Widens to £18.85M as AVA6103 Nears 2027 Efficacy Data

Avacta Group Plc (AVCT.L) reported a pretax loss of £18.85 million for the first half of 2026, widening from £16.87 million a year earlier, driven by £3.46 million in non-cash interest expense, bond derivative revaluation charges and cash flow revisions tied to its convertible bond. Loss for the period widened to £19.02 million from £17.73 million. Per-share loss narrowed to 4.23 pence from 4.65 pence. Adjusted EBITDA loss was £12.58 million against £11.61 million, reflecting higher research spending. Revenue from continuing operations held at £0.06 million. Cash stood at £20.27 million on June 30, 2026, but fell to £10.59 million by August 31, with committed expenses funding operations into early first quarter of 2027. Avacta announced plans for another capital raise. The company reported clinical proof of mechanism for AVA6103 in the Phase 1 FOCUS-01 trial, with controlled exatecan release and a clean safety profile through three dose levels. The FDA agreed on pivotal trial elements following an end-of-Phase 1 meeting. Initial efficacy data, including tumor biopsy data, is expected in the first half of 2027. Shares fell 0.69% to GBp 72 on the London Stock Exchange.