Original-Research: Vidac Pharma Holding Plc (von Sphene Capital GmbH): Buy

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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

(152) 31764553

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2159740 24.06.2025 CET/CEST

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