Avacta announced a business update ahead of today's Annual General Meeting of Shareholders, reviewing progress across the portfolio in the first half of 2026 and outlining upcoming milestones. As before the business progress is focussed on pipeline progression and not on the key investment driver: a deal that validates the value of the platform. In our view, Avacta remains speculative, catalyst-driven name without such a deal. The thesis hinges on AVA6103 initial data in late H2 2026 and on converting partnering talks into a signed deal before the early-2027 cash wall forces another raise. The nearest-term watch point is BIO International this week. We maintain our HOLD and PT of 60p.
