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

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



11.11.2026 / 16:36 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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:                        11.11.2026
     Target price:                EUR 3.80 (previously: EUR 4.20)
     Target price on sight of:    36 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler, CEFA



Phase 2b results support further clinical development of VDA-1102



Vidac Pharma has published topline results from its randomized,
double-blind, placebo-controlled Phase 2b clinical trial investigating its
lead drug candidate VDA-1102 in patients with rapidly proliferating actinic
keratosis (AK). In stark contrast to the prevailing market perception, we
consider the results to be highly encouraging from a biological and
clinical-development perspective. The most relevant finding concerns the
change in the proportion of marker lesions classified as modified PRO Score
Grade III, representing the most pronounced basal proliferation pattern
within the study's classification system. In the VDA-1102 treatment group,
the proportion of evaluable patients presenting Grade III lesions decreased
from 76.9% at baseline to 37.5% after twelve weeks (-39.4 pp), while the
corresponding proportion in the placebo group declined only marginally, from
46.2% to 44.4% (-1.8 pp). These observations suggest a potentially
meaningful treatment-associated reduction in abnormal epidermal
proliferation. However, the relatively small patient population and
differences in baseline disease severity limit the statistical
interpretation of the findings, therefore the forthcoming full clinical
study report will represent the next critical evidence milestone for Vidac
Pharma. We maintain our Buy recommendation while revising our
sum-of-the-parts-based price target to EUR 3.80 per share from EUR 4.20
previously, reflecting our adjusted assessment of the company's development
prospects and associated risks.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=902f1d5090f35aa2544178293f4af571



Contact for questions:
Peter Thilo Hasler, CEFA
[phone]
[e-mail]



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2433098 11.11.2026 CET/CEST