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:	20.11.2025
Target price:	EUR 4.20 (previously: EUR 4.30)
Target price on sight of:	36 months
Last rating change:	-
Analyst:	Peter Thilo Hasler

Vidac Pharma gets clinical trial authorization

Vidac Pharma recently announced that the European Medicines Agency (EMA) has granted approval for the company’s first clinical study specifically designed to address highly proliferative actinic keratoses (AK). The upcoming Phase 2 trial is structured to evaluate safety, tolerability, and preliminary efficacy signals of Vidac Pharma’s investigational therapy in patients presenting with advanced AK lesions. The study protocol incorporates rigorously defined inclusion and exclusion criteria, clinically meaningful primary and secondary endpoints, centralized and site-level quality assurance procedures, blinded assessments where appropriate, and pre-specified interim analyses intended to secure reliable and decision-enabling data. This progression marks an important regulatory inflection point for Vidac Pharma, from our viewpoint, as the company advances toward generating the clinical evidence required for subsequent pivotal studies and future marketing authorization pathways in the European Union. 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. We adjust our price target to EUR 4.20 from EUR 4.30 per share and reiterate our Buy recommendation for the Vidac Pharma shares.

You can download the research here: VidacPharma_UpdateReport20251120_english

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553