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

20.11.2025 / 16:24 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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: 20.11.2025

Target price: EUR 4.20 (previously: EUR 4.30)

Target price on sight of: 36 month

Last rating change: -

Analyst: Peter Thilo Hasler

Vidac Pharma gets clinical trial authorization

Vidac Pharma recently announced that the European Medicines Agency (EMA) ha

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 keratosi

(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:

https://eqs-cockpit.com/c/fncls.ssp?u=2a25edc8a934b24de1ba45af9be99b50

Contact for questions:

Peter Thilo Hasler, CEFA

+49 (152) 31764553

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2233684 20.11.2025 CET/CEST

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