^ 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 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: 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 +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de

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2433098 11.11.2026 CET/CEST

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Quelle: dpa-Afx