Taylor Collison has released its second research report on OncoSil Medical (ASX: OSL), maintaining its Speculative Buy recommendation and increasing its valuation to A$1.49 per share, up from A$1.46 in its June 2026 report. The valuation uplift reflects increased confidence following recent regulatory progress, positive clinical data and upcoming commercial catalysts.

The report highlights findings from interviews with seven pancreatic cancer specialists across Australia, Europe and Israel. According to Taylor Collison, clinician feedback supports the growing body of evidence that the OncoSil™ device may improve patient outcomes when used in combination with standard chemotherapy, particularly through enhanced survival, tumour shrinkage, surgical resection opportunities and quality-of-life benefits.

A key focus of the report is the updated TRIPP-FFX per-protocol analysis, which demonstrated stronger efficacy outcomes for patients treated with the OncoSil™ device in addition to FOLFIRINOX compared with FOLFIRINOX alone. Reported results included a median overall survival of 21.3 months versus 15.6 months, higher surgical resection rates (12.5% versus 7.3%) and greater tumour volume reduction (72.2% versus 55.9%). Taylor Collison notes that these results further strengthen the emerging clinical profile of the OncoSil device.

The report also notes that OncoSil's FDA Humanitarian Device Exemption (HDE) application has been submitted and accepted for review. Based on guidance disclosed by the company, Taylor Collison expects a decision by mid-August 2026. If approved, the HDE would enable commercialisation of OncoSil™ in the United States for distal biliary duct cancer and could create opportunities for broader adoption in pancreatic cancer through physician-directed use.

Looking ahead, Taylor Collison identifies several potential catalysts, including the anticipated commencement of the fully funded German G-BA trial by the end of calendar 2026 and OncoSil Medical's participation in the European PULSE Phase II trial, which will investigate repeat-treatment strategies in pancreatic cancer.

In its assessment, Taylor Collison believes recent milestones have strengthened the investment case for OncoSil Medical and further support the company's progress towards commercial expansion and broader clinical adoption.

If you would like a copy of the full report, please contact Taylor Collison Limited.

Important Notice:
The report referenced above has been prepared by Taylor Collison Limited. It is independent third-party research and reflects the views of the analyst. Investors should consider their own circumstances and seek professional advice before making any investment decisions.