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Market CapSEK563m

Last Close SEK3.37

Cantargia is a clinical-stage biotechnology company based in Sweden. It is developing two assets against IL1RAP, CAN04 and CAN10. CAN04 is being studied in several solid tumours with a main focus on NSCLC and pancreatic cancer. The most advanced trial is in Phase II.

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Investment summary

Cantargia’s development programme for its lead asset, nadunolimab (CAN04), continued to build momentum in Q322. The company’s results for the period report an operating loss of SEK74.2m, which was largely driven by R&D expenses of SEK69.7m. Cash outflow from operations for Q322 was SEK81.4m, bringing the total cash used in operations for 9M22 to SEK297.3m, up from SEK256.6m in 9M21, due to expanded clinical activities. Cantargia received net proceeds from the rights issue completed in August 2022 of SEK223.9m, resulting in a cash and short-term investment position of SEK496.5m at end-Q322. Our current forecasts for FY22 and FY23 see the company funded to mid-FY24, beyond commencement of important randomised late-stage trials in FY23. Our valuation of Cantargia is broadly unchanged at SEK7.5bn or SEK44.9 per share.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2020A 0.0 (170.7) (173.1) (193.65) N/A N/A
2021A 0.0 (366.8) (366.5) (365.80) N/A N/A
2022E 0.0 (330.8) (322.8) (240.98) N/A N/A
2023E 0.0 (294.0) (296.7) (177.15) N/A N/A
Industry outlook

Increasing understanding of inflammation in malignant processes now includes findings that cytokines are not only produced by the immune cells, but that cancer itself can produce certain cytokines and the associated receptors to escape from the immune response. Therefore, cytokines represent a potentially promising class of targets in oncology.

Last updated on 30/11/2022
Content on Cantargia
Cantargia – Strong momentum in first nine months of FY22
Healthcare | research Update | 11 November 2022
Cantargia – New data support differentiation of nadunolimab
Healthcare | research Flash note | 8 November 2022
Cantargia – Recruitment milestone achieved
Healthcare | research Flash note | 14 October 2022
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Share price graph
Balance sheet
Forecast net cash (SEKm) 217.6
Forecast gearing ratio (%) N/A
Price performance
Actual (10.3) (26.1) (77.0)
Relative* (16.3) (29.8) (71.6)
52-week high/low SEK17.1/SEK3.4
*% relative to local index
Key management
Goran Forsberg CEO