Cantargia

OMX: CANT

SEK1176.5m market cap

SEK16.16 last close

Cantargia is a clinical stage biotechnology company based in Sweden, established in 2009 and listed on Nasdaq Stockholm main market. It is developing two antibodies against IL1RAP, nidanilimab (CAN04) and CANxx. Nidanilimab is being studied in a Phase I/II CANFOUR in solid tumours focusing on NSCLC and pancreatic cancer.

Investment summary

On 23 August, Cantargia announced fresh preclinical in vivo data on CAN04 in bladder cancer, which suggests an opportunity to explore this indication. The company also recently announced that the CAN04 monotherapy arm is now fully enrolled (n=20) and these patients are receiving doses of 10mg/kg. Due to the fast enrolment, Cantargia has decided to enrol an additional monotherapy cohort to test a higher dose of 15mg/kg (n=12). Efficacy and biomarker data from the first 20 patients are expected in Q419. Preparations for its US study are underway – specific timelines were not provided, but we expect more news in this regard this year. Our valuation is virtually unchanged at SEK2.65bn or SEK36.4/share.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.0 (60.0) (60.3) (186.00) N/A N/A
2018A 0.0 (93.3) (91.2) (137.73) N/A N/A
2019E 0.0 (94.9) (94.6) (136.07) N/A N/A
2020E 0.0 (117.8) (117.8) (161.82) N/A N/A
Last updated on 13/09/2019
Industry outlook

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Last updated on 13/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 173
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.2 (5.9) (17.1)
Relative* (2.7) (9.1) (20.8)
52-week high/low SEK23.3/SEK13.7
*% relative to local index
Key management
Goran Forsberg CEO