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Cantargia

OMX: CANT

Market CapSEK751m

Last Close SEK7.5

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 has announced that it has resolved to carry out a rights issue of approximately SEK250m. The proceeds of the raise will be used to fund the clinical development of Cantargia’s lead asset, the IL1RAP-targeting antibody, nadunolimab (CAN04), as well as progress its second antibody programme, CAN10. Encouraging clinical data was presented at ASCO and also at the company’s recent R&D day, which highlighted positive results from the CANFOUR programme in non-small cell lung cancer (NSCLC, Phase IIa) and first-line pancreatic ductal adenocarcinoma (PDAC, Phase I/IIa). Resolution of the rights issue is subject to approval by shareholders at an extraordinary general meeting to be held on 21 July. At the time of writing, Cantargia’s shares had decreased by c 30% on the news due to potential future dilution for existing shareholders.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (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) (370.3) (369.55) N/A N/A
2022E 0.0 (365.1) (368.5) (367.84) N/A N/A
2023E 0.0 (365.7) (369.1) (368.39) 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 30/06/2022
Content on Cantargia
Cantargia – executive interview
Healthcare | Edison TV | 24 June 2022
Cantargia – Announcement of rights issue
Healthcare | research Flash note | 23 June 2022
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Cantargia – ASCO data do not disappoint
Healthcare | research Flash note | 31 May 2022
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Share price graph
Balance sheet
Forecast net cash (SEKm) 199.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (54.4) (56.9) (71.2)
Relative* (48.2) (47.7) (63.8)
52-week high/low SEK27.6/SEK7.5
*% relative to local index
Key management
Goran Forsberg CEO