SEK1088.8m market cap

SEK16.45 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

In January 2019, the first patient was treated in the Phase IIa part of the Phase I/IIa CANFOUR study. Patient screening is ongoing in five out of 20 clinical centres and the trial is on track to read out in early 2020. Recent industry newsflow suggests growing interest in IL-1 for cancer treatment, which adds credibility to Cantargia’s approach: Novartis’s second IL-1β antibody, gevokizumab (in-licensed in 2017), entered Phase I for cancer indications, while canakinumab is now in seven cancer trials. In addition, a French group is studying a CAR-T therapy targeting IL1RAP in a Phase I trial. Our valuation is slightly higher at SEK2.47bn or SEK37.3/share.

Y/E Dec
Revenue (SEKm)
EPS (fd) (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) (142.88) N/A N/A
2020E 0.0 (117.8) (117.8) (178.01) N/A N/A
Last updated on 19/03/2019
Industry outlook

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

Last updated on 19/03/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 72.3
Forecast gearing ratio (%) N/A
Price performance
Actual 4.8 10.8 102.1
Relative* 2.6 (1.1) 89.6
52-week high/low SEK23.3/SEK7.6
*% relative to local index
Key management
Goran Forsberg CEO