Cantargia

OMX: CANT

Market CapSEK2384.6m

Last Close SEK23.8

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.

Investment summary

Cantargia is developing antibodies against IL1RAP. Interim data from its Phase IIa CANFOUR trial, investigating CAN04 (anti-IL1RAP) in first-line non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), continue to support the hypothesis that CAN04 has a synergistic benefit with chemotherapy. In May, Cantargia reported positive efficacy data from the PDAC arm of CANFOUR which look promising in our view. With these data, Cantargia is preparing to engage with regulators to discuss Phase III development plans for CAN04 in PDAC. Its clinical footprint is already expanding beyond the CANFOUR trial, with the Phase I/III CAPAFOUR trial initiating in August (FOLFIRINOX combination for PDAC). Additional Phase I/II trials for CAN04 are in various stages in other solid tumours, including TNBC (TRIFOUR) and colorectal, biliary tract cancer and second-line NSCLC (CESTAFOUR).

Y/E Dec	EBITDA (SEKm)	PBT (SEKm)	EPS (öre)	P/E (x)	P/CF (x)
2019A	(111.6)	(110.8)	(156.0)	N/A	N/A
2020A	(170.7)	(173.1)	(194.0)	N/A	N/A
2021E	(276.3)	(276.3)	(276.0)	N/A	N/A
2022E	(297.1)	(297.1)	(297.0)	N/A	N/A

Industry outlook

Increasing the 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 16/09/2021