SEK632m market cap

SEK6.85 last close

Immunicum is a clinical-stage immuno-oncology company based in Stockholm, Sweden. The company is developing an allogeneic dendritic cell immune primer for use in combination with other anticancer therapies including CPIs in multiple solid tumour indications.

Investment summary

Immunicum’s updated results from the Phase II MERECA trial with ilixadencel delivered a positive surprise. The company was selected for an oral presentation at the ASCO-SITC Clinical Immuno-Oncology Symposium in early February. The maturing data (24-month follow up) confirmed the separation of the Kaplan-Meier curves, which was projected in September 2019 when the final MERECA results (18-month follow up) were released. In addition, Immunicum found that a stricter definition of tumour response, the confirmed objective response rate (ORR; vs best ORR), showed a clear difference between the active and control arms. We view these new data as positive, although statistical analysis is not available due to the relatively small number of patients. We are updating our financial estimates.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.0 (80.6) (80.3) (309.00) N/A N/A
2018A 0.0 (97.8) (97.9) (190.44) N/A N/A
2019E 0.0 (119.9) (119.9) (133.64) N/A N/A
2020E 0.0 (121.6) (121.6) (131.84) N/A N/A
Industry outlook

IO is a frenetic pharmaceutical development area with many clinical combination studies being conducted by pharmaceutical and biotech companies. Investors should expect relatively rich newsflow from this subsector over the next few years.

Last updated on 26/03/2020
Share price graph
Price performance
Actual (20.8) (37.8) (13.8)
Relative* (0.3) (21.9) (7.5)
52-week high/low SEK16.1/SEK5.7
*% relative to local index
Key management
Michaela Gertz CFO
Alex Karlsson-Parra Interim CEO
Sijme Zeilemaker COO