SEK940.1m market cap

SEK10.19 last close

Immunicum is a clinical-stage immuno-oncology company based in Stockholm, Sweden. It 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 (statistical analysis is not available). In May, the company received a Regenerative Medicine Advanced Therapy designation from the FDA.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 0.0 (0.1) (97.9) (190.4) N/A N/A
2019A 0.0 (0.1) (134.0) (149.4) N/A N/A
2020E 0.0 (0.1) (120.9) (131.0) N/A N/A
2021E 0.0 (0.1) (122.5) (132.8) 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 02/07/2020
Share price graph
Balance sheet
Forecast net cash (SEKm) 296.8
Forecast gearing ratio (%) N/A
Price performance
Actual 2.6 53.9 9.0
Relative* 0.2 24.4 2.3
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