Market CapSEK822m

Last Close SEK4.12

Immunicum is a clinical-stage immunoncology (IO) company based in Stockholm, Sweden. It is developing dendritic cell (DC) based therapeutics with two lead therapies in several Phase II trials in multiple cancer indications.

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Investment summary

Immunicum is progressing with its renewed strategy to become a commercially oriented, global leader in DC-based therapeutics. The completed merger with complementary biotech company DCprime is evidence of this, and has added an allogeneic DC relapse vaccine DCP-001 to its pipeline. DCP-001 is currently in two clinical trials: Phase II in AML (ADVANCE-II) with top-line efficacy data expected in Q421; and Phase I in ovarian cancer (ALISON) with the first patient recruited in June 2021. The Phase Ib/II multi-indication trial (ILIAD), investigating ilixadencel in combination with checkpoint inhibitors (CPIs), passed a DSMB safety review in July, which is a promising signal that the combination is safe; additional data and guidance on the clinical development plans for ilixadencel are now expected during in Q421. In June 2021, the company successfully raised SEK141m.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2019A 0.0 (44.0) (47.8) (65.0) N/A N/A
2020A 0.0 (85.1) (89.2) (117.0) N/A N/A
2021E 0.0 (134.6) (137.8) (75.0) N/A N/A
2022E 0.0 (133.1) (136.3) (68.0) 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 21/09/2021
Content on Immunicum
Immunicum – Primed for value appreciation
Healthcare | Outlook | 14 September 2021
test tube close up
Immunicum – Potentially transformational merger
Healthcare | Update | 16 December 2020
test tube close up
Immunicum – New CEO and data update from MERECA
Healthcare | Update | 3 September 2020
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Share price graph
Balance sheet
Forecast net cash (SEKm) 112.8
Forecast gearing ratio (%) N/A
Price performance
Actual (4.0) (4.5) (59.6)
Relative* 0.7 (7.6) (69.9)
52-week high/low SEK10.5/SEK4.1
*% relative to local index
Key management
Erik Manting CEO
Alex Karlsson-Parra CSO
Jeroen Rovers CMO
Lotta Ferm Interim CFO
Sijme Zeilemaker Head of IR