SEK537.2m market cap

SEK7.53 last close

Immunicum is a clinical-stage immunoncology company based in Stockholm, Sweden. The company is developing an allogeneic dendritic cell immune primer for use in combination with tyrosine kinase inhibitors and checkpoint inhibitors in multiple solid tumour indications.

Investment summary

Immunicum is a NASDAQ Sweden-listed, clinical-stage immunoncology (IO) company that is developing allogeneic dendritic cell (DC) technologies. Its first clinical product, ilixadencel, is in Phase I and II combination studies in several solid tumour indications. Three studies are expected to render results in 2019. The first is the Phase II MERECA data in renal cell carcinoma (in combination with sunitinib). Interim data from the Phase I/II multi-indication ILIAD study where ilixadencel is being tested in combination with a checkpoint inhibitor (CPI) are also expected in H219 and Merck KgaA and Pfizer have entered into a collaboration and supply agreement on their CPI. In addition, the topline data from the ongoing Phase I/II trial in gastrointestinal stromal tumours (GIST) are expected to be announced in mid-2019. Immunicum completed a SEK351m (gross) combined stock issue in Q418.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2016A N/A N/A N/A N/A N/A N/A
2017A 0.0 (80.6) (80.3) (309.0) N/A N/A
2018E 0.0 (95.8) (95.9) (193.9) N/A N/A
2019E 0.0 (266.8) (266.8) (289.2) N/A N/A
Last updated on 21/02/2019
Industry outlook

IO is a frenetic pharmaceutical development area with many clinical combination studies being conducted by big pharmaceutical companies. Investors may not need to wait until 2019 for price-moving events depending on the announcements on the start of their combination studies.

Last updated on 21/02/2019
Share price graph
Price performance
Actual (16.3) (9.3) 8.5
Relative* (20.4) (15.9) 5.8
52-week high/low SEK12.3/SEK6.0
*% relative to local index
Key management
Carlos De Sousa CEO