SEK905.1m market cap

SEK9.81 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

The last several months have been volatile for Immunicum and illustrate how complicated immunotherapy efficacy trials can be. On 29 August 2019, the company released top-line results from the Phase II MERECA study with ilixadencel plus the tyrosine kinase inhibitor sunitinib in renal cell carcinoma. The co-primary survival endpoint at 18 months lacked positive signals, which led to a negative reaction in the share price. The full analysis released on 25 September 2019 added much more detail, demonstrating that ilixadencel may have a more profound and durable effect (statistical analysis not available), while the survival data may be premature. The next date to watch is January 2020, when Immunicum will report updated survival results at 24 months and median OS if reached.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.0 (80.6) (80.3) (3.1) N/A N/A
2018A 0.0 (97.8) (97.9) (1.9) N/A N/A
2019E 0.0 (119.9) (119.9) (1.3) N/A N/A
2020E 0.0 (121.6) (121.6) (1.3) 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 sub-sector over the next several years.

Last updated on 16/01/2020
Share price graph
Price performance
Actual (11.1) 5.8 7.7
Relative* (13.8) (4.3) (15.3)
52-week high/low SEK16.1/SEK5.7
*% relative to local index
Key management
Carlos De Sousa CEO