RhoVac

Spotlight Stockholm: RHOVAC

Market CapSEK585m

Last Close SEK30.7

RhoVac is an immunotherapy company listed on the Spotlight stock market in Sweden, with a 100%-owned subsidiary in Denmark. It is developing a peptide-based immunotherapy, RV001, which aims to train the immune system to specifically target cancer cells with metastatic potential.

Investment summary

RhoVac is developing RV001, a cancer immunotherapy designed to prevent or limit progression to metastatic disease after curative intent therapy, by activating T-cells against cells with metastatic potential. RV001 contains a fragment of the target protein RhoC, which is overexpressed in cells with metastatic potential in various cancers. Funding should be sufficient to complete the Phase IIb BRaVac study for prostate cancer and exploratory preclinical studies in other cancers. The trial is now fully enrolled with results expected in H122. The latest interim safety review in July 2021 found no issues. RhoVac aims to secure a partner for the late-stage development and global launch of RV001.

Y/E Dec	Revenue (SEKm)	EBITDA (SEKm)	PBT (SEKm)	EPS (fd) (öre)	P/E (x)	P/CF (x)
2019A	6.0	(36.5)	(36.1)	(233.00)	N/A	N/A
2020A	6.0	(47.5)	(46.9)	(205.53)	N/A	N/A
2021E	11.0	(39.0)	(38.7)	(162.55)	N/A	N/A
2022E	5.9	(39.1)	(38.9)	(163.83)	N/A	N/A

Industry outlook

Metastatic cancer is the most advanced stage of cancer and forms the bulk of the current prostate cancer therapy market. RhoVac’s target group is focused on non-metastatic patients with biochemical failure and are several times more prevalent than metastatic patients. Preventing or halting metastasis formation in this group of patients by inhibiting the metastatic cascade or killing cells with metastatic potential could reduce morbidity and improve survival.

Last updated on 20/10/2021