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RhoVac

Spotlight Stockholm: RHOVAC

Market CapSEK676m

Last Close SEK35.5

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.

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Investment summary

RhoVac’s Phase IIb BRaVac trial has been fully enrolled since September 2021. The study reached Database Lock on 10 May and primary outcome in anticipated at end May or early June 2022, which is the most significant catalyst of the investment case so far. RhoVac’s lead asset is RV001 (onilcamotide), a tissue-agnostic cancer immunotherapy. It contains a fragment of the target protein RhoC, which is overexpressed in cells with metastatic potential in various cancers. The BRaVac trial investigates RV001 in prostate cancer patients with localised disease who have relapsed after treatment with curative intent. The latest interim safety review (December 2021) found no issues.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2020A 6.0 (47.5) (46.9) (205.53) N/A N/A
2021A 10.2 (61.9) (61.5) (283.46) N/A N/A
2022E 5.9 (39.1) (38.9) (163.84) N/A N/A
2023E N/A N/A N/A N/A 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 patients in this group 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 23/05/2022
Content on RhoVac
RhoVac – On the home straight
Healthcare | research Update | 28 February 2022
cells
RhoVac – Phase IIb BRaVac study results in H122
Healthcare | research Outlook | 14 October 2021
cells
RhoVac – COVID-19 vaccines versus RV001
Healthcare | research Update | 26 April 2021
cells
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Share price graph
Balance sheet
Forecast net debt (SEKm) 3.6
Forecast gearing ratio (%) 34
Price performance
%
1m
3m
12m
Actual 9.2 27.9 67.5
Relative* 15.7 34.9 84.3
52-week high/low SEK35.5/SEK17.5
*% relative to local index
Key management
Anders Månsson CEO