DNA

RhoVac

Spotlight Stockholm: RHOVAC

SEK264.8m market cap

SEK12.7 last close

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

Investment summary

The key takeaway from RhoVac’s Q419 results update released on 11 February 2020 was confirmation that the Phase IIb BRaVac study is progressing according to plan. All patient recruitment centres are expected to be up and running by May 2020. The trial should be fully enrolled (n=180) in September 2020 and key interim results, including primary endpoint assessment, are expected in H221. RhoVac has now received the first part (SEK12m) of the EU Horizon grant of €2.5m (c SEK27m). The existing and expected funding (further tax credits and Horizon 2020 payments) is more than sufficient to complete the ongoing Phase IIb study. Our valuation is largely unchanged at SEK889.5m or SEK46.7/share.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 0.0 (20.1) (20.2) (194.94) N/A N/A
2019A 6.0 (36.3) (35.9) (224.75) N/A N/A
2020E 0.0 (60.0) (59.4) (270.50) N/A N/A
2021E 0.0 (60.0) (59.6) (313.10) N/A N/A
Industry outlook

Metastatic cancer is the most advanced stage of cancer and is terminal. Unfortunately, a large proportion of patients who are diagnosed with local cancer already have undetectable metastatic cells or micro-metastases that have infiltrated other tissues. Preventing or halting metastasis formation through inhibiting the metastatic cascade or selectively killing cells with metastatic potential could help contribute to a reduction of morbidity and an improved survival.

Last updated on 25/02/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 77.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.1 (1.4) (61.4)
Relative* 4.6 (3.3) (61.7)
52-week high/low SEK36.9/SEK12.5
*% relative to local index
Key management
Anders Månsson CEO
Alexandra Ellervik IR
Anders Ljungqvist COO