Market CapNOK2,539m

Last Close NOK74.2

Ultimovacs is developing novel immunotherapies against cancer. Lead product candidate, UV1, is a peptide-based vaccine against the universal cancer antigen telomerase (hTERT), which is expressed by c 85% of all cancer types. UV1 therefore has a broad potential in a variety of different settings and combinations.

More Ultimovacs content >

Investment summary

Ultimovacs is a biotechnology company focused on developing a next generation cancer vaccine with virtually universal potential. Lead asset, UV1, activates the immune system to recognise cancer cells that express human telomerase reverse transcriptase (hTERT, or telomerase), which is present in over 85% of all cancer types. For this reason, UV1 has broad potential in a variety of cancers and in combination with other treatments. Ultimovacs’ R&D strategy is to combine UV1 with checkpoint inhibitors due to an expected treatment synergy. The broad R&D programme includes five Phase II trials in different solid tumours, which will enrol more than 600 patients in total. Readouts are expected over 2022–24, all within cash reach. In October 2021, the latest update of data from a Phase I trial of UV1 in advanced melanoma in combination with Keytruda continued to show an impressive objective response rate benefit.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2020A 0.0 (121.4) (120.6) (398.0) N/A N/A
2021A 0.0 (161.1) (164.7) (509.0) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Novel drug projects in oncology comprise the lion’s share of total R&D investments in the industry. Around 85% of all cancer types express high levels of hTERT, which means that UV1 has a broad potential in a variety of different settings, including combinations with other cancer treatments.

Last updated on 24/05/2022
Content on Ultimovacs
Ultimovacs – UV1 Phase II data flow creeps closer
Healthcare | research Flash note | 13 May 2022
Ultimovacs – executive interview
Healthcare | Edison TV | 7 March 2022
Ultimovacs – New large indication for UV1
Healthcare | research Update | 13 December 2021
View more
Register to receive research on Ultimovacs as it is published
Share price graph
Balance sheet
Forecast net debt (NOKm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (11.1) 1.2 (4.9)
Relative* (9.1) (3.4) (15.3)
52-week high/low NOK162.0/NOK66.3
*% relative to local index
Key management
Carlos de Sousa CEO
Hans Vassgård Eid CFO
Gustav Gaudernack CSO
Jens Bjørheim CMO
Ton Berkien CBO