Market CapNOK2,053m

Last Close NOK59.9

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 up to 90% 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 2023–24, all within cash reach. In H122, the INITIUM Phase II trial in malignant melanoma completed enrolment in June, after the company reported positive two-year survival data from a previous Phase I trial in the same indication.

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 0.0 (212.3) (213.5) (624.0) N/A N/A
2023E 0.0 (216.8) (219.1) (640.0) 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 28/09/2022
Content on Ultimovacs
Ultimovacs – Further positivity for UV1
Healthcare | research Flash note | 13 September 2022
Ultimovacs – UV1 development funded past key readouts
Healthcare | research Update | 19 August 2022
Ultimovacs – Patient expansion in Phase I TENDU
Healthcare | research Flash note | 19 August 2022
View more
Register to receive research on Ultimovacs as it is published
Share price graph
Balance sheet
Forecast net cash (NOKm) 346.1
Forecast gearing ratio (%) N/A
Price performance
Actual (14.4) (16.5) (55.5)
Relative* (0.8) (8.8) (53.2)
52-week high/low NOK162.0/NOK59.9
*% relative to local index
Key management
Carlos de Sousa CEO
Hans Vassgård Eid CFO
Gustav Gaudernack CSO
Jens Bjørheim CMO
Ton Berkien CBO