Market CapNOK2480.3m

Last Close NOK76

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.

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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 four Phase II trials in different solid tumours, which will enrol more than 500 patients in total. Readouts are expected over 2022/2023, all within cash reach. In May 2021, the first results from a Phase I trial of UV1 in advanced melanoma in combination with Keytruda showed an impressive ORR.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2019A 0.0 (64.2) (61.2) (267.0) N/A N/A
2020A 0.0 (121.4) (120.6) (398.0) N/A N/A
2021E 0.0 (153.7) (152.5) (477.0) N/A N/A
2022E 0.0 (159.9) (159.0) (497.0) 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 03/08/2021
Content on Ultimovacs
Ultimovacs – Edison Open House interview
Healthcare | Edison TV | 3 February 2021
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Share price graph
Balance sheet
Forecast net cash (NOKm) 299.6
Forecast gearing ratio (%) N/A
Price performance
Actual 6.3 20.7 90.9
Relative* 5.8 15.9 43.6
52-week high/low NOK87.8/NOK40.9
*% relative to local index
Key management
Carlos de Sousa CEO
Hans Vassgård Eid CFO
Gustav Gaudernack CSO
Jens Bjørheim CMO
Ton Berkien CBO