Cantargia (OMX: CANTA)

Currency in SEK

Last close As at 30/11/2023


−0.05 (−1.40%)

Market capitalisation


Cantargia is a clinical-stage biotechnology company based in Sweden. It is developing two assets against IL1RAP, CAN04 and CAN10. CAN04 is being studied in several solid tumours with a main focus on non-small cell lung cancer (NSCLC) and pancreatic cancer. The most advanced trial is in Phase II.

Increasing understanding of inflammation in malignant processes now includes findings that cytokines are not only produced by the immune cells, but that cancer itself can produce certain cytokines and the associated receptors to escape from the immune response. Therefore, cytokines represent a potentially promising class of targets in oncology.

Latest Insights

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Healthcare | Flash note

Cantargia — Encouraging data for nadunolimab in CANFOUR

Healthcare | Flash note

Cantargia — First patient treated in Phase II part of TRIFOUR

Healthcare | Update

Cantargia — Next phase of clinical development in sight

Healthcare | Update

Cantargia — Strong momentum in first nine months of FY22



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Goran Forsberg


Balance Sheet

Forecast net cash (SEKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.7 (12.3) 2.3
Relative (8.4) (14.7) (1.1)
52 week high/low SEK9.0/SEK3.0


Cantargia is developing antibodies against IL1RAP. Interim data from CANFOUR (Phase Ib/IIa) for nadunolimab in first-line NSCLC and pancreatic ductal adenocarcinoma (PDAC) support the hypothesis that nadunolimab has a synergistic benefit with chemotherapy, with new encouraging clinical/biomarker data for PDAC reported in September 2023. The company is preparing for a Phase IIb trial in PDAC patients. Further, in October 2023, Cantargia announced positive interim efficacy and safety data from TRIFOUR (Phase Ib/II), assessing nadunolimab in triple-negative breast cancer. Additionally, Cantargia recently announced a $1.1m grant, which will support a new Phase Ib/IIa clinical trial for nadunolimab in leukaemia. A second programme, CAN10, is being developed for the treatment of autoimmune diseases; the company initiated a Phase I trial in September 2023. At end-Q223, Cantargia had a cash and short-term investment position of SEK287.1m.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2021A 0.0 (366.8) (366.5) (365.80) N/A N/A
2022A 0.0 (377.9) (371.8) (290.43) N/A N/A
2023E 0.0 (302.1) (306.6) (183.58) N/A N/A
2024E 0.0 (286.9) (292.6) (175.20) N/A N/A




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