Ultimovacs (OSE: ULTI)

Last close As at 23/05/2024


0.00 (0.00%)

Market capitalisation


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

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.

Latest Insights

View More

Healthcare | Flash note

Ultimovacs — Steadfast commitment to UV1 progression

Healthcare | Flash note

Ultimovacs — UV1 hits transitory roadblock with INITIUM top-line

Healthcare | edison tv

Ultimovacs – executive interview




Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh


Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • Carlos de Sousa


  • Gustav Gaudernack


  • Hans Vassgård Eid


  • Jens Bjørheim


  • Ton Berkien


Balance Sheet

Forecast net debt (NOKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (11.0) (95.2) (94.3)
Relative (14.6) (95.6) (95.0)
52 week high/low NOK160.4/NOK6.3


Ultimovacs is focused on developing a cancer vaccine with universal potential. Lead asset UV1 activates the immune system to recognise cancer cells that express hTERT, which is present in c 85–90% of all cancer types. For this reason, UV1 has broad potential in a variety of cancers and in combination with other treatments. The company’s R&D strategy is to combine UV1 with checkpoint inhibitors due to an expected treatment synergy. The R&D programme includes five Phase II trials in different solid tumours, which will enrol more than 600 patients in total, with readouts across 2023–25. While UV1 has demonstrated efficacy in mesothelioma (NIPU), recent results in melanoma (INITIUM) did not show the expected added benefit with UV1. The next readouts in head and neck cancer (FOCUS) are expected in Q324.

Y/E Dec Revenue (NOKm) EBITDA (NOKm) PBT (NOKm) EPS (fd) (öre) P/E (x) P/CF (x)
2022A 0.0 (181.0) (167.8) (489.9) N/A N/A
2023A 0.0 (213.0) (189.2) (550.1) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A


Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free