Ultimovacs (OSE: ULTI)

Currency in NOK

Last close As at 09/06/2023


−34.60 (−29.57%)

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.




Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Carlos de Sousa


  • Gustav Gaudernack


  • Hans Vassgård Eid


  • Jens Bjørheim


  • Ton Berkien


Balance Sheet

Forecast net cash (NOKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (35.0) (27.0) 10.8
Relative (35.0) (23.5) 20.7
52 week high/low NOK136.0/NOK59.9


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 hTERT, which is present in c 85% 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 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 2023–25. The most near-term catalysts for the share price are top-line readouts from the Phase II NIPU trial in pleural mesothelioma and the Phase II INITIUM study in malignant melanoma expected in H123 and H223, respectively.

Y/E Dec Revenue (NOKm) EBITDA (NOKm) PBT (NOKm) EPS (fd) (öre) P/E (x) P/CF (x)
2021A 0.0 (161.1) (164.7) (508.83) N/A N/A
2022A 0.0 (181.0) (167.8) (489.06) N/A N/A
2023E 0.0 (222.7) (210.8) (612.84) N/A N/A
2024E 0.0 (274.0) (277.9) (807.97) N/A N/A

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