Ultimovacs — On track for upcoming UV1 catalysts

Ultimovacs (OSE: ULTI)

Currency in NOK

Last close As at 03/02/2023

NOK120.60

0.80 (0.67%)

Market capitalisation

NOK4,121m

Research: Healthcare

Ultimovacs — On track for upcoming UV1 catalysts

Ultimovacs’ Q322 results highlighted an eventful period for the development of the company’s lead cancer vaccine, UV1. Notably, this included supportive three-year overall survival rates (71%) and efficacy signals in hard-to-treat patients from the Phase I UV-103 study in malignant melanoma. At end-Q322, Ultimovacs had a net cash position of NOK469.1m (no debt), which we estimate will fund operations into H124, beyond a handful of key clinical readouts in 2023. Based on the better than anticipated operating expenses, rolling our model forward and updating our foreign exchange (FX) assumptions, our valuation increases to NOK7.9bn or NOK231/share (NOK7.2bn or NOK209/share previously).

Soo Romanoff

Written by

Soo Romanoff

Managing Director - Head of Content, Healthcare

Healthcare

Ultimovacs

On track for upcoming UV1 catalysts

Q322 update

Pharma and biotech

11 November 2022

Price

NOK90.1

Market cap

NOK3,087m

US$/NOK9.48

Net cash (NOKm) at end-September 2022, excluding leases of NOK1.8m

461.9

Shares in issue

34.27m

Free float

56%

Code

ULTI

Primary exchange

Oslo Stock Exchange

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

30.6

27.4

(29.6)

Rel (local)

25.6

32.9

(27.0)

52-week high/low

NOK127

NOK60

Business description

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 in c 85% of all cancer types. UV1 therefore has a broad potential in a variety of different settings and combinations.

Next events

Phase II INITIUM top-line data

H123

Phase II NIPU top-line data

H123

Analysts

Soo Romanoff

+44 (0)20 3077 5700

Dr Adam McCarter

+44 (0)20 3077 5700

Ultimovacs is a research client of Edison Investment Research Limited

Ultimovacs’ Q322 results highlighted an eventful period for the development of the company’s lead cancer vaccine, UV1. Notably, this included supportive three-year overall survival rates (71%) and efficacy signals in hard-to-treat patients from the Phase I UV-103 study in malignant melanoma. At end-Q322, Ultimovacs had a net cash position of NOK469.1m (no debt), which we estimate will fund operations into H124, beyond a handful of key clinical readouts in 2023. Based on the better than anticipated operating expenses, rolling our model forward and updating our foreign exchange (FX) assumptions, our valuation increases to NOK7.9bn or NOK231/share (NOK7.2bn or NOK209/share previously).

Year end

Revenue
(NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/20

0.0

(120.6)

(3.98)

0.0

N/A

N/A

12/21

0.0

(164.7)

(5.09)

0.0

N/A

N/A

12/22e

0.0

(159.2)

(4.65)

0.0

N/A

N/A

12/23e

0.0

(196.0)

(5.73)

0.0

N/A

N/A

Note: *PBT is reported, EPS is fully diluted

Final UV1 Phase II study underway

A recent milestone for Ultimovacs saw the first patient dosed in the Phase II LUNGVAC study in patients with non-small cell lung cancer, representing the last of UV1’s current trials to begin enrolment. The company had communicated that first patient enrolment was expected in Q322; however, we do not see this slight delay as having a significant impact on the overall trial timelines. UV1 is part of five separate Phase II trials in various cancer indications, all of which are expected to report top-line data over 2023/24. The first readouts will come from the INITIUM and NIPU studies in H123.

Costs anticipated to rise into FY23

With initiation of the Phase II LUNGVAC study in October 2022, we anticipate that R&D costs will increase further in Q422 as the study continues patient recruitment. At end-Q322 Ultimovacs reported a cash position of NOK469.1m with management guiding a cash runway into H124. We expect an increased cash burn rate in FY23 as a result of ramped up clinical development activities and the potential initiation of Phase III studies in H223, should positive top-line results be reported from the INITIUM and NIPU trials.

Valuation: NOK7.9bn or NOK231/share

We update our valuation of Ultimovacs to NOK7.9bn or NOK231/share (NOK7.2bn or NOK209/share previously), including a net cash position at end-Q322 of NOK469.1m. We have rolled our model forward and updated our FX rate assumptions. Considering Q322 results, we have revised our financial estimates, but our underlying long-term assumptions remain unchanged.

Catalysts on the horizon

As a reminder, UV1 is being designed as a universal cancer vaccine that triggers an immune response through recognition of human telomerase reverse transcriptase (hTERT), a protein that is estimated to be overexpressed in up to 90% of human cancers but not in healthy tissues. Recognising the combinational synergies between UV1’s immune priming ability and immune checkpoint inhibitors (ICIs), which can turn ‘cold’ (immunosuppressive) tumours to ‘hot’ (vulnerable to the immune system), Ultimovacs is pursuing the development of UV1 in combination with well-known ICIs. These include ipilimumab, nivolumab, durvalumab and pembrolizumab, in multiple indications (Exhibit 1).

Exhibit 1: Ultimovacs’ clinical pipeline

Source: Q322 results presentation deck

The most significant near-term catalysts for Ultimovacs are top-line readouts from the Phase II INITIUM trial (in first-line advanced or metastatic malignant melanoma in combination with ipilimumab and nivolumab) and the NIPU trial (in second-line malignant pleural mesothelioma, again in combination with ipilimumab and nivolumab), which are on track for H123. The INITIUM study is now fully enrolled (n=156) and NIPU has almost completed enrolment (108 of 118 patients), so we expect progress to conform to management’s expected readout timelines. The company also expects top-line results from the DOVACC (ovarian cancer) and FOCUS (head and neck cancer) Phase II trials in 2023, with further guidance expected with the Q422 report. Finally, the final Phase II LUNGVAC study began patient enrolment in Q422, with top-line results expected by end-2024. The company had communicated that first patient enrolment was expected in Q322; however, we do not see this slight delay as having a significant impact on the overall trial timelines.

UV1 supported by positive Phase I data

Q322 saw a period of positive news flow which came in the form of encouraging follow-up data from two completed UV1 Phase I studies.

The first (UV1-ipi), investigating UV1 and ipilimumab, reported that vaccine-induced immune responses were observed in 10 out of 11 (91%) evaluable patients following treatment and, notably, clinical responses were observed in patients possessing immunosuppressive ‘cold’ tumours. As ‘cold’ tumours are often challenging to treat with ICIs alone, we see this result as highly encouraging for the future clinical application of UV1, opening potential future opportunities in difficult-to-treat cancers.

The second study (UV-103), investigating UV1 with pembrolizumab, reported encouraging three-year overall survival (OS) of 71% (12/17) with a sub cohort of patients. This result builds on the consistently high OS rates already observed from the trial: 85% (17/20) after one year and 80% (16/20) after two-year follow-up. We believe this data not only highlight the clinical utility of UV1 in melanoma patients, but also provide encouraging signs for additional indications for which UV1 is being investigated in the clinic. Additional data from the UV-103 study also showed that patients with low levels of programmed death-ligand 1 (PD-L1) exhibited robust clinical efficacy when treated with the UV1 combination. Patients with lower levels of PD-L1 are often less responsive to treatment with ICI monotherapies, so this result is highly encouraging for the clinical utility of UV1, in our view. Additionally, it potentially broadens UV1’s addressable patient population into harder-to-treat cancers, providing further opportunity for Ultimovacs’ lead cancer vaccine candidate.

Financials

Q322 operating expenses of NOK44.1m increased from NOK35.4m in Q222 with heightened contract manufacturing expenses and expenses associated with milestone payments for the INITIUM and FOCUS studies. As a result, Q322 R&D expenses of NOK24.2m (Q222: NOK15.7m) will likely increase in Q422 as the patient enrolment continues in the Phase II LUNGVAC study. We now estimate FY22 operating expenses of NOK170.5m, from NOK214.8m, based on the year to date performance and updated patient enrolment timelines and counts.

We now estimate a net cash flow from operating activities in FY22 to be NOK173m and NOK187m in FY23, lower than our previous expectations. Management has yet to provide guidance on potential partnering for further clinical studies; however, we assume that, should positive top-line results be reported from the INITIUM and NIPU Phase II trials, the company will significantly ramp up preparatory work for the initiation of Phase III studies, which may commence end-FY23 and FY24. We expect costs to increase in FY23 relative to FY22 as a result of increased manufacturing, continued patient enrolment in the LUNGVAC and DOVACC studies and regulatory fees associated with UV1’s clinical development activities. With a cash position of NOK469.1m at Q322, we assume the company has sufficient cash to maintain operations into H124 (consistent with prior estimates and management guidance).

Exhibit 2: Financial summary

Accounts: IFRS, Yr end: December, NOK: million

 

2019A

2020A

2021A

2022E

2023E

Income statement

 

 

 

 

 

 

Total revenues

 

0.00

0.00

0.00

0.00

0.00

Cost of sales

 

0.00

0.00

0.00

0.00

0.00

Gross profit

 

0.00

0.00

0.00

0.00

0.00

SG&A (expenses)

 

(20.16)

(50.99)

(61.92)

(58.82)

(70.59)

R&D costs

 

(44.00)

(70.44)

(99.21)

(109.13)

(130.96)

Other income/(expense)

 

0.00

0.00

0.00

0.00

0.00

Exceptionals and adjustments

 

0.00

0.00

0.00

0.00

0.00

Reported EBITDA

 

(64.15)

(121.43)

(161.13)

(167.96)

(201.55)

Depreciation and amortisation

 

(2.06)

(2.72)

(2.70)

(2.51)

(2.46)

Reported Operating Profit/(loss)

 

(66.22)

(124.15)

(163.83)

(170.46)

(204.01)

Finance income/(expense)

 

5.05

3.59

(0.89)

11.30

8.06

Other income/(expense)

 

0.00

0.00

0.00

0.00

0.00

Exceptionals and adjustments

 

0.00

0.00

0.00

0.00

0.00

Reported PBT

 

(61.17)

(120.55)

(164.72)

(159.17)

(195.95)

Income tax expense

 

0.00

0.00

0.00

0.00

0.00

Reported net income

 

(61.17)

(120.55)

(164.72)

(159.17)

(195.95)

Basic average number of shares, m

 

22.93

30.26

32.37

34.22

34.27

Basic EPS (NOK)

 

(2.67)

(3.98)

(5.09)

(4.65)

(5.73)

Diluted EPS (NOK)

 

(2.67)

(3.98)

(5.09)

(4.65)

(5.73)

Balance sheet

 

 

 

 

 

 

Property, plant and equipment

 

0.536

0.377

0.212

0.222

0.199

Intangible assets

 

66.370

76.346

71.119

68.882

66.729

Other non-current assets

 

3.523

3.630

1.951

1.951

1.951

Total non-current assets

 

70.429

80.353

73.282

71.055

68.878

Cash and equivalents

 

399.607

440.925

574.168

412.146

233.456

Trade and other receivables

 

0.000

0.000

0.000

0.000

0.000

Other current assets

 

8.004

8.438

8.087

8.087

8.087

Total current assets

 

407.611

449.363

582.255

420.233

241.543

Non-current loans and borrowings*

 

2.301

2.075

0.457

0.457

0.457

Deferred tax liabilities

 

10.851

11.795

11.031

11.031

11.031

Total non-current liabilities

 

13.152

13.870

11.488

11.488

11.488

Trade and other payables

 

11.768

8.611

22.555

15.583

19.069

Other current liabilities

 

8.489

18.856

28.342

18.637

18.637

Total current liabilities

 

20.257

27.467

50.897

34.220

37.706

Equity attributable to company

 

444.632

488.380

593.153

445.581

261.228

Cashflow statement

 

 

 

 

 

 

Operating Profit/(loss)

 

(66.217)

(124.146)

(163.833)

(170.464)

(204.005)

Depreciation and amortisation

 

2.063

2.720

2.703

2.509

2.459

Other adjustments

 

(2.023)

3.215

12.331

0.112

3.352

Movements in working capital

 

(1.862)

6.395

23.860

(16.677)

3.486

Interest paid / received

 

0.000

0.000

0.000

0.000

0.000

Income taxes paid

 

0.000

0.000

0.000

0.000

0.000

Cash from operations (CFO)

 

(62.988)

(108.223)

(125.828)

(173.223)

(186.651)

Capex

 

(0.172)

(0.282)

(0.085)

(0.282)

(0.282)

Acquisitions & disposals net

 

0.000

0.000

0.000

0.000

0.000

Other investing activities

 

4.490

(0.455)

3.062

11.483

8.243

Cash used in investing activities (CFIA)

 

4.318

(0.737)

2.977

11.201

7.961

Net proceeds from issue of shares

 

344.582

152.933

261.852

0.000

0.000

Movements in debt

 

0.000

0.000

0.000

0.000

0.000

Other financing activities

 

(1.579)

(1.916)

(1.895)

0.000

0.000

Cash flow from financing activities

 

343.003

151.017

259.957

0.000

0.000

Increase/(decrease) in cash and equivalents

 

284.333

42.057

137.106

(162.022)

(178.691)

Cash and equivalents at beginning of period

 

115.540

399.607

440.925

574.168

412.146

Cash and equivalents at end of period

 

399.608

440.925

574.168

412.146

233.456

Net (debt) cash

 

395.982

437.143

572.083

410.061

231.371

Source: Ultimovacs company accounts


General disclaimer and copyright

This report has been commissioned by Ultimovacs and prepared and issued by Edison, in consideration of a fee payable by Ultimovacs. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Ultimovacs and prepared and issued by Edison, in consideration of a fee payable by Ultimovacs. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Healthcare

Cantargia — Strong momentum in first nine months of FY22

Cantargia’s development programme for its lead asset, nadunolimab (CAN04), continued to build momentum in Q322. The company’s results for the period report an operating loss of SEK74.2m, which was largely driven by R&D expenses of SEK69.7m. Cash outflow from operations for Q322 was SEK81.4m, bringing the total cash used in operations for 9M22 to SEK297.3m, up from SEK256.6m in 9M21, due to expanded clinical activities. Cantargia received net proceeds from the rights issue completed in August 2022 of SEK223.9m, resulting in a cash and short-term investment position of SEK496.5m at end-Q322. Our current forecasts for FY22 and FY23 see the company funded to mid-FY24, beyond commencement of important randomised late-stage trials in FY23. Our valuation of Cantargia is broadly unchanged at SEK7.5bn or SEK44.9 per share.

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