Ultimovacs (OSE: ULTI)

Currency in NOK

Last close As at 06/02/2023


0.80 (0.67%)

Market capitalisation


Ultimovacs is developing novel immunotherapies against cancer. Lead product candidate, UV1, is a peptide-based vaccine against the universal cancer antigen telomerase, which is expressed by 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 8.5 54.6 18.2
Relative 9.7 57.0 21.4
52 week high/low NOK127.0/NOK59.9


Ultimovacs has announced that patient enrolment has been completed (n=118) for the ongoing Phase II NIPU study investigating the company’s lead cancer vaccine candidate, UV1, in combination with immune checkpoint inhibitors (ICIs), ipilimumab and nivolumab, in the treatment of patients with pleural mesothelioma. We see the successful patient enrolment for the trial as a positive indicator of Ultimovacs being on track to deliver top-line readouts from the study, which are expected in H123, representing one of the company’s most important near-term catalysts. Additionally, positive data readouts from the trial could, in our view, support potential licensing opportunities for Ultimovacs. We maintain our valuation at NOK7.9bn or NOK231 per share.

Y/E Dec Revenue (NOKm) EBITDA (NOKm) PBT (NOKm) EPS (fd) (öre) P/E (x) P/CF (x)
2020A 0.0 (121.4) (120.6) (398.39) N/A N/A
2021A 0.0 (161.1) (164.7) (508.83) N/A N/A
2022E 0.0 (168.0) (159.2) (465.10) N/A N/A
2023E 0.0 (201.6) (196.0) (572.58) N/A N/A

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