Ultimovacs (OSE: ULTI)

Last close As at 21/02/2024


−7.40 (−4.61%)

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 — Another ODD boosts the off-the-shelf, universal UV1

Healthcare | Flash note

Ultimovacs — FDA Fast Track boosts confidence in UV1

Healthcare | Flash note

Ultimovacs — INITIUM: March 2024 top-line timeline confirmed




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 cash (NOKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.91 34.92 19.34
Relative 10.69 38.58 21.02
52 week high/low NOK160.4/NOK68.3


Ultimovacs has been granted Orphan Drug designation (ODD) from the European Medicines Agency (EMA) for UV1 in mesothelioma, marking another step forward for the clinical development of its lead universal, off-the-shelf cancer vaccine. This encouraging regulatory designation follows on the heels of the FDA ODD (October 2023) and Fast Track designation (February 2024) for UV1 in this same indication, which helps set the foundation for a potential Phase III programme. A key benefit of EU ODD is the potential for 10-year market exclusivity, provided UV1 achieves regulatory approval. The EMA decision was based on the recent positive data from the Phase II NIPU trial (reported October 2023) demonstrating a 27% reduction in risk of death with UV1 treatment compared to the standard of care in patients with malignant pleural mesothelioma (MPM). We await the results from the Phase II INITIUM trial in malignant melanoma (MM), the company’s lead indication, in March 2024, which is likely the next catalyst for the company.

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) (489.94) N/A N/A
2023A 0.0 (213.0) (189.2) (550.14) N/A N/A
2024E 0.0 (232.4) (225.8) (656.14) N/A N/A
2025E 1212.0 1081.7 1080.7 3140.92 4.9 N/A


Subscribe to Edison

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

Sign up for free