Ultimovacs (Sell, TP: NOK4.00) - Slower recruitment, FOCUS in focus
Total operating expenses were NOK28.6m, and cash and cash equivalents were NOK220m at end-Q1 (NOK266.6m at end-Q4 2023). The company recently announced initiatives to extend the financial runway to Q4 2025. While data from the fully recruited FOCUS trial is expected in Q3, the number of new recruited patients in the DOVACC and LUNGVAC trials was lower in Q1 versus Q4 2023. We reiterate our SELL and NOK4 target price.Ultimovacs ASA Formerly known as Ultimovacs AS. Ultimovacs ASA, formerly Ultimovacs AS, is a Norway-based pharmaceutical company developing immunotherapies against cancer. The Company's lead product candidate is UV1, a peptide-based vaccine inducing a specific T cell response against the universal cancer antigen telomerase. UV1 is being developed as a therapeutic cancer vaccine which may serve as a platform for use in combination with other immuno-oncology drugs which require an ongoing T cell response for their mode of action. The Company is performing a broad clinical development program with clinical trials in Europe and the USA.
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