Edison Investment Research - Cantargia AB (CANTA) Cantargia - Strong momentum in first nine months of FY22

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Edison Investment Research

Sean Conroy

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.

11/11/2022 1 EN

Underlying

Cantargia AB

Cantargia AB is a Sweden-based company engaged in development of antibody therapeutics for the treatment of leukemia. The Company is engaged in the development of a therapy for the treatment of cancer by targeting a cell-surface receptor on malignant stem cells, through the development of antibody therapeutics for eradication of malignant stem cells. Cantargia AB uses the Interleukin-1 receptor accessory protein (IL1RAP), as the target for development of a novel antibody-based therapy for leukemia.

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SE0006371126 Nasdaq Nordic Stockholm Sweden

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Cantargia - Strong momentum in first nine months of FY22

Cantargia AB: 5 directors

Cantargia - Encouraging data for nadunolimab in CANFOUR

Cantargia - First patient treated in Phase II part of TRIFOUR

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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