Ultimovacs - Gathering steam with multiple inflections in FY23
Ultimovacs’ Q422 and FY22 results reflected another busy period marked by continued development of its lead cancer vaccine, UV1, across multiple indications. Top-line results from the Phase II clinical trials INITIUM (in metastatic malignant melanoma) and NIPU (in metastatic pleural mesothelioma) are expected in H123 and are key catalysts for a potential licensing deal, should data be positive. Another clinical milestone will be the readout from the Phase I TENDU trial (prostate cancer), expected in H223. However, data readouts for the other Phase II trials have been adjusted due to the delayed initiation of DOVACC, change in standard of care for LUNGVAC and a minor delay in FOCUS (end FY23 to H124). We roll forward our model and adjust our estimates, resulting in a valuation of NOK7.4bn or NOK216/share (NOK7.9bn or NOK231/share previously). Our estimates do not include consideration for preclinical assets, which may offer upside on successful clinical progress. The end-FY22 cash position stood at NOK425.3m, which should provide funding to mid-2024, according to management.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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