Edison Investment Research - Ultimovacs (ULTI) Ultimovacs - Universal approach with critical readouts in March

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Edison Investment Research

Sean Conroy

Ultimovacs - Universal approach with critical readouts in March

Ultimovacs recapped an active FY23 period for its universal cancer vaccine, UV1, including the reported benefit in overall survival and desirable safety profile from the NIPU trial in malignant pleural mesothelioma (MPM), which sets the stage for its Phase III programme. Management provided multiple updates across all its trials, but the upcoming combination trial result of INITIUM in malignant melanoma (confirmed for March 2024) remains a critical catalyst. FY23 cash stood at NOK266.6m, which is anticipated to fund operations through 2024. As we roll forward our model with FX updates, our valuation increases to NOK8.5bn or NOK248 per share (from NOK7.6bn or NOK222 per share).

16/02/2024 1 EN

Underlying

Ultimovacs

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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NO0010851603 Oslo Bors Norway

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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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Ultimovacs - Universal approach with critical readouts in March

Zelluna ASA [ZLNA]: Notification of transaction by close associate of primary insider

Zelluna ASA [ZLNA]: Notice of Annual General Meeting on April 29, 2025

Zelluna ASA [ZLNA]: Annual Report 2024

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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