Ultimovacs' busy clinical programme for UV1, a universal cancer vaccine, continues to progress on schedule as highlighted in the company's Q222 report. UV1 is part of five separate Phase II trials in various cancer indications, all of which are expected to report top-line data over 2023/24. R&D related expenses in Q222 were NOK30.0m, substantially below estimates, as some costs from the period were delayed. We expect expenses to increase in H222 as these delayed costs are recognised and the LUNGVAC trial (UV1 plus pembrolizumab) in non-small cell-lung cancer begins to enrol patients in Q322. At end-H122 Ultimovacs had a net cash position of NOK486.3m (the company has no debt), which we anticipate will fund operations into H124, past a handful of key readouts from the pipeline in 2023. We update our valuation of Ultimovacs to NOK7.2bn or NOK209/share (NOK6.90bn or NOK202/share previously).Den vollständigen Artikel lesen ...
© 2022 Edison Investment Research
