Ultimovacs is developing novel immunotherapies against cancer. Lead product candidate, UV1, is a peptide-based vaccine against the universal cancer antigen telomerase, which is expressed by c 85% of all cancer types. UV1 therefore has a broad potential in a variety of different settings and combinations.

Ultimovacs has announced that patient enrolment has been completed (n=118) for the ongoing Phase II NIPU study investigating the company’s lead cancer vaccine candidate, UV1, in combination with immune checkpoint inhibitors (ICIs), ipilimumab and nivolumab, in the treatment of patients with pleural mesothelioma. We see the successful patient enrolment for the trial as a positive indicator of Ultimovacs being on track to deliver top-line readouts from the study, which are expected in H123, representing one of the company’s most important near-term catalysts. Additionally, positive data readouts from the trial could, in our view, support potential licensing opportunities for Ultimovacs. We maintain our valuation at NOK7.9bn or NOK231 per share.