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).

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