SEK1306.4m market cap

SEK14.16 last close

Immunicum is a clinical-stage immuno-oncology company based in Stockholm, Sweden. The company is developing an allogeneic dendritic cell immune primer for use in combination with other anticancer therapies including CPIs in multiple solid tumour indications.

Investment summary

Immunicum is a NASDAQ Sweden-listed, clinical-stage immunooncology (IO) company that is developing allogeneic dendritic cell technologies. Its first clinical product, ilixadencel, is in Phase I and II combination studies in several solid tumour indications. The funding of SEK351m gross raised in Q418 extended the cash runway until the end of 2021 and several milestones are achievable before then. These include Phase I/II MERECA trial top-line results in Q319, interim safety data from the Phase I/II ILIAD trial around end 2019 and full safety results in 2020. Although full results from the ILIAD trial are not likely until 2022, safety data are key, as this will be the first time ilixadencel is combined with a checkpoint inhibitor and will allow the company to engage in negotiations with potential partners before the full ILIAD results are available.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.0 (80.6) (80.3) (3.1) N/A N/A
2018A 0.0 (97.8) (97.9) (1.9) N/A N/A
2019E 0.0 (119.9) (119.9) (1.3) N/A N/A
2020E 0.0 (121.6) (121.6) (1.3) N/A N/A
Industry outlook

IO is a frenetic pharmaceutical development area with many clinical combination studies being conducted by pharmaceutical and biotech companies. Investors should expect relatively rich newsflow from this sub-sector over the next several years.

Last updated on 25/07/2019
Share price graph
Price performance
Actual 77.7 76.6 119.9
Relative* 75.9 79.0 110.6
52-week high/low SEK14.2/SEK6.3
*% relative to local index
Key management
Carlos De Sousa CEO