Ultimovacs ASA (FRA:7UM) has provided an update on its clinical trials and financial status during its Q3 2024 earnings call, revealing both progress and challenges in its oncology programs. The company is actively enrolling patients in the DVO trial, targeting BRCA-negative ovarian cancer, while facing setbacks in its lung cancer study. Ultimovacs is also focusing on a novel drug conjugation technology platform to expand its vaccine pipeline.
Clinical Trial Updates
The DVO trial, which is evaluating a novel therapeutic approach for BRCA-negative ovarian cancer, has enrolled 148 out of 184 patients. Jens Bjørheim, Chief Medical Officer, indicated that the results from this trial are expected in the first half of 2025. In contrast, recruitment for the LV trial in non-small cell lung cancer has been stopped due to slow enrollment, with only 31 patients included. Data from these patients are also expected in the first half of 2025.
Financial Overview
Hans Vassgård Eid, Chief Financial Officer, reported that Ultimovacs has a total cash holding of $131 million NOK (approximately $12 million USD). The operating loss for the third quarter was minus $29 million NOK. The company has implemented cash preservation initiatives, including organizational downsizing, which are projected to extend the cash runway through the first quarter of 2026.
R&D expenses have decreased due to the completion of several clinical trials, which will further reduce operating expenses moving forward. Negative cash flow remains a concern, with the third quarter operating cash flow at approximately minus $42 million. Payroll expenses are significantly influenced by fluctuating share option costs, adding variability to financial results.
Novel Drug Conjugation Technology
Ultimovacs is actively developing a novel drug conjugation technology platform, with preclinical proof of concept studies ongoing. Jens Bjørheim stated that this technology aims to expand the vaccine pipeline by combining different molecules for various indications. An update on this platform will be provided by the end of 2024.
Strategic Direction
Carlos Sousa, CEO, mentioned that the company is on track with its milestones and expects to provide more detailed updates on the drug conjugation technology and clinical trial results in the first half of 2025. The team is focused on delivering results on time despite the challenges in cancer biology.
