Ultimovacs ASA, a biotechnology company focused on developing immunotherapies for cancer, announced its third-quarter 2024 financial results and provided a business update. The company is advancing its clinical programs and exploring new therapeutic modalities while implementing cash preservation strategies.
Clinical Trial Updates
The Phase II FOCUS trial, evaluating UV1 in head and neck cancer, did not meet its primary endpoint of improved progression-free survival (PFS). The data also showed no improvement in overall survival. However, the safety profile of UV1 was confirmed to be good and tolerable, consistent across both arms of the trial. Detailed findings from the FOCUS trial were published in October 2024.
The LUNGVAC trial, investigating a PD-1 checkpoint inhibitor +/- UV1 as a first-line treatment for advanced or metastatic non-small cell lung cancer (NSCLC), has discontinued patient recruitment due to slow enrollment rates. The 31 patients already enrolled will continue to be treated and followed per the study protocol. The readout for this trial is expected in the first half of 2025.
The DOVACC trial, which is evaluating olaparib and durvalumab +/- UV1 versus olaparib alone as a second-line maintenance treatment in high-grade BRCA-negative ovarian cancer, is ongoing. As of the reporting date, 148 out of 184 patients have been enrolled across 31 hospitals in nine European countries. The readout is expected in the first half of 2025.
Financial Status
Ultimovacs has implemented cash preservation initiatives, extending the anticipated cash runway through the first quarter of 2026. Total operating expenses for Q3 2024 were MNOK 28.8, with a total loss of MNOK 25.9 for the period. As of September 30, 2024, the company's cash and cash equivalents amounted to MNOK 131.0.
Novel Drug Conjugation Platform
Ultimovacs is conducting pre-clinical research on a novel drug conjugation platform. This technology, initially developed to support the expansion of the vaccine pipeline, has broad potential applicability, including additional therapeutic modalities for multiple disease areas, such as innovative drug conjugates with favorable pharmacological properties. An update on this technology platform is expected before the end of 2024.
