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Oslo, November 6, 2024: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical-stage biotechnology company developing novel immunotherapies against cancer, announces its third quarter 2024 results today.
Conference call and webcast scheduled for November 6, 2024, at 14:00 (CET). Link to webcast here.
Third Quarter 2024 Business Update
Highlights
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Ultimovacs implemented cash preservation initiatives during the second quarter of 2024. During the third quarter of 2024, additional cash preservation opportunities have been identified which extend the anticipated cash runway through the first quarter of 2026.
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In August 2024, Ultimovacs reported topline results from the Phase II FOCUS trial in head and neck cancer. The trial did not meet the primary endpoint of improved progression-free survival (PFS). Moreover, the data did not show improvement in overall survival. The safety profile was consistent between the two arms, confirming UV1’s good safety and tolerability. The key findings and analyses from the FOCUS trial were published in October 2024.
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Ultimovacs is currently conducting pre-clinical research on a novel drug conjugation platform. This flexible conjugation technology, initially developed to support the expansion of our vaccine pipeline, has broad potential applicability, including additional therapeutic modalities for multiple disease areas, such as innovative drug conjugates with favourable pharmacological properties. Ultimovacs will provide an update on this technology platform to the market before the end of 2024.
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DOVACC (ovarian cancer): Evaluating olaparib and durvalumab +/- UV1 vs. olaparib alone as second-line maintenance treatment in high-grade BRCA negative ovarian cancer. As of reporting date, 148 out of 184 patients have been enrolled in 31 participating hospitals in nine European countries, in comparison to 120 patients as per the previous quarterly report. The readout is expected in the first half of 2025.
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LUNGVAC (non-small cell lung cancer): Evaluating PD-1 check point inhibitor +/- UV1 as first-line treatment of advanced or metastatic non-small cell lung cancer (NSCLC). As of September 2024, recruitment of patients was discontinued due to the very slow rate of patient enrollment in the study. The 31 patients already included in the trial will be treated and followed up as per the protocol. The readout is expected in the first half of 2025.
Financial update
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Ultimovacs implemented cash preservation initiatives during the second quarter of 2024. During the third quarter of 2024, additional cash preservation opportunities have been identified and implemented, which extend the anticipated cash runway through the first quarter of 2026.
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Total operating expenses amounted to MNOK 28.8 in Q3 2024, and MNOK 102.7 YTD. Total loss was MNOK 25.9 for the period and MNOK 93.3 YTD.
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Net negative cash flow from operations was MNOK 42.0 in Q3 2024, and net decrease in cash and cash equivalents, not including currency effects, was MNOK 40.9 during Q3 2024. Cash and cash equivalents amounted to MNOK 131.0 as per September 30, 2024.