Ultimovacs ASA Releases Q2 2024 Financial Results
Ultimovacs ASA Reports Second Quarter 2024 Financial Results
Ultimovacs ASA (OSE ULTI), a clinical-stage biotechnology company developing novel immunotherapies against cancer, announces its second quarter 2024 results today.
Second Quarter 2024 Business Update
Following a recent clinical trial result, Ultimovacs implemented cash preservation initiatives during the second quarter of 2024. This effort has extended the anticipated cash runway to the fourth quarter of 2025, aligning with the upcoming topline readouts from the FOCUS and DOVACC trials.
Clinical Trial Results
In August 2024, Ultimovacs shared topline results from the Phase II FOCUS trial focusing on head and neck cancer. Unfortunately, the trial did not meet the primary endpoint of improved progression-free survival (PFS), nor did the data indicate an improvement in overall survival. However, the safety profile remained consistent across treatment arms, confirming UV1’s good safety profile. The key findings from the FOCUS trial are set to be submitted for publication in a peer-reviewed medical journal.
Research and Development Initiatives
Ultimovacs is also focusing on pre-clinical research involving a novel drug conjugation platform. This advanced technology is intended to support the expansion of their vaccine pipeline while also offering wider applicability across various therapeutic modalities. An update on this innovation is expected before the end of 2024.
Clinical Development Updates
Ongoing Trials
Ultimovacs has several exciting clinical trials underway:
FOCUS (head and neck cancer): This trial evaluates pembrolizumab plus or minus UV1 vaccination in adults with metastatic or recurrent head and neck squamous cell carcinoma. Enrollment has closed with 75 patients included, and topline readouts were recently reported. The trial did not meet its primary endpoint of improved PFS.
NIPU (mesothelioma): This trial assesses ipilimumab and nivolumab with or without UV1 as a second-line treatment for inoperable malignant pleural mesothelioma, successfully enrolling 118 patients. Full results were presented at a major oncology congress and indicate benefits for specific patient subgroups.
INITIUM (melanoma): Evaluating ipilimumab and nivolumab with UV1 in unresectable or metastatic melanoma. The study has concluded enrollment with 156 patients, but did not meet its primary endpoints. Selected results were presented recently.
INITIUM Supplementary Study: This study is examining UV1's biological activity alongside standard treatments, with results expected soon.
DOVACC (ovarian cancer): Currently enrolling 184 patients, with a readout anticipated in the near future.
LUNGVAC (non-small cell lung cancer): This trial is also underway, and patient enrollment is progressing well.
Financial Update
In light of recent challenges, Ultimovacs has prioritized financial sustainability, achieving significant cash savings. The cash runway is expected to last until at least the fourth quarter of 2025. Recent operational adjustments include a workforce reduction, with ongoing efforts to manage expenses effectively. Operating expenses reached MNOK 45.3 during Q2 2024, with total losses accounting for MNOK 44.8.
Cash Flow and Assets
As of the end of June 2024, cash and cash equivalents stood at MNOK 170.4. A quarterly report with more detailed financial information will soon be accessible on the company's website.
About Ultimovacs
Ultimovacs is a pioneering clinical-stage biotechnology firm dedicated to developing innovative immunotherapies for cancer treatment. The focus is on its candidate UV1, a therapeutic cancer vaccine aimed at enhancing immunotherapy efficacy for patients. This vaccine triggers immune responses against the telomerase antigen found in numerous cancer types. Ultimovacs is active in multiple cancer trials across international sites, engaging over 750 patients.
Frequently Asked Questions
What were the main findings from the Q2 2024 report?
Ultimovacs highlighted cash preservation measures and the results of the Phase II FOCUS trial, which did not meet its primary endpoints.
What trials are currently under evaluation by Ultimovacs?
Ultimovacs is running multiple trials, including those for head and neck cancer, melanoma, mesothelioma, ovarian cancer, and non-small cell lung cancer.
How have the financial results affected Ultimovacs' operations?
Initiatives to extend the cash runway included operational adjustments, prioritizing financial sustainability amidst recent challenges.
What innovative technologies is Ultimovacs exploring?
Ultimovacs is actively developing a novel drug conjugation platform to enhance its vaccine pipeline and expand into additional therapeutic areas.
How can I contact Ultimovacs for more information?
For inquiries, reach out to Carlos de Sousa, CEO, at carlos.desousa@ultimovacs.com or +47 908 92507.
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