Q3 2024 Ultimovacs ASA Earnings Call Transcript
Key Points
- Ultimovacs ASA (FRA:7UM) has successfully enrolled 28 patients in the DVO trial in the last quarter, indicating good progress.
- The company has extended its cash runway through the first quarter of 2026, demonstrating effective financial management.
- Ultimovacs ASA is actively working on a novel drug conjugation technology platform, with updates expected by the end of 2024.
- The company has implemented cash preservation initiatives, including organizational downsizing, to optimize financial resources.
- R&D expenses have decreased due to the completion of several clinical trials, which will further reduce operating expenses moving forward.
- The focus trial in head and neck cancer yielded disappointing results, highlighting challenges in treating this difficult cancer type.
- Recruitment for the lung v trial in lung cancer was stopped due to a slow rate of patient enrollment.
- The company reported an operating loss of minus $29 million knoc for the third quarter and minus $103 million knoc year-to-date.
- 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.
Good afternoon and welcome to Ultimovacs third quarter, 2024 business update and financial results.
My name is Carlos de Sousa and I'm the CEO. as usual I have with me and BHE our Chief Medical Officer and Hans Vaso Aid, our Chief Financial Officer, if we can move to the next slide, just to show you briefly our disclaimer and we continue to the next slide.
So I will make a brief introduction. We will talk then about the clinical update for UV One brief words about our novel drug conjugation platform, the financial update and the news flow. So if we can move to the next slide, this quarter was again, we had a disappointing news about the results from our focus trial in head and neck cancer.
We knew that it was a difficult target to head and neck cancer is a very difficult cancer to treat. even the standard of care has very low efficacy. But anyway, we were still disappointed, but as a company, we are still committed to bringing UV one across the next important data point. That is the Duva redoubt that we expect in the first
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