Q2 2024 Ultimovacs ASA Earnings Call Transcript
Key Points
- Ultimovacs ASA (FRA:7UM) has implemented cash preservation initiatives to extend its financial runway to the fourth quarter of 2025.
- The company is developing a novel drug conjugation technology platform, which has potential applications beyond oncology.
- The DOVACC trial continues to have good patient inclusion, with top-line readout expected in the first half of 2025.
- UV1 vaccine has shown a positive safety profile across various studies.
- Ultimovacs ASA (FRA:7UM) is conducting preclinical proof-of-concept research for its novel drug conjugation platform, with plans to update the market by the end of 2024.
- The FOCUS trial did not meet its primary or secondary endpoints, showing no improvement in progression-free survival or overall survival.
- The company has undergone a workforce reduction of approximately 40% as part of its cash preservation strategy.
- Operating profit for the second quarter was negative, with an EBIT of minus NOK45 million.
- The head and neck cancer trial also yielded negative results, failing to meet its primary and secondary endpoints.
- There is uncertainty regarding future funding and financing as the company approaches the end of its financial runway in 2025.
Good afternoon, everybody, and welcome to Ultimovacs second-quarter 2024 business update and financial results. As usual, I have with me our Chief Medical Officer, Jens Bjørheim; and our Chief Financial Officer, Hans Vassgård Eid. We will go through the main news from this quarter. (Event Instructions)
If we can move to the next slide, I have to show you the disclaimer. And if we move to the next slide, I will give a brief introduction. Jens will cover the clinical update on UV1. I will have a slide on our novel drug conjugation platform. Hans will cover the financial update, and then I will cover the news flow and end the meeting before Q&A.
Okay. So let's proceed and move to the next slide. Again, this quarter was mainly impacted by the results of INITIUM, FOCUS. Of course, despite these disappointing results and we are sorry for patients. We are still committed as a company and as a team to bring in UV1 across the next important data point, that is the DOVACC readout.
These top line results, as you know, the FOCUS
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