Ultimovacs: Fall from grace

Research Note



Redeye cuts its estimates and valuation after Ultimovacs announced that INITIUM failed to show an efficacy advantage of UV1 addition to dual CPI therapy in malignant melanoma. We judge INITIUM’s failure represents a major setback for UV1’s clinical development and Ultimovacs’ equity story. Further, we believe the company’s business development and financing estimates have deteriorated drastically, exemplified by several major owners selling shares after the top-line readout.


Christian Binder

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