Edison Investment Research Limited
London, UK, 15 September 2021
Immunicum (IMMU): Primed for value appreciation
Following the transformational merger with DCprime in December 2020, Immunicum now aims to become a global leader in off-the-shelf, allogeneic cell therapies, using its expertise in dendritic cell (DC) biology. It has two advanced clinical-stage pipeline products, addressing both solid tumours and haematological malignancies. Ilixadencel is being developed as an immune primer in combination with anti-cancer therapies, while DCP-001 is aimed at reducing the risk of cancer relapse after standard of care. Given the changes to the R&D pipeline and updated strategy, we have revised our forecasts and valuation and present a new investment thesis. Our valuation is SEK1.95bn or SEK9.76 per share.
We value Immunicum at SEK1.95bn or SEK9.76 per share (rNPV using a 12.5% discount rate and SEK212m cash at end-Q221). Our model includes the two lead assets in the four prioritised indications (DCP-001 in AML and OC; ilixadencel in RCC and GIST), but there is potential to expand into many more. The latest share issue should fund operations until end of 2022, so the near-term R&D catalysts are reachable before that.
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