New results from the phase I/IIa study combining naptumomab with durvalumab (PD-L1 blocker) were presented at the AACR meeting. The recommended phase II dose was reached at 10 mcg/kg, limited toxicity was shown and pre-treatment with obinutuzumab will likely reduce the formation of anti-drug antibodies and preserve naptumomab plasma levels. Despite a very difficult-to-treat patient group, early signs of efficacy were seen with two complete and two partial responses.

New data from the ongoing study in multiple myeloma (a type of blood cancer) will be presented at the ASCO meeting in early June 2023. Interim safety and preliminary activity results will be presented both from the single agent arm and in combination with ixazomib, lenalidomide and dexamethasone (IRd). The phase I trial of laquinimod was completed in January, and a full analysis is ongoing. More detailed results will be published in H2 2023. A phase II study is scheduled for late 2023 subject to financing.

The cash position of SEK30m will last through 2023. Growth capital will be needed to maintain the progress of the unpartnered project portfolio. We push forward the projected launch dates of tasquinimod in MM and naptumomab in solid tumours by one year. Assuming some capital will be raised in 2023, our new fully diluted Base Case is SEK2.2 (3.0).