Since our last update, Cantargia reported a favourable outcome of a legal process in Europe concerning the patent EP3293202, encompassing properties similar to nadunolimab, which was upheld. The patent now protects variations of amino acids of up to 10% of nadunolimab. This means any company that continues the development of IL1RAP targeting antibodies similar to nadunolimab will have to make a deal with Cantargia before launching such a product.

In August, Cantargia received regulatory approval in Germany to start its phase I trial of CAN10. The first person should be dosed in September. It will be a comparatively large trial with up to 80 patients, involving healthy volunteers for the single ascending dose (SAD) and multiple ascending dose parts and up to 16 psoriasis patients in a following proof-of-concept part. Cantargia will thus be able to learn much about CAN10 from this trial, not just about safety, biomarkers and pharmacokinetics but gain information from biopsies from psoriasis patients about the mechanism of action.

We make minor changes to our base case. The lower cash position and lower share price, which affects our dilution calculation, lead to a dully diluted base case of SEK19 (SEK20). Cash will last until mid-2024 but the company has the option to reduce investments so it last until 2025.