New results from the monotherapy pancreatic cancer patients in CANFOUR were presented. IL1RAP high patients had more than twice the overall survival of IL1RAPlow patients; the same is true for median progression-free survival, though the data set is very small (17 patients). A new positive readout from TRIFOUR (breast cancer) was presented in October. The objective response had increased to 60% so Cantargia will proceed with the full recruitment of the study, which will have a placebo-controlled group. Results from this study late in 2024 will be a major catalyst for Cantargia. A phase IIb pancreatic cancer trial, PANFOUR, is under planning and could start in 2024 but it will need additional funding. The CIRIFOUR and CESTAFOUR studies are being wrapped up and results will be presented after the databases are locked.

CAN10 entered phase I in September. It is a safety study, but some psoriasis patients will also be recruited. Autoimmune and inflammatory disease is a large and attractive pharmaceutical area with some of the world’s best-selling drugs (e.g. Humira, Stelara and Dupixent), so the sales potential could be substantial, even if Cantargia is focusing on smaller indications initially (systemic sclerosis and heart inflammation) as a faster way to the market.

In October, after Q3, Cantargia raised around SEK60m in a directed share issue, which we add to the cash position and increase the number of shares outstanding. We added acute myeloid leukaemia to the pipeline, which is an investigator-sponsored study in the US, i.e. Cantargia does not have to fund it (it will have to supply nadunolimab). We have increased the WACC to 14%, increased the timeline of nadunolimab in pancreatic cancer and reduced the expected upfront payment from out-licensing nadunolimab. This results in a new base case of SEK18 (SEK20).