Cantargia’s Q122 results were in line with our expectations. Management highlighted progress in the development of its lead IL1RAP-targeting antibody, CAN04 (nadunolimab) in two of the prioritised indications, pancreatic cancer (PDAC) and non-small cell lung cancer (NSCLC). In PDAC, CAN04 has been included, pending remaining regulatory approvals, in the Pancreatic Cancer Action Network’s pivotal, Phase II/III Precision Promise clinical trial. This is a potentially registrational study that the company estimates will report results by 2027. Cantargia plans to submit a pre-IND application, to facilitate inclusion in the trial, in Q222. Progress in CAN04’s development in both NSCLC and PDAC is expected to be presented at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago on 3–7 June 2022. Management also gave an update on new, positive preclinical data for CAN10, which it is investigating for the treatment of systemic sclerosis. We continue to value Cantargia at SEK6.02bn or SEK60.1/share.

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