Immunicum (ST:IMMUN)’s Q318 results detailed progress on a number of levels including regulatory, scientific and financing. The clinical progress resulted in increased administrative and R&D spend in the last year, which was higher than our estimates, and reflected the number and earlier stage of Immunicum’s clinical trials outlined in Q3 results relative to Q2. Gross cash at end Q3 was SEK133.2m, which will be bolstered by the recently announced c SEK351m (before expenses) rights issue inflows expected before year-end FY18.
Q3 outflows increase ahead of studies and trials
Q318 results reflect Immunicum’s accelerating development stage, to be funded by the proposed c SEK351m (before costs) capital raises expected to be completed in December. Overall operating cash outflows for the nine months to September were SEK100.8m (SEK16.7m in Q3), up from SEK59m a year ago. Q3 R&D and administrative costs of SEK17.2m and SEK6.1m respectively were higher than our estimates due to advanced preparations for the US Phase Ib/II (ILIAD), as well as the ongoing Phase II renal cell carcinoma (MERECA) studies. Net cash at end September 2018 was SEK132.4m (SEK43.6m in Q317 and SEK149.1m at end Q218). We estimate further operating cash outflow increases as both the ILIAD study and investment in manufacturing to commercial scale start. We note these are now phased in from Q3, earlier than we had previously anticipated.
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