London, UK, 5 October 2020

RhoVac (RHOVAC): Good execution in challenging times for industry

On the back of a crystal-clear R&D strategy, to conduct a proof-of-concept study and then seek a partnership deal, RhoVac completed a successful fundraise in June 2019 and started enrolling patients in the Phase IIb BRaVac study in November 2019. Due to the COVID-19 pandemic full enrolment is now expected by end-2020 vs the original target of Q320. In our view the delay is modest and easily covered by the existing budget. Clinical trial centres are up and running, including in the US, and treatment results are still expected by the end of 2021. So overall, this shows good execution in what has been a challenging period for the whole industry. Our updated valuation is SEK1.18bn or SEK61.8/share.

Our RhoVac valuation is higher at SEK1.18bn or SEK61.8/share due to revised rNPV assumptions, rolling the model forward and a lower cash position (SEK109.7m at end-Q220). As RhoVac is making progress with the Phase IIb trial and more details about RV001's potential are available, our review is primarily focused on the licensing potential, which is presented in the valuation section.

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