Elicera Therapeutics — Positioned to deliver in cell and gene therapies

Elicera Therapeutics (ELIC)

Last close As at 25/02/2025

SEK2.25

−0.30 (−11.76%)

Market capitalisation

SEK79m

More on this equity

Research: Healthcare

Elicera Therapeutics — Positioned to deliver in cell and gene therapies

Elicera Therapeutics is a cell and gene therapy company utilising its iTANK platform to develop immunotherapies for solid and bloodborne tumours. Its pipeline comprises two CAR-T therapies and two oncolytic virus (OV) candidates. Lead CAR-T asset, ELC-301, is being assessed in the Phase I/IIa CARMA trial for B-cell lymphoma (market projected to reach $8.9bn by 2035). Initial data from the first treated patient indicated a complete response with minimal side effects; we believe further readouts across 2025–26 could be key upcoming catalysts. Lead OV asset ELC-100 is being developed for neuroendocrine tumours (NETs) and was awarded orphan drug designation (ODD) in January 2025; a Phase I/II study update is expected in mid-2025. Nearer term, we see monetisation opportunities from non-exclusive licensing of Elicera’s iTANK technology to pharma players.

Jyoti Prakash

Written by

Jyoti Prakash, CFA

Analyst, Healthcare

Pharma and biotech

QuickView

26 February 2025

Price SEK2.25
Market cap SEK79m
Price Performance
Share details
Code ELIC
Listing OMX

Shares in issue

35.1m

Cash and cash equivalents at 31 December 2024

SEK26.4m

Business description

Elicera Therapeutics is a Sweden-based, clinical-stage cell and gene therapy company focused on developing next-generation immuno-oncology treatments based on iTANK-armed oncolytic viruses and CAR-T cells.

Bull points

  • Innovative iTANK platform technology may make Elicera an attractive partnering target.
  • Robust intellectual property portfolio supports potential market opportunity.
  • Active and diverse pipeline of CAR-T and oncolytic virus assets, targeting multiple indications, somewhat mitigating exposure to binary event risks.

Bear points

  • Early-stage cell and gene therapy programmes present regulatory and commercial risks.
  • Limited financial resources, with an estimated runway into Q126 based on historical burn rates.
  • Immuno-oncology field is both highly challenging and highly competitive, with numerous established and emerging players.

Analysts

Jyoti Prakash, CFA
+44 (0)20 3077 5700
Arron Aatkar, PhD
+44 (0)20 3077 5700

EDISON QUICKVIEWS ARE NORMALLY ONE-OFF PUBLICATIONS WITH NO COMMITMENT TO WRITING ANY FOLLOW UP. QUICKVIEW NOTES USE CONSENSUS EARNINGS ESTIMATES.

Next-generation CAR-Ts powered by iTANK platform

The patented iTANK technology, which uses neutrophil-activating proteins as immune activators, is designed to elicit activity against a range of cancer cells (including solid tumours, 90% of all cancers), aiming to induce broader responses versus existing immunotherapies. Both of the company’s CAR-T assets were developed using iTANK. Initial data from the CARMA trial for the first ELC-301 treated patient, reported in January, were promising, especially since they refer to the lowest planned dose; further updates are due across 2025–26, including results from cohorts 1 and 2 this year. If the data continue to be supportive, iTANK may bring opportunities across the CAR-T market (projected to reach $89bn by 2034).

ELC-100 making headway in the clinic for NETs

ELC-100 is an OV candidate being developed for NETs and is Elicera’s only pipeline asset without roots in iTANK; it is based on a genetically modified adenovirus. It is being evaluated in a Phase I/II trial; part one aims to study safety and determine the maximum tolerated dose and is expected conclude in mid-2025. Encouragingly, the FDA recently awarded ODD to ELC-100 for pancreatic NETs.

Revenue generation rests on commercial partners

Elicera recently published FY24 results and, based on historical burn rates, the SEK26.4m cash position should provide headroom into Q126. Management seeks soft financing and/or partnering opportunities to advance its pipeline. It is also open to monetising iTANK through non-exclusive licences, which could create an additional revenue stream. Elicera recently received notification of a €500k partial payment from the EIC Accelerator Programme to support the ELC-301 programme.

Source: LSEG Data & Analytics

Consensus estimates

Year end Revenue (SEKm) PBT (SEKm) EPS (SEK) DPS (SEK) P/E (x) Yield (%)
12/23 11.2 (16.4) (0.83) 0.00 N/A N/A
12/24 7.1 (16.1) (0.51) 0.00 N/A N/A
12/25e 4.0 (17.0) (0.55) 0.00 N/A N/A
12/26e 74.0 44.0 0.95 0.00 2.4 N/A

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