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Analyst Comment

Curasight: Encouraging preliminary uTREAT® readout de-risks the first of four H2 catalysts

By Michael FriisHead of Equities
Curasight

Summary

  • Curasight announced an encouraging preliminary readout from its Phase 1 trial with uTREAT® in glioblastoma, marking the first of four high-value data read-outs expected in the coming six months.
  • The data demonstrate the feasibility and safety of the super-selective intra-arterial cerebral injection delivery, with high tumour uptake and retention, supporting the potential for delivering a therapeutically relevant radiation dose.
  • CEO Ulrich Krasilnikoff expressed confidence in continuing the Phase 1 trial, with the preliminary results strengthening the company's position for a planned capital raise in H2 2026.
  • This preliminary readout is not topline efficacy; the clinically decisive evidence is anticipated with the Q3 2026 topline results, as uTREAT® remains an investigational compound.

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Curasight this morning announced an encouraging preliminary readout from its Phase 1 trial with uTREAT® in glioblastoma (GBM), This the first of the four high-value data read-outs management guided to for the coming six months, and it lands on the Q2 2026 timeline reiterated at the Q1 report.

The readout addresses precisely the question the market has been waiting on. The data support the feasibility and safety of the super-selective intra-arterial cerebral injection (super-SIACI) delivery, with transient opening of the blood-brain barrier using mannitol, and show high tumour uptake and retention.

Critically, the biodistribution and dosimetry are described as compatible with delivering a therapeutically relevant radiation dose to the tumour without reaching dose limits for healthy organs. That is the dosimetry package management and CSO Professor Andreas Kjær have framed as the pivotal value-driver, since in radioligand therapy this kind of data has been enough to underpin M&A on results from only one or two patients.

CEO Ulrich Krasilnikoff confirms confidence in continuing the Phase 1 trial and the broader uTREAT® development programme.

This preliminary signal builds directly on the early data from the first patient (dosed December 2025), which showed clear tumour uptake and retention of up to 24 hours. It supports our view that uTREAT®'s progression validates the therapeutic platform, where the market is estimated at roughly 25x the diagnostic opportunity, and keeps the door open to a basket trial across five uPAR-expressing indications on positive Phase 1 data. GBM remains a large unmet need (more than 30,000 glioblastoma diagnoses annually across the US and EU, with around 50% of patients dying within 14 months), and Orphan Drug status allows a structurally smaller, cheaper trial path.

It also matters for funding. Management has flagged a capital raise in H2 2026, ideally executed from a position of strength on the back of data. A clean preliminary readout strengthens that negotiating position ahead of the topline GBM efficacy results due in Q3 2026 and the partnered uTRACE® prostate read-outs (preliminary in H2 2026, topline in Q4 2026), worth recalling alongside the up to USD 70m in potential Curium milestones.

It should also be noted that this is a preliminary readout, not topline efficacy. Safety, feasibility and dosimetry have been demonstrated, but the clinically decisive evidence comes with the Q3 2026 topline. uTREAT® remains an investigational compound whose efficacy is not yet established.

Read more about the case in our latest updated investment case report here:

Curasight - Investment-case

Disclaimer: HC Andersen Capital receives payment from Curasight for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, kl. 07:23 d. 08-06-2026.

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Curasight is a Danish biotech company focusing on developing and improving the detection and treatment of cancer in a more gentle and efficient way. The company has two pipeline products that both use radionuclide (nuclear medicine) to facilitate better diagnosis and treatment of various cancer types; uTRACE use the so-called uPAR as a biomarker to diagnose the aggressiveness of cancer, and uTREAT use the uPAR as a attachment to treat the cancer. Based on good phase 2 data that has already been collected or will be in the first half of 2022, Curasight is expected to prepare phase 3 for uTRACE later in 2022 and 2023 for the following four cancer types: prostate, brain, neuroendocrine, and head and neck cancer.

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