Research

Curasight (One-pager): Extensive pipeline milestones in 2025

By HC Andersen Capital

The investment case for Curasight is driven by the successful development of its uPAR PET imaging platform uTRACE and targeted radionuclide therapy uTREAT and entering partnerships to validate its technology, obtain funding, and potentially secure successful commercialization. Curasight has entered a partnership with French-based Curium in 2023, regarding uTRACE in prostate cancer, which will provide Curasight with up to USD 70 million in milestones, and strengthens Curasight’s ability to source radioisotopes, which have previously been a bottle-neck.

The Phase II uTRACE study with Curium awaits data from the first part of the study in Q1 2025, following which the larger part 2 will be initiated with Curasight expecting Phase II headline results during H2 2025. On the uTREAT side Curasight plans to initiate a smaller study for uTREAT in GBM (Glioblastoma Multiforme), expecting to submit a CTA (clinical trial application) in Q1 2025, expecting preliminary read-out of part 1 of the Phase I/IIa trial data in H2 2025. Following the GBM trial Curasight will run a basket trial for uTREAT across indications.

Curasight’s funding requirements were not fully met from its latest TO2 warrant program and continues discussions with institutional investors, and potential milestone payments from its Curium partnership to reach its clinical goals. We assess funding has negatively impacted the share with our model suggesting a market implied PoS for only uTRACE of 12%.

Disclaimer: HC Andersen Capital receives payment from Curasight for a Digital IR/Corporate Visibility subscription agreement. /Claus Thestrup 8:50 AM 21-01-2025

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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.