Targovax ASA: Second quarter and first half year 2022 results

Oslo, Norway, 18 August 2022 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its second quarter and first half year 2022 results.

Members of Targovax’s executive management team will give an online presentation to investors, analysts and the press at 10:00 CET today (details below).



  • Signed a clinical collaboration agreement with Agenus for PD-1 and CTLA-4 checkpoint inhibitor supply to the upcoming ONCOS-102 phase 2 melanoma trial

CircRNA pipeline program

  • Established a research collaboration with Prof. Michael Uhlin at Karolinska Institutet in Stockholm, Sweden, for development of circRNA and NextGen ONCOS viruses

Mutant KRAS platform

  • Signed a clinical supply agreement with Agenus to include the adjuvant QS-21 STIMULON as an immune-stimulatory component of the TG mutant KRAS cancer vaccines
  • Awarded two prestigious research grants, totaling NOK 18m, towards the TG mutant RAS program from Innovation Norway and the Norwegian Research Council
  • Entered a collaboration with Oslo University Hospital to test TG01/QS-21 vaccination in a phase 1/2 study in multiple myeloma
  • Received IND approval from the US FDA to initiate clinical trials with the enhanced TG01/QS-21 vaccine in the USA


  • Appointed circRNA discoverer and pioneer Dr Thomas B Hansen as VP of Research to lead the circRNA pipeline research program
  • Strengthened the executive management team with Dr Lubor Gaal as Chief Financial Officer
  • Refreshed the Board of Directors with the addition of Dr Raphael Clynes and Mr Thomas Falck

Erik Digman Wiklund, CEO commented:Looking ahead to the second half of the year and beyond – Targovax is establishing a broad and innovative immunotherapy pipeline designed to generate a rich flow of both clinical and pre-clinical data. Through differentiated combinations ONCOS-102 is in position to separate from the competition in anti-PD-1 refractory melanoma. The collaborative TG01 trials offer additional upside potential for the major unmet medical need in mutant RAS cancers, at low cost to Targovax. We believe the biggest opportunity long-term lies in our pre-clinical circular RNA program, which provides a cutting-edge innovation engine for platform expansion, partnering and future value creation for our shareholders.”

Key figures

Amounts in NOK thousands 2Q 2022 2Q 2021 1H 2022 1H 2021 FY 2021
Total operating revenues
Total operating expenses -30 714 -24 529 -59 786 -47 539 -95 601
Operating profit/loss -30 714 -24 529 -59 786 -47 539 -95 601
Net financial items 1 539 -1 026 164 -513 -2 422
Income tax


10 15 21 31 52
Net profit/loss -29 165 -25 539 -59 601 -48 020 -97 971
Basic and diluted EPS (NOK/share)  -0.15  -0.30  -0.32  -0.55  -1.10
Net change in cash -23 709 -24 276 -55 884 -51 130 59 360
Cash and cash equivalents start of period 149 506 95 468 181 682 122 321 122 321
Cash and cash equivalents end of period 125 798 71 192 125 798 71 192 181 682


We invite to a live webcast today at 10.00 CET. You can join the webcast here. It will be possible to submit questions during the presentation.

Reporting material

220818 TRVX 2Q report.pdf

220818 TRVX Q2 presentation.pdf

The quarterly report and presentation are also available at the website  www.targovax.com.

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors. Targovax’s focus is to activate the patient’s immune system to fight cancer, and thereby bring benefit to cancer patients with few available treatment alternatives. Targovax is assessing its product candidates in different cancer indications, including melanoma, mesothelioma and multiple myeloma, and has demonstrated a favorable safety and tolerability profile.

Targovax’s lead clinical candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system against the tumor. Following very encouraging clinical data in several indications, both as monotherapy and in combinations, ONCOS-102 is progressing into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful studies demonstrating clinical efficacy and providing deep mechanistic insights, the ONCOS platform is being expanded into delivery of circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate, TG01, due to enter the clinic in the second half of 2022. This provides Targovax with a rich pipeline of innovative future immunotherapy product candidates to follow ONCOS-102.