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Targovax ASA: Fourth quarter 2022 results

Oslo, Norway, 16 February 2023 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its fourth quarter 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).



  • The phase 1b melanoma study was selected for oral presentation at the prestigious Society for Immunotherapy in Cancer (SITC) annual meeting
  • The phase 1b melanoma full study results were published in the high-impact oncology journal Clinical Cancer Research

CircRNA pipeline program

  • Key technical proof-of-concept data were established, and IP filed for the in-house circRNA design and circAde vector

Mutant KRAS platform

  • The TG01 trial in multiple myeloma at Oslo University Hospital received regulatory approvals to proceed
  • A clinical trial collaboration was announced with Agenus and Kansas University to test TG01 in combination with PD1 checkpoint inhibitor balstilimab in pancreatic cancer


  • Hubro Therapeutics acquired GM-CSF vaccine adjuvant for NOK 10m from Targovax ASA in an asset purchase agreement


  • In February 2023, Targovax announced financing of up to NOK 300m over three years to advance its clinical cancer programs & pre-clinical circular RNA platform

Erik Digman Wiklund, CEO commented: “We are now well positioned to execute on all our R&D programs in 2023. During the year, we expect both ONCOS-102 and TG01 to progress rapidly in clinical studies at major cancer centers in the USA and Europe, teeing up important read-outs in 2024. For circRNA, we aim to establish in vivo proof-of-concept in several settings, and firmly establish Targovax as the leader in vector-delivered circRNA therapeutics – aiming to be first into the clinic with a circRNA product for cancer treatment already in 2025. To further strengthen our financial position, we are building on the momentum in the RNA field to actively pursue additional opportunities to help unlock the substantial potential value of our circRNA platform

Key figures

Amounts in NOK thousands4Q 20224Q 2021FY 2022FY 2021
Total operating revenues10 00210 002
Total operating expenses-32 198-25 523-112 266-95 601
Operating profit/loss-22 196-25 523-102 264-95 601
Net financial items-17-1 129-313-2 422
Income tax 9104052
Net profit/loss-22 204-26 641-102 537-97 971
Basic and diluted EPS (NOK/share) -0.12 -0.28 -0.54 -1.10
Net change in cash-30 171127 617-115 66759 360
Cash and cash equivalents start of period96 18654 064181 682122 321
Cash and cash equivalents end of period66 015181 68266 015181 682

  The interim financial information has not been subject to audit


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

TRVX 4Q’22 report.pdf

TRVX 4Q’22 presentation.pdf

The quarterly report and presentation are also available at the website

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536

Renate Birkeli, Investor Relations
Phone: +47 922 61 624

Media enquires:
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773

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 to bring benefit to cancer patients with few available treatment alternatives. Targovax is developing its product candidates in different cancer indications, including melanoma, mesothelioma, multiple myeloma and pancreatic cancer.

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. ONCOS-102 has demonstrated a favorable efficacy, immunological and safety profile in several indications, both as monotherapy and in combinations, and ONCOS-102 is progressing into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Targovax has also established a cutting-edge circular RNA (circRNA) program with the intent to develop next generation RNA therapeutics for various applications, building on clinical experience and deep mechanistic insights from its first generation products.  In addition, Targovax has a KRAS immunotherapy program, with lead candidate TG01 due to enter clinical trials in an enhanced format in pancreatic cancer and multiple myeloma during early 2023. This provides Targovax with a rich pipeline of innovative future therapeutic candidates to follow ONCOS-102.



Source: Targovax