Curasight (CURAS) Status update summary

Strategic and clinical development updates

• Brain cancer (high-grade glioma) selected as the first indication for the uTREAT therapeutic platform, with the first patient dosing planned for late Q2 2025 and clinical trial application submission in early Q1 2025.

• Clinical development plan for uTREAT in high-grade glioma finalized, with CRO selection in the final stage and preliminary efficacy data expected in Q4 2025.

• uTRACE phase II trials have paved the way for uTREAT, with over 400 patients across 9 trials and high eligibility for uTREAT based on uPAR-PET avidity.

• A basket trial for uTREAT is planned across multiple cancer types known to express uPAR, with first patient dosing in Q3 2026.

Intellectual property and partnerships

• New international patent application for uTREAT aims to extend protection until 2043, covering additional alpha- and beta-emitters and strengthening the uPAR-targeting technology patent family.

• Global partnership with Curium for uTRACE in prostate cancer includes up to USD 70 million in milestones and double-digit royalties, with SEB estimating the deal value at $3.86 billion.

• Strategic partnerships provide validation, financial support, and accelerate development and market entry.

Market and financial outlook

• The nuclear medicine market is projected to grow from $5.9 billion in 2019 to $35 billion by 2031, driven by an aging population and increased cancer incidence.

• SEB and Redeye research value the company at DKK 45–63 per share, a potential fivefold increase from the current price, contingent on clinical success.

• Recent rights issue of warrants was oversubscribed by 17,299%, with potential new funding up to DKK 93 million, extending the cash runway into late 2025.