Like many biotechnology companies, Immunicum’s share price has undergone a period of volatility, but has now rebounded to its pre-COVID-19 level. To a large extent, this rebound was due to a regenerative medicine advanced therapy (RMAT) designation received from the FDA. It provides the same benefits as a breakthrough therapy designation, so could shorten the development timelines of ilixadencel, Immunicum’s allogeneic off-the-shelf dendritic cell immune primer. Although the ongoing COVID-19 pandemic has introduced some uncertainty about timelines, Immunicum should report interesting updates later this year from its both key trials with ilixadencel, Phase II MERECA and Phase Ib/II ILIAD. Our valuation is little changed at SEK2.30bn or SEK24.9 per share.