Curasight (One-pager): Pivotal data readouts ahead in 2026
Sammanfattning
- Curasight transitioned in 2025 from validating its uPAR platform to advancing its uTREAT therapeutic program, initiating its first clinical trial with a Phase 1 glioblastoma trial.
- In 2026, Curasight anticipates two significant clinical data readouts: Phase 1 data from the uTREAT glioblastoma trial and Phase 2 data from the uTRACE prostate cancer trial with Curium.
- The investment case highlights a 39% implied probability of success for the uPAR platform, with potential non-dilutive milestone payments of up to USD 70 million from the Curium partnership.
- Key investment risks include funding requirements and clinical execution, as detailed in the updated Investment Case One-pager.
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In connection with the annual report, we have updated our Investment Case One-pager for Curasight.
2025 marked a defining transition for the company — from building and validating its uPAR platform to actively advancing its therapeutic program uTREAT into the clinic. The highlight of the year was the dosing of the first patient in the Phase 1 glioblastoma trial in December, marking the initiation of Curasight's first-ever clinical trial under its therapeutic platform. Combined with a strengthened capital base and continued progress on the diagnostic platform uTRACE, the company enters 2026 as an active clinical-stage radioligand therapy developer with two significant data readouts on the horizon.
2026 is shaping up as the most catalytically dense year in Curasight's history, with two significant clinical data readouts expected in H1: topline Phase 1 data from the uTREAT glioblastoma trial, and preliminary as well as headline data from the Phase 2 uTRACE prostate cancer trial in partnership with Curium. Positive uTREAT Phase 1 data would open the pathway to a basket trial across five cancer indications — a potential step-change for the platform's addressable market, given that the therapeutic market is estimated at approximately 25x the size of the diagnostic market. The encouraging early signal from the first dosed patient, showing clear and sustained uptake of uTREAT in the tumor, adds to the significance of the upcoming readout.
In the One-pager, you can read about the investment case and the clinical development strategy behind the uPAR theranostic platform, as well as our DCF-based scenario analysis illustrating the implied probability of success (PoS) at the current market capitalisation — currently 39% in our base case, above the historical benchmark for Phase 1 oncology assets.
The One-pager also covers the key investment risks, including funding requirements and clinical execution, as well as the potential for non-dilutive milestone payments of up to USD 70 million from the Curium partnership upon progress with uTRACE.
For further insight into the 2025 results and the outlook for 2026, you can watch the management presentation here:
Disclaimer: HC Andersen Capital receives payment from Curasight for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 14:20, 03-03-2026.