With an EV of only $142m, we believe the market is significantly underestimating the
potential of vintafolide in ovarian cancer, other indications (lung cancer, Phase IIb
data in H114), or the value of the Merck licensing deal (potential for additional
indications). Moreover, given Endocyte’s modest EV and low investor expectations,
EU conditional approval for vintafolide in H213 could offer significant upside.