Mendus

OMX: IMMU

Market CapSEK463m

Last Close SEK2.32

Mendus is a clinical-stage immunoncology (IO) company based in Sweden and the Netherlands. The company specialises in allogeneic dendritic cell (DC) biology and currently has two lead, cell-based, off-the-shelf therapies for haematological and solid tumours.

Investment summary

In its Q322 report, Mendus highlighted key developments in the period, and some significant post-period events, as the company prepares to present key survival and immunomonitoring data from its cancer relapse vaccine, DCP-001, at the American Society of Hematology (ASH) 2022 conference in December. This data will be important in framing DCP-001’s clinical utility versus (and in combination with) the main competitor in acute myeloid leukaemia (AML) maintenance, azacitidine. Mendus’s Q322 financials held no surprises, therefore our forecasts for FY22 and FY23 are largely unchanged. With SEK250m of debt financing secured and a net cash position of SEK15.7m at end-Q322, we expect Mendus’s operations to be sufficiently funded into H224. We value Mendus at SEK1.8bn or SEK9.1 per share (previously SEK1.87bn or SEK9.35 per share).

Y/E Dec	Revenue (SEKm)	EBITDA (SEKm)	PBT (SEKm)	EPS (fd) (öre)	P/E (x)	P/CF (x)
2020A	0.0	(85.1)	(89.2)	(117.1)	N/A	N/A
2021A	0.0	(130.1)	(133.4)	(73.0)	N/A	N/A
2022E	3.2	(125.9)	(130.9)	(65.7)	N/A	N/A
2023E	0.0	(129.4)	(138.5)	(69.5)	N/A	N/A

Industry outlook

IO is a frenetic pharmaceutical development area with many clinical combination studies being conducted by pharmaceutical and biotech companies. Investors should expect relatively rich newsflow from this subsector over the next few years.

Last updated on 30/11/2022