Mendus

Overview
Price performance
Financials
Research
Thematics

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

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.

Latest Insights

Healthcare |
Flash note

04.04.24

Mendus — Gross proceeds of c SEK69m to advance pipeline

Healthcare |
Flash note

28.03.24

Mendus — Regulatory green light for CADENCE trial

Healthcare |
Flash note

13.03.24

Mendus — Stars align for CADENCE combination trial

Healthcare |
Update

15.02.24

Mendus — Potential disruptor to AML maintenance setting

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Analyst, Healthcare

Key Management

Alex Karlsson-Parra

CSO
Erik Manting

CEO
Jeroen Rovers

CMO
Leopold Bertea

CTO
Lotta Ferm

CFO

Balance Sheet

Forecast net cash (SEKm)

102.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.3	3.8	(71.7)
Relative	2.4	(2.6)	(75.0)
52 week high/low	SEK1.6/SEK0.3

Financials

Mendus is developing lead candidate vididencel, a cell-based vaccine, as a maintenance therapy for the prevention or delay of tumour recurrence. It is currently being assessed in two indications. Encouraging survival data were reported for the Phase II ADVANCE II trial (acute myeloid leukaemia, AML) in December 2023, showing a potentially competitive profile over standard of care and the only approved AML maintenance drug, Onureg. Management is planning to maximise the potential of vididencel with the Phase II CADENCE combination study with Onureg, on track to commence in April 2024. Vididencel is also being assessed in the ongoing Phase I ALISON trial (ovarian cancer); an update is expected in H124. The company’s second clinical asset, ilixadencel, is being developed as an intratumoral immune primer and is in preparations to start a Phase II trial for the treatment of soft tissue sarcomas. Net cash at end-FY23 was SEK119.9m, which should fund Mendus through FY24.