Mendus (OMX: IMMU)

Currency in SEK

Last close As at 25/03/2023


−0.01 (−0.78%)

Market capitalisation


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.

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.



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Alex Karlsson-Parra


  • Erik Manting


  • Jeroen Rovers


  • Leopold Bertea


  • Lotta Ferm


Balance Sheet

Forecast net cash (SEKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (30.1) (51.4) (42.9)
Relative (26.8) (53.4) (36.5)
52 week high/low SEK3.4/SEK1.3


FY22 was marked by several clinical milestones for Mendus, notably the positive survival data from the Phase II ADVANCE II study in acute myeloid leukaemia (AML) and encouraging safety data from the ongoing Phase I ALISON trial (in ovarian cancer), both investigating the company’s lead cancer vaccine candidate, vididencel (DCP-001). In 2023, we expect Mendus to focus on progressing vididencel in the AML maintenance setting, as it plans a Phase I study in AML patients post-hematopoietic stem cell transplantation (HSCT) and a Phase II trial in combination with standard of care azacitidine in AML maintenance. In our view, combination therapies will be critical for clinical breakthroughs in oncology, so we see the initiation of such a Phase II study as a sensible strategic decision. The August 2022 SEK250m fund-raising facility may fund operations past anticipated completion of these studies (in H224) albeit with significant dilution risk. Our valuation increases to SEK1.9bn or SEK9.31/share (SEK1.8bn or SEK9.1/share previously), although the valuation per share would reduce with subsequent debt-to-equity conversions.

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

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