Mendus (OMX: IMMU)

Last close As at 22/02/2024

SEK0.50

0.01 (2.04%)

Market capitalisation

SEK432m

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

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Healthcare | Update

Mendus — Potential disruptor to AML maintenance setting

Healthcare | edison tv

Executive interview with Erik Manting PhD, CEO of Mendus

Healthcare | Flash note

Mendus — Poised for an active 2024

Healthcare | Update

Mendus — Pursuit of a durable response in AML

Mendus_resized

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

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 2.15 3.41 (69.67)
Relative (3.32) (6.66) (71.7)
52 week high/low SEK1.7/SEK0.3

Financials

Mendus has reported FY23 results, summarising an active period. For its lead asset, vididencel, long-term survival data from the ADVANCE II trial reinforce the drug’s potential as maintenance therapy in acute myeloid leukaemia (AML). We look forward to the launch of the Phase II CADENCE trial in Q124 to explore potential synergy with the standard of care (Onureg, oral azacitidine), which will be an important milestone. The interim results from this trial will guide plans for the pivotal stages of development. Management also shared updates on the ALISON trial (ovarian cancer) and the preparation of a Phase II trial for ilixadencel in soft tissue sarcomas (STS). Net cash was SEK119.9m at end FY23, which we estimate provides a runway through FY24. A slight adjustment in the launch of the AML trials is partially offset by the inclusion of a broader patient population (MRD+ and MRD-), rolling our model forward and FX, resulting in a valuation of SEK2.05bn or SEK2.38 per share (previously SEK2.18bn or SEK2.52 per share).

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2021A 0.0 (128.2) (133.4) (72.5) N/A N/A
2022A 3.4 (128.8) (138.8) (69.6) N/A N/A
2023E 0.8 (115.7) (97.2) (18.3) N/A N/A
2024E 0.0 (118.8) (124.5) (14.4) N/A N/A

Research

Mendus_resized

Update

Healthcare

Mendus — Pursuit of a durable response in AML

Mendus_resized

Flash note

Healthcare

Mendus — Phase II combination to progress lead asset

edison tv

Healthcare

Mendus – executive interview

Mendus_resized

Update

Healthcare

Mendus — Guarding against relapse

Mendus_resized

Flash note

Healthcare

Mendus — ADVANCE II at ASH may be a near-term catalyst

Mendus_resized

Flash note

Healthcare

Mendus — Vididencel secures Fast Track designation in AML

Update

Healthcare

Mendus — Equipped for near-term inflection points

Mendus_resized

Update

Healthcare

Mendus — Successful SEK317m equity raise

Thematics

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