Mendus (OMX: IMMU)

Last close As at 22/06/2024

SEK0.48

0.02 (4.35%)

Market capitalisation

SEK482m

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 | Flash note

Mendus — Recent clinical data highlight vididencel’s potential

Healthcare | edison tv

Executive interview with Erik Manting PhD, CEO of Mendus

Healthcare | Update

Mendus — All hands on deck as inflection points approach

Healthcare | Flash note

Mendus — Gross proceeds of c SEK69m to advance pipeline

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)

68.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.6 (2.5) (60.1)
Relative 3.6 (8.7) (66.3)
52 week high/low SEK1.3/SEK0.3

Financials

Mendus recently presented positive data from two ongoing clinical studies, ADVANCE II and ALISON, at the EHA and ESMO conferences, respectively. While the Phase I ALISON trial, evaluating lead asset vididencel in ovarian cancer, met its primary endpoint of generating sufficient vaccine-induced responses (VIR), further analysis of ADVANCE II data (studying vididencel as a maintenance therapy in AML) confirmed the drug’s potential in generating a broader immune response through both T-cell and B-cell activation (vs selected T-cell action seen in antigen and neo-antigen-based approaches). This may be indicative of better clinical AML maintenance outcomes. We expect the next catalyst to be the Phase II CADENCE trial (patient enrolment to commence imminently), evaluating vididencel in combination with azacitidine (Onureg) in AML patients. Mendus is also planning a global registrational trial for vididencel, for which preparatory activities are expected to complete by H225.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2022A 3.4 (128.8) (138.8) (69.6) N/A N/A
2023A 29.6 (94.3) (101.6) (22.0) N/A N/A
2024E 3.1 (118.6) (124.6) (13.3) N/A N/A
2025E 0.0 (119.4) (125.7) (12.5) N/A N/A

Research

Flash note

Healthcare

Mendus — Gross proceeds of c SEK69m to advance pipeline

Flash note

Healthcare

Mendus — Regulatory green light for CADENCE trial

Flash note

Healthcare

Mendus — Stars align for CADENCE combination trial

Mendus_resized

Flash note

Healthcare

Mendus — Poised for an active 2024

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

Thematics

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