Mendus (OMX: IMMU)

Currency in SEK

Last close As at 27/09/2023


−0.02 (−4.55%)

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.

Latest Insights

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Healthcare | Flash note

Mendus — Vididencel secures Fast Track designation in AML

Healthcare | Update

Mendus — Equipped for near-term inflection points

Healthcare | Update

Mendus — Successful SEK317m equity raise

Healthcare | Flash note

Mendus — Management update on vididencel in AML



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 27.6 (14.6) (75.4)
Relative 29.2 (10.6) (78.3)
52 week high/low SEK3.1/SEK0.3


Mendus has announced that the FDA has granted Fast Track designation to its lead cancer vaccine, vididencel, as a potential maintenance therapy in acute myeloid leukaemia (AML). This regulatory decision was based on interim results from the ADVANCE II trial (reported in December 2022), which showed encouraging survival data to support vididencel as a monotherapy in AML maintenance, as well as a desirable safety profile. Benefits of Fast Track designation include more frequent interactions with the FDA for an expedited approval process and a ‘rolling review’ for its market application. We believe that Fast Track designation represents a key milestone, enabling a potentially accelerated route to market, provided clinical results continue to be positive. Updated data (relapse free survival and overall survival) from the ADVANCE II trial are expected in Q424. Mendus is also preparing for an additional Phase II combination trial with Onureg, which is on track to commence by end-2023.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2021A 0.0 (0.1) (0.1) (72.5) N/A N/A
2022A 3.4 (0.1) (0.1) (69.6) N/A N/A
2023E 0.3 (0.1) (0.1) (18.1) N/A N/A
2024E 0.0 (0.1) (0.1) (14.4) N/A N/A




ASCO 2023 key takeaways



Machine learning in drug development

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