Mendus (OMX: IMMU)

Last close As at 22/02/2024

SEK0.50

0.00 (0.00%)

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
Mendus_resized

Flash note

Healthcare

Mendus — Management update on vididencel in AML

Mendus_resized

Flash note

Healthcare

Mendus — Financing to provide runway past catalysts

Mendus_resized

Update

Healthcare

Mendus — Momentum gathering across the pipeline

Update

Healthcare

Mendus — Multi-front progression during FY22

Update

Healthcare

Mendus — Improving survival beyond standard of care

Flash note

Healthcare

Mendus — Positive phase II results for DCP-001 in AML

Update

Healthcare

Mendus — No surprises in Q3 as DCP-001 readout nears

Update

Healthcare

Mendus — Funding secured; catalyst rich H222 incoming

Update

Healthcare

Mendus — DCP-001 in focus

flag

Flash note

Healthcare

Immunicum — Ilixandencel awarded orphan drug designation

edison tv

Healthcare

Immunicum – executive interview

Flash note

Healthcare

Immunicum — Positive interim data for DCP-001

Flash note

Healthcare

Immunicum — Catalysts approaching for DCP-001

Outlook

Healthcare

Immunicum — Primed for value appreciation

Update

Healthcare

Immunicum — Potentially transformational merger

Update

Healthcare

Immunicum — New CEO and data update from MERECA

Update

Healthcare

Immunicum — FDA grants RMAT designation

Update

Healthcare

Immunicum — Updated Phase II MERECA data positive

Update

Healthcare

Immunicum — Full analysis of MERECA top-line results

Update

Healthcare

Immunicum — Collaboration and supply agreement signed

Update

Healthcare

Immunicum — Very busy second half

Initiation

Healthcare

Immunicum — Kicking the hornet’s nest of immunoncology