Mendus

Overview
Price performance
Financials
Research
Thematics

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

Healthcare |
Flash note

24.07.24

Mendus — Collaboration unveils path forward for ilixadencel

Healthcare |
Flash note

21.06.24

Mendus — Recent clinical data highlight vididencel’s potential

Healthcare |
edison tv

07.06.24

Executive interview with Erik Manting PhD, CEO of Mendus

Healthcare |
Update

20.05.24

Mendus — All hands on deck as inflection points approach

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Arron Aatkar

Associate analyst

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 has announced a collaboration with Institut Bergonié, an established comprehensive cancer centre in France, to test ilixadencel in soft tissue sarcomas (STS) as part of an ongoing Phase I/II basket trial (REGOMUNE). The trial is a multi-centre, prospective open-label study assessing the combination of regorafenib (a tyrosine kinase inhibitor) and avelumab (an immune checkpoint inhibitor) in various solid tumours. Ilixadencel will be evaluated along with a combination in one of the treatment arms and the trial will involve up to 43 STS patients. The trial is sponsored by Institut Bergonié and Mendus will supply ilixadencel to the STS cohort (regorafenib and avelumab will be supplied by Bayer and Merck KGaA, respectively). Management expects trial preparations for the ilixadencel arm to be completed in H224, with the first patient data expected in H126. We anticipate that trial readouts will influence the clinical path forward.

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

edison tv

Healthcare

27.11.23

Mendus – executive interview

Update

Healthcare

13.11.23

Mendus — Guarding against relapse

Flash note

Healthcare

02.11.23

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

Flash note

Healthcare

08.09.23

Mendus — Vididencel secures Fast Track designation in AML

Update

Healthcare

01.09.23

Mendus — Equipped for near-term inflection points

Update

Healthcare

01.08.23

Mendus — Successful SEK317m equity raise

Flash note

Healthcare

28.06.23

Update

Healthcare

19.04.23

Mendus — Momentum gathering across the pipeline

Update

Healthcare

24.02.23

Mendus — Multi-front progression during FY22

Update

Healthcare

14.12.22

Mendus — Improving survival beyond standard of care

Flash note

Healthcare

13.12.22

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

Update

Healthcare

14.11.22

26.08.22

Mendus — Funding secured; catalyst rich H222 incoming

Update

Healthcare

24.06.22

Mendus — DCP-001 in focus

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Mendus (OMX: IMMU)

Latest Insights

Mendus — Collaboration unveils path forward for ilixadencel

Mendus — Recent clinical data highlight vididencel’s potential

Executive interview with Erik Manting PhD, CEO of Mendus

Mendus — All hands on deck as inflection points approach

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

Mendus – executive interview

Mendus — Guarding against relapse

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

Mendus — Vididencel secures Fast Track designation in AML

Mendus — Equipped for near-term inflection points

Mendus — Successful SEK317m equity raise

Mendus — Management update on vididencel in AML

Mendus — Financing to provide runway past catalysts

Mendus — Sights on vididencel (in AML) combination study

Mendus — Planning the route forward for vididencel in AML

Mendus — Momentum gathering across the pipeline

Mendus — Multi-front progression during FY22

Mendus — Improving survival beyond standard of care

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

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

Mendus — Funding to see through key inflection points

Mendus — Next steps in anticipation of positive data

Mendus — Final EU grant payment of €1.69m expected

Mendus — Funding secured; catalyst rich H222 incoming

Mendus — DCP-001 in focus

Immunicum — Ilixandencel awarded orphan drug designation

Immunicum – executive interview

Immunicum — Positive interim data for DCP-001

Immunicum — Catalysts approaching for DCP-001

Immunicum — Primed for value appreciation

Immunicum — Potentially transformational merger

Immunicum — New CEO and data update from MERECA

Immunicum — FDA grants RMAT designation

Immunicum — Updated Phase II MERECA data positive

Immunicum — Full analysis of MERECA top-line results

Immunicum — Successful large share issue transforms outlook

Immunicum — Collaboration and supply agreement signed

Immunicum — Aiming to be ready to use in solid tumour combos

Immunicum — Very busy second half

Immunicum — Kicking the hornet’s nest of immunoncology