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

04.04.24

Mendus — Gross proceeds of c SEK69m to advance pipeline

Healthcare |
Flash note

28.03.24

Mendus — Regulatory green light for CADENCE trial

Healthcare |
Flash note

13.03.24

Mendus — Stars align for CADENCE combination trial

Healthcare |
Update

15.02.24

Mendus — Potential disruptor to AML maintenance setting

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Analyst

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)

102.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	11.6	8.1	(67.9)
Relative	13.7	(1.3)	(70.9)
52 week high/low	SEK1.7/SEK0.3

Financials

Mendus has reported gross proceeds of c SEK69.1m from the exercise of series TO3 warrants that were issued in connection with the July 2023 raise of SEK317m. Management anticipates that these proceeds will extend the cash runway to Q325 and will be applied to progress its clinical pipeline, mainly in preparation for a registrational trial for lead cancer vaccine vididencel, targeting acute myeloid leukaemia (AML) in the maintenance setting. Management expects the registrational study to commence in H225. In light of the challenging macroenvironment, we view this raise as a positive development for Mendus as it should also support operations as the company progresses through the AMLM22-CADENCE trial, which is anticipated to start patient recruitment this month.