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.
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Alex Karlsson-Parra
CSO
Erik Manting
CEO
Jeroen Rovers
CMO
Leopold Bertea
CTO
Lotta Ferm
CFO
Forecast net cash (SEKm)
68.7
Forecast gearing ratio (%)
N/A
% | 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 |
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 |