Last close As at 11/09/2026
SEK7.18
▲ 0.23 (3.31%)
Market capitalisation
SEK466m
Research: Healthcare
Mendus has drawn SEK16.5m under the second tranche of its SEK50m loan facility with Fenja Capital II, extending its cash runway into Q227. The facility was agreed in November 2025, with SEK30m drawn in January 2026 and up to SEK20m originally available under the second tranche. Alongside the latest drawdown, the facility maturity has been extended to 30 April 2027 (from 31 January 2027). We view the additional liquidity as supportive, providing useful financial flexibility as Mendus progresses its expanded clinical strategy for vididencel across acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML), including launch of two new trials: the DIVA trial in AML (planned for Q326) followed by VITAL-TFR2 in CML (planned for Q426).
| Year end | Revenue (SEKm) | PBT (SEKm) | EPS (SEK) | DPS (SEK) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/24 | 5.0 | (128.4) | (2.64) | 0.00 | N/A | N/A |
| 12/25 | 7.9 | (113.3) | (2.17) | 0.00 | N/A | N/A |
| 12/26e | 15.0 | (89.9) | (1.44) | 0.00 | N/A | N/A |
| 12/27e | 94.8 | (16.1) | (0.26) | 0.00 | N/A | N/A |
Mendus has amended its existing SEK50m Fenja loan facility and will draw SEK16.5m of the SEK20m second tranche, with the remaining undrawn commitment cancelled. This follows the SEK30m first tranche drawn in January 2026, taking total drawings to SEK46.5m. The maturity date has also been extended by three months to 30 April 2027, while interest remains at 8% plus three month STIBOR, subject to a 2% floor. Mendus will pay an amendment arrangement fee of SEK0.93m, equivalent to 2% of the total outstanding facility. Importantly, management now expects the revised facility to extend the cash runway into Q227, compared with prior guidance to the beginning of 2027. In our view, this provides important operational headroom during an active period of clinical execution, although further funding will ultimately be required.
The funding comes ahead of several clinical milestones for vididencel. In AML, Mendus plans to initiate the Phase Ib DIVA trial in Q326, expanding the potential application of the candidate into chemo-unfit patients receiving venetoclax plus azacitidine, while CADENCE is evaluating vididencel alongside oral azacitidine following intensive chemotherapy and an interim update is also expected within Q326. In CML, the recent positive first stage readout from the Phase Ib VITAL-CML trial found no safety or tolerability concerns in the initial eight patients, supporting continued recruitment and enabling the Phase IIa VITAL-TFR2 to start as planned in Q426. Additional VITAL-CML readouts are expected in Q426, with initial top-line data from all 24 patients due in mid 2027. Together, these programmes broaden the potential positioning of vididencel across myeloid malignancies, with the latest financing providing additional flexibility as Mendus executes this strategy.
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London │ New York │ Frankfurt
20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: Industrials
Severfield is the market leader in the design, fabrication and construction of structural steel in the UK and Europe. Its FY26 results in June were in line with market expectations and accompanied by a refreshed strategy, which was clearly articulated and supported by new medium-term ambitions, including underlying operating margins of 7–8% and £40–50m of underlying PBT. Margin drivers include efficiency improvements, moving up the value chain, improved project mix and a capital-light approach. Strong growth from the Indian JV, JSSL, is expected by management to contribute £10m to PBT in the medium term. Evidence of execution is visible in the FY26 results and the positive start to FY27. Our 50.5p/share P/E-based valuation implies 31% upside.