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Mendus (OMX: IMMU)

Currency in SEK

Last close As at 04/12/2023

SEK0.73

▲ 0.17 (30.36%)

Market capitalisation

SEK487m

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 | edison tv

Mendus – executive interview

Healthcare | Update

Mendus — Guarding against relapse

Healthcare | Flash note

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

Healthcare | Flash note

Mendus — Vididencel secures Fast Track designation in AML
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

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 42.1 81.4 (72.4)
Relative 28.0 75.9 (73.7)
52 week high/low SEK3.1/SEK0.3

Financials

Mendus’s Q323 update was primarily focused on the clinical progression of its lead cancer vaccine, vididencel, which is being developed for acute myeloid leukaemia (AML) and ovarian cancer (OC). The latest interim data from the Phase II trial (ADVANCE II) demonstrated compelling efficacy, which, in our view, enhances the drug’s prospects as a potential AML maintenance therapy. Mendus’s key catalysts include: detailed data from the ADVANCE II trial, due to be presented at the 11 December American Society of Hematology (ASH) meeting; further updates from the combination trial with Onureg; additional readouts from the ongoing Phase I OC trial; and the initiation of ilixadencel Phase II in soft tissue sarcomas in H124. At end-Q323, Mendus’s net cash balance stood at SEK142.5m, which, as per our estimates, should provide an operational cash runway into H224, crucially past further readouts from the ongoing ADVANCE II and ALISON vididencel trials.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2021A 0.0 (0.1) (0.1) (72.5) N/A N/A
2022A 3.4 (0.1) (0.1) (69.6) N/A N/A
2023E 0.8 (0.1) (0.1) (18.3) N/A N/A
2024E 0.0 (0.1) (0.1) (14.4) N/A N/A

Research

Update

Healthcare

Mendus — Guarding against relapse

Flash note

Healthcare

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

Healthcare

edison tv

Mendus – executive interview

Flash note

Healthcare

Mendus — Vididencel secures Fast Track designation in AML

Update

Healthcare

Mendus — Equipped for near-term inflection points

Update

Healthcare

Mendus — Successful SEK317m equity raise

Flash note

Healthcare

Mendus — Management update on vididencel in AML

Flash note

Healthcare

Mendus — Financing to provide runway past catalysts

Update

Healthcare

Mendus — Sights on vididencel (in AML) combination study

Update

Healthcare

Mendus — Planning the route forward for vididencel in AML

Update

Healthcare

Mendus — Momentum gathering across the pipeline
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Thematics

thematic

Healthcare

Deutsches Eigenkapitalforum (EKF) 2023 healthcare
volition01

thematic

Healthcare

VolitionRx – Decoding the DNA of cancer 

thematic

Healthcare

ASCO 2023 key takeaways

thematic

Healthcare

Machine learning in drug development
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