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Mendus (OMX: IMMU)

Last close As at 01/05/2024

SEK0.45

— 0.00 (0.00%)

Market capitalisation

SEK452m

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 | Flash note

Mendus — Gross proceeds of c SEK69m to advance pipeline

Healthcare | Flash note

Mendus — Regulatory green light for CADENCE trial

Healthcare | Flash note

Mendus — Stars align for CADENCE combination trial

Healthcare | Update

Mendus — Potential disruptor to AML maintenance setting
Mendus_resized
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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

Jyoti Prakash

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 (0.3) 4.3 (72.8)
Relative 0.2 (3.5) (75.8)
52 week high/low SEK1.6/SEK0.3

Financials

Mendus is developing lead candidate vididencel, a cell-based vaccine, as a maintenance therapy for the prevention or delay of tumour recurrence. It is currently being assessed in two indications. Encouraging survival data were reported for the Phase II ADVANCE II trial (acute myeloid leukaemia, AML) in December 2023, showing a potentially competitive profile over standard of care and the only approved AML maintenance drug, Onureg. Management is planning to maximise the potential of vididencel with the Phase II CADENCE combination study with Onureg, on track to commence in April 2024. Vididencel is also being assessed in the ongoing Phase I ALISON trial (ovarian cancer); an update is expected in H124. The company’s second clinical asset, ilixadencel, is being developed as an intratumoral immune primer and is in preparations to start a Phase II trial for the treatment of soft tissue sarcomas. Net cash at end-FY23 was SEK119.9m, which should fund Mendus through FY24.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2022A 3.4 (12.9) (1.4) (69.6) N/A N/A
2023A 29.6 (9.0) (1.0) (22.0) N/A N/A
2024E 0.0 (11.9) (1.2) (14.1) N/A N/A
2025E 0.0 (12.3) (1.3) (14.6) N/A N/A

Research

Flash note

Healthcare

Mendus — Regulatory green light for CADENCE trial

Flash note

Healthcare

Mendus — Stars align for CADENCE combination trial

Healthcare

Flash note

Mendus — Gross proceeds of c SEK69m to advance pipeline

Update

Healthcare

Mendus — Potential disruptor to AML maintenance setting

edison tv

Healthcare

Executive interview with Erik Manting PhD, CEO of Mendus
Mendus_resized

Flash note

Healthcare

Mendus — Poised for an active 2024
Mendus_resized

Update

Healthcare

Mendus — Pursuit of a durable response in AML
Mendus_resized

Flash note

Healthcare

Mendus — Phase II combination to progress lead asset

edison tv

Healthcare

Mendus – executive interview
Mendus_resized

Update

Healthcare

Mendus — Guarding against relapse
Mendus_resized

Flash note

Healthcare

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

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