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Mendus (OMX: IMMU)

Last close As at 18/04/2024

SEK0.51

— 0.00 (0.00%)

Market capitalisation

SEK514m

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 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.

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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