Mendus - Focus firmly on pivotal-stage readiness in 2025

Mendus's FY24 results and subsequent management presentation highlighted its focus on advancing lead asset, vididencel, to pivotal-stage readiness. Backed by robust long-term monotherapy data from ADVANCE II and large-scale manufacturing on track to be in place by H225, we believe 2025 will be a strategically important year for Mendus. Prudent cost control and receipt of grants have helped preserve cash (end-FY24 cash balance of SEK101.9m), extending the runway into 2026 (previously Q425), by which time we expect further clarity on the pathway for the lead AML programme. A decision on ovarian cancer will be made following the next readout in Q425 and internal development on ilixadencel has been de-prioritised, which we believe is logical given the focus on the primary indication during the period. We will be presenting our updated estimates for the results but expect no material changes to our valuation.

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