Mendus - Vididencel on track in AML going into 2025

Mendus has reported its FY24 results, reflecting an active period. Lead programme, vididencel in acute myeloid leukaemia (AML), had encouraging data from the ADVANCE II trial in December, laying the foundation for pivotal development, backed by FDA and EMA endorsements in early 2025. The manufacturing alliance with NorthX Biologics is also progressing, ready to support pivotal-stage readiness in H225. For second asset, ilixadencel, Mendus halted internal development, but we believe an opportunity remains, should a suitable partner be secured to continue development. Prudent capital management has allowed the cash runway to extend into Q126 (Q425 previously), enhancing operational flexibility. Our valuation adjusts to SEK37.8 per share from SEK39.0 per share previously.

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