Mendus: All hands on deck as inflection points approach - Edison

With Mendus’s Q124 results, management recapped its clinical priorities, which are all progressing as expected. The focus remains on the AMLM22-CADENCE trial for lead cancer vaccine vididencel, in combination with oral azacitidine as a maintenance treatment for acute myeloid leukaemia (AML). R&D expenses came in slightly ahead of expectations with the ramp up in clinical activity, including preparation for the subsequent pivotal Phase III trial, with large-scale manufacturing of vididencel (planned initiation in H225) through Mendus’s alliance with NorthX Biologics. The second clinical-stage asset, ilixadencel, is being prepared for a new Phase II trial in soft tissue sarcomas (STS) and is scheduled to launch in Q224. The end-Q124 net cash balance of SEK87.3m was bolstered by the SEK69.1m realised through warrant conversions in April, which we estimate will provide a runway into Q325. Our overall valuation increases slightly to SEK2.11bn (from SEK2.05bn), but the per share valuation declines to SEK2.09, from SEK2.38, with the higher share count.

Länk till analysen i sin helhet: https://www.edisoninvestmentresearch.com/research/company/mendus

Länk till analysen i sin helhet: https://www.edisoninvestmentresearch.com/research/report/mendus552755/preview