Mendus: Equipped for near-term inflection points - Edison

Mendus has shared its Q223 report, including a financial update and overview of its clinical activities. Highlights from the quarter include positive interim data for lead asset vididencel in ovarian cancer (OC) and the secured alliance with NorthX Biologics to establish large-scale manufacturing capabilities for pivotal-stage clinical development and commercialisation. At end-Q223, Mendus had net debt of SEK49m, but with the equity raise announced in August 2023 (rights issue: SEK227m; directed issue: SEK90m to Flerie Invest), we estimate a cash runway to at least Q424. With our model roll and FX changes, our valuation for Mendus adjusts to SEK2.26bn or SEK2.61/share (from SEK2.2bn or SEK2.53/share).

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/mendus442597/preview