Mendus: Poised for an active 2024 - Edison

Mendus wrapped up FY23 with a clinical pipeline update. Management is maintaining its plans to explore ilixadencel in soft tissue sarcomas (STS), with the Phase II trial due to start in H124 and the MERECA trial (ilixadencel) in metastatic renal cell carcinoma (mRCC) no longer being pursued. The MERECA long-term follow-up has confirmed findings from the initial study (no significant survival difference between the monotherapy and combination arms). Our valuation remains unchanged as our estimates did not include considerations for mRCC. Mendus has announced the completion of patient enrolment in the Phase I ALISON trial in ovarian cancer (OC) for its lead asset vididencel, with survival data expected in H224. Management also reiterated the recently presented positive data from the ADVANCE II trial and confirmed plans for the combination trial with Onureg (oral azacitidine) for acute myeloid leukaemia (AML), with patient enrolment due to start in early 2024.

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