New Risk • Aug 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr87m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 41% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr396m net loss in 3 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (kr427.6m market cap, or US$45.1m). Recent Insider Transactions • Aug 04
Independent Director recently bought kr67k worth of stock On the 27th of July, Helen Tuvesson bought around 10k shares on-market at roughly kr6.50 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr134k. Insiders have collectively bought kr648k more in shares than they have sold in the last 12 months. Price Target Changed • Jul 28
Price target increased by 120% to kr33.00 Up from kr15.00, the current price target is an average from 2 analysts. New target price is 379% above last closing price of kr6.89. Stock is down 27% over the past year. The company is forecast to post a net loss per share of kr1.51 next year compared to a net loss per share of kr2.17 last year. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 45% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr87m free cash flow). Earnings are forecast to decline by an average of 45% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr270m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (kr405.5m market cap, or US$41.6m). Recent Insider Transactions • Jul 27
Independent Chairman recently bought kr134k worth of stock On the 24th of July, Sven Andreasson bought around 21k shares on-market at roughly kr6.50 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sven has been a buyer over the last 12 months, purchasing a net total of kr581k worth in shares. Major Estimate Revision • May 15
Consensus revenue estimates increase by 79% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from kr5.00m to kr8.95m. Forecast losses expected to reduce from -kr1.57 to -kr1.53 per share. Biotechs industry in Sweden expected to see average net income growth of 6.6% next year. Consensus price target up from kr15.00 to kr16.00. Share price rose 16% to kr5.98 over the past week. New Risk • May 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr87m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr87m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr131m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (kr372.4m market cap, or US$40.0m). Announcement • May 02
Mendus AB (publ) to Report Q1, 2026 Results on May 08, 2026 Mendus AB (publ) announced that they will report Q1, 2026 results at 8:00 AM, Central European Standard Time on May 08, 2026 Announcement • Apr 22
Mendus AB Announces First Patient Enrolled in the Vital-Cml Trial Mendus AB announced that the first patient has been enrolled in the VITAL-CML trial, which evaluates Mendus’ lead product vididencel in chronic myeloid leukemia (CML). Following recent regulatory approval, the first patient has now been enrolled into the company-sponsored phase 1b trial. The VITAL-CML trial is led by Prof Dr Bjørn Tore Gjertsen (University of Bergen and Haukeland University Hospital, Norway) and evaluates vididencel in chronic phase CML patients with a sub-optimal response to currently approved tyrosine kinase inhibitors (TKIs). The VITAL-CML trial will recruit up to 24 patients, with initial topline safety and early molecular response data based on the first 8 patients treated expected in the second half of 2026. If positive, this will trigger the onset of the VITAL-TFR2 Phase 2a trial to assess the role of vididencel to improve TFR rates in patients who failed an earlier TFR attempt. Chronic myeloid leukemia (CML) is a clonal myeloproliferative neoplasm originating in hematopoietic stem cells. It is commonly associated with the Philadelphia chromosome translocation, resulting in activation of the BCR::ABL1 oncoprotein, with or without additional mutations in myeloid associated genes that fuel cancer growth in the blood and bone marrow, disrupting the production of healthy blood cells. CML is commonly treated with tyrosine kinase inhibitors (TKIs) that inhibit the BCR::ABL1 kinase activity. Because these treatments are effective, overall survival of CML patients is similar to that of the general population and attention in the treatment of CML has shifted to quality of life and, ultimately, treatment-free remission (TFR). An estimated number of > 300,000 people live with CML in Europe and the US only, with a global estimate of around 5 million and a prevalence plateau that may reach as many as 10 million people affected by the disease. Vididencel is an off-the-shelf, active immunotherapy designed to stimulate immune control of residual disease and improve disease-fee and overall survival following first-line treatment of tumors with a high recurrence rate including myeloid blood cancers. Vididencel comprises irradiated leukemic-derived dendritic cells that are administered via intradermal injection. Vididencel has demonstrated an excellent safety profile in multiple clinical trials, with temporary local injection site reactions as the main side effect and no serious product-related side effects reported to date. The product is manufactured using a proprietary cell line and a scalable manufacturing process that does not require patient material or genetic engineering. Vididencel has a strong regulatory dossier including an EMA ATMP Manufacturing Certificate, Orphan Drug and Fast Track Designations. Recent Insider Transactions • Apr 15
Independent Chairman recently bought kr137k worth of stock On the 8th of April, Sven Andreasson bought around 32k shares on-market at roughly kr4.25 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sven has been a buyer over the last 12 months, purchasing a net total of kr447k worth in shares. Breakeven Date Change • Feb 20
No longer forecast to breakeven The 3 analysts covering Mendus no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr95.0m in 2028. New consensus forecast suggests the company will make a loss of kr17.0m in 2028. Major Estimate Revision • Feb 18
Consensus revenue estimates fall by 96% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr61.5m to kr2.50m. Forecast losses increased from -kr0.876 to -kr1.60 per share. Biotechs industry in Sweden expected to see average net income growth of 12% next year. Consensus price target down from kr17.00 to kr15.00. Share price rose 3.6% to kr4.93 over the past week. New Risk • Feb 12
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr82m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr82m). Currently unprofitable and not forecast to become profitable over next 3 years (kr17m net loss in 3 years). Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (kr291.5m market cap, or US$32.9m). Recent Insider Transactions • Dec 21
Independent Chairman recently bought kr275k worth of stock On the 17th of December, Sven Andreasson bought around 55k shares on-market at roughly kr5.00 per share. This transaction increased Sven's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sven has been a buyer over the last 12 months, purchasing a net total of kr310k worth in shares. New Risk • Dec 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr69m). Currently unprofitable and not forecast to become profitable over next 3 years (kr53m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (kr295.6m market cap, or US$31.6m). New Risk • Dec 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr69m). Currently unprofitable and not forecast to become profitable over next 3 years (kr53m net loss in 3 years). Market cap is less than US$100m (kr257.2m market cap, or US$27.3m). Major Estimate Revision • Nov 21
Consensus revenue estimates increase by 20% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from kr2.50m to kr3.00m. Forecast losses expected to reduce from -kr1.72 to -kr1.51 per share. Biotechs industry in Sweden expected to see average net income growth of 22% next year. Consensus price target of kr17.00 unchanged from last update. Share price fell 6.7% to kr5.40 over the past week. New Risk • Nov 20
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: kr104m Forecast net loss in 3 years: kr53m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr69m). Currently unprofitable and not forecast to become profitable over next 3 years (kr53m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr268.9m market cap, or US$28.2m). Announcement • Nov 07
Mendus AB (publ), Annual General Meeting, May 08, 2026 Mendus AB (publ), Annual General Meeting, May 08, 2026. Location: stockholm Sweden New Risk • Aug 22
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr68m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr68m). Market cap is less than US$100m (kr385.4m market cap, or US$40.0m). Recent Insider Transactions • Jul 25
Independent Director recently bought kr69k worth of stock On the 21st of July, Dharminder Chahal bought around 9k shares on-market at roughly kr7.57 per share. This transaction amounted to 3.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr235k more in shares than they have sold in the last 12 months. New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr397.9m market cap, or US$41.9m). Announcement • Jun 03
Mendus AB's Alison Trial Data Presented At ASCO 2025 Demonstrates Successful Induction of Tumor-Directed Immune Responses in High-Risk Ovarian Cancer Mendus AB announced a summary of the data presented at the 61 Annual American Society of st. Clinical Oncology conference (ASCO 2025) held from May 30 to June 3, 2025, in Chicago, Illinois, from the ongoing ALISON trial with Mendus' lead product vididencel in ovarian cancer. The data demonstrate that stable disease is associated with the successful induction of tumor-directed immune responses following vididencel treatment in this indication. The Phase 1 ALISON trial evaluates safety, efficacy and immunogenicity of vididencel in patients with high-grade mutation agnostic serous ovarian cancer (HGSOC). Mendus and academic collaborators from the University Medical Center Groningen (UMCG) presented data at ASCO 2025 demonstrating that in the majority of patients vididencel treatment resulted in immune responses against one or more tumor antigens frequently upregulated in HGSOC and that these responses were associated with higher stable disease rates. Vididencel was found to be safe and effective, with the intradermal injection-site cutaneous reaction being the principal side effect and no adverse events above grade 2. At week 22 from start of vididencel treatment, 10 patients participating in the ALISON trial had stable disease and 7 had progressive disease, with all patients still alive. Stable disease rates were highest (67%) in patients with vididencel-induced immune responses (VIR) as compared to patients without VIR (40%). Updated survival data until March 2025 showed that 7 patients continued to have stable disease and 10 patients had developed progressive disease at a median follow-up of 19 months, with 10 patients still alive. Stable Disease was associated with vididencel- induced immune responses, with VIR observed in 6 out of 7 of the patients with stable disease. Furthermore, two patients with VIR were reported to have stable disease for more than 3 years. Mendus and UMCG have engaged in a research and clinical development collaboration since 2019. The collaboration comprises the single-center Phase 1 ALISON trial with vididencel in HGSOC and a preclinical research program to develop novel immunotherapies for gynecological cancers, including therapies based on tumor-infiltrating lymphocytes. Enrolment and week 22 analysis has been completed for all 17 participants of the ALISON trial. Long-term follow-up to assess potential survival benefit of vididencel treatment is ongoing. A next read-out of the trial based on 2-year follow-up is anticipated in the fourth quarter of 2025. New Risk • May 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 10.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (kr274.5m market cap, or US$28.0m). Price Target Changed • May 08
Price target decreased by 10.0% to kr27.00 Down from kr30.00, the current price target is provided by 1 analyst. New target price is 351% above last closing price of kr5.99. Stock is down 33% over the past year. The company is forecast to post earnings per share of kr1.00 next year compared to a net loss per share of kr2.64 last year. Breakeven Date Change • May 07
Forecast to breakeven in 2025 The 2 analysts covering Mendus expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr49.0m in 2025. Earnings growth of 13% is required to achieve expected profit on schedule. Announcement • May 05
Mendus AB (Publ) Announces Chief Medical Officer Changes Mendus AB announced the appointment of Tariq Mughal, MD FRCP FRCPath, as Chief Medical Officer, May 5, 2025. Tariq Mughal completed his medical training in London, UK, and in Denver, Colorado, USA. In his clinical career, Dr. Mughal specialized in acute myeloid leukemia, chronic myeloid leukemia, malignant melanoma, and breast cancer, ushering precision medicine into the NHS and beyond. Since 2011, he has been a Clinical Professor of Medicine at Tufts University Cancer Centre, Boston, MA. Prior to joining Mendus, Dr. Mughal was Senior Vice President and Head of Clinical Drug Development at Stemline Therapeutics/Menarini, New York, NY, and previously served as Vice President Clinical/Medical Affairs at Foundation Medicine/Roche, Cambridge, MA. Dr. Mughal will oversee Mendus’ global clinical development strategy and transition to a late-stage clinical oncology company, including the preparations for the registration trial with vididencel in acute myeloid leukemia (AML), broadening of the addressable patient population in AML and other blood-borne tumors, and earlier-stage pipeline programs. Dr. Jeroen Rovers, who has served as Mendus CMO since 2018, has decided to step back after a short transition period. New Risk • Apr 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: kr128m Forecast net loss in 3 years: kr163m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (kr5.0m revenue, or US$507k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr163m net loss in 3 years). Market cap is less than US$100m (kr261.9m market cap, or US$26.3m). Recent Insider Transactions • Apr 02
Chief Executive Officer recently bought kr53k worth of stock On the 28th of March, Erik Manting bought around 9k shares on-market at roughly kr5.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr112k. Erik has been a buyer over the last 12 months, purchasing a net total of kr165k worth in shares. Price Target Changed • Feb 17
Price target increased by 11% to kr30.00 Up from kr27.00, the current price target is provided by 1 analyst. New target price is 270% above last closing price of kr8.10. Stock is down 19% over the past year. The company is forecast to post a net loss per share of kr1.18 next year compared to a net loss per share of kr2.64 last year. Breakeven Date Change • Feb 15
Forecast to breakeven in 2025 The 2 analysts covering Mendus expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr61.0m in 2025. Earnings growth of 13% is required to achieve expected profit on schedule. Announcement • Dec 09
Mendus AB Presents Positive Survival Data from the Ongoing Advance II Phase 2 Trial at the ASH 2024 Conference Mendus AB announced that it has presented positive survival data from the ongoing ADVANCE II Phase 2 trial at the ASH 2024 conference. The data showed that the majority of AML patients treated with vididencel remain alive and disease-free in long-term follow-up, with a median follow-up of 41.8 months. The ADVANCE II Phase 2 trial is an international multi-center Phase 2 trial evaluating vididencel as maintenance treatment for AML patients in first complete remission (CR1) following chemotherapy. Patients participating in the trial were ineligible for HSCT and had measurable residual disease (MRD), which is associated with increased relapse rates. The ADVANCE II trial has completed the active study phase of 70-week follow-up from the start of vididencel treatment and patients are now in long-term follow up. The updated ADVANCE II data presented at ASH show that 13 out of 20 patients treated with vididencel were alive and 11 patients were still in CR1 as of the November 4, 2024 cut-off-date, with a median follow-up of 41.8 months. Median relapse-free (RFS) and overall survival (OS) was not reached, as the majority of patients remained alive and disease-free. All patients had passed 3-year follow-up and 2 patients completed 5-year follow-up. The 1-year survival stood at 88%, 3-year survival at 71% and the estimated 5-year survival was 58%. The only drug approved for post-chemo AML maintenance therapy is oral azacitidine, which in MRD-positive patients led to a median RFS of 7.1 months and a median OS of 14.6 months in the registration trial1. The estimated 3-year OS for the whole treated patient population which included MRD-positive and -negative patients was 37.4% and 5-year OS was 26.5%. Immunomonitoring data from the ADVANCE II trial presented at ASH demonstrated that patients with multiple T cell responses following vididencel treatment (sustained vaccine-induced responses, or sVIR) had a significantly better OS than patients without a sVIR (p=0.036) and a higher number of MRD responses, with 6 our of 9 patients showing MRD clearance or > 10-fold reduction in MRD level. There were also clear differences between patient groups at baseline. Particularly patients with high levels of B cells and low levels of inhibitory T cells showed significantly improved OS (p=0.0109) and the majority of these patients (6 out of 8) demonstrated sVIR following vididencel treatment. The data confirm that vididencel stimulates a broad, active immune response against residual disease, which is associated with improved clinical outcome. In addition to the ADVANCE II Phase 2 trial data in the post-chemotherapy maintenance setting, Mendus presented two abstracts based on preclinical data exploring the use of vididencel in additional patient populations. AML patients ineligible for high-intensity chemotherapy can be treated today with a combination of azacitidine (AZA) and venetoclax (VEN). In vitro data demonstrated that AZA and VEN do not interfere with vididencel’s mode of action and that VEN stimulates the processing of vididencel by antigen-presenting cells. In vivo data confirmed that vididencel and AZA+VEN act synergistically in a humanized mouse model for AML, supporting the clinical exploration of vididencel in AML patients treated with AZA+VEN. The second preclinical abstract addressed the potential use of vididencel in chronic myeloid leukemia (CML). Data showed that vididencel can stimulate cellular immunity against a CML cell line and investigated the combination potential of vididencel with different tyrosine kinase inhibitor drugs currently used for the treatment of CML. The possibility to improve immunity against residual cancer cells with vididencel addresses the need to improve treatment-free remission rates, allowing CML patients to control their disease without the need for life-long medication. New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Revenue is less than US$1m (kr6.9m revenue, or US$634k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr251m net loss in 3 years). Share price has been volatile over the past 3 months (9.7% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (kr427.2m market cap, or US$39.0m). Price Target Changed • Nov 22
Price target increased by 36% to kr29.00 Up from kr21.33, the current price target is provided by 1 analyst. New target price is 249% above last closing price of kr8.32. Stock is down 31% over the past year. The company is forecast to post a net loss per share of kr2.40 next year compared to a net loss per share of kr4.39 last year. New Risk • Nov 15
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: kr6.9m (US$634k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Revenue is less than US$1m (kr6.9m revenue, or US$634k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr156m net loss in 3 years). Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (kr465.3m market cap, or US$42.5m). Announcement • Nov 11
Mendus AB (publ), Annual General Meeting, May 09, 2025 Mendus AB (publ), Annual General Meeting, May 09, 2025. Announcement • Nov 08
Mendus AB (publ) to Report Fiscal Year 2024 Final Results on Apr 18, 2025 Mendus AB (publ) announced that they will report fiscal year 2024 final results at 5:30 PM, Central European Standard Time on Apr 18, 2025 New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr178m). Currently unprofitable and not forecast to become profitable over next 3 years (kr153m net loss in 3 years). Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (kr32m revenue, or US$3.0m). Market cap is less than US$100m (kr511.1m market cap, or US$48.3m). Breakeven Date Change • Oct 24
No longer forecast to breakeven The 4 analysts covering Mendus no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr390.0m in 2025. New consensus forecast suggests the company will make a loss of kr21.3m in 2026. New Risk • Oct 01
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: kr141m Forecast net loss in 3 years: kr64m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr178m). Currently unprofitable and not forecast to become profitable over next 3 years (kr64m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (kr32m revenue, or US$3.1m). Market cap is less than US$100m (kr407.0m market cap, or US$39.9m). Breakeven Date Change • Oct 01
No longer forecast to breakeven The 3 analysts covering Mendus no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr390.0m in 2025. New consensus forecast suggests the company will make a loss of kr62.0m in 2026. Buy Or Sell Opportunity • Sep 25
Now 20% overvalued Over the last 90 days, the stock has fallen 4.4% to kr8.55. The fair value is estimated to be kr7.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 126% over the last 3 years. Earnings per share has grown by 47%. Revenue is forecast to grow by 220% in a year. Earnings are forecast to grow by 77% in the next year. Buy Or Sell Opportunity • Aug 31
Now 24% overvalued Over the last 90 days, the stock has fallen 13% to kr8.79. The fair value is estimated to be kr7.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 126% over the last 3 years. Earnings per share has grown by 47%. Revenue is forecast to grow by 220% in a year. Earnings are forecast to grow by 77% in the next year. Announcement • May 18
Mendus AB (Publ) Announces Board Changes Mendus AB (publ) at its annual general meeting held on May 17, 2024, Christine Lind and Andrea van Elsas have declined re-election as directors. Sven Andreasson was elected as chairman of the board of directors. Announcement • Apr 16
Mendus AB (Publ) Announces Board Changes Mendus AB (publ) announced that at its Annual General Meeting to be held on 17 May 2024, Christine Lind and Andrea van Elsas have declined re-election. Recent Insider Transactions Derivative • Apr 11
Independent Director exercised options to buy kr460k worth of stock. On the 2nd of April, Dharminder Chahal exercised options to buy 882k shares at a strike price of around kr0.48, costing a total of kr423k. This transaction amounted to 25% of their direct individual holding at the time of the trade. Since December 2023, Dharminder has owned 4.41m shares directly. Company insiders have collectively bought kr569k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 27
Mendus AB (publ) Announces Ethics Committee Approval for the AMLM22-CADENCE Trial with Lead Product Vididencel in AML Mendus AB (publ) announced Human Research Ethics Committee (HREC) approval to initiate the AMLM22-CADENCE trial, which studies Mendus' lead product vididencel as a novel maintenance therapy in acute myeloid leukemia (AML). Following positive Phase 2 monotherapy data from the ongoing ADVANCE II trial with vididencel in AML patients with measurable residual disease (MRD), Mendus announced a collaboration with the Australasian Leukaemia and Lymphoma Group (ALLG) to expand the clinical development of vididencel in December 2023. Mendus and ALLG will study vididencel as a novel AML maintenance treatment in combination with oral azacitidine (AZA), currently the only approved AML maintenance drug, in a multi-center, randomized controlled Phase 2 trial (AMLM22-CADENCE). In the AMLM22-C ADENCE trial, patients in first complete remission following high-intensity chemotherapy will receive standard treatment with AZA or the combination of AZA + vididencel. Vididencel will be administered as 4 biweekly intradermal injections, followed by 3 booster injections up to 6 months after start of treatment. The first stage of the trial will randomize 40 patients and in the second stage, efficacy of the combination will be assessed in an additional 100 patients. This approach will enable safety evaluations and assessment of the therapy. By the end of 2023, Mendus and ALLG had completed the preparations for the start of the trial, with the CADENCE protocol domain submitted to the Human Research Ethics Committee (H REC) within the ALLG AMLM22 platform. On March 27, 2024, Mendus and ALLG announce that HREC approval was granted, allowing for clinical site initiation and start of enrolment of the trial in April 2024. Based on positive FDA feedback, safety data from the AML22-CADENCE trial can be used for the global registration dossier for vididencel in AML in the second half of 2025, based on trial protocol development and large-scale GMP manufacturing of vididencel. Recent Insider Transactions • Feb 22
Chief Executive Officer recently bought kr120k worth of stock On the 19th of February, Erik Manting bought around 240k shares on-market at roughly kr0.50 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Erik's only on-market trade for the last 12 months. Announcement • Dec 22
Mendus AB (Publ) Announces Clinical Pipeline Update Mendus AB announced an update on the status and outlook of its clinical pipeline programs. Mendus reports completion of the long-term follow up of the MERECA trial studying the intratumoral immune primer ilixadencel in metastatic renal cell carcinoma (mRCC). The long-term follow up data confirmed the observations previously reported, with no significant survival difference between the ilixadencel plus sunitinib treatment arm versus the sunitinib-only control arm of the trial. The final results of the MERECA trial confirm the decision not to pursue mRCC as a possible indication for ilixadencel. Mendus continues to explore the clinical development of ilixadencel in soft tissue sarcomas (STS) in the first half of 2024, versus earlier guidance of starting a trial before 2023YE. Mendus also confirms that the Phase 1 ALISON trial with its cancer maintenance therapy vididencel in ovarian cancer is now fully recruited (17 patients). Mendus had earlier reported initial positive interim data from the ALISON trial, based on the induction of immune responses against tumor antigens previously shown to be relevant for ovarian cancer and confirming a strong safety profile for vididencel in this indication. Mendus expects further read outs of the trial in 2024, including a survival analysis in 2024H2. Mendus recently announced positive data from the Phase 2 ADVANCE II trial with its lead product vididencel in acute myeloid leukemia (AML). The data presented on December 11, 2023 at the American Society of Hematology Annual Meeting (ASH 2023), demonstrated durable clinical remissions in AML patients diagnosed with measurable residual disease (MRD). As a next step in the development of vididencel in AML, Mendus has announced a collaboration with the Australasian Leukaemia and Lymphoma Group (ALLG) to study vididencel in combination with the current standard of care in AML maintenance treatment, oral azacitidine, in a 2-stage, control-arm trial including up to 140 patients. Major Estimate Revision • Dec 20
Consensus revenue estimates increase by 172% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr150.0k to kr410.0k. EPS estimate unchanged from -kr0.14 at last update. Biotechs industry in Sweden expected to see average net income growth of 6.0% next year. Consensus price target of kr1.70 unchanged from last update. Share price fell 14% to kr0.57 over the past week. Announcement • Dec 14
Mendus AB (Publ) Appoints Ted Fjällman as Board Member Mendus AB (publ) announces that Ted Fjällman was elected as new board member for the period until the end of the next annual general meeting. It was further resolved that the current board members, Christine Lind, Sven Andreasson, Dharminder Chahal, Andrea van Elsas, Hans Preusting and Helén Tuvesson shall remain as board members for the period until the end of the next annual general meeting and Christine Lind shall remain as chairman of the board. Announcement • Dec 12
Mendus AB Announces Positive Survival Data from Phase 2 Advance II Trial Evaluating Vididencel as Maintenance Therapy for AML at ASH 2023 Mendus AB announced positive updated survival data from the Phase 2 ADVANCE II trial evaluating vididencel (DCP-001) in acute myeloid leukemia (AML) at the American Society of Hematology's 65th Annual Meeting (ASH 2023). The longer-term follow up data showed durable treatment responses with survival benefit exceeding historical results expected from the current standard of care in AML maintenance therapy. ADVANCE II is a Phase 2 monotherapy trial evaluating vididencel as a maintenance therapy in acute myeloid leukemia (AML) for patients brought into first complete remission (CR1) through chemotherapy, but with measurable residual disease (MRD). Professor Dr. Arjan van de Loosdrecht, Principal Investigator, presented updated median relapse-free survival (RFS) and median overall survival (OS) data during an oral presentation on December 11 at the ASH 2023 meeting held in San Diego, California December 9-12. Additionally, Mendus and academic collaborators presented two posters at the meeting, featuring immunomonitoring data that supports vididencel's mechanism of action as an immunotherapy which stimulates anti-tumor activity and improves immune control over residual cancer cells. Phase 2 ADVANCE II trial updated survival data: The ADVANCE II monotherapy trial (N=20) previously completed a 70-week follow-up period from the start of vididencel treatment and patients are now in long-term follow up. As of November 24, 2023, the median follow-up for the entire study population was 31.6 months (range: 6.6-60 months). Median RFS stood at 30.4 months and median OS was not reached, with 14/20 patients still alive and 11 still in CR1 at the cut-off date. The RFS at 2 years was 56%, and the estimated 2-year and 3-year OS stood at 74.9% and 64.7%, respectively. The only drug approved for AML maintenance therapy is oral azacitidine, which in MRD positive patients led to a median RFS of 7.1 months versus 2.7 months in the placebo arm and an OS of 14.6 months versus 10.4 months in the placebo arm of the registration trial. Immune responses were measured on blood samples before, during and after treatment with vididencel. Seventeen patients (85%) showed at least one vaccine-induced T-cell response (VIR) against tumor-associated antigens present in vididencel. Patients remaining in CR during treatment had a significantly higher number of VIRs then patients who relapsed and a clear correlation is seen between the number of VIRs and survival. Patients with 3 or more VIRs were all still alive (100% OS) at the cut-off date. Blood samples were additionally analyzed to evaluate changes in immune cells induced by vididencel. Increased frequencies of circulating B-cells and dendritic cells were observed, with the level of dendritic cells at the end of treatment correlating with longer RFS and OS. In depth analysis of skin biopsies of the area where vididencel was injected showed a strong influx of immune cells, indicative of an immune response being triggered. Close interaction was observed between host T-cells and host dendritic cells in the skin as part of the immune priming process following vididencel administration. Patients with an MRD response demonstrated better RFS and OS, with all patients with an MRD response still alive. Major Estimate Revision • Dec 09
Consensus revenue estimates decrease by 63% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr410.0k to kr150.0k. EPS estimate unchanged from -kr0.14 per share at last update. Biotechs industry in Sweden expected to see average net income growth of 5.7% next year. Consensus price target of kr1.70 unchanged from last update. Share price rose 13% to kr0.65 over the past week. Major Estimate Revision • Nov 19
Consensus revenue estimates increase by 172% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr150.0k to kr410.0k. EPS estimate unchanged from -kr0.14 at last update. Biotechs industry in Sweden expected to see average net income growth of 29% next year. Consensus price target of kr1.70 unchanged from last update. Share price rose 29% to kr0.58 over the past week. New Risk • Nov 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr91m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (333% increase in shares outstanding). Revenue is less than US$1m (kr1.0m revenue, or US$96k). Minor Risk Market cap is less than US$100m (kr305.1m market cap, or US$27.9m). Announcement • Nov 04
Mendus Announces Phase 1 vididencel Clinical Trial Results in AML and High-Risk MDS Patients Published in Peer-Reviewed Medical Journal Mendus AB announced the publication of additional Phase 1 clinical trial data on its lead development program vididencel in the peer-reviewed medical journal HemaSphere. The data supports the potential of vididencel as a novel acute myeloid leukemia (AML) maintenance therapy and provides valuable insights for the current and future clinical trials with vididencel in AML and high-risk MDS. The publication, titled “Durable Responses and Survival in High-Risk Myelodysplastic Syndrome and Acute Myeloid Leukemia Patients Receiving the Allogeneic Leukemia-derived Dendritic Cell Vaccine DCP-001”, and written by researchers from the Amsterdam UMC, Cancer Center Amsterdam and Erasmus University Medical Center, describes the long-term follow up data and additional patient characteristics from the Phase 1 clinical trial evaluating vididencel (DCP-001) in acute myeloid leukemia (AML) and high-risk myelodysplastic syndromes (MDS). In the Phase 1 clinical trial 12 patients were treated with vididencel (product ID: DCP-001), six patients with AML, three patients with AML with prior MDS and three patients with MDS with excess of blasts. Seven out of twelve patients showed a response to treatment; five patients showed progression of disease. The main discriminating variables in favor of response were patients who entered the study either in complete remission or who had stable disease status and a low percentage of blasts in the bone marrow at study entry. Importantly, there was no association found between response and disease risk classification with the majority of responding patients having an adverse cytogenetic risk profile, which is highly encouraging given the difficulty in effecting positive outcomes for these patients with a poor prognosis. In the seven responders, a median relapse free survival (RFS) of 420 days (˜ 14 months) and a median overall survival (OS) of 1090 days (˜ 36 months) was observed as compared to a median OS of 144 days in the five non-responders. The longest surviving patient experienced an RFS of 1,849 days (˜ 5 years) and OS of 2,160 days (˜ 5.9 years) after treatment with vididencel. In a subset of three patients, who initially responded to vididencel but later relapsed, post-vaccination treatment with azacitidine was evaluated and resulted in one complete remission and two partial responses. The data suggest that azacitidine and vididencel may act synergistically. Announcement • Nov 03
Mendus AB (Publ) Announces Multiple Abstracts to Be Presented At Ash 2023 Including Oral Presentation on Advance Ii Survival Data Mendus AB (publ) announced the presentation of three abstracts related to the development of Mendus' lead product candidate vididencel in acute myeloid leukemia (AML) at the American Society of Hematology's upcoming 65th Annual Meeting, held in San Diego, California December 9-12, 2023 (ASH 2023). Relapse-free and overall survival data from the ongoing ADVANCE II monotherapy trial will be presented as an oral presentation. Two additional abstracts will be presented by Mendus and academic collaborators based on immunomonitoring data, supporting vididencel's mechanism of action. Of note, the oral presentation will present results from the ADVANCE II trial based on survival data which extend past the cut-off date as published in the ASH abstract submitted.ASH 2023 will take place on December 9- 12, 2023 at the San Diego Convention Center in San Diego, California, and virtually. Details of the Mendus abstracts to be presented are below: 1. Title: Induction of Cellular and Humoral Immune Responses Is Associated with Durable Remissions in MRD+ AML-Patients after Maintenance Treatment with an Allogeneic Leukemia-Derived Dendritic Cell Vaccine. Abstract Number: 769. Presenter: Prof Dr A.A. van de Loosdrecht (Am Amsterdam UMC, The Netherlands) Session Name: 704. Cellular Immunotherapies: Early Phase and Investigational Therapies: Novel Approaches to Enhance Cellular Therapies and Immune Responses in Leukemias and Lymphomas Session Date:, December 11, 2023. Presentation Time: 6:00 PM - 8:00 PM. Location: San Diego Convention Center, Halls G-H. 3. Intradermal Vaccination with Vididencel in MRD + AML-Patients Leads to Increase in Antigen Presenting Cells and T-Cells to the Injection Site, Visualized Using Imaging Mass Cytometry, Showing Local Immune Cell Interactions Leading to Systemic Immune Responses.Abstract Number: 2942. Presenter: Dr O. Sefland (Haukeland University Hospital, Bergen University, Norway) Session Name: 617. Acute Myeloid Leukemias: Biomarkers, Molecular Markers and Minimal Residual Disease in Diagnosis and Prognosis: Poster II. Session Date: Sunday, December 10, 2023. Presentation time: 6:00 PM -8:00 PM. Location:San Diego Convention Center, Halls G. 3. Title: Intradermal Vaccination With Vididencel in MRD+ AML -Patients Leads to Increase Injection Site, Visualized using Imaging Mass Cytometry, showing Local Immune Cell Interaction Leading to Systemic Immune responsible to Systemic Immune Responsedes. Abstract Number: 2942.Presenter: Dr. O. Sefland (Haukeland University Hospital,Bergen University, Norway) Session name: 617. AcuteMyeloid Leukemias; Biomarkers, MolecularMarkers and Minimal Residal Disease in Diagnosis and ProGNosis: Poster II. Session date: Sunday, December 10, 2020. Presentation Time: 6.00 PM - 8:00PM. Location: San Diego Convention center, Halls G-H. Announcement • Sep 21
Mendus AB to Present Novel Data Supporting the Broad Potential of its Proprietary Cancer Vaccine Platform at CICON23 Mendus AB will present novel clinical and preclinical data on the mode of action of its lead clinical program vididencel at CICON23 – the International Cancer Immunotherapy Conference in Milan, Italy. The data further validate vididencel’s proposed mechanism of action and demonstrate that immune responses triggered by the cell-based cancer vaccine in patients with Acute Myeloid Leukemia (AML) and ovarian cancer are largely comparable. This underlines the potential for a broad applicability of vididencel across different cancer types. The corresponding posters will be presented at CICON23 on September 22, and afterward made available on the Company’s website. The first data set presented at CICON compared the immune responses observed in the currently active clinical trials evaluating vididencel, the ADVANCE II Phase 2 study in AML patients in complete remission with measurable residual disease (MRD) and the ALISON Phase 1 study in ovarian cancer patients at a high risk of relapse after debulking surgery and chemotherapy. Vaccine-induced responses (VIR) were observed in 17 out of 20 AML patients and, at this stage, in 6 out of 7 evaluable ovarian cancer patients. These responses were primarily targeting tumor-associated antigens (TAAs) that are expressed by the vididencel product, such as WT-1 and PRAME. Additionally, in ovarian cancer patients the immune response expanded to include a TAA that is overexpressed in cancer cells but not included in vididencel’s antigen repertoir. In the ADVANCE II study, the number of observed VIRs correlated with clinical responses and survival benefits, which cannot yet be determined for the ALISON study. The second data set presented at CICON further examined the mechanism of action of vididencel building on previously disclosed data sets. The data were generated in collaboration with the Department of Tumor Immunology, Radboud Institute for Molecular Life Sciences, at the Radboud University Medical Centre, in Nijmegen, the Netherlands. It was previously shown that upon intradermal administration vididencel is absorbed by skin-resident antigen-presenting cells (APCs), which concomitantly become activated to prime the immune system. In a new in vitro study, Mendus and its collaboration partner further investigated how such an indirect priming mechanisms via APCs can result in the activation of antigen-specific T cells. Vididencel is currently being evaluated in AML and ovarian cancer as a potential maintenance therapy to reduce or prevent tumor recurrence. Vididencel is an off-the-shelf, intradermal vaccine derived from the Company’s proprietary DCOne leukemic cell line. In December 2022, the Company presented positive results from the ADVANCE II study in AML at the American Society of Hematology (ASH) Annual Meeting. The analysis demonstrated the potential of vididencel to control MRD and induce durable relapse-free survival in the majority of patients. Mendus expects to present a next survival update in the fourth quarter of 2023. Additionally, Mendus anticipates starting a new Phase 2 clinical trial evaluating the combination of vididencel with oral azacitidine, currently the only approved drug in AML maintenance, in H2 2023, as a step-up to pivotal-stage development. Announcement • Sep 08
Mendus AB Receives U.S. FDA Fast Track Designation forididencel in Acute Myeloid Leukemia Mendus AB announced that it has received Fast Track Designation from the U.S. Food and Drug Administration (FDA) for the Company's lead program, vididencel, for the treatment of Acute Myeloid Leukemia (AML) in complete remission with residual disease. Advantages of the Fast Track Designation include close and early interactions with the FDA to support accelerated approval, as well as the possibility of a "rolling review" for a subsequent market application. The FDA's decision was based on the previously communicated results from the ADVANCE II clinical trial, which delivered promising survival read-outs and underpinned the safety of vididencel as a monotherapy in AML. Vididencel had already been assigned Orphan Drug Designation for treatment of AML in the US and Europe. Additionally, Mendus had recently been granted an Advanced Therapy Medicinal Product (ATMP) certificate by the European Medicines Agency (EMA) following a review of manufacturing quality and non-clinical data for its lead pipeline program vididencel.ididencel is currently being evaluated in AML and ovarian cancer as a potential maintenance therapy to reduce or prevent tumor recurrence. Vididencel is an off-the-shelf, intradermal vaccine derived from the Company's proprietary DCOne leukemic cell line. In December 2022, the Company presented positive results from the ADVANCE II study in AML at the American Society of Hematology (ASH) Annual Meeting. The analysis demonstrated the potential of vididencel to control measurable residual disease (MRD) and induce durable relapse-free survival in the majority of patients. Mendus expects to present a next survival update in the fourth quarter of 2023. Additionally, Mendus anticipates to start a new Phase 2 clinical trial evaluating a combination of vididencel with oral azacitidine (Onureg®, the current standard of care in AML maintenance) in H2 2023, as a step-up to pivotal-stage development. New Risk • Aug 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr141m Forecast net loss in 2 years: kr8.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (333% increase in shares outstanding). Revenue is less than US$1m (kr1.4m revenue, or US$125k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr8.5m net loss in 2 years). Market cap is less than US$100m (kr268.4m market cap, or US$24.6m). Breakeven Date Change • Aug 29
Forecast breakeven date pushed back to 2025 The 2 analysts covering Mendus previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 0.5% per year to 2024. The company is expected to make a profit of kr385.0m in 2025. Average annual earnings growth of 70% is required to achieve expected profit on schedule. New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 239% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (239% increase in shares outstanding). Revenue is less than US$1m (kr1.4m revenue, or US$129k). Minor Risk Market cap is less than US$100m (kr296.6m market cap, or US$28.0m). New Risk • Jun 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr99.3m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m (kr1.4m revenue, or US$128k). Market cap is less than US$10m (kr99.3m market cap, or US$9.28m). Announcement • Jun 20
Mendus AB Appoints Lewis Lanier to Scientific Advisory Board Mendus AB (publ) announced the appointment of Lewis Lanier, PhD, Professor Emeritus in Microbiology and Immunology at University of California, San Francisco (UCSF), to the Mendus’ Scientific Advisory Board (SAB). Dr. Lanier is a world-leading expert on natural killer (NK) cells, and is renowned for his contributions to the characterization of how NK cells distinguish between healthy cells and infected or cancerous cells. He has published seminal work on key receptors that activate and inhibit NK cells, and has shown how they can be applied to fight cancer cells. Dr. Lanier complements the Mendus SAB, which comprises Inge Marie Svane, MD PhD, Sjoerd van der Burg, PhD, Tanja de Gruijl, PhD, and is being chaired by Ada Kruisbeek, PhD. Pawel Kalinski, MD PhD, will retire as SAB member. Dr. Lewis Lanier has served as the chair of the Department of Microbiology and Immunology, the co-leader of the Cancer Immunology and Immunotherapy Program at the UCSF’s Comprehensive Cancer Center, and Director of the Parker Institute for Cancer Immunotherapy (PICI). He has published more than 400 scientific articles and is a Senior Editor of the Journal of Experimental Medicine, and has served as an Editorial Board Member of the Journal of Immunology, Annual Review of Immunology, Immunological Reviews, Tissue Antigens, Human Immunology, Immunogenetics, and Immunity. In recognition of his scientific contributions, he was awarded the William B. Coley Award for Distinguished Research in Basic Tumor Immunology from the Cancer Research Institute in New York in 2002, was given the Rose Payne Award for contributions to the field of Immunogenetics by the American Society for Histocompatibility and Immunogenetics in 2005, was elected to the US National Academy of Sciences, in 2010, and was named a Fellow of the American Academy of Microbiology by the American Society for Microbiology and elected to the American Academy of Arts and Sciences in 2011. Announcement • Jun 12
Mendus AB Presents Comprehensive Advance II Immunomonitoring Data at the EHA Annual Meeting 2023 Mendus AB presented new clinical data from the Phase 2 ADVANCE II clinical trial in acute myeloid leukemia (AML) maintenance at the European Hematology Association (EHA) 2023 Hybrid Congress. The data demonstrate that vididencel treatment led to increased levels of activated, cancer-killing T cells and reduced levels of inhibitory, immune-suppressive T cells in the majority of patients. Patients with an MRD response, the primary endpoint of the study, had the highest levels of these functional tumor antigen-specific T cells and showed a trend towards higher levels of circulating antigen-presenting cells (APCs) and B cells following vididencel treatment. Altogether, the data provides a clear proof of the mechanism of action of Mendus' lead development program. At the time of the data cut for EHA 2023, analysis of circulating immune cells had been performed in 20 evaluable AML patients to investigate the immune system activation induced upon treatment with vididencel. Functional T-cell analysis showed vaccine induced responses (VIRs) to antigens present in vididencel in 17 out of 20 patients, with highest number of VIRs in MRD responders, providing a positive correlation of VIRs with clinical outcomes. Analysis of individual immune cell populations showed changes in both the innate and adaptive immune cell compartments, with higher levels of tumor-reactive T cells and reduced numbers of inhibiting LAG3-expressing T-cells measured in circulation. Announcement • Jun 09
Mendus AB (publ) announced that it expects to receive funding from Flerie Invest AB Mendus AB (publ) announced a round of funding on June 8, 2023. The transaction is subject to approval by an Extraordinary General Meeting, expected to be held on July 10, 2023.
On the same date, the company issue common shares for gross proceeds of SEK 90 million in its first tranche closing. The transaction included participation from new investor, Flerie Invest AB for a majority stake. As part of the transaction, Ted Fjällman of Flerie Invest AB will join the board of directors of the company. subject to shareholder approval. Breakeven Date Change • May 15
No longer forecast to breakeven The 2 analysts covering Mendus no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr166.8m in 2024. New consensus forecast suggests the company will make a loss of kr76.9m in 2024. Price Target Changed • Feb 19
Price target decreased by 23% to kr5.00 Down from kr6.50, the current price target is provided by 1 analyst. New target price is 175% above last closing price of kr1.82. Stock is down 31% over the past year. The company is forecast to post a net loss per share of kr0.40 next year compared to a net loss per share of kr0.70 last year. Breakeven Date Change • Feb 17
Forecast breakeven date pushed back to 2024 The analyst covering Mendus previously expected the company to break even in 2023. New forecast suggests the company will make a profit of kr411.0m in 2024. Average annual earnings growth of 52% is required to achieve expected profit on schedule. Announcement • Feb 08
Mendus AB (publ) to Report Fiscal Year 2022 Final Results on Apr 17, 2023 Mendus AB (publ) announced that they will report fiscal year 2022 final results on Apr 17, 2023 Announcement • Dec 23
Mendus AB (publ) to Report Q1, 2023 Results on May 12, 2023 Mendus AB (publ) announced that they will report Q1, 2023 results on May 12, 2023 
