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Eksterne analyser

Mendus: New strategy broadens vididencel potential - Edison

Mendus

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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We have updated our investment view on Mendus following its expanded strategy for vididencel to chronic myeloid leukaemia (CML) and a broader acute myeloid leukaemia (AML) population, including chemo-eligible and chemo-ineligible patients, regardless of their measurable residual disease (MRD) status.

In our view, this is a bold strategic pivot for a programme nearing Phase III readiness, but one that aligns with shifting treatment paradigms in AML and the growing clinical emphasis on achieving treatment-free remission (TFR) in CML.

The broader positioning could strengthen partnering prospects, and we note that the recent SEK52.5m equity raise ameliorates any near-term capital-related risks stemming from the previously short cash runway.

With clinical preparations underway, we have pushed our expected licensing timeline to early 2027 (previously Q126).

Our valuation adjusts to SEK1.87bn, with the per-share valuation shifting to SEK29.8, due to the higher share count following the raise.

The analysis was conducted on 20 November
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