Mendus: Steady progress throughout Q225 - Edison

Mendus’s Q225 results reflect a period of progress across the pipeline. The lead programme, vididencel in acute myeloid leukaemia (AML), remains on track to be pivotal-stage ready in H225, creating anticipation as Mendus prepares for its registrational programme. We expect a launch in early 2026, representing a major upcoming milestone. Mendus also advanced its solid tumour programme, primarily vididencel in ovarian cancer (OC), with an encouraging clinical update in June 2025 and a strengthened intellectual property position (announced post period in July). Mendus ended Q225 with SEK58.1m in net cash, which should provide a runway to Q126. Following the Q225 results, our valuation shifts to SEK1.98bn (from SEK1.94bn) with the per-share valuation adjusting to SEK37.9 (from SEK38.4/share previously), reflecting the higher count following 1.7m shares issued in May.