Mendus (IMMU) investor relations material

Executive summary

• Advanced clinical development in myeloid blood cancers, expanding into CML with the VITAL-CML trial and ongoing recruitment in CADENCE and DIVA trials, supported by collaborations such as with Olivia Newton-John Cancer Research Institute.

• Continued positive long-term follow-up from ADVANCE II trial in MRD+ AML, with 9 patients achieving over 5-year survival.

• Manufacturing scale-up and technology transfer to NorthX Biologics completed, securing GMP supply for current and planned trials.

• Strategic focus shifted to myeloid blood cancers, with the ovarian cancer program seeking partnerships or combination opportunities.

• Added Sijmen de Vries, former Pharming Group CEO, as independent board member.

Financial highlights

• Quarterly operating costs were SEK 20 million, down SEK 10 million year-over-year due to reorganization and cost savings.

• Net loss for Q1 2026 was SEK 21.0 million, improved from SEK 30.2 million in Q1 2025.

• Cash position at quarter-end was SEK 74.1 million, up from SEK 64.7 million at end of Q4 2025.

• SEK 30 million loan tranche from Fenja Capital executed during the quarter.

• Number of employees reduced to 19 from 28 following reorganization.

Outlook and guidance

• Cash runway expected to last through year-end and cover key clinical milestones, but risk of insufficient liquidity beyond early 2027.

• CADENCE trial interim analysis planned after reaching 20 patients, with results expected mid-year.

• DIVA trial in AML to commence in summer 2026, with faster recruitment expected compared to CADENCE.

• VITAL-CML trial aims for initial readout in H2 2026, supporting a phase II trial launch.

• Go-to-market strategy to be informed by data from ADVANCE II, CADENCE, and DIVA trials.