Mendus
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Mendus (IMMU) investor relations material

Mendus Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Positive phase II and long-term survival data for vididencel in AML presented at ASH, supporting broad post-remission positioning and expansion into CML and ovarian cancer.

  • Updated clinical strategy includes new CML trials and a combination trial in AML, with first patient enrollment expected in 2026.

  • Large-scale GMP manufacturing established with NorthX Biologics to support late-stage development and commercialization.

  • Corporate reorganization and staff reduction completed to offset increased clinical trial costs and balance costs ahead of anticipated 2026 trials.

  • ALISON trial in ovarian cancer confirmed safety and feasibility of vididencel as a combination therapy, with positive 2-year follow-up data.

Financial highlights

  • Q4 net loss was SEK 38.7 million (KSEK -41,075); full-year net loss was KSEK -113,258.

  • Cash burn for Q4 was SEK 20.4 million; cash and cash equivalents at year-end were SEK 64.7 million (KSEK 64,656).

  • SEK 52.5 million raised in a directed issue, supported by main shareholders and management.

  • SEK 50 million loan facility secured with Fenja Capital; SEK 30 million tranche used in January.

  • Equity ratio remained strong at 93%.

Capital allocation and financing

  • Share issue and loan facility provided significant new funding.

  • Cash runway extends into Q1 2027 with current financing and loan facility; additional capital may be needed beyond this period.

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Frequently asked questions

Mendus is a biotechnology company developing immunotherapies for the treatment of cancer. The company focuses on therapies that activate the body’s immune system to target and eliminate cancer cells, based on proprietary technologies. Its operations span clinical development and research. The company is headquartered in Stockholm, Sweden, and its shares are listed on the STO.

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