Mendus (IMMU) investor relations material

Executive summary

• Clinical pipeline expanded with ongoing and planned trials in AML (adult and pediatric), CML, and ovarian cancer, targeting both high-intensity and less intensive first-line settings.

• ADVANCE II trial in adult AML showed durable survival benefit, with 14 of 20 patients becoming long-term survivors and 13 still alive after five years.

• CADENCE trial in Australia reached first 20-patient enrollment with no product-related serious adverse events, supporting strong safety profile.

• Regulatory approvals and first-stage enrollment completed for VITAL-CML trial; collaboration established for VITAL-TFR2 trial.

• Strategic manufacturing alliance and Clinical Advisory Board established to support late-stage development and commercialization.

Financial highlights

• Quarterly operating costs were SEK 20.5 million (Q2 2024) and KSEK -24,392 (Q2 2026); costs decreased year-over-year due to reorganization.

• Cash and cash equivalents at period end: SEK 59.9 million (Q2 2024) and KSEK 59,884 (Q2 2026), expected to fund operations into early 2027.

• Net loss for Q2 2026 was KSEK -21,377, an improvement from KSEK -22,686 in Q2 2025.

• No revenue recognized in Q2 2026; other operating income mainly from research collaborations and grants.

Outlook and guidance

• Steady cadence of clinical readouts expected over the next 6–12 months across AML and CML programs, with further clinical catalysts and data readouts anticipated in the second half of 2026.

• DIVA trial in AML expected to start soon, with initial readout in Q1 2025 and full 24-patient data in Q3 2025.

• Pediatric AML program targeted to start in H1 2025, focusing first on second remission setting.

• VITAL-TFR2 trial in CML expected to start in Q4 2026, pending positive safety data.

• Ongoing evaluation of financing alternatives, with a risk that current liquidity may not fund operations beyond early 2027.