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Mendus (IMMU) investor relations material
Mendus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Progress in myeloid blood cancers, especially AML, with positive 48-month median follow-up from the ADVANCE II Phase IIa trial, supporting broader product potential and expansion into CML based on positive data and new CMO appointment.
Ongoing Cadence Phase IIb trial in AML with oral azacitidine aims to enroll 20 patients by Q1 2026, with initial readout planned.
Preparing DEVA/DIVA Phase I trial to study vididencel with azacitidine and venetoclax for chemo-ineligible AML patients, targeting a fast-growing population.
Patent granted for vididencel in ovarian cancer; ongoing ELLISON/ALISON Phase I trial and positive data published at ESCO/ASCO.
Corporate reorganization and new Chief Medical Officer to support clinical focus and offset increased trial expenses.
Financial highlights
Operating result for Q3 was SEK -20.4 million; net loss for Q3 2025 was KSEK -19,014, improved from KSEK -23,030 in Q3 2024.
Negative cash flow of SEK -21.4 million; cash flow from operating activities for Q3: KSEK -20,485.
Cash and cash equivalents at September 30, 2025, were KSEK 37,558, providing runway into early 2026.
Equity at period end was KSEK 576,260, with an equity ratio of 93%.
Earnings per share for Q3 were SEK -0.37 (Q3 2024: -0.46).
Outlook and guidance
Multiple clinical milestones for vididencel anticipated in 2026, including topline data from CADENCE and DEVA/DIVA trials in AML and CML.
Next ovarian cancer trial readout and ADVANCE II long-term follow-up update anticipated before year end/Q4 2025.
Initial Phase 1a/b safety data in CML expected mid-2026 to support further trials.
How does broader AML P3 affect recruitment?
CML Phase I vs. Phase IIa trial design rationale?
How will 2026 trial costs impact cash runway?
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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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