Mendus (IMMU) Q2 2024 earnings summary

Executive summary

• Raised SEK 69.1 million in April via TO3 warrant exercise, with strong shareholder participation and board changes, including a new chairman.

• Advanced immunological research in AML, confirming proof of concept for vididencel as an active immunotherapy, and presented positive data in ovarian cancer.

• Initiated collaboration with ALLG for the CADENCE trial in AML and with Institut Bergonié for ilixadencel in soft tissue sarcomas.

• Established a manufacturing alliance with NorthX Biologics for large-scale vididencel production, with first successful runs completed.

• Reverse stock split (20:1) completed in June 2024.

Financial highlights

• Cash position of SEK 130 million at June 30, 2024, providing runway into Q3 2025.

• Q2 2024 cash burn was SEK 22 million; operational cash flow SEK -22.4 million; net loss SEK -38.2 million.

• Shareholders' equity at June 30, 2024: SEK 698.4 million; equity/assets ratio 94%.

• Earnings per share Q2 2024: SEK -0.76; H1 2024: SEK -1.58.

• Number of employees: 28 at end of Q2 2024.

Outlook and guidance

• Preparing for pivotal-stage development of vididencel in AML, with regulatory feedback expected by year-end and large-scale GMP manufacturing underway.

• First patient recruitment for the CADENCE trial expected in September.

• Survival update from ADVANCE II trial and primary analysis of ALLISON/ALISON trial expected in Q4 2024.

• Initial clinical data for ilixadencel in REGOMUNE trial expected in H1 2026.

• Ongoing collaborations and manufacturing scale-up to support late-stage and commercial readiness.