Mendus (IMMU) Q2 2024 earnings summary

Executive summary

• Raised SEK 69.1 million in April via 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 clinical data in AML and 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 production and completed a large-scale manufacturing facility.

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

Financial highlights

• Cash and cash equivalents at June 30, 2024: SEK 130.16 million, providing runway into Q3 2025.

• Q2 2024 net loss widened to KSEK -38,240 (vs. -3,886 Q2 2023); cash burn was SEK 22 million, lower than net result due to prepaid manufacturing investments.

• Equity at June 30, 2024: KSEK 698,380; equity/assets ratio 94%.

• Earnings per share Q2 2024: SEK -0.76 (vs. -0.02 Q2 2023).

• SEK 69.1 million raised in April via TO3 warrants.

Outlook and guidance

• Preparing for pivotal stage development of vididencel in AML, with regulatory feedback expected by year-end and pivotal-stage readiness targeted for H2 2025.

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

• Survival update from ADVANCE II trial and primary analysis of ALLISON 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.