Mendus (IMMU) Q2 2025 earnings summary

Executive summary

• Positive data from ADVANCE II Phase II trial in AML and early ovarian cancer trials, showing broad immune stimulation and efficacy, including in NPM1 mutation subtypes.

• Ongoing recruitment and progress in AML CADENCE and ADVANCE II trials, with first randomized control data in combination with standard of care.

• First data from Phase I ovarian cancer trial presented at ASCO, showing tumor-directed immune responses linked to progression-free survival.

• Strengthened late-stage development team with the appointment of Dr. Tariq Mughal as Chief Medical Officer.

• Secured a key US patent for vididencel in ovarian cancer, supporting future commercialization.

Financial highlights

• Q2 2025 net loss was KSEK -22,686, an improvement from KSEK -38,240 in Q2 2024.

• Cash and cash equivalents at June 30, 2025, were KSEK 58,908.

• Operating loss for Q2 2025 was KSEK -24,129, down from KSEK -37,941 in Q2 2024.

• R&D expenses for Q2 2025 were KSEK -15,524, representing 61% of operating expenses.

• 1.4 million shares on balance sheet, issued for employee and board compensation.

Outlook and guidance

• Pivotal-stage readiness for vididencel in AML expected in H2 2025, with ongoing regulatory interactions.

• First GMP batches expected before year-end to support registration trial readiness.

• Next read-out of the ALISON ovarian cancer trial anticipated in Q4 2025.

• Ongoing efforts to secure additional financing to fund operations beyond early 2026.

• Strategy update planned for early fall (late September/early October).