Mendus (IMMU) Q3 2025 earnings summary

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.