Mendus (IMMU) Q3 2025 earnings summary

Executive summary

• Vididencel demonstrated a long-term survival benefit in AML, with 61% estimated 5-year OS at 48 months median follow-up in the ADVANCE II Phase IIa trial, compared to 30% for standard of care.

• Clinical development is expanding into CML with Phase I and IIa trials scheduled for 2026, and into chemo-ineligible AML patients via the DEVA/DIVA trial.

• US patent granted for vididencel in ovarian cancer, with ongoing ALISON Phase I trial and positive data presented at ASCO.

• Corporate reorganization and staff reductions implemented to offset increased clinical trial expenses.

• Initial partnership closed for preclinical research and new Chief Medical Officer appointed to support clinical focus.

Financial highlights

• Q3 2025 net loss was KSEK -19,014, improved from KSEK -23,030 year-over-year; operating loss was KSEK -20,434.

• Cash and cash equivalents at quarter-end were KSEK 37,558, with a cash runway into early 2026.

• Cash burn in Q3 was KSEK -21,400, in line with operating result.

• Shareholders' equity at quarter-end was KSEK 576,260, with an equity ratio of 93%.

• Earnings per share for Q3 was SEK -0.37, improved from SEK -0.46 year-over-year.

Outlook and guidance

• Multiple clinical milestones 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 expected before year end or in Q4 2025.

• Initial Phase 1a/b safety data in CML expected mid-2026 to support further trials.