Mendus (IMMU) Q4 2025 earnings summary

Executive summary

• Positive long-term survival data from the ADVANCE II trial in MRD-positive AML presented at ASH, supporting broad post-remission positioning of vididencel in AML and CML, and expansion into ovarian cancer.

• Updated clinical strategy aligns with evolving first-line AML treatments, including venetoclax and azacitidine combinations, and includes two new CML trials and a combination trial in AML with first patient enrollment expected in 2026.

• Large-scale GMP manufacturing established with NorthX Biologics to support late-stage development and commercialization.

• Corporate reorganization and staff reduction completed to offset increased clinical trial costs and balance costs ahead of anticipated 2026 trials.

• ALISON trial in ovarian cancer confirmed safety and feasibility of vididencel as a combination therapy.

Financial highlights

• Q4 net loss was SEK 41.1 million in 2025 (vs. SEK 38.7 million previously); full-year net loss was SEK 130.7 million in 2025.

• Cash burn for Q4 was SEK 20.4 million; cash position at year-end was SEK 64.7 million.

• SEK 52.5 million raised in a directed issue with insider support; SEK 50 million loan facility secured.

• Cash runway extends into Q1 2027 with current financing and loan facility.

• No revenue recognized; other operating income mainly from research collaborations and grants.

Capital allocation and financing

• SEK 52.5 million raised via directed issue with insider support.

• SEK 50 million loan facility secured with Fenja Capital; SEK 30 million tranche used in January.

• Cash and cash equivalents at year-end: SEK 64.7 million.

• Shareholders' equity at year-end: SEK 585.1 million.