Edison Investment Research - Immunicum AB (IMMU) Mendus - Guarding against relapse

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Edison Investment Research

Sean Conroy

Mendus - Guarding against relapse

Mendus’s Q323 update was primarily focused on the clinical progression of its lead cancer vaccine, vididencel, which is being developed for acute myeloid leukaemia (AML) and ovarian cancer (OC). The latest interim data from the Phase II trial (ADVANCE II) demonstrated compelling efficacy, which, in our view, enhances the drug’s prospects as a potential AML maintenance therapy. Mendus’s key catalysts include: detailed data from the ADVANCE II trial, due to be presented at the 11 December American Society of Hematology (ASH) meeting; further updates from the combination trial with Onureg; additional readouts from the ongoing Phase I OC trial; and the initiation of ilixadencel Phase II in soft tissue sarcomas in H124. At end-Q323, Mendus’s net cash balance stood at SEK142.5m, which, as per our estimates, should provide an operational cash runway into H224, crucially past further readouts from the ongoing ADVANCE II and ALISON vididencel trials.

13/11/2023 1 EN

Underlying

Immunicum AB

Immunicum AB is a Sweden-based company principally engaged in the biopharmaceutical sector. The Company develops immunotherapy for therapeutic treatment of cancer and infectious diseases. The Company uses therapeutic vaccines to treat an already existing disease and is thus given to the already sick patients; therapeutic cancer vaccines administered to patients in order to delay or stop tumor cell growth, shrink tumors, prevent relapse, or to kill cancer cells that could not be eliminated with other treatments. The Company has several technology platforms, such as The Combig, Intuvax@, Subcuvax@ and The CD70, among others. The Company has several projects which are related to kidney cancer and liver cancer, among others.

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SE0005003654 Nasdaq Nordic Stockholm Sweden

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Mendus - Guarding against relapse

Mendus - Collaboration unveils path forward for ilixadencel

Mendus - Recent clinical data highlight vididencel’s potential

Mendus - All hands on deck as inflection points approach

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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