Edison Investment Research - Immunicum AB (IMMU) Mendus - Poised for an active 2024

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Edison Investment Research

Sean Conroy

Mendus - Poised for an active 2024

Mendus wrapped up FY23 with a clinical pipeline update. Management is maintaining its plans to explore ilixadencel in soft tissue sarcomas (STS), with the Phase II trial due to start in H124 and the MERECA trial (ilixadencel) in metastatic renal cell carcinoma (mRCC) no longer being pursued. The MERECA long-term follow-up has confirmed findings from the initial study (no significant survival difference between the monotherapy and combination arms). Our valuation remains unchanged as our estimates did not include considerations for mRCC. Mendus has announced the completion of patient enrolment in the Phase I ALISON trial in ovarian cancer (OC) for its lead asset vididencel, with survival data expected in H224. Management also reiterated the recently presented positive data from the ADVANCE II trial and confirmed plans for the combination trial with Onureg (oral azacitidine) for acute myeloid leukaemia (AML), with patient enrolment due to start in early 2024.

02/01/2024 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 - Poised for an active 2024

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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