Mendus - Potential disruptor to AML maintenance setting

Mendus has reported FY23 results, summarising an active period. For its lead asset, vididencel, long-term survival data from the ADVANCE II trial reinforce the drug's potential as maintenance therapy in acute myeloid leukaemia (AML). We look forward to the launch of the Phase II CADENCE trial in Q124 to explore potential synergy with the standard of care (Onureg, oral azacitidine), which will be an important milestone. The interim results from this trial will guide plans for the pivotal stages of development. Management also shared updates on the ALISON trial (ovarian cancer) and the preparation of a Phase II trial for ilixadencel in soft tissue sarcomas (STS). Net cash was SEK119.9m at end FY23, which we estimate provides a runway through FY24. A slight adjustment in the launch of the AML trials is partially offset by the inclusion of a broader patient population (MRD+ and MRD-), rolling our model forward and FX, resulting in a valuation of SEK2.05bn or SEK2.38 per share (previously SEK2.18bn or SEK2.52 per share).

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