Mendus (IMMU) investor relations material

Executive summary

• Advanced clinical development in myeloid blood cancers, focusing on AML and CML, with expansion into CML via the VITAL-CML trial and ongoing recruitment in the CADENCE and DIVA trials; first CML patient enrolled after regulatory approvals.

• Strategic focus shifted to myeloid blood cancers, with ovarian cancer program now seeking partnerships or combination opportunities.

• Collaboration with Olivia Newton-John Cancer Research Institute to support DIVA trial in AML, aligning with evolving first-line treatment regimens.

• Manufacturing scale-up and technology transfer completed with NorthX Biologics, securing GMP supply for current and planned trials.

• Continued progress in ongoing CADENCE and ADVANCE II trials in AML, with initial safety and efficacy readouts expected in 2026.

Financial highlights

• Quarterly costs were SEK 20 million, down SEK 10 million year-over-year due to prior reorganization and cost savings.

• No revenue recognized in Q1 2026; other operating income was KSEK 6,610, mainly from research collaborations and grants.

• Operating loss improved to KSEK -20,095 from KSEK -30,222 year-over-year; net loss for the period was KSEK -21,022, compared to KSEK -30,482 in Q1 2025.

• Cash position at quarter-end was SEK 74 million, up from SEK 64 million at the end of Q4 2025, but down from KSEK 84,730 a year earlier.

• Earnings per share before and after dilution were SEK -0.34, up from SEK -0.61 year-over-year.

Outlook and guidance

• Cash runway expected to last through year-end and cover key clinical milestones, but risk of insufficient liquidity beyond early 2027; additional capital may be required.

• CADENCE trial interim analysis planned after reaching 20 patients, with results expected mid-year.

• DIVA trial in AML to commence in summer 2026, assessing vididencel with less intensive induction therapy.

• VITAL-CML trial aims for initial readout in the second half of the year, supporting a phase II trial launch; safety and early molecular efficacy results expected in H2 2026.