Mendus is developing lead candidate vididencel, a cell-based vaccine, as a maintenance therapy for the prevention or delay of tumour recurrence (currently being assessed in two indications). Encouraging survival data were reported for the ADVANCE II trial (AML) in December 2023, showing a potentially competitive profile over standard of care and the only approved AML maintenance drug, Onureg. Management is planning to maximise the potential of vididencel with the CADENCE study in combination with Onureg (enrolment commenced in September 2024). Vididencel is also being assessed in the Phase I ALISON trial (ovarian cancer). In June 2024, Mendus announced that the primary goal for ALISON had been met; long-term survival data will be presented in Q424. The company’s second clinical asset, ilixadencel, is being developed as an intratumoral immune primer and is in preparations to start a Phase II trial for the treatment of soft tissue sarcomas. Net cash at end-Q224 was SEK130.2m, which should fund Mendus into Q325.