olivLaw · European equity research
Mendus AB (publ) IMMU.ST
Sweden · Nasdaq Stockholm · ISIN SE0022239950 · Vertical: Listed companies from Sweden
Mendus AB develops allogeneic dendritic cell-based cell therapies to treat cancer, focusing on keeping remission and reducing relapse. The company concentrates its programmes on acute myeloid leukaemia, ovarian cancer and GIST sarcomas, in a growing oncology market, which makes assessing the potential of these candidates relevant.
At the close of 05 Nov 2026, Mendus AB (publ) (IMMU.ST) stock was 5.16 SEK (+0.00% on the day), with beta 0.44, 52-week range 3.96–7.36 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.2
- weak (30–45)
- Bollinger (20, 2)
- 5.00 – 5.68
- in the lower half of the band · %B 0.23 · band width 12.7%
- SMA 50 / 200
- 6.16 / 5.66
- mixed trend
- MACD (12, 26, 9)
- -0.23 / -0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −0.6% | −14.1 pp | — |
| 3 months | −25.6% | −4.2% | −21.5 pp | — |
| 6 months | +13.3% | +4.3% | +8.9 pp | — |
| Year to date | −7.9% | +7.5% | −15.4 pp | — |
| 1 year | −25.2% | +9.9% | −35.1 pp | −8.5% |
| 3 years | −27.0% | +49.8% | −76.9 pp | +12.3% |
| 5 years | −93.4% | +42.8% | −136.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | 31.0 k | 3.4 m |
| Revenue YoY | unavailable | unavailable | +10,787.1% |
| Net income | -89.2 m | -133.4 m | -138.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.17 | -0.73 | -0.70 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -430,354.8% | -4,112.1% |
| Free cash flow | -57.1 m | -139.4 m | -121.4 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 41.9 m SEK
- Financial debt
- 52.0 m SEK
- Net debt
- 10.2 m SEK
- Equity
- 514.4 m SEK
- Total assets
- 620.4 m SEK
- Debt / equity
- 0.10x
- Current ratio
- unavailable
- ROE
- -23.7%
- ROA
- -20.7%
- FCF margin
- -3,597.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 31.0 k | 3.4 m | esef· 09 May 2023verified |
| Research & development | 47.9 m | 85.8 m | 87.0 m | esef· 09 May 2023verified |
| Operating income | -86.0 m | -130.1 m | -133.7 m | esef· 09 May 2023verified |
| Interest expense | 3.2 m | 3.3 m | 5.3 m | esef· 09 May 2023verified |
| Pre-tax income | -89.2 m | -133.4 m | -138.8 m | esef· 09 May 2023verified |
| Income tax | 0 | 0 | 0 | esef· 09 May 2023verified |
| Net income | -89.2 m | -133.4 m | -138.8 m | esef· 09 May 2023verified |
| Diluted EPS | -1.17 | -0.73 | -0.70 | esef· 09 May 2023verified |
Balance sheet · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 167.6 m | 155.3 m | 41.9 m | esef· 09 May 2023verified |
| Current assets | 192.6 m | 185.2 m | 47.2 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 1.7 m | 2.1 m | 13.9 m | esef· 09 May 2023verified |
| Goodwill | 108.4 m | 108.4 m | 108.4 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 424.1 m | 424.1 m | 424.1 m | esef· 09 May 2023verified |
| Total assets | 728.7 m | 721.0 m | 620.4 m | esef· 09 May 2023verified |
| Short-term debt | — | 0 | 29.2 m | esef· 09 May 2023verified |
| Long-term debt | 19.0 m | 36.7 m | 22.8 m | esef· 09 May 2023verified |
| Total liabilities | 67.6 m | 64.2 m | 105.9 m | esef· 09 May 2023verified |
| Equity | 661.1 m | 656.7 m | 514.4 m | esef· 09 May 2023verified |
Cash flow · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -56.6 m | -138.0 m | -109.3 m | esef· 09 May 2023verified |
| Capex | 464.0 k | 1.4 m | 12.1 m | esef· 09 May 2023verified |
| Free cash flow | -57.1 m ≈ | -139.4 m ≈ | -121.4 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | 157.3 m | -1.4 m | -12.3 m | esef· 09 May 2023verified |
| Financing cash flow | 50.9 m | 127.0 m | 8.2 m | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.1% | 13 (vs peers) | 45% |
| Net margin · Quality | -4,112.1% | 3 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -25.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Mendus AB (publ) (IMMU.ST). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 3.4 m SEK in 2022; YoY growth 10,787.1%; net margin -4,112.1%; ROE -23.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -21.1%
- Net margin: -4,112.1%
- Interest coverage: -25.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for IMMU.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mendus AB develops allogeneic dendritic cell-based cell therapies to treat cancer, focusing on keeping remission and reducing relapse. The company concentrates its programmes on acute myeloid leukaemia, ovarian cancer and GIST sarcomas, in a growing oncology market, which makes assessing the potential of these candidates relevant.
SWOT
Strengths
- The DCOne platform and expertise in allogeneic dendritic cell biology provide a proprietary technology base. Positive survival data from the ADVANCE II study, presented at a major conference, support the proof of concept.
- The portfolio spans several indications, from AML to ovarian cancer and sarcomas, which reduces dependence on a single market.
- Orphan drug status for some candidates may bring advantages in the approval process, according to the report.
Weaknesses
- The company is at an early stage of development and most products have not reached pivotal studies, so future revenues remain uncertain.
- Large-scale manufacturing of vididencel has only just been initiated, raising production and cost risks.
- Dependence on a small number of programmes means that the failure of one study could have a major impact on the company.
Opportunities
- If data from pivotal studies confirm benefit in AML maintenance, the product could be combined with oral azacitidine.
- Partnerships for larger candidates could accelerate clinical development, in line with the stated strategy.
- The memory NK cell platform could open new programmes in haematological and solid tumours.
Threats
- Maintenance therapies already approved could limit adoption of a new product in AML.
- Numerous competing immunotherapies could overtake the company's candidates over time.
- Regulatory changes or delays in approval could extend the period before commercialisation.
Risks
- Clinical development riskhigh
Most candidates are at early stages, and results may not confirm clinical benefit in later studies.
- Funding riskhigh
The company needs capital for studies and manufacturing, and difficulties in financing could limit development.
- Manufacturing riskmedium
Scaling up cell manufacturing is complex, and delays or quality problems could affect the timetable.
- Competitive riskmedium
Approved and developing therapies could reduce interest in Mendus products.
- Partner dependence risklow
If partnerships do not materialise, the company could be forced to fund development alone.
Investment thesis
What would need to be true (bull case)
- If survival data from ADVANCE II are confirmed in larger studies, the company could become a relevant player in AML maintenance.
- A growing oncology market and the lack of relapse options could support adoption of new therapies.
- The technology platform and diversified portfolio could offer more chances of success.
What would break the thesis
- Most products are at early stages, and the failure of one study could have a major impact.
- Competition in immuno-oncology is intense, and approved therapies could limit room for candidates.
- Funding needs for studies and manufacturing could lead to new share issues.
What to watch
- Further results from the ALISON study in ovarian cancer2023
- Progress of preparations for the ilixadencel clinical study in GIST2023
- Progress of large-scale manufacturing of vididencelnext 10-K
- Possible partnerships for larger candidates2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mendus is a Swedish biopharmaceutical company that uses its expertise in allogeneic dendritic cell biology to develop immuno-oncology therapies. According to the 2022 annual report, the company's vision is to become a relevant player in cancer treatment, both through clinical benefit for patients and through a solid long-term foundation. The stated mission is to use the immune system to control residual disease and reduce relapses, which remain a leading cause of cancer-related deaths 1.
Segments
Vididencel (acute myeloid leukaemia and ovarian cancer)
Vididencel is a cell-based cancer vaccine derived from the patented leukaemia cell line DCOne. The phase 2 ADVANCE II monotherapy study was used to support positioning the product as a maintenance therapy in AML, including in combination with oral azacitidine. For ovarian cancer, the phase 1 ALISON study reported initial clinical data suggesting a favourable safety profile 1.
Ilixadencel (sarcomas and GIST)
Ilixadencel is an allogeneic immune activator administered intratumorally that recruits natural killer cells and the patient's dendritic cells. The company aims to combine it with tyrosine kinase inhibitors in gastrointestinal stromal tumours and other sarcomas, and preparations for a clinical study were under way at the end of 2022 1.
Memory NK cell platform
Mendus presented a method to expand donor-derived memory NK cells based on the DCOne platform. The company intends to develop this as a new pipeline programme, alone or with partners, in areas such as haematological tumours 1.
Market context
The global cancer therapy market was estimated at 155.34 billion USD in 2021, with growth projected to 241.65 billion USD by 2026, according to a report cited by the company 1. Cancer remains a major problem, and the estimated number of new cases rose to 19.3 million in 2020 1. However, these projections come from a third-party report and may differ from the future market reality.
Trends
- Growth of the oncology therapy markettailwind
Development of new cancer therapies remains an important growth engine for the pharmaceutical industry, according to the company. If this growth holds, it could create room for new immunotherapy products.
- Intense competition in immuno-oncologyheadwind
The immuno-oncology field is highly competitive, with many new therapies combined with checkpoint inhibitors. This competition could limit the market share of a small company.
- Unmet medical need in maintenancetailwind
Before approval of an oral form of azacitidine, maintenance options in AML were very limited. The lack of treatments for relapse could support interest in new alternatives.
- Competition from approved maintenance therapiesmixed
Maintenance therapies already approved in AML could reduce room for candidates in development. The effect depends on comparative study results and clinical adoption.
Competitive position
Mendus competes with other companies developing immunotherapies and maintenance therapies in oncology. The company acknowledges that the field is dominated by therapies combined with checkpoint inhibitors and aims to differentiate through its focus on maintenance and monotherapy. The absence of direct competition in some indications could be an advantage, but pressure from already approved therapies remains a reality 1.
- Bristol Myers SquibbBMY
The company that markets Onureg, an oral form of azacitidine approved for maintenance in AML, cited as a market reference in the Mendus report.
- Producers of tyrosine kinase inhibitors
Standard products for GIST, which Mendus sees as potential partners in combinations with ilixadencel.
- Developers of checkpoint inhibitor immunotherapies
Companies developing immunotherapy combinations that dominate oncology, described in the report as highly competitive.
- Developers of NK cell therapies
Companies active in natural killer cell-based therapies, a rapidly expanding segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Mendus AB (publ) · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.