Swedish biotechnology company Mendus reported a 14.9% reduction in operating costs to SEK 20.5 million in the second quarter of 2026, down from SEK 24.1 million in the same period a year earlier. The company, listed as IMMUN on Nasdaq Stockholm, also disclosed cash and cash equivalents of SEK 59.9 million at quarter-end, with management projecting sufficient funds to sustain operations through the first quarter of 2027.
The company’s shares rose 2.38% in pre-market trading on August 20, reaching $6.87, following the release of the earnings call transcript. Mendus’ stock has traded within a 52-week range of $3.86 to $9.37, positioning the current price approximately 26.1% above the annual low and 26.8% below the high.
Clinical progress highlighted the advancement of Vididencel, Mendus’ off-the-shelf cellular immunotherapy targeting myeloid blood cancers. Long-term follow-up data from the ADVANCE II study showed that 14 of 20 enrolled patients became long-term survivors, with 13 patients still alive at the time of reporting. The trial’s closure was announced after the final patient surpassed the five-year survival mark.
The company is expanding its clinical pipeline into first-line treatment settings for acute myeloid leukemia (AML) through the CADENCE and DIVA trials, which may enroll more than 100 patients. The DIVA trial is expected to commence in the third quarter of 2026 pending ethics approval, with initial data readouts anticipated in the first quarter of 2027. Additionally, Mendus is preparing to initiate a pediatric AML program in U.S. clinical centers.
In chronic myeloid leukemia (CML), the VITAL-CML Phase I trial has completed the first stage of patient enrollment for patients with suboptimal responses to standard tyrosine kinase inhibitor therapy. The company is also collaborating with the South Australian Health and Medical Research Institute (SAHMRI) to prepare the VITAL-TFR2 Phase II trial, which will evaluate treatment-free remission in combination with initial safety data from VITAL-CML.
Mendus has established NorthX Biologics as its large-scale manufacturing partner and is collaborating with SAHMRI on the VITAL-TFR2 trial. The company’s leadership emphasized operational efficiency, with Chief Financial Officer Lotta Ferm noting the organization’s streamlined structure focused on advancing clinical trials. Chief Executive Officer Dr. Erik Manting highlighted the company’s clinical momentum, stating that steady data readouts are expected over the next six to 12 months.
