Vididencel set for a defining year

Mendus’s FY25 results mark a strategically important year, culminating in the repositioning of lead asset vididencel in Q425. Clinical updates in acute myeloid leukaemia (AML) and ovarian cancer (OC) were encouraging, but we view the most important development as the strategic pivot to expand vididencel’s relevance within an evolving AML treatment paradigm. The revised strategy broadens the AML population, including chemo-unfit patients in combination with venetoclax and azacitidine (Ven-Aza) while initiating expansion into chronic myeloid leukaemia (CML). New studies are expected to begin in 2026, with data intended to inform positioning and a potential global registrational AML study in 2027. Following the SEK52.5m directed issue and a...