contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls {
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


mendus-brings-ilixadencel-back-into-clinical-development

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Analyst

Antti Siltanen

Mendus develops cancer immunotherapies with a focus on the prevention of tumor recurrence, the leading cause of cancer-related deaths globally. Indications include acute myeloid leukemia, ovarian cancer and soft tissue sarcomas. The company previously went by the name Immunicum and was renamed Mendus following the merger with the Dutch private company DCprime in 2021. Mendus today has its headquarters in Stockholm and its operational activities in Leiden, The Netherlands.

Mendus

Mendus announced on Tuesday that the company will start a new ilixadencel trial in collaboration with the French cancer center Institut Bergonié. The trial will combine ilixadencel with the cancer drugs regorafenib and avelumab for soft-tissue sarcomas (STS). 

Mendus <a href="https://www.inderes.se/en/releases/mendus-announces-collaboration-with-institut-bergonie-to-study-ilixadencel-in-soft-tissue-sarcomas">announced</a> on Tuesday that the company will start a new ilixadencel trial in collaboration with the French cancer center Institut Bergoni&#xe9;. The trial will combine ilixadencel with the cancer drugs regorafenib and avelumab for soft-tissue sarcomas (STS). According to the announcement, first patient data should be available in H1&#x2019;26. The news merit minor adjustments in our estimates which we will implement with the Q2&#x2019;24 pre-comment.
<h2>Ilixadencel will be combined with two other drugs for STS</h2>
Mendus announced a collaboration with Institut Bergoni&#xe9;, a cancer center located in Bordeaux France. The institute has an ongoing multicenter, prospective, open-label Phase I/II clinical trial called <a href="https://clinicaltrials.gov/study/NCT03475953">REGOMUNE</a>. The trial investigates a combination of two cancer drugs, the tyrosine kinase inhibitor regorafenib and the immune checkpoint inhibitor avelumab, for several different solid tumors. According to the announcement, ilixadencel will be combined with these two drugs for STS as part of the REGOMUNE trial. Mendus will supply ilixadencel as a study drug to treat up to 43 patients. To our understanding, Mendus&#x2019; capital requirements for the trial are very modest and not significant for the investment case.
Because of its mechanism of action, ilixadencel may act synergistically with the drug combination to achieve clinical efficacy. Approximately <a href="https://ascopubs.org/doi/10.1200/JCO.2024.42.16_suppl.11516">80 % of STS are characterized by a &#x201c;cold&#x201d; immunological microenvironment</a>. The intratumoral immune primer Ilixadencel could help turn the environment &#x201c;hot&#x201d; potentially enhancing immune response and therapeutic efficacy. We highlight that proving this possible synergism requires further research. Moreover, in our view, the benign safety profile of ilixadencel is an advantage, limiting the probability of severe side effects. 
<h2>First results are expected in H1&#x2019;26</h2>
According to the announcement, Mendus and Institut Bergoni&#xe9; expect to complete the preparations for the ilixadencel treatment arm within the REGOMUNE trial in H2&#x2019;24. First patient data is expected to be available in H1&#x2019;26. The announcement is largely in line with our expectations. The minor adjustments implicated to our estimates will be implemented with our H1&#x2019;24 pre-comment. Mendus will release its Q2&#x2019;24 report on August 23.

Inderes

Mendus brings ilixadencel back into clinical development

Probabilities of success in drug development

Return on capital (ROE, ROI, ROIC, RONIC)

Drug development investment: Value creation through M&As and licensing agreements

Helsinki Stock Exchange is cheap

Valuation methods: Valuation multiples

Ilixadencel will be combined with two other drugs for STS

First results are expected in H1’26

Mendus

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