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Mendus Interim / Quarterly Report 2026
3163_10-q_2026-05-08_7d7f273b-c9b4-407c-8c34-93bc72eb5b2a.pdf
Interim / Quarterly Report
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mendus
Changing the course of cancer treatment
Report on the first quarter 2026
Significant events of Q1 2026
- Net sales for the period amounted to KSEK - (-)
- Result for the period amounted to KSEK -21,022 (-30,482)
- Earnings and diluted earnings per share totaled to SEK -0.34 (-0.61)
- Mendus entered into an agreement with the Olivia Newton-John Cancer Research Institute (ONJCRI), a leading Australian cancer research institute, to support the DIVA trial with the company's lead product vididencel in AML (acute myeloid leukemia).
- Mendus requested drawdown of SEK 30 million under the loan facility totaling SEK 50 million entered into with Fenja Capital II A/S in November 2025. Furthermore, the company's board of directors resolved, pursuant to the authorization from an extraordinary general meeting in December 2025, and in accordance with the terms and conditions of the loan facility, on a directed issue of 1,935,605 warrants of series 2025/2030 to Fenja.
Significant events after end of reporting period
- Mendus announced start of clinical program in CML (chronic myeloid leukemia). The company has completed preparations and received all regulatory approvals for the VITAL-CML trial, marking the start of clinical development with the company's lead product vididencel CML.
- Mendus announced that the first patient has been enrolled in the VITAL-CML trial, which evaluates vididencel in chronic phase CML patients with a sub-optimal response to currently approved tyrosine kinase inhibitors (TKIs).
Financial summary
| Amounts in KSEK | 2026
Jan - Mar | 2025
Jan - Mar | 2025
Jan - Dec |
| --- | --- | --- | --- |
| Revenue | - | - | - |
| Operating profit/loss | -20,095 | -30,222 | -113,491 |
| Net profit/loss | -21,022 | -30,482 | -113,258 |
| Earnings/loss per share, before and after dilution (SEK) | -0.34 | -0.61 | -2.17 |
| Cash | 74,128 | 84,730 | 64,656 |
| Shareholders equity | 565,137 | 614,539 | 585,065 |
| Number of employees | 19 | 28 | 19 |
REPORT ON THE FIRST QUARTER | January–March 2026
CEO Comment
Start of clinical program in chronic myeloid leukemia
As part of its updated clinical strategy communicated end of 2025, Mendus is expanding clinical development of the lead product vididencel to include chronic myeloid leukemia (CML)
Enrollment of the first patient in the VITAL-CML trial marked the start of clinical development in CML. In parallel, Mendus started a collaboration with the Olivia Newton-John Cancer Research Institute (ONJCRI), a leading Australian cancer research institute, to support the DIVA trial in acute myeloid leukemia (AML). The trial will commence in the summer and assess vididencel in combination with less intensive induction therapy, further consolidating the position of vididencel as a post-remission immunotherapy.
Building on the clinical success in AML, Mendus is expanding the clinical development of vididencel as an active immunotherapy in CML, which represents a large indication affecting over 5 million people worldwide. While tyrosine kinase inhibitors (TKIs) have demonstrated long term control of the disease, most people need to continue treatment indefinitely. This is associated with increasing side effects that impact quality of life and can also be life-threatening. Treatment goals in CML are therefore shifting towards durable treatment-free remission (TFR), allowing patients to live a healthy life without being dependent on TKIs. Despite advances, most patients however relapse after TKI discontinuation and require retreatment. Vididencel stimulates the immune system to improve immune control of residual disease and support TFR success. The VITAL-CML trial is a company-sponsored trial led by Prof Dr Bjørn Tore Gjertsen (University of Bergen, Norway) in CML patients with a suboptimal response to tyrosine kinase inhibitors (TKIs). Up to 24 patients will be enrolled, with safety and early molecular efficacy results expected in the second half of 2026. Positive results will be followed up by the pivotal VITAL-TFR2 trial, which will assess vididencel's role in improving treatment-free remission (TFR) in patients who previously failed a TFR attempt.
To strengthen the position of vididencel in AML, Mendus signed a contract with ONJCRI for execution of the DIVA trial, which assesses vididencel in combination with less intensive induction therapy comprising venetoclax plus azacitidine (Ven+Aza). Because Ven+Aza is becoming a widely used first-line regimen, the DIVA trial aligns
Dr Erik Manting, CEO at Mendus
development of vididencel with evolving clinical practice. The ongoing CADENCE randomized trial in combination with oral azacitidine following intensive chemotherapy is on track to enroll the first 20 patients during the first half of 2026, enabling initial safety, tolerability and efficacy readout.
We are excited that the execution of our ambitious updated clinical development strategy in myeloid blood cancers communicated at the end of 2025 is on track. I wish to express our gratitude to the clinical experts, patients and their families, and all other stakeholders for making this possible and your continued support.
Erik Manting, Ph.D.
Chief Executive Officer
REPORT ON THE FIRST QUARTER | January–March 2026
Mendus in short – Q1 2026
Mendus is developing novel cancer therapies based on active immunity to control residual disease and prolong survival of cancer patients while preserving health and quality of life.
Changing the course of cancer treatment
In today's cancer therapy landscape, many cancer patients experience initial treatment success, leading to clinical remission. However, tumor recurrence remains an imminent threat and causes the vast majority of cancer-related deaths today. As a result, there is an increasing need for therapies that improve disease-free and overall survival following first-line treatment, particularly in tumor indications with a high recurrence rate.
Mendus is developing immunotherapies that result in active immunity, built up by the patient's own immune system, which has the potential to provide long-term immune control over residual cancer cells.
Vididencel in AML
Vididencel is an immunotherapy comprising irradiated leukemic-derived dendritic cells. These cells are manufactured from the company's proprietary DCOne production cell line using a scalable production process that does not require patient material or genetic engineering. The final product is irradiated, stored frozen and shipped to hospitals on demand. Vididencel is administered via injection in the skin, where it triggers local immune activation and phagocytosis by antigen-presenting cells, inducing an immune response against the cancer antigens expressed by the product. Results from multiple clinical trials have consistently demonstrated vididencel's ability to induce durable immune responses, combined with an excellent safety profile. The clinical development of vididencel in AML is supported by Orphan Drug status (EU + US) and Fast-track Designation (US). The manufacturing process has been validated by an ATMP certificate issued by the European Medicines Agency (EMA).
The ongoing ADVANCE II Phase 2 trial evaluates vididencel as a post-remission treatment following intensive chemotherapy for AML patients with measurable residual disease (MRD). Vididencel has continued to demon
REPORT ON THE FIRST QUARTER | January–March 2026
strate unprecedented long-term overall survival in the ADVANCE II trial, showing durable remissions and confirming vididencel's mechanism as an active immunotherapy.
Vididencel is being evaluated in combination with oral azacitidine (aza) in the randomized-controlled Phase 2b AMLM22-CADENCE trial, addressing all risk categories of AML independent of MRD status. The trial is supported by the Australasian Leukaemia & Lymphoma Group (ALLG) and will recruit up to 40 patients in a safety and feasibility stage, followed by an efficacy stage up to 100 patients. To adapt to the evolving AML treatment landscape, Mendus has entered into an agreement with the Olivia Newton John Cancer Research Institute (ONJCRI, Australia) to advance the Phase 1b DIVA trial to evaluate vididencel in AML patients treated with a less-intensive first-line treatment based on venetoclax in combination with azacitidine (Ven + Aza). The trial will be led by Prof Andrew Wei, who is also a lead investigator of the CADENCE trial. Data from the CADENCE and DIVA trials will guide the go-to-market strategy for vididencel in AML.
To support late-stage clinical development and commercial-scale manufacturing, Mendus has established a strategic manufacturing alliance with NorthX Biologics. The successful establishment of GMP production confirms the robustness and reproducibility of the manufacturing process in a large-scale GMP environment. The manufacturing facility secures the supply of clinical-grade material to support Mendus' advanced clinical development program.
Indication expansion – CML
Building on positive AML data and supported by a strong safety profile, Mendus is expanding vididencel development into chronic myeloid leukemia (CML). The goal is to improve immune-mediated control of residual disease and support durable treatment-free remission (TFR) in patients treated with tyrosine kinase inhibitors (TKIs). While TKIs have transformed CML into a manageable chronic condition, most patients require life-long therapy, which carries risks of toxicity, serious adverse events, and expensive treatment.
The company-sponsored Phase 1b VITAL-CML trial is led by Prof Dr Bjørn Tore Gjertsen (Professor of Hematology, University of Bergen and Senior Consultant Hematologist at Haukeland University Hospital, Norway) and investigates vididencel in patients with molecular disease levels indicating a sub-optimal response to TKIs. The primary objective of the VITAL-CML trial is to establish safety and feasibility of vididencel as an active immunotherapy in CML, with the ultimate goal to allow patients to stop their medication safely and effectively, described as treatment-free remission (TFR). Positive initial safety and feasibility read-out of the VITAL-CML trial will support the initiation of a parallel Phase 2 trial, VITAL-TFR2, that will evaluate the potential of vididencel
REPORT ON THE FIRST QUARTER | January–March 2026
to improve TFR success in patients with a previously failed TFR attempt.
Ovarian cancer program
In collaboration with the University Medical Center Groningen (UMCG), Mendus is exploring safety and feasibility of vididencel as an active immunotherapy in high-grade serous ovarian cancer. At a median follow-up of 26 months end of 2025, 8 patients were still alive and had passed 2-year follow-up. Stable disease was observed in 1 of 5 patients without tumor-directed immune responses (VIR), whereas 5 of 12 patients with VIR still had stable disease, including 2 patients beyond 3.5 years of follow-up. No product-related serious side effects were observed, positioning vididencel as a safe immunotherapy that can be combined with other therapeutic modalities in this indication.
Iliadencel – an intratumoral immune primer for hard-to-treat solid tumors
Ilixadencel consists of dendritic cells derived from healthy donor material, which are administered as an intratumoral
injection to stimulate local inflammation and cross-presentation of tumor antigens, resulting in a tumor-specific immune response. Iliadencel has been studied in clinical trials across a range of hard-to-treat solid tumor indications in combination with existing cancer therapies, including tyrosine kinase inhibitors and the immune checkpoint inhibitor pembrolizumab. Further clinical development of iliadencel will be dependent on partnering.
Preclinical pipeline
As part of the collaboration with UMCG, Mendus has developed improved methods for the expansion of tumor-infiltrating lymphocytes for the treatment of ovarian cancer and potentially other solid tumors using its proprietary DCOne platform. The platform can also be used to expand so-called memory NK cells, which are associated with improved survival in blood cancers. Further development of these applications will be subject to partnering. In a preclinical collaboration with an international biopharmaceutical company, Mendus is exploring the combination of vididencel with a targeted therapeutic modality in AML.
Vididencel pipeline
REPORT ON THE FIRST QUARTER | January–March 2026
Interview
'In biotech, you learn more from the near-death experiences than from the successes.'
Interview with SIJMEN DE VRIES, incoming independent board member
Mendus' clinical development strategy has been shaped by a combination of compelling data and continuous adaptation to the evolving oncology treatment landscape. Bringing a biopharmaceutical product to market requires tactical decision-making and forward thinking about competitive positioning, and knowing when to hold and when to act.
Sijmen de Vries (MD MBA) is the former CEO of Pharming Group, a company that successfully developed, launched, and commercialized multiple products in the highly specialized market of orphan diseases. Over 16 years at the helm, he transformed Pharming from a company in severe financial difficulty into a profitable, multi-product commercial enterprise. He joins the Mendus board as the company enters a pivotal new phase.
Mr. de Vries, how would you describe your career?
Straight after graduating as MD, I went to work for the pharma industry and into the commercial side of the business. Sales, marketing, and then business development at SmithKline Beecham, where I quickly moved into international roles leading major global brands. That gave me early experience with large launches, cross-border teams, and licensing deals. Then I had the opportunity to become CEO of a startup in London. It did not work out, but it gave me a completely different perspective on risk and what it really takes to build a company.
Shortly after, a former boss who had become CEO of Novartis told me in no uncertain terms I should join. I moved to Switzerland, and eventually into business development for Novartis Ophthalmics, where I in-licensed Lucentis, the biggest deal Novartis had done at that time. But the entrepreneurial instinct came back. I left for a VC-backed biotech in Munich, helped the investors to an exit, then ran a second startup in Basel before joining Pharming in 2008. I stayed for 16 years. We navigated difficult years financially, brought the product to approval in both Europe and the US.
Sijmen de Vries
I think we were the first Dutch company to achieve that from our own research, and built it into a profitable multi-product rare disease business. That journey is the experience I draw on most.
Which key decisions defined your tenure as CEO?
Two in particular. The first was buying back the US commercialization rights from our partner. We had an approved drug but the partnership was not delivering what the product needed. Taking back those rights was an unusual step for a capital-constrained European biotech, but it was the right call. From that point Pharming became profitable and has not issued shares to raise money since, nearly ten years ago
Interview
now. The US cash flow gave us the freedom to grow on our own terms.
The second was how we deployed that cash flow. We acquired a second product from Novartis and later a Swedish company with a promising asset in pivotal trials for primary mitochondrial disease, building a multi-asset platform through focused M&A rather than dilutive equity rounds. Both decisions came down to conviction, timing, and knowing from experience when a partner will give your product the attention it deserves. I have been on both sides of those negotiations, and that perspective is not something you can get any other way.
What are the key insights from your time as CEO that are most relevant for your board role at Mendus?
Always have a Plan B, C, and D. A clinical-stage biotech has to stay financed and focused at the same time, and those two things pull against each other. I have been through moments at Pharming where the data was ready but a delayed milestone put us very close to serious trouble. That kind of pressure sharpens your thinking. You learn to keep your head cool and make sure there is always a path forward.
The other lesson is focus. The hardest thing for any biotech CEO is resisting the pull toward complexity: more programs, more partnerships, more ambitions. All of it dilutes what matters. The companies that succeed identify their strongest asset and execute without distraction. Mendus has that clarity. The data is strong, the strategy is well defined, and my job on the board is to help keep it that way.
What makes it interesting for you to join the Mendus board?
Mendus is a company I have followed for a number of years. Pharming itself evaluated oncology opportunities at one
point, and Mendus was on our radar. The ADVANCE II data is genuinely compelling. An estimated five-year overall survival that roughly doubles standard of care is not a modest signal. It addresses a real unmet need: patients post first-line chemotherapy facing high relapse rates with very few options. That combination of strong data and clear unmet need is exactly what attracts serious investors and partners.
What also drew me here is how Erik Manting as CEO has positioned the company: proactive rather than passive, running parallel tracks in AML and CML, thinking ahead about how vididencel can create value across more than one setting. I have had many informal conversations with Erik over the years and watched that strategy develop. Contributing to what comes next, and helping Mendus realize the value it has built, is something I am genuinely looking forward to.
What potential do you see at Mendus as it enters this new phase?
The core challenge at Mendus right now is this: one product, two distinct market opportunities. In AML there is a mature data set, strong regulatory designations, and a clear proof of concept. In CML the scientific rationale is compelling. As the disease becomes a chronic managed condition, the unmet need around treatment-free remission is real and growing. The move into CML is not a pivot; it is a logical extension of the platform. Maximizing value from both without diluting either is precisely where my experience is most relevant.
Beyond that, I bring specific knowledge of the US market and a network of institutional investors on that side. European biotechs often underperform in the US not because the science is weaker, but because the story does not reach the right audience at the right time. Mendus has the data and the narrative to compete internationally, and my goal on the board is to help the company take full advantage of that.
Financial information
The Group
Revenue
No revenue was recognised in the first quarter – (-). Other operating income amounted to KSEK 6,610 (1,340) and mainly consisted of income from a research collaboration with an international biopharmaceutical partner and research grants from Oncode PACT.
Operating expenses
Total operating expenses for the quarter amounted to KSEK -26,705 (-31,562). Operating expenses related to administrative expenses and research and development expenses for the DCOne® platform and the vididencel and ilixadencel programmes. The decrease compared with the prior year is primarily attributable to the reorganisation carried out during Q4 2025.
Research and development expenses
Research and development expenses for the quarter amounted to KSEK -17,789 (-21,737). The expenses mainly relate to the DCOne® platform and the vididencel and ilixadencel programmes. The reduction compared with the prior year is attributable to the reorganisation carried out during Q4 2025.
Administrative expenses
Administrative expenses amounted to KSEK -8,486 (-9,176). Included general and administrative (G&A) expenses mainly relate to the finance function, Group management and costs associated with financing activities and investor relations. Mendus continues to review its cost base and implement efficiency measures where possible.
Result
Operating result for the first quarter amounted to KSEK -20,095 (-30,222). Result for the period amounted to KSEK -21,022 (-30,482). The change in result compared with the prior year is related to the reorganisation carried out during Q4 2025.
Earnings per share before and after dilution for the Group amounted to SEK -0.34 (-0.61).
Tax
No income tax expense was recognised for the first quarter – (-).
Cash flow, investments and financial position
Cash flow from operating activities for the first quarter amounted to KSEK -20,798 (-15,235).
Cash flow from investing activities amounted to KSEK 798 (-44) and relates to a reclassification of deposits from non-current to current.
Cash flow from financing activities amounted to KSEK 29,434 (-732). The positive cash flow is attributable to short-term borrowings from Fenja during the period.
Cash and cash equivalents amounted to KSEK 74,128 (84,730) as of 31 March 2026.
Total equity amounted to KSEK 565,137 (614,539), corresponding to SEK 9.03 (12.20) per share. The equity ratio was 89% (92%).
REPORT ON THE FIRST QUARTER | January–March 2026
Financial information
Parent Company Mendus AB
Revenue
No revenue was recognised in the first quarter – (-). Other operating income amounted to KSEK 3,880 (1,339) and mainly consisted of recharged costs to Mendus BV and Mendus Australia Pty. The Company has focused its clinical activities on vididencel during the year, resulting in a higher proportion of R&D personnel costs in Sweden being recharged to subsidiaries.
Operating expenses
Total operating expenses for the quarter amounted to KSEK -7,648 (-10,653) and were mainly attributable to administrative expenses and research and development expenses related to ilixadencel.
Research and development expenses
Research and development expenses for the quarter amounted to KSEK -2,611 (-3,497) and mainly relate to CMO costs recognised in the Parent Company and subsequently recharged to subsidiaries. Patent and storage costs relating to ilixadencel remain in the Parent Company.
Administrative expenses
Administrative expenses amounted to KSEK -4,924 (-6,541) and mainly relate to the finance function, Group management and investor relations activities.
Result
Operating result amounted to KSEK -3,768 (-9,313).
Result for the period amounted to KSEK -4,552 (-9,313).
Tax
No income tax expense was recognised for the first quarter – (-).
Cash flow, investments and financial position
Cash flow from operating activities amounted to KSEK -832 (-15,367).
Cash flow from investing activities amounted to KSEK -19,162 (-19,508) and relates to capital contributions to Mendus BV and Mendus Australia Pty.
Cash flow from financing activities amounted to KSEK 30,131 (-) and is attributable to short-term borrowings from Fenja during the period
Cash and cash equivalents amounted to KSEK 70,917 (65,165) as of 31 March 2026.
Total equity amounted to KSEK 1,043,557 (1,012,480), corresponding to SEK 20.72 (20.11) per share. The equity ratio was 96% (99%).
REPORT ON THE FIRST QUARTER | January–March 2026
Other information
Share-based incentive programmes
The purpose of share-based incentive programmes is to promote the long-term interests of the Company by motivating and rewarding senior executives and other employees in line with the interests of shareholders. There are currently two active programmes in the Company.
LTI 2023/2027
An extraordinary general meeting held on 13 December 2023 resolved to implement a share-based incentive programme with employee stock options. The maximum number of employee stock options that may be granted amounts to 2,366,661*. As of 31 March 2026, 1,538,334 employee stock options have been allocated to employees, corresponding to dilution of approximately 2.4%.
LTI 2025/2028
The annual general meeting held on 6 May 2025 resolved to implement a share-based incentive programme with employee stock options. In accordance with the resolution, a maximum of 1,213,162 employee stock options may be granted. Of these, 958,398 have been allocated to employees, corresponding to dilution of approximately 1.5%.
For further information regarding the programmes, reference is made to the minutes of the extraordinary general meeting held on 13 December 2023 and the annual general meeting in 2025, which are available on the Company's website, www.mendus.com.
Employees
As of 31 March 2026, the Group had 19 (28) employees, of whom 13 (18) were women and 6 (10) were men.
*after share consolidation 20:1
The Mendus share
The share is listed on Nasdaq Stockholm Main Market under the short name IMMU, with ISIN code SE0005003654. The number of shares in the Company amounted to 62,584,578 (50,359,578) as of 31 March 2026, and the share capital of the Company amounted to KSEK 62,585 (50,360). All shares carry equal voting rights and an equal entitlement to the assets and results of Mendus.
Shareholders as of 2026-03-31
Source: Euroclear Sweden
| Owners | Shares | % of votes and capita |
|---|---|---|
| Adrianus Van Herk | 22,360,176 | 35.73% |
| Flerie Invest AB | 14,145,242 | 22.60% |
| Fourth Swedish National Pension Fund | 5,841,000 | 9.33% |
| Avanza Pension | 1,974,756 | 3.16% |
| Mendus AB | 1,140,832 | 1.82% |
| Nordnet Pensionsförsäkring | 716,036 | 1.14% |
| Erik Manting | 681,038 | 1.12% |
| Holger Blomstrand Byggnads AB | 649,443 | 1.04% |
| Storebrand Asset Management | 581,405 | 0.93% |
| Tord Cederlund | 494,443 | 0.79% |
| Staffan Wensing | 406,237 | 0.65% |
| Dharminder Chahal | 352,563 | 0.56% |
| SEB Funds | 331,034 | 0.53% |
| Lars Nilsson | 317,038 | 0.51% |
| Handelsbanken Fonder | 279,847 | 0.45% |
| Stefan De Geer | 210,678 | 0.34% |
| Lotta Ferm | 200,000 | 0.32% |
| Johan Thorel | 176,582 | 0.28% |
| PLUS Asset Management | 174,023 | 0.28% |
| Thomas Fønlev Jensen | 157,227 | 0.25% |
| Total top 20 | 51,189,600 | 81.82% |
| Other | 11,394,978 | 18.18% |
| Total | 62,584,578 | 100.00% |
Review
This report has not been reviewed by the company's auditor.
REPORT ON THE FIRST QUARTER | January–March 2026
FINANCIAL REPORTS
THE GROUP
Consolidated income statement
| Amounts in KSEK | 2026 jan-mar | 2025 jan-mar | 2025 jan-dec |
|---|---|---|---|
| Revenue | – | – | – |
| Total revenue and other operating income | – | – | – |
| OPERATING EXPENSES | |||
| Administration expenses | -8,486 | -9,176 | -35,195 |
| Research and development expenses | -17,789 | -21,737 | -85,061 |
| Other operating income | 6,610 | 1,340 | 7,902 |
| Other operating expenses | -431 | -649 | -1,138 |
| Operating profit/loss | -20,095 | -30,222 | -113,491 |
| RESULT FROM FINANCIAL ITEMS | |||
| Financial income | 78 | 1 | 3,516 |
| Financial costs | -1,005 | -261 | -3,283 |
| Profit/loss after financial items | -21,022 | -30,482 | -113,258 |
| TOTAL PROFIT/LOSS BEFORE TAXES | -21,022 | -30,482 | -113,258 |
| Income tax | – | – | – |
| PROFIT/LOSS FOR THE PERIOD | -21,022 | -30,482 | -113,258 |
| Earnings/loss per share before and after dilution (SEK), for profit attributable to owner of the parent company’s shareholders*. | -0.34 | -0.61 | -2.17 |
Consolidated statement of comprehensive income
| Amounts in KSEK | 2026 jan-mar | 2025 jan-mar | 2025 jan-dec |
|---|---|---|---|
| Result for the period | -21,022 | -30,482 | -113,258 |
| Other comprehensive income | – | – | – |
| Exchange differences on translation of foreign operations | 72 | -580 | -387 |
| Other comprehensive income for the period | 72 | -580 | -387 |
| Total comprehensive income for the period | -20,950 | -31,062 | -113,645 |
Profit/loss for the period and total comprehensive income, are in their entirety attributable to the parent company's shareholders.
REPORT ON THE FIRST QUARTER | January–March 2026
Consolidated balance sheet statement
| Amounts in KSEK | 31/03/2026 | 31/03/2025 | 31/12/2025 |
|---|---|---|---|
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Goodwill | 108,350 | 108,350 | 108,350 |
| Technology | 424,091 | 424,091 | 424,091 |
| Right-of-use assets | 16,506 | 19,193 | 17,023 |
| Equipment | 4,192 | 7,226 | 4,971 |
| Other long term receivables | 2 | 361 | 795 |
| Total Non-current assets | 553,141 | 559,221 | 555,230 |
| CURRENT ASSETS | |||
| Other receivables | 3,480 | 2,719 | 2,338 |
| Prepaid expenses and accrued income | 3,416 | 20,626 | 6,099 |
| Cash and cash equivalents | 74,128 | 84,730 | 64,656 |
| Total current assets | 81,023 | 108,075 | 73,094 |
| TOTAL ASSETS | 634,164 | 667,296 | 628,323 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
| Share capital | 62,585 | 50,360 | 62,585 |
| Additional paid-in capital | 1,497,739 | 1,454,693 | 1,496,813 |
| Shares in own custody | -1,141 | - | -1,236 |
| Reserves | -3,763 | -4,029 | -3,835 |
| Retained earnings (including profit/loss for the period) | -990,283 | -886,485 | -969,261 |
| Total equity attributable to the shareholders of the parent company | 565,137 | 614,539 | 585,065 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Other long-term liabilities | 850 | 850 | 850 |
| Lease liabilities | 15,056 | 17,669 | 15,285 |
| Total non-current liabilities | 15,906 | 18,519 | 16,135 |
| CURRENT LIABILITIES | |||
| Lease liabilities | 2,765 | 2,624 | 2,715 |
| Accounts payable | 7,016 | 5,726 | 6,656 |
| Current portion of long-term debt | - | - | - |
| Other liabilities | 31,258 | 2,430 | 1,773 |
| Accrued expenses and deferred income | 12,082 | 23,457 | 15,978 |
| Total current liabilities | 53,121 | 34,238 | 27,122 |
| Total liabilities | 69,027 | 52,756 | 43,257 |
| Total shareholders' equity and liabilities | 634,164 | 667,296 | 628,323 |
REPORT ON THE FIRST QUARTER | January–March 2026
Consolidated statement of changes in equity
Attributable to owners of Mendus AB (publ)
| Amounts in KSEK | Share capital | Additional paid in capital | Reserves | Retained earnings inc. profit/loss for the period | Total |
|---|---|---|---|---|---|
| Opening shareholders’ equity 01/01/2026 | 62,585 | 1,496,813 | -3,835 | -970,497 | 585,065 |
| Profit/loss for the period | – | – | – | -21,022 | -21,022 |
| Other comprehensive income | – | – | 72 | – | 72 |
| Total comprehensive income | – | – | 72 | -21,022 | -20,950 |
| Transactions with owners | |||||
| Purchase of own shares | – | 461 | – | 95 | 556 |
| Share related remuneration | – | – | – | – | – |
| Issued warrants | – | 890 | – | – | 890 |
| Share issue | – | – | – | – | – |
| Costs for new share issue | – | -425 | – | – | -425 |
| Total transaction with owners | – | 926 | – | 95 | 1021 |
| Shareholders’ equity 31/03/2026 | 62,585 | 1,497,739 | -3,763 | -991,424 | 565,137 |
| Opening shareholders’ equity 01/01/2025 | 50,360 | 1,454,241 | -3,448 | -856,003 | 645,149 |
| --- | --- | --- | --- | --- | --- |
| Profit/loss for the period | – | – | – | -30,482 | -30,482 |
| Other comprehensive income | – | – | -580 | – | -580 |
| Total comprehensive income | – | – | -580 | -30,482 | -31,062 |
| Transactions with owners | |||||
| Purchase of own shares | – | – | – | – | – |
| Share related remuneration | – | – | – | – | – |
| Issued warrants | – | 453 | – | – | 453 |
| Share issue | – | – | – | – | – |
| Costs for new share issue | – | – | – | – | – |
| Total transaction with owners | – | 453 | – | – | 453 |
| Shareholders’ equity 31/03/2025 | 50,360 | 1,454,693 | -4,029 | -886,485 | 614,539 |
| Opening shareholders’ equity 01/01/2025 | 50,360 | 1,454,241 | -3,448 | -856,003 | 645,149 |
| --- | --- | --- | --- | --- | --- |
| Profit/loss for the period | – | – | – | -113,258 | -113,258 |
| Other comprehensive income | – | – | -387 | – | -387 |
| Total comprehensive income | – | – | -387 | -113,258 | -113,645 |
| Transactions with owners | |||||
| Purchase of own shares | – | – | – | -1,725 | -1,725 |
| Share related remuneration | – | 2,266 | – | 489 | 2,755 |
| Issued warrants | – | 2,737 | – | – | 2,737 |
| Share issue | 12,225 | 42,000 | – | – | 54,225 |
| Costs for new share issue | – | -4,431 | – | – | -4,431 |
| Total transaction with owners | 12,225 | 42,572 | – | -1,236 | 53,561 |
| Shareholders’ equity 31/12/2025 | 62,585 | 1,496,813 | -3,835 | -970,497 | 585,065 |
REPORT ON THE FIRST QUARTER | January–March 2026
Consolidated statement of cash flows
| Amounts in KSEK | Note | 2026 jan-mar | 2025 jan-mar | 2025 jan-dec |
|---|---|---|---|---|
| Operating activities | ||||
| Operating profit/loss before taxes | -21,022 | -30,482 | -113,258 | |
| Adjustment for items not included in cash flow | 9 | 3,305 | 2,793 | 13,991 |
| Interest income | 1 | - | 884 | |
| Interest expense paid | -998 | - | -3,018 | |
| Cash flow from operating activities before changes in working capital | -18,713 | -27,689 | -101,401 | |
| Increase/decrease in other current receivables | 2,147 | 7,889 | 22,667 | |
| Increase/decrease in accounts payable | 220 | -1,561 | 5,896 | |
| Increase/decrease in other current liabilities | -4,452 | 6,126 | -8,693 | |
| Cash flow from operating activities | -20,798 | -15,235 | -81,532 | |
| Investment activities | ||||
| Investments in tangible assets | - | -44 | -307 | |
| Divestments of tangible fixed assets | 7 | - | 7 | |
| Investment in long-term receivables | - | - | -434 | |
| Divestment of long-term receivables | 791 | - | - | |
| Cash flow from investment activities | 798 | -44 | -734 | |
| Financing activities | ||||
| New Share issue | - | - | 54,225 | |
| Purchase of own shares | 545 | - | -1,725 | |
| New share Issue costs | -414 | - | -4,431 | |
| New loan | 30,000 | - | - | |
| Repayment of lease liability | -697 | -732 | -2,886 | |
| Cash flow from financing activities | 29,434 | -732 | 45,183 | |
| Cash and cash equivalents at the beginning of the period | 64,656 | 101,905 | 101,905 | |
| Cash flow for the period | 9,433 | -16,011 | -37,083 | |
| Foreign exchange difference in cash and cash equivalents | 39 | -1,164 | -166 | |
| Cash and cash equivalents at the end of the period | 74,128 | 84,730 | 64,656 |
REPORT ON THE FIRST QUARTER | January–March 2026
FINANCIAL REPORTS
PARENT COMPANY
Parent Company income statement
| Amounts in KSEK | 2026
jan-mar | 2025
jan-mar | 2025
jan-dec |
| --- | --- | --- | --- |
| Revenue | – | – | – |
| Total revenue | – | – | – |
| OPERATING EXPENSES | | | |
| Administration expenses | -4,924 | -6,541 | -24,074 |
| Research and development expenses | -2,611 | -3,497 | -12,241 |
| Other operating income | 3,880 | 1,339 | 10,421 |
| Other operating expenses | -112 | -615 | -396 |
| Operating profit/loss | -3,768 | -9,313 | -26,289 |
| RESULT FROM FINANCIAL ITEMS | | | |
| Financial income | 1 | – | 884 |
| Financial costs | -785 | – | -2,274 |
| Profit/loss after financial items | -4,552 | -9,313 | -27,678 |
| TOTAL PROFIT/LOSS BEFORE TAXES | -4,552 | -9,313 | -27,678 |
| Income tax | – | – | – |
| PROFIT/LOSS FOR THE PERIOD | -4,552 | -9,313 | -27,678 |
Parent Company statement of comprehensive income
| Amounts in KSEK | 2026
jan-mar | 2025
jan-mar | 2025
jan-dec |
| --- | --- | --- | --- |
| Result for the period | -4,552 | -9,313 | -27,678 |
| Other comprehensive income | – | – | – |
| Total comprehensive income for the period | -4,552 | -9,313 | -27,678 |
REPORT ON THE FIRST QUARTER | January-March 2026
Parent Company balance sheet
| Amounts in KSEK | 31/03/2026 | 31/03/2025 | 31/12/2025 |
|---|---|---|---|
| ASSETS | |||
| Financial assets | |||
| Participants in Group companies | 1,005,572 | 952,899 | 985,834 |
| Other long term securities | 1 | 1 | 1 |
| Other long term receivables | – | 143 | 577 |
| Total financial assets | 1,005,573 | 953,042 | 986,412 |
| Total fixed assets | 1,005,573 | 953,042 | 986,412 |
| CURRENT ASSETS | |||
| Intercompany receivables | 3,732 | 1,773 | 10,639 |
| Other receivables | 1,621 | 593 | 1,045 |
| Prepaid expenses and accrued income | 929 | 824 | 900 |
| Total current receivables | 6,282 | 3,190 | 12,584 |
| Cash and bank balances | 70,917 | 65,164 | 60,779 |
| Total current assets | 77,199 | 68,355 | 73,363 |
| TOTAL ASSETS | 1,082,773 | 1,021,397 | 1,059,775 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Restricted equity | |||
| Share capital | 62,585 | 50,360 | 62,585 |
| Total restricted equity | 62,585 | 50,360 | 62,585 |
| Unrestricted equity | |||
| Share premium reserve | 1,782,927 | 1,740,016 | 1,782,001 |
| Shares in own custody | -1,141 | – | -1,236 |
| Retained earnings | -796,261 | -768,583 | -768,583 |
| Profit/loss for the period | -4,552 | -9,313 | -27,678 |
| Total unrestricted equity | 980,973 | 962,120 | 984,504 |
| Total shareholders' equity | 1,043,557 | 1,012,480 | 1,047,088 |
| LIABILITIES | |||
| LONG-TERM LIABILITIES | |||
| Other long-term liabilities | 850 | 850 | 850 |
| Total long-term liabilities | 850 | 850 | 850 |
| CURRENT LIABILITIES | |||
| Accounts payable | 2,381 | 1,290 | 1,377 |
| Intercompany liabilities | 556 | 2,642 | 4,856 |
| Other liabilities | 30,602 | 173 | 895 |
| Accrued expenses and deferred income | 4,826 | 3,962 | 4,709 |
| Total current liabilities | 38,365 | 8,067 | 11,837 |
| Total liabilities | 39,215 | 8,917 | 12,687 |
| Total shareholders' equity and liabilities | 1,082,773 | 1,021,397 | 1,059,775 |
REPORT ON THE FIRST QUARTER | January–March 2026
Parent Company statement of changes in equity
| Amounts in KSEK | Share capital | Share premium reserve | Retained earnings inc. profit/loss for the period | Total |
|---|---|---|---|---|
| Opening shareholders' equity 01/01/2026 | 62,584 | 1,782,000 | -797,497 | 1,047,088 |
| Profit/loss for the period | – | – | -4,552 | -4,552 |
| Total comprehensive income | – | – | -4,552 | -4,552 |
| Transactions with owners | ||||
| Purchase/Sales of own shares | – | 461 | 95 | 556 |
| Share related remuneration | – | – | – | – |
| Issued warrants | – | 890 | – | 890 |
| Share issue | – | – | – | – |
| Costs for new share issue | – | -425 | – | -425 |
| Total transaction with owners | – | 926 | 95 | 1,021 |
| Shareholders' equity 31/03/2026 | 62,584 | 1,782,927 | -801,954 | 1,043,558 |
| Opening shareholders' equity 01/01/2025 | 50,359 | 1,739,428 | -768,582 | 1,021,205 |
| --- | --- | --- | --- | --- |
| Profit/loss for the period | – | – | -9,313 | -9,313 |
| Total comprehensive income | – | – | -9,313 | -9,313 |
| Transactions with owners | ||||
| Purchase/Sales of own shares | – | – | – | – |
| Share related remuneration | – | – | – | – |
| Issued warrants | – | 588 | – | 588 |
| Share issue | – | – | – | – |
| Costs for new share issue | – | – | – | – |
| Total transaction with owners | – | 588 | – | 588 |
| Shareholders' equity 31/03/2025 | 50,359 | 1,740,016 | -777,895 | 1,012,480 |
| Opening shareholders' equity 01/01/2025 | 50,359 | 1,739,428 | -768,582 | 1,021,205 |
| --- | --- | --- | --- | --- |
| Profit/loss for the period | – | – | -27,678 | -27,678 |
| Total comprehensive income | – | – | -27,678 | -27,678 |
| Transactions with owners | ||||
| Purchase/Sales of own shares | – | – | -1,725 | -1,725 |
| Share related remuneration | – | 2,266 | 489 | 2,755 |
| Issued warrants | – | 2,737 | – | 2,737 |
| Share issue | 12,225 | 42,000 | – | 54,225 |
| Costs for new share issue | – | -4,431 | – | -4,431 |
| Total transaction with owners | 12,225 | 42,572 | -1,236 | 53,561 |
| Shareholders' equity 31/12/2025 | 62,584 | 1,782,000 | -797,496 | 1,047,088 |
REPORT ON THE FIRST QUARTER | January–March 2026
Parent Company cash flow statement
| Amounts in KSEK | Note | 2026 jan-mar | 2025 jan-mar | 2025 jan-dec |
|---|---|---|---|---|
| Operating activities | ||||
| Operating profit/loss before taxes | -4,552 | -9,313 | -27,678 | |
| Adjustment for items not included in cash flow | 9 | 1,674 | 588 | 6,881 |
| Interest income | 1 | - | 884 | |
| Interest expense paid | -785 | - | -2,040 | |
| Cash flow from operating activities before changes in working capital | -3,662 | -8,725 | -21,953 | |
| Increase/decrease in accounts receivable | - | - | - | |
| Increase/decrease in other current receivables | 6,302 | 4,165 | -5,229 | |
| Increase/decrease in accounts payable | 1,004 | -1,101 | -1,014 | |
| Increase/decrease in other current liabilities | -4,476 | -9,705 | -6,256 | |
| Cash flow from operating activities | -832 | -15,367 | -34,451 | |
| Investment activities | ||||
| Increase/decrease in long term receivable, intra-group | 577 | 2,686 | 2,252 | |
| Investment in financial assets | -19,738 | -22,195 | -55,130 | |
| Cash flow from investment activities | -19,162 | -19,508 | -52,878 | |
| Financing activities | ||||
| New share issues | - | - | 54,225 | |
| Shares in own custody | 545 | - | -1,725 | |
| New loan | 30,000 | - | - | |
| New share issues cost | -414 | - | -4,431 | |
| Cash flow from financing activities | 30,131 | - | 48,069 | |
| Cash and cash equivalents at the beginning of the period | 60,779 | 100,039 | 100,039 | |
| Cash flow for the period | 10,138 | -34,875 | -39,260 | |
| Foreign exchange difference in cash and cash equivalents | - | - | - | |
| Cash and cash equivalents at the end of the period | 70,917 | 65,164 | 60,779 |
REPORT ON THE FIRST QUARTER | January-March 2026
Notes
Note 1 – General information
Mendus AB (publ) (hereinafter "Mendus"), registration number 556629-1786, is a Swedish public company domiciled in Stockholm. The address of the Company's head office is Västra Trädgårdsgatan 15, SE-111 53 Stockholm. The Board of Directors approved this interim report for publication on 7 May 2026.
Note 2 – Accounting policies
The consolidated financial statements of Mendus have been prepared in accordance with applicable parts of the Swedish Annual Accounts Act, RFR 1 Supplementary Accounting Rules for Groups and International Financial Reporting Standards (IFRS®) and interpretations issued by the IFRS Interpretations Committee (IFRIC®) as adopted by the EU. The consolidated financial statements have been prepared in accordance with the acquisition method.
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
The Parent Company's interim financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the recommendation issued by the Swedish Financial Reporting Board, RFR 2.
The Group's accounting policies are unchanged and are described in the Annual Report for 2025 (Note 2, pages 35–37). Where the Parent Company applies accounting policies that differ from those of the Group, these are described in the Annual Report for 2025 (Note 2, page 49).
Note 3 – Significant judgements and estimates
The preparation of financial statements requires the use of accounting estimates, which by definition seldom equal actual outcomes. Management also makes judgements in applying the Group's accounting policies. These judgements and estimates are unchanged and are described in the Annual Report for 2025 (Note 5, page 38).
Note 4 – Outlook, material risks and uncertainties
Mendus is a research and development company. The Company has not historically generated any significant revenue and is not expected to do so in the short term. The Company's product candidates depend on research and development and may be delayed and/or result in higher costs. The Company is dependent on its ability to enter into licence and collaboration agreements and on a large number of approval and reimbursement regimes and related laws, regulations, decisions and practices, which may change over time. In addition, the Company is dependent on intellectual property rights.
The risk considered to be of particular importance to Mendus' future development is access to sufficient financial resources to support the Company's funding requirements. The Board of Directors and management continuously monitor and evaluate the Group's financial position and liquidity.
There is a risk that the available liquidity as of 31 March 2026 will not be sufficient to finance operations beyond the beginning of 2027, and the Company may need to raise additional capital to continue the development of its programmes. The Board is monitoring the situation and evaluating financing alternatives, including the timing and scope of capital raising. The Board assesses that the prospects for raising capital are good. However, if financing is not obtained to a sufficient extent, material uncertainties exist that may cast significant doubt on the Group's ability to continue as a going concern.
This report contains forward-looking statements. Actual outcomes may differ from those stated. Internal factors, such as the successful management of research projects and intellectual property, as well as external factors such as the economic climate, political developments and competing research projects, may affect future results.
Note 5 – Related party transactions
Related parties include members of Group management, members of the Boards of Directors of the Parent Company and subsidiaries, as well as subsidiaries. During the first quarter, purchases of goods and services by Mendus AB amounted to KSEK -556 (-2,663) and sales amounted to KSEK 3,732 (1,292). No other related party transactions have taken place during the year. All transactions with related parties are conducted on an arm's length basis.
Note 6 – Financial instruments
Mendus' financial assets and liabilities comprise cash and cash equivalents, other current receivables, other non-current receivables, other non-current investments in securities, other non-current liabilities, other current
REPORT ON THE FIRST QUARTER | January–March 2026
liabilities and trade payables. The fair values of all financial instruments correspond in all material respects to their carrying amounts.
Note 7 – Significant events after the reporting period
» Mendus announced start of clinical program in CML (chronic myeloid leukemia). The company has completed preparations and received all regulatory approvals for the VITAL-CML trial, marking the start of clinical development with the company's lead product vididencel CML.
» Mendus announced that the first patient has been enrolled in the VITAL-CML trial, which evaluates vididencel in chronic phase CML patients with a sub-optimal response to currently approved tyrosine kinase inhibitors (TKIs).
Note 8 – Investments in Group companies
Investments in Group companies comprise shares in Mendus BV and Mendus Australia Pty. Mendus BV was acquired on 21 December 2020, and Mendus AB holds 100% of the capital and voting rights. The number of shares amounts to 60,000,000. Mendus Australia Pty was incorporated on 9 October 2023, and Mendus AB holds 100% of the capital and voting rights. The number of shares amounts to 3,040,095.
Note 9 – Adjustments for items not included in cash flow
| Consolidated | 2026
jan-mar | 2025
jan-mar | 2025
jan-dec |
| --- | --- | --- | --- |
| Adjustments for items not including consist of following | | | |
| Depreciation | 1,515 | 1,604 | 6,288 |
| Warrants | 890 | 588 | 2,737 |
| Translation differences | 116 | 601 | -156 |
| Recognised interest | 784 | - | 2,367 |
| Share based remuneration | - | - | 2,755 |
| Other, non cash items | - | - | - |
| Total | 3,305 | 2,793 | 13,991 |
| Parent Company | 2026
jan-mar | 2025
jan-mar | 2025
jan-dec |
| --- | --- | --- | --- |
| Adjustments for items not including consist of following | | | |
| Depreciation | - | - | - |
| Warrants | 890 | 588 | 2,737 |
| Translation differences | - | - | - |
| Share based remuneration | - | - | 2,755 |
| Recognised interest | 784 | - | 1,389 |
| Other, non cash items | - | - | - |
| Total | 1,674 | 588 | 6,881 |
REPORT ON THE FIRST QUARTER | January–March 2026
23
Key performance measurements
The company presents in this report certain key performance measures, including two measures that is not defined under IFRS, namely expenses relating to research and development/operating expenses and equity ratio. These financial performance measures should not be viewed in isolation or be considered to replace the performance indicators that have been prepared in accordance with IFRS. In addition, such performance measure as the company has defined it should not be compared with other performance measures with similar names used by other companies. This is because the above-mentioned performance measure is not always defined in the same manner, and other companies may calculate them differently to Mendus.
The Group
| | 2026
Jan - Mar | 2025
Jan - Mar | 2025
Jan - Dec |
| --- | --- | --- | --- |
| Share capital at end of period, KSEK | 62,585 | 50,360 | 62,585 |
| Equity at the end of period, KSEK | 565,137 | 614,539 | 585,065 |
| Earnings per share before and after dilution, SEK | -0.34 | -0.61 | -2.17 |
| Research and development costs, KSEK | -17,789 | -21,737 | -85,061 |
| Research and development costs/operating expenses, % | 67% | 69% | 70% |
Parent Company
| | 2026
Jan - Mar | 2025
Jan - Mar | 2025
Jan - Dec |
| --- | --- | --- | --- |
| Total registered shares at the beginning of period | 50,359,578 | 50,359,578 | 50,359,578 |
| Total registered shares at the end of period | 50,359,578 | 50,359,578 | 62,584,578 |
| Share capital at end of period, KSEK | 62,585 | 50,360 | 62,585 |
| Equity at the end of period, KSEK | 1,043,557 | 1,012,480 | 1,047,088 |
| Research and development costs, KSEK | -2,611 | -3,497 | -12,241 |
| Research and development costs/operating expenses, % | 34% | 33% | 33% |
REPORT ON THE FIRST QUARTER | January-March 2026
Definitions and reconciliation of alternative performance measurements
| Alternative performance measurements | Definition | Justification |
|---|---|---|
| Equity ratio | Total shareholders’ equity divided by total assets | The key ratio provides useful information of the company’s capital structure. |
| Research & development costs/operating expenses, % | Research & development costs/operating expenses, % | The research and development /operating expenses ratio is an important complement because it allows for a better evaluation of the company’s economic trends and the proportion of its costs that are attributable to the company’s core business. |
Derivation The Group
| | 2026
Jan - Mar | 2025
Jan - Mar | 2025
Jan - Dec |
| --- | --- | --- | --- |
| Total shareholders equity at the end of the period, KSEK | 565,137 | 614,539 | 585,065 |
| Total assets at the end of the period, KSEK | 634,164 | 667,296 | 628,323 |
| Equity ratio at the end of the period, % | 89% | 92% | 93% |
| Research & Development costs | -17,789 | -21,737 | -85,061 |
| Administrative costs | -8,486 | -9,176 | -35,195 |
| Other operating expenses | -431 | -649 | -1,138 |
| Total operating expenses | -26,705 | -31,562 | -121,394 |
| Research & development costs/operating expenses, % | 67% | 69% | 70% |
Derivation Parent Company
| | 2026
Jan - Mar | 2025
Jan - Mar | 2025
Jan - Dec |
| --- | --- | --- | --- |
| Total shareholders equity at the end of the period, KSEK | 1,043,557 | 1,012,480 | 1,047,088 |
| Total assets at the end of the period, KSEK | 1,082,773 | 1,021,397 | 1,059,775 |
| Equity ratio at the end of the period, % | 96% | 99% | 99% |
| Research & Development costs | -2,611 | -3,497 | -12,241 |
| Administrative costs | -4,924 | -6,541 | -24,074 |
| Other operating expenses | -112 | -615 | -396 |
| Total operating expenses | -7,648 | -10,653 | -36,710 |
| Research & development costs/operating expenses, % | 34% | 33% | 33% |
REPORT ON THE FIRST QUARTER | January-March 2026
Financial Calendar
» Publication of Q2 interim report
August 20, 2026
» Publication of Q3 interim report
November 11, 2026
For further information, please contact:
Erik Manting, CEO, Mendus
Phone: +46 (0)8 732 8400
E-mail: [email protected]
Lotta Ferm, CFO, Mendus
Telephone: +46 (0)8 732 8400
E-mail: [email protected]
Postal address: Västra Trädgårdsgatan 15
SE- 111 53 Stockholm, Sweden
Corporate identity number: 556629-1786
The information contained in this report is that which Mendus (publ), is obliged to publish in accordance with the Swedish Securities Market Act (SFS 2007:528). The information was submitted for publication, through the agency of the contact persons set out above, on May 8, 2026, at 08:00 a.m. CET.
The Group is referred to unless otherwise stated in this Year-end report. Figures in parentheses refer to the corresponding period last year.
This report has been prepared in a Swedish original version and translated into English. In the event of any inconsistency between the two versions, the Swedish language version should have precedence.
www.mendus.com
Head Office
Västra Trädgårdsgatan 15
111 53 Stockholm
Sweden
R&D Offices
Emmy Noetherweg 2K
2333 BK Leiden
The Netherlands
REPORT ON THE FIRST QUARTER | January–March 2026
www.mendus.com
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mendus