Mendus AB (publ)

Welcome to MENDES Q2 Report 2025 presentation. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers, CEO Eric Manting and CFO Lotta Firm. Please go ahead.

Thank you and welcome everybody to the Q2 webcast and business update of MENDES. As a summary of the key events in Q2, we have presented data at multiple conferences of the ongoing Advanced 2 Phase 2 trial in acute myeloid leukemia, showing that our immunotherapy VD-Den cell improves T-cell repertoire and also that it acts across broader mutation ranges of AML. We had shown this in the past already in our earlier studies, but now also in the ADVANCE-II trial, we specifically focused on a common mutation called NPM-1. The relevance of this is that we are showing and continue to show that we stimulate broad immunity against residual disease and also that our product acts across different subtypes of AML. And that makes it very different from targeted therapies that by definition are always dependent on specific mutations being present in the disease, and also with quite a high risk of what's called clonal escape. So if you put a lot of pressure on one specific mutation, patients will develop new clones of the disease that will be resistant to that specific drug targeting that mutation. And the fact that we see a very broad immune stimulation, and also in this set of data, but also earlier data sets, that there was no association between the effectiveness of the product and the actual cytogenetics or the makeup of the tumor that makes it a very suitable strategy broadly across AML subtypes. Then we are progressing with NorthX Biologics and our manufacturing alliance to deliver large-scale GMP batches that will support our late-stage clinical development and in the end commercialization of the product. And we have strengthened in the person of Tarek Mughal our late stage development capabilities to shape our late stage development strategy, particularly in hemato-oncology. We have started to recruit patients in the AML22 cadence trial in the beginning of the year. And we can say that that is ramping up very nicely. We will provide a more detailed update in our next strategy update, but it's clearly picking up momentum. And we're very happy with this trial, which we will talk in a bit more detail further down the slide deck. But recruitment is ongoing and is picking up as we hoped for. In the deeper pipeline, our earlier stage pipeline, we have a phase one trial in ovarian cancer. And for the first time, we presented data of that trial at a major conference called ESCO, showing that tumor-directed immune responses were elicited by the product, but also very importantly that they are associated with progression-free survival in this very high-risk tumor type. And finally, as one of the key events, after the closing date of June this year, in July, the United States Patent and Trademark Office granted us a key patent that covers the use of alfilidansel in ovarian cancer. Then handing it over to Lotta to summarize the financial overview. Lotta, I think you are on mute.

Yes, hi everyone. The cash burn for the period for the Q2 was 26.9 million and for the first half year it was 42.9 million. The difference in the H1 operating result and the cash flow is mainly related to prepaid expenses and that's also mainly related is the Norfex cost for the tech transfer. And if we compare the figures with last year, we can see that there was a lot of higher, because it was more working on the tech transfer, higher activity last year than it's this year. Now we are going into a more late stage production phase. The cash position is 58.9 million at the end of the second quarter. And we also have some shares in the balance sheet. We have 1.4 million shares. They were issued after a decision from the AGM to cover bonus payments for the employees and to cover the board fee for those who choose to use this opportunity. The vast majority of the employees and also the majority of the board members has used this opportunity. But we still have some shares in the balance sheet and it's to cover tax and social fee. And there is also an extra part because we didn't know the share price. We have got the mandate to sell these shares in the market, but all of them. But it doesn't mean that we will sell all of them and we will only sell shares if it's a good opportunity to sell shares. That's everything from me.