Mendus AB (publ)

Now I will hand the conference over to the speakers, CEO Eric Manting and CFO Lotta Firm. Please go ahead.

Good afternoon, everybody. Good morning for those of you from the US joining, and welcome to the Q3 financial business update from Mendes. Public company, we have to show our disclaimer. It's also available on our website. The Q3 of 2025 has mainly been focusing on the progress in myeloid blood cancers. It means we have followed up our advanced to phase two A trial and have indicated a positive outcome now at 48 months median follow up. But also those data give us a lot of confidence about the potential of the product in the broader AML setting. We have started and the trial is ongoing and recruiting. the AMLM22 cadence trial together with the oscillation leukemia lymphoma group in short cadence trial. And this is a phase two B combination trial with a drug approved for AML patients that have been treated with high intensity chemotherapy called oral azacytidine. The trial is gaining momentum and we have set a goal to enroll 20 patients by the first quarter of 2026, after which we will also prepare an initial readout. Another important step is that the AML first-line treatment landscape is evolving, and we have to adapt to that. So next to high-intensity chemotherapy, there's now a very successful regime of two drugs called venetoclax and azacitidine used as a means to get chemo-ineligible AML patients into complete remission, and that is a growing patient population. which is also in a very high need of post-remission immunotherapy. And we want to be able to be part of that transformation of the AML landscape. So we are now preparing with Andrew Wei, the same professor who is also heading the AMLM22 cadence trial, a trial called DIVA, which is a phase one trial to, for the first time, study VitaDen cell in combination with azacitidin and venetoclax. Also importantly, and as a very attractive market segment in myeloid blood cancers, we have decided to position VDM cell in chronic myeloid leukemia. We will share a few details about the background of that new indication in the upcoming slides. But also importantly, we have already prepared in detail the trials to enter into this field with a phase one and a phase two A trial scheduled to start in 2026. To compensate for the additional trial costs that we anticipate in 2026, we have decided to reduce our staff, including also some of the management team members, to compensate for those additional trial costs in 2026. Mid this year, we announced that the US Patent and Trademark Office, the USPTO, granted us a patent covering the use of rhododendron in ovarian cancer. That's a part of an ongoing trial, the Allison trial in phase one, but this also validates the use of the product in ovarian cancer and it gives us a nice optionality to see how the Allison trial plays out and is, of course, in a good way protecting our product specifically for using that indication. And then we have a platform that we have been developing a lot of research, preclinical research has been going on in our labs. We have made the preclinical research subject to partnering and we actually also announced in the third quarter that we have closed an initial partnership with an international biopharmaceutical company in a research collaboration with our lab. Then going to the financial information, Lotte, can I hand it over to you?

Yes, please. Hi, everyone. Yeah, there is not much to say about the financial as usual. We have an operating result of 20.4 million The cash flow, the negative cash flow is 21.4. So it's more or less in line with the result. And it depends. And it's because we now have went into a more late stage phase with Norfex. So then we don't have costs every month because the cost for the batches will come when they will be delivered to us. The cash position end of Q3 is 37.6 million, and we expect that to have a cash runway into the beginning of 2026. Thanks, Lotte.