Mendus started planning a new clinical trial for ilixadencel against soft tissue sarcoma and progressed with patient recruitment for the CADENCE trial. Thanks to cost savings, the cash runway now extends until Q4’25 (previously Q3’25).
Below is the fresh company report on Mendus written by Antti. 
In Q3, Mendus reported bringing ilixadencel back into clinical development, opening research centers for the CADENCE trial and progressing in building Phase III readiness. Operating expenses for the quarter came in below our expectations due to implemented cost savings that should continue in the coming months. As a result, the company’s cash runway has been extended into Q4’25 (was Q3’25). We reiterate our target price of SEK 14 and lower our recommendation to Accumulate (was Buy) due to the stock price appreciation relative to our DCF model and Nordic immuno-oncology peers.