Redeye provides its comment on Mendus’ Q1 2024 report. Encouragingly, the company has recently received the ethics committee greenlight for CADENCE, and we understand the trial initiated patient recruitment in April 2024. TO3 exercise has extended Mendus’ funding runway into Q3 2025e, i.e., beyond CADENCE part 1 top-line data (mid-2025e). We finetune our estimates and valuation.