Egetis Therapeutics

Medivir

Genovis

Bioinvent International

Saniona

Karolinska Development

Nanologica

Mendus

* Pre-revenue status with negative cash flow, increasing the risk of shareholder dilution.
* Operates in a highly competitive industry with potential for disruption and the risk of superior drugs being developed by competitors.
* Heavy reliance on regulatory approval for market launch, introducing significant uncertainty and potential delays.
* Dependent on key individuals (CEO and CMO) for success, which could pose risks if these individuals were to leave.
* High dependency on capital markets and a fair chance that the core business may fail, given the current stage of product development.

* Potential for recurring revenue and significant growth opportunities in cancer treatment, with the possibility of expanding into multiple indications.
* Asset-light business model allows for scalability without heavy reinvestment, (if partnership deals are secured).
* Benefits from secular tailwinds in healthcare spending and addressing unmet medical needs in hard-to-treat cancers.
* Products contribute to the greater good by aiming to improve and extend patients' lives.
* Close collaboration with potential customers (clinical sites and KOLs) during product development, fostering innovation and market fit.

Mendus is a pre-revenue company and thus relies on equity issues and credit facilities for financing. The company might need to raise additional equity capital in a challenging market, diluting shareholders who do not participate.

Mendus could cover future financing needs through licensing deals for its product candidates in 2025e-2026e. Further, strong large owners (Van Herk, Flerie, AP4) will likely invest their pro-rata share in future equity raises.

* Limited track record of CEO in creating shareholder value in previous ventures, as this is his first senior executive role.
* Pre-revenue company that is dependent on capital markets, forcing it to make trade-offs
* Lack of gender diversity in leadership, with female representation below the recommended one-third threshold on both the board and in senior management.
* Limited sustainability reporting, potentially indicating a gap in addressing growing stakeholder demands for comprehensive ESG disclosure.

* Strong leadership with CEO Erik Manting demonstrating deep industry knowledge, clear vision, and commitment to Mendus' mission of developing novel cancer therapies.
* Lean, decentralised organisation with a consistent focus on long-term value creation and transparent communication with stakeholders.
* High insider ownership (61%) and presence of controlling owners with long-term commitment, aligning management interests with shareholders.
* Board of directors comprised of truly independent members with relevant expertise, capable of challenging management and understanding the value creation process.