Mendus’s Q224 results reflect a period of steady progress across its clinical programmes. For vididencel, the Phase II CADENCE trial (for acute myeloid leukaemia, AML) is now ready to commence patient recruitment with the first sites opening in September. Latest data from the ADVANCE II monotherapy trial confirmed broad immune responses (updated survival data expected in Q424), bolstering sentiment in the build-up to the pivotal registrational study. Data from the Phase I ALISON trial highlighted vididencel’s safety in ovarian cancer (OC) and we expect the next readout in Q424 to drive further development work. For ilixadencel, the highlight from Q2 was the collaboration with Institut Bergonié in soft tissue sarcomas (STS), where the first patient data are expected from H126. Increased spending on the NorthX collaboration saw the operating loss rising 37% q-o-q to SEK37.9m, although cash burn improved q-o-q (to SEK22.4m) given that a large portion of these expenses were prepaid to NorthX. The cash position remains strong (SEK130.2m) and provides a runway into Q325. Following adjustments to our estimates, our valuation is now SEK2.0bn (vs SEK2.1bn previously).