Mendus AB (publ)

Mendus AB (publ) has a highly liquid capital structure, with cash and equivalents amounting to 130.16 million SEK, representing 17.6% of total assets. The company's liquidity position is further reinforced by a current ratio of 8.19, indicating a strong ability to meet short-term obligations. However, the company is currently operating at a loss, with a net income of -38.24 million SEK and an operating income of -37.94 million SEK. The return on equity is -5.48%, and the return on assets is -5.16%, both significantly below the industry median for biotechnology firms.

The company's profitability metrics are weak, with negative operating and net income, and a negative return on equity and assets. These metrics suggest that Mendus AB (publ) is not currently generating returns for shareholders or effectively utilizing its assets. The debt-to-equity ratio is low at 0.03, indicating minimal leverage and a conservative capital structure. However, the company's operating cash flow is negative at -52.99 million SEK, and free cash flow is also negative at -36.66 million SEK, highlighting the need for continued external financing to fund operations.

Mendus AB (publ) does not disclose specific revenue segments or geographic exposure in its latest financial report. The company's operations are primarily focused on the development of MND-001, with no indication of diversified revenue streams or international market presence. This lack of diversification increases the company's exposure to risks associated with the success or failure of its lead product candidate.

The company's growth trajectory is uncertain, with no revenue reported in the latest financial period. Analysts have estimated a mean revenue of 9.00 million SEK for the upcoming period, a modest increase from the previous period's actual revenue of 7.90 million SEK. The company's negative earnings and cash flow suggest that it is not currently generating sustainable growth and may require additional capital to continue operations.

The risk assessment for Mendus AB (publ) indicates low liquidity and dilution risk, with no immediate filing-based flags detected. However, the company's negative cash flows and operating losses suggest a potential need for future financing, which could lead to dilution for existing shareholders. The company's capital expenditure is minimal at -1.41 million SEK, indicating a focus on core operations rather than expansion.

Recent events for Mendus AB (publ) include the continued development of MND-001, with no significant new filings or transcripts reported in the latest data. The company's financial performance remains a concern, with negative earnings and cash flows, and the need for ongoing external financing to support its operations.

Analysts project 171.2% upside to a consensus target price of SEK 16.00, significantly above the current market price of SEK 5.90.

Cash conversion of 1.39 exceeds the cohort median of 0.87 and ranks in the top quartile among 409 peers.

Long-term debt decreased from SEK 78.2 million in 2023 to SEK 18.9 million in the 2026 forecast, reducing leverage risk.

Dilution and liquidity risks are assessed as low, suggesting a stable capital structure and adequate market trading conditions.

The company generated zero revenue in 2024 and 2025, indicating a complete lack of commercial product sales during these periods.

Net losses persisted at SEK 113.3 million in the 2026 forecast, demonstrating an inability to achieve profitability in the near term.

Free cash flow remains deeply negative at SEK 108.8 million in the 2026 forecast, requiring continuous external capital funding.

Operating income losses widened to SEK 130.7 million in 2025, reflecting increasing operational costs without corresponding revenue generation.

Credit risk is rated as medium, potentially limiting access to favorable financing terms despite low dilution and liquidity risks.

Revenue kr 0.00; Operating income -kr 34.7M.

• ▍Revenue kr 0.00
• ▍Operating income -kr 34.7M

Revenue kr 0.00; Operating income -kr 22.7M.

• ▍Revenue kr 0.00
• ▍Operating income -kr 22.7M

Revenue kr 0.00; Operating income -kr 37.9M.

• ▍Revenue kr 0.00
• ▍Operating income -kr 37.9M

Revenue kr 0.00; Operating income +13,1% YoY.

• ▍Revenue kr 0.00
• ▍Operating income +13,1% YoY
• ▍Net income +11,8% YoY
• ▍Free cash flow +12,1% YoY

Revenue kr 0.00; Operating income −29,8% YoY.

• ▍Revenue kr 0.00
• ▍Operating income −29,8% YoY
• ▍Net income −26,4% YoY
• ▍Free cash flow −27,4% YoY

Revenue kr 0.00, −100,0% YoY; Operating income +24,7% YoY.

• ▍Revenue kr 0.00, −100,0% YoY
• ▍Operating income +24,7% YoY
• ▍Net income +26,8% YoY

Revenue kr 1.8M; Operating income −2,8% YoY.

• ▍Revenue kr 1.8M
• ▍Operating income −2,8% YoY
• ▍Net income −4,0% YoY
• ▍Net margin -7736.1%

Operating income -kr 130.1M.

• ▍Operating income -kr 130.1M