Redeye updates its estimates and valuation after Mendus’ clinical strategy update. Given an increased addressable patient population for vididencel, we increase our non-risk-adjusted peak sales from cUSD1.05bn to cUSD2.51bn. Mendus faces several potential readouts in mid-2026e, which could act as share price catalysts. Overall, we judge that its clinical strategy adjustment was rational, though it likely means that a potential licensing deal will come later than we originally anticipated.

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