Mendus is a clinical-stage biotechnology company developing cellular immunotherapies for cancer. The company aims to improve disease-free and overall survival in cancers with a high recurrence rate. Its lead product, vididencel, is being developed as maintenance therapy for acute myeloid leukemia (AML) and is about to enter a Phase II clinical trial. As a pre-revenue company, Mendus' risk profile is high, as unfavorable research results can lead to a permanent loss of capital. These risks are offset by significant upside potential if commercialization is successful. Our DCF model suggests upside for stock while relative valuation is in line with Nordic peers. The stock's upside could be realized via a partnering deal or Mendus becoming an acquisition target.