Medicenna Therapeutics Reports Fiscal Year 2026 Financial Results and Operational Highlights

Executive Summary

• Medicenna Therapeutics reported fiscal 2026 financial results, posting a net loss of $18.4 million ($0.22 per share) and ending the year with $6.3 million in cash and cash equivalents.
• The company highlighted compelling clinical data for MDNA11 in advanced solid tumors and differentiated preclinical safety data for MDNA113, with key ABILITY-1 data readouts expected in Q4 2026.
• Medicenna announced the closing of a $4.4 million public offering and a term sheet for a potential $8.0 million structured financing with Sorbie, extending its cash runway through Q1 2027.

Key Details

• Financial Performance (FY ended March 31, 2026): Total operating costs were $22.4 million (vs. $20.4 million in FY 2025). Net loss was $18.4 million ($0.22 loss per share) vs. $11.8 million ($0.15 loss per share) in FY 2025.
• Expense Breakdown: R&D expenses increased to $16.9 million (from $14.4 million) due to expanded MDNA11 ABILITY-1 study sites/patient inclusion and the commencement of the NEO-CYT study. G&A expenses decreased to $5.5 million (from $6.0 million) primarily due to lower stock-based compensation.
• Financing Activities: Closed a $4.4 million public offering of units subsequent to year-end. Executed a term sheet for a structured financing arrangement with Sorbie Bornholm LP and Sorbie Investments LLP, which may yield up to $8.0 million subject to customary closing conditions and regulatory approvals.
• Liquidity: Cash and cash equivalents stood at $6.3 million at fiscal year-end. Proceeds from recent and contemplated financings are expected to extend the cash runway through Q1 2027.
• MDNA11 (IL-2 Superkine): Demonstrates 30-40% response rates in 2L/3L or post-checkpoint inhibitor settings. Phase 1/2 ABILITY-1 enrollment to complete in Q3 2026, with key data readouts expected in Q4 2026. Phase 2b development strategy to be solidified by end of calendar year.
• MDNA113 (Anti-PD-1-IL-2 Bifunctional Superkine): Preclinical data presented at AACR 2026 showed superior safety at doses 30-fold higher than a competing agent, with dosing up to 50 mg/kg in non-human primates. IND-enabling studies are underway, with a planned IND submission in Q4 2026 followed by a first-in-human trial.
• Bizaxofusp (MDNA55, IL-4 Superkine): Phase 3-ready asset for recurrent glioblastoma (rGBM) with FDA Fast Track and FDA/EMA Orphan Drug status. Tested in 118 patients (112 with rGBM). Partnership opportunities are being pursued, with interim clinical data expected in Q4 2026.
• NEO-CYT Trial: Phase 1b study evaluating MDNA11 in combination with checkpoint inhibitors for advanced melanoma prior to surgery is well underway, funded by Fondazion Melanoma.
• Management: Appointed Dr. Nageatte Ibrahim, MD, as fractional Chief Medical Officer, bringing clinical expertise from Merck and Innovent Biologics USA.

Notable Quotes

• “Fiscal 2026 was a year of important execution across our Superkine pipeline, highlighted by compelling efficacy of MDNA11 in at least three different advanced cancer indications complemented by the impressive pre-clinical profile of MDNA113 in the breakthrough era of bi-functional immunotherapies,” said Fahar Merchant, Ph.D., President and CEO of Medicenna.