Medicenna's fiscal Q2 2026 R&D expenses at $4.1M

Executive Summary

• Medicenna Therapeutics reported financial results for the second quarter of fiscal 2026 (ended Sept. 30, 2025), reporting a net loss of $4.9 million ($0.06 per share) compared to a $4.2 million loss in the prior year period.
• The company provided significant clinical and operational updates, including the presentation of updated MDNA11 data at the ESMO Immuno-Oncology Congress and the initiation of the NEO-CYT trial in Italy.
• Medicenna announced the issuance or allowance of six new patents across multiple jurisdictions and confirmed a cash runway extending into the middle of calendar 2026.

Key Details

• Financial Results (Q2 FY2026):
  • Net loss: $4.9 million ($0.06 per share), compared to $4.2 million ($0.05 per share) in Q2 FY2025.
  • Total operating costs: $5.5 million, consistent with the prior year.
  • Cash and cash equivalents: $15.7 million at quarter-end.
  • R&D expenses: $4.1 million (up from $3.7 million), driven by increased clinical costs for the MDNA11 Ability-1 study.
  • G&A expenses: $1.4 million (down from $1.8 million), due to lower stock-based compensation and reduced personnel costs.
  • Variance explanation: The increase in net loss was primarily due to a $1 million decrease in the gain on the fair value of derivative warrant liability, partially offset by a $500,000 increase in foreign exchange gain.
• Clinical Updates (MDNA11):
  • Updated clinical data from the phase 1/2 Ability-1 study will be presented at the ESMO Immuno-Oncology Congress on Dec. 10, 2025, in London.
  • The NEO-CYT trial, sponsored by Fondazion Melanoma Onus, will evaluate MDNA11 in combination with checkpoint inhibitors (nivolumab or ipilimumab) in up to 12 cancer centers in Italy for Stage III melanoma.
  • Primary endpoint for NEO-CYT is major pathologic response (MPR).
• Pipeline Updates (MDNA113 & Bizaxofusp):
  • MDNA113 (anti-PD-1 x IL-2 bispecific) is in non-human primate studies; IND-enabling studies are planned for H1 2026, with first-in-human trials planned for H2 2026.
  • Bizaxofusp (IL-4 superkine) is pursuing partnership opportunities for its phase-3-ready program for recurrent glioblastoma.
• Intellectual Property:
  • Six new patents issued or allowed in the US, Japan, Canada, and Australia.
  • Key patents include those for IL-2 superagonists (in-licensed from Stanford) and IL-4 fusion formulations for CNS tumors.

Notable Quotes

• "We are eagerly anticipating the upcoming clinical update for MDNA11 from the global phase 1/2 Ability-1 clinical trial to demonstrate its potential as a best-in-class IL-2 therapy," said Dr. Fahar Merchant, PhD, president and chief executive officer of Medicenna.