Medicenna Therapeutics Reports First Quarter Fiscal 2027 Financial Results and Announces Oral Presentations at Upcoming Conferences
Rhea-AI Summary
Medicenna Therapeutics (OTCQX: MDNAF) reported fiscal Q1 2027 results for the quarter ended June 30, 2026, and updated progress across its Superkine pipeline. Cash and cash equivalents were $5.7 million versus $6.3 million on March 31, 2026, boosted by $4.4 million in gross proceeds from a public offering and, subsequent to quarter end, $1.3 million from the Australian R&D incentive program.
The company entered a term sheet for a structured financing with Sorbie that may result in approximately $8.0 million, subject to closing conditions, which, together with existing funds, is expected to support planned spending into calendar Q2 2027. MDNA11’s Phase 1/2 ABILITY-1 enrollment remains on track to complete in Q3 2026, with previously reported response rates in the 30–40% range, and updated data plus bizaxofusp results to be presented in upcoming oral conference sessions. NEO-CYT continues enrolling melanoma patients, and planning is underway for an IND and 2027 Phase 1 trial of MDNA113.
Positive
- Cash inflows $4.4M offering plus $1.3M Australian R&D incentive
- Potential Sorbie financing term sheet targets about $8M additional capital
- Runway funding expected to support operations into calendar Q2 2027
- MDNA11 prior ABILITY-1 response rates in 30–40% range
- Clinical progress ABILITY-1 enrollment on track to complete Q3 2026
- Costs operating expenses stable at $5.4M vs $5.5M year ago
Negative
- Net loss $5.1M vs $4.9M prior-year quarter
- Limited cash $5.7M balance vs quarterly operating costs of $5.4M
- Financing risk Sorbie transaction still subject to closing conditions and approvals
AI-generated analysis. How Rhea-AI works. Not financial advice.
Updated MDNA11 clinical results from ABILITY-1 will be presented during an oral session at an upcoming medical conference
New clinical data for bizaxofusp, used for the treatment of unresectable recurrent IDH-WT glioblastoma, a uniformly fatal form of brain cancer, will also be presented during an oral session at an upcoming medical conference
Enrolment in the Phase 1/2 ABILITY-1 study remains on track for completion in Q3 2026; Medicenna plans to explore with regulators on a potential expedited registrational development path
NEO-CYT continues to enrol patients with melanoma in a randomized Phase 1b study evaluating MDNA11 in combination with nivolumab ± ipilimumab prior to surgery
Planning is underway for an IND submission with a Phase 1 trial commencing in 2027 for Medicenna's first-in-class targeted and conditionally activated bifunctional anti-PD-1-IL-2
TORONTO and HOUSTON, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Medicenna Therapeutics Corp. (“Medicenna” or the “Company”) (TSX: MDNA, OTCQX: MDNAF), a clinical-stage immunotherapy company focused on the development of Superkines targeting cancer, autoimmune, and inflammatory diseases, today reported financial results for the three months ended June 30, 2026 and provided a corporate update.
"We are delighted to have the opportunity to present new clinical data at oral sessions at two major upcoming medical conferences for our most advanced pipeline candidates, MDNA11 and bizaxofusp,” said Fahar Merchant, Ph.D., President and CEO of Medicenna. “During the first quarter, we continued to execute against the milestones we outlined earlier this year, and our key programs remain on track. Completion of enrolment in ABILITY-1 is expected this quarter, with updated MDNA11 clinical results to be provided during an oral presentation at an upcoming conference and to explore with regulators on a potential expedited registrational development path. We also look forward to presenting new clinical data on bizaxofusp in an oral session at an upcoming conference. While NEO-CYT continues to enrol at multiple centres in Italy, we continue to advance MDNA113 to support an IND submission with plans to commence a first-in-human study in 2027. We look forward to a data-rich period during the remainder of this year.”
Program highlights for the three months ended June 30, 2026, along with recent developments, include:
MDNA11: IL-2 Superkine Program
- Previously reported results from the Phase 1/2 ABILITY-1 study showed deep and durable anti-tumor activity in difficult-to-treat solid tumors, including response rates in the 30
-40% range in second- and third-line settings or as the next line of therapy following resistance to checkpoint inhibitors - Enrolment in the monotherapy and combination expansion cohorts of ABILITY-1 remains on track for completion in Q3 2026
- Medicenna plans to present updated MDNA11 clinical results in an oral presentation at an upcoming medical conference and to engage the FDA in an end-of-Phase 1 meeting to explore with regulators the potential for expedited registrational development path
- The randomized Phase 1b NEO-CYT study continues to enrol patients with melanoma and is evaluating MDNA11 prior to surgery with preliminary clinical data expected in Q4 2026
MDNA113: First-in-Class Anti-PD-1-IL-2 Bifunctional Superkine
- Anti-PD-1-IL-2 bispecifics have emerged as a promising class of immuno-oncology therapies due to cis-binding synergies
- At the 2026 AACR Annual Meeting, the Company presented preclinical data highlighting the differentiated potential of MDNA113, its IL-13Rα2-targeted anti-PD-1-IL-2 bifunctional Superkine designed for tumor targeting and activation within the tumor microenvironment
- The AACR presentation showed that MDNA113 could be administered at dose levels consistent with or exceeding standard-of-care commercial anti-PD-1 therapies, including doses up to 50 mg/kg in non-human primates
- The data also demonstrated differentiated safety and dosing capabilities compared with a competing anti-PD-1-IL-2α-biased design
- Planning is underway for an IND submission and commencing a Phase 1 clinical trial in 2027
Bizaxofusp (formerly MDNA55): Empowered IL-4 Superkine Program
The Company continues to pursue partnership opportunities for bizaxofusp, its Phase 3-ready IL-4 Empowered Superkine for recurrent glioblastoma (rGBM). Bizaxofusp has been evaluated in 118 patients with high-grade gliomas, including 112 patients with rGBM, and has received Fast Track designation from the FDA and Orphan Drug designations from the FDA and EMA.
- Updated bizaxofusp data will be presented in an oral presentation at an upcoming medical conference
Quarterly Financial Results
Medicenna ended the first quarter ended June 30, 2026 with cash and cash equivalents of
For the three months ended June 30, 2026, the Company reported total operating costs of
Net loss for the three months ended June 30, 2026, was
Research and development expenses of
General and administrative expenses of
Medicenna’s financial statements for the three months ended June 30, 2026 and the related management’s discussion and analysis (MD&A) will be made available under Medicenna’s issuer profile on SEDAR+ at www.sedarplus.ca.
About Medicenna Therapeutics
Medicenna is a clinical-stage immunotherapy company focused on developing novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines and first-in-class Empowered Superkines. Medicenna’s long-acting IL-2 Superkine, MDNA11, is a next-generation IL-2 with superior affinity toward CD122 (IL-2 receptor beta) and no CD25 (IL-2 receptor alpha) binding, thereby preferentially stimulating cancer-killing effector T cells and NK cells. Medicenna’s first-in-class targeted PD-1 x IL-2 bifunctional, MDNA113, is in development for solid tumors and was designed using the Company’s proprietary BiSKITs (Bifunctional SuperKine ImmunoTherapies) and T-MASK (Targeted Metalloprotease Activated SuperKine) platforms. Medicenna’s IL-4 Empowered Superkine, bizaxofusp (formerly MDNA55), has been studied in 5 clinical trials enrolling over 130 patients, including a Phase 2b trial for recurrent GBM, the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained Fast Track and Orphan Drug status from the FDA and FDA/EMA, respectively.
For more information, please visit www.medicenna.com, and follow us on X and LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, express or implied statements regarding the future operations of the Company, estimates, plans, strategic ambitions, partnership activities and opportunities, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not historical facts, such as statements on the therapeutic potential and safety profile of MDNA11, MDNA113 and MDNA55 (bizaxofusp), anticipated milestones, the Company's expected cash runway and financing plans, statements regarding the Sorbie Transaction, its consummation and the Company’s receipt of any potential additional proceeds that may be received by the Company from such potential investment (including the timing thereof), the receipt of any required approvals in connection with the Sorbie Transaction and upcoming expected developments, timelines, regulatory and other milestones and presentation of data. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage pre-clinical or clinical studies may not be indicative of full results or results from later stage or larger scale clinical studies and do not ensure regulatory approval. You should not place undue reliance on these statements, or the scientific data presented.
Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expect”, “believe”, “seek”, “potentially” and similar expressions. and are subject to risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the risks detailed in the latest annual information form of the Company and in other filings made by the Company with the applicable securities regulators from time to time in Canada.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date hereof and except as required by law, we do not intend and do not assume any obligation to update or revise publicly any of the included forward-looking statements.
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Investor/Company Contact:
Daniel Scarr
Director, Corporate Development
Medicenna Therapeutics
ir@medicenna.com
