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Medicenna Therapeutics

MDNAF Lead: Phase 2 ★ Read the deep dive → 9 Biotech Distilled articles ↓ 17 filings & releases ↓ Cash C$33.6M (Mar 31, 2023) ↓ 9 verdicts ↓
Oncology Protein

Market cap $29.5M 92.3M shares (vendor count, Nov 7, 2026) × $0.320 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2023-06-27

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. MDNA11 interim2H 2026MDNA11 interim, 2H 2026, material
  2. MDNA11 FDA feedback2H 2026MDNA11 FDA feedback, 2H 2026, notable
  3. MDNA11 SITC Ph1 toplineNov 7, 2026MDNA11 SITC Ph1 topline, Nov 7, 2026, major
  4. MDNA113 IND filing2027MDNA113 IND filing, 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (10 active programs)

Technology platforms

BiSKITs

Bi-functional SuperKine ImmunoTherapies platform that fuses IL-2, IL-4, and/or IL-13 Superkines with proteins, antibodies, checkpoint inhibitors, or other Superkines to create dual-function molecules for treatment of cancers, including immunologically cold tumors

Targets: IL-2Rβ, PD-1, IL-4R, IL-13Rα2, IL-2

T-MASK

Targeted Metalloprotease Activated SuperKine platform — conditionally activates IL-2 Superkine payloads via tumor-associated MMP cleavage and proximity-dependent unmasking in the tumor microenvironment; focus on solid tumors

Targets: MMP, IL-13Rα2, PD-1, IL-2, CD122, IL-15

BiSKIT

Proprietary bifunctional immunotherapy platform used to develop PD-1 x IL-2 bifunctional candidates for solid tumors

Targets: PD-1, IL-2

Capital (as filed)

Cash
C$33.6M cash and cash equivalents · Mar 31, 2023 (20-F) · more than a year old
Operating cash flow
−C$12.7M quarter to Mar 31, 2023 (20-F)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (9)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (9 calls)

Every verdict Biotech Distilled has published on Medicenna Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-03-20 Watch Medicenna Therapeutics (MDNAF) - Scientific Deep Dive for MDNA11 and Pipeline Products Elegant protein engineering and real clinical responses, but the dire balance sheet and Q3 2026 cash cliff make buying blindly too risky; wait for a bizaxofusp partnership or capital raise to clear the dilution overhang.
  2. 2026-04-27 Watch UPDATE: Medicenna Therapeutics (MDNAF) - The Science Wins, the Cash Cliff Looms Closer MDNA113 AACR data and Merck-veteran CMO hire strengthen the science thesis, but no partnership materialized and the cash clock is now one quarter away from exhaustion, keeping the setup binary and the sidelines prudent.
  3. 2026-05-14 Avoid UPDATE: Medicenna Therapeutics (MDNAF) - The Dilution Headline Lands The bear-case dilutive raise has arrived with no accompanying partnership; stepping in front of a marketed offering before the price prints is bad math given the float expansion and likely warrant overhang.
  4. 2026-05-19 Watch UPDATE: Medicenna Therapeutics (MDNAF) - The Pricing Print Lands, and the Tape Tells You Everything The pricing event is now in the tape but the Prospectus Supplement with actual price, size, and warrant terms is still needed before sizing a position; the dilution is a forward fact and the warrant overhang is structural.
  5. 2026-05-22 Speculative buy speculative UPDATE: Medicenna Therapeutics (MDNAF) - The Prospectus Supplement Drops, and a Sorbie Wrinkle Appears The Sorbie Bornholm 16M-Unit anchor plus a non-dilutive Sharing Agreement kicker makes the structure more creative than a vanilla discounted raise, partially satisfying the non-dilutive bridge condition that would flip this to a buy.
  6. 2026-05-28 Speculative buy speculative UPDATE: Medicenna Therapeutics (MDNAF) - The Marketed Tranche Closes at CDN$4.44M, Sorbie Still Pending The marketed tranche cleared the binary tripwire but came in at the floor of the range; Sorbie closing remains the swing factor between a real multi-quarter bridge and a months-long partial one.
  7. 2026-06-26 Speculative buy speculative UPDATE: Medicenna Therapeutics (MDNAF) - FY2026 Results, a "Fractional" CMO, and the Sorbie Clock Science thesis reaffirmed and catalyst calendar sharpened with Q4 2026 ABILITY-1 readouts, but the fractional CMO disclosure dilutes the Merck-deal tea-leaf read and Sorbie remains unclosed five weeks after the Supplement.
  8. 2026-08-15 Speculative buy speculative UPDATE: Medicenna Therapeutics (MDNAF) - Two Oral Slots, One Slipped IND, and Sorbie Still in Forward-Looking Tense Two oral conference slots for MDNA11 and bizaxofusp create the most partner-facing quarter on record, but MDNA113 IND slipped to 2027 and Sorbie remains in forward-looking tense twelve weeks after the Supplement.
  9. 2026-10-02 Hold UPDATE: Medicenna Therapeutics (MDNAF) - The Reverse Split Gets a Green Light Downgraded from Speculative Buy as the stock has lost 17.3% since August, Sorbie remains unclosed, and the reverse-split approval signals a likely upcoming U.S. raise; holders should wait for Q4 data orals before adding, while new money waits for the ratio announcement and Sorbie news.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (17)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Apr 30, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

1 more filing (13G holder notices, S-8, proxy material, SEC correspondence …)