Medicenna Therapeutics (MDNA) H.C. Wainwright 28th Annual Global Investment Conference summary

Pipeline and clinical progress

• Lead asset MDNA11, a long-acting IL-2 Superkine, is nearing completion of phase I/II ABILITY-1 enrollment, with top-line data to be presented at a major conference in Q4.

• Bizaxofusp (MDNA55), an IL-4 engineered Superkine for recurrent glioblastoma, doubled median survival to 13.5 months in phase IIb, with phase III design aligned with FDA and plans to partner and start trials next year.

• MDNA113, a bifunctional Superkine targeting IL-13 receptor alpha-2, is completing IND-enabling studies, with phase I/II trials planned for next year.

• Additional preclinical programs target autoimmune and inflammatory diseases, including MDNA209 (IL-2 super antagonist) and MDNA413 (IL-4/13 blockade).

• Multiple upcoming milestones include oral presentations, interim data, and regulatory meetings over the next three to six months.

Scientific and market positioning

• Bizaxofusp bypasses the blood-brain barrier, targets IL-4 receptor on tumors and immunosuppressive cells, and induces immunogenic cell death, addressing a CAD 4 billion CNS tumor market.

• MDNA11 is engineered for safety and efficacy by abolishing alpha binding and enhancing beta receptor binding, showing promising single-agent and combination activity, including in checkpoint inhibitor-refractory patients.

• MDNA113 combines a proven NTPD1, MDNA11-derived IL-2, and targets IL-13 receptor alpha-2, aiming for conditional activation at tumor sites and addressing aggressive solid tumors.

• The company’s approach leverages unique Superkine engineering platforms (BiSKITs and T-MASK) for bifunctional and conditionally activated molecules.

• Recent industry transactions in related modalities highlight significant market interest and potential valuation upside.

Financial and operational highlights

• Market cap is CAD 40 million, with cash runway into Q2 next year, supported by a sharing agreement.

• 92 million shares outstanding, 20% insider ownership, and coverage by four analysts.

• Ongoing partnering discussions for both oncology and autoimmune pipeline assets.

• Multiple value inflection points expected in the next three to six months from clinical, regulatory, and partnering activities.