Medicenna Therapeutics (MDNA) Q2 2026 earnings summary

Executive summary

• Updated MDNA11 clinical data from the ABILITY-1 Study to be presented at ESMO Immuno-Oncology Congress in December 2025.

• Fondazion Melanoma Onus to sponsor a new NEO-CYT trial in Italy, evaluating MDNA11 with checkpoint inhibitors in high-risk melanoma.

• MDNA113, a first-in-class tumor-anchored and masked anti-PD-1 x IL-2 bispecific, is advancing through non-human primate studies with a first-in-human trial planned for 2026.

• Six new patents issued or allowed across the US, Japan, Canada, and Australia, strengthening the intellectual property portfolio.

Financial highlights

• Cash and cash equivalents at quarter-end (September 30, 2025) were $15.7 million, expected to fund operations into mid-2026.

• Operating costs for the quarter were $5.5 million, unchanged year-over-year.

• Net loss for the quarter was $4.9 million ($0.06 per share), compared to $4.2 million ($0.05 per share) in the same quarter last year.

• R&D expenses increased to $4.1 million from $3.7 million year-over-year, mainly due to expanded clinical activities.

• G&A expenses decreased to $1.4 million from $1.8 million year-over-year, reflecting lower stock-based compensation and personnel costs.

Outlook and guidance

• Cash runway is expected to last into at least the middle of calendar 2026.

• IND-enabling studies for MDNA113 are planned for H1 2026, with a first-in-human trial in H2 2026.

• Updated clinical data for MDNA11 to be presented in December 2025.