Medicenna Therapeutics Corp (MDNA) AI Stock Analysis

• Market Cap: C$48.11M
• Dividend Yield: N/A
• Average Volume (3M): 30.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.94
• Revenue Growth: N/A
• EPS Growth: 54.74%
• Country: CA
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 68,726,980
• 10 Day Avg. Volume: 37,956
• 30 Day Avg. Volume: 30,624
• PEG Ratio: <0.01
• Price to Book (P/B): 24.28
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.23
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: C$0.67 ▼(-21.86% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily weighed down by weak financial performance (pre-revenue, ongoing losses and negative free cash flow with shrinking equity/assets) and bearish technicals (below major moving averages with negative momentum). Valuation is also constrained by the negative P/E and lack of dividend support.

Positive Factors

Differentiated Cytokine Platform

Medicenna’s focus on engineered cytokine 'Superkines' (MDNA11, MDNA55) represents a platform-driven approach in immuno-oncology. A durable scientific platform can generate multiple candidates and partnership opportunities, providing structural upside if clinical proof-of-concept is achieved.

Very Low Financial Leverage

Near-zero debt reduces bankruptcy and interest-rate stress, preserving strategic optionality during lengthy clinical development. Low leverage is a lasting strength that supports pursuing partnerships or licensing without immediate debt servicing constraints.

Lean Operational Footprint

A small, focused team implies lower fixed costs and greater agility in allocating R&D spend. For a clinical-stage biotech, a lean headcount can extend cash runway per financing round and concentrate expertise on core programs, a structural benefit for capital efficiency.

Negative Factors

Sustained Cash Burn

Consistent negative operating and free cash flow is a durable constraint for a pre-revenue biotech, forcing repeated reliance on equity or deals. Ongoing burn increases dilution risk and can limit negotiating leverage with partners, affecting long-term program funding.

Pre-revenue Business Model

Absence of product revenue means survival depends on financing or milestone-bearing collaborations. This structural revenue gap makes the company vulnerable to capital markets cycles and lengthens the path to self-sustaining operations, raising execution risk.

Eroding Equity Cushion

Sharp decline in shareholders' equity and total assets reduces the balance-sheet buffer against surprises. A thinner equity base heightens the probability of dilutive financings and weakens bargaining power with partners or acquirers during multi-year development programs.

Medicenna Therapeutics Corp Business Overview & Revenue Model

Company Description

Medicenna Therapeutics Corp., an immunotherapy company, engages in the development and commercialization of Superkines and empowered Superkines for the treatment of cancer and other diseases. Its lead product is MDNA55, an interleukin- 4 (IL-4) EC that has completed Phase IIb clinical trial for the treatment of recurrent glioblastoma, as well as preclinical and clinical development stages for the treatment of other brain and non-brain tumors. The company also develops MDNA11, an enhanced version of IL-2 to activate and proliferate the immune cells needed to fight cancer; MDNA209, an IL-2 antagonist for autoimmune diseases, such as multiple sclerosis and graft versus host disease; MDNA413, a dual IL-4/IL-13 antagonist to treat cancer immunotherapies; and MDNA132, an IL-13 Superkine for solid tumors. In addition, it provides BiSKITs platform to develop designer Superkines by fusing them to other proteins, antibodies, cytokines, or other Superkines. The company is headquartered in Toronto, Canada.

How the Company Makes Money

Medicenna does not appear to have recurring product sales from marketed therapeutics; as a clinical-stage biotech, it primarily funds operations through capital markets and business development transactions. The company typically makes money (i) by raising capital via equity offerings (e.g., issuing common shares and/or units, and potentially warrants) and other financing activities to support R&D and clinical trials, and (ii) potentially through licensing, collaboration, or partnership agreements in which a partner may pay upfront fees, research funding, milestone payments tied to development/regulatory/commercial events, and royalties on future product sales if a partnered product reaches the market. Specific, current revenue amounts, named partnership terms, or material recurring revenue streams are null.

Medicenna Therapeutics Corp Financial Statement Overview

Summary

Pre-revenue profile with persistent material losses and ongoing cash burn (TTM operating cash flow ~-C$18.4M; TTM net loss ~C$13.0M). Balance sheet leverage is low (TTM debt ~C$0.2M), but sharply reduced equity/assets versus prior years increases financing and dilution risk.

Income Statement

The company continues to operate with no reported revenue across the annual periods provided and in TTM (Trailing-Twelve-Months), which is typical for development-stage biotech but limits visibility to self-sustaining operations. Losses remain material (TTM net loss of ~C$13.0M and EBIT loss of ~C$22.3M), though net loss improved versus 2024 (~C$25.5M loss). Profitability remains structurally negative with ongoing R&D and operating expense burn, and the 2023 net income appears non-recurring given the return to losses afterward.

Balance Sheet

Leverage is very low (TTM debt of ~C$0.2M and a low debt-to-equity level), which reduces financial risk. However, equity has compressed sharply versus prior years (from ~C$29.5M in 2023 to ~C$6.2M in TTM), consistent with sustained losses and/or financing dynamics, and returns on equity are deeply negative in TTM—highlighting dilution/erosion risk if cash needs persist. Total assets also declined meaningfully versus 2023–2025 annual levels, indicating a shrinking balance-sheet cushion.

Cash Flow

Cash generation remains the key weakness: operating cash flow is consistently negative (TTM ~-C$18.4M) and free cash flow is also negative (TTM ~-C$13.5M). Free cash flow deterioration in TTM (down ~20.9%) points to an increasing cash burn rate, which may pressure future funding needs. While burn improved versus the 2025 annual free cash outflow (~-C$16.5M), the company still relies on external capital rather than internally generated cash.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-58.00K	-55.00K	-5.00K	-38.00K	-40.00K	―
EBITDA	-21.65M	-12.97M	-18.67M	-22.54M	-17.25M	-8.27M
Net Income	-12.99M	-11.80M	-25.47M	-22.65M	-17.18M	-8.31M
Balance Sheet
Total Assets	13.06M	28.38M	19.13M	23.46M	42.25M	38.00M
Cash, Cash Equivalents and Short-Term Investments	10.61M	24.84M	16.98M	20.54M	40.38M	37.70M
Total Debt	205.00K	168.00K	0.00	0.00	34.00K	67.31K
Total Liabilities	6.85M	9.29M	13.94M	2.62M	4.11M	1.85M
Stockholders Equity	6.21M	19.09M	5.19M	20.84M	38.15M	36.15M
Cash Flow
Free Cash Flow	-13.48M	-16.52M	-16.26M	-23.58M	-15.31M	-8.95M
Operating Cash Flow	-18.44M	-16.49M	-16.26M	-23.58M	-15.31M	-8.95M
Investing Cash Flow	2.00K	-33.00K	0.00	10.05M	5.01M	-15.00M
Financing Cash Flow	-18.00K	23.49M	0.00	3.88M	18.26M	44.28M

Medicenna Therapeutics Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MDNA, the sentiment is Negative. The current price of 0.86 is above the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.86, and below the 200-day MA of 1.03, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 31.68 is Neutral, neither overbought nor oversold. The STOCH value of 6.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MDNA.

Medicenna Therapeutics Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COV	62 Neutral	C$47.23M	95.68	3.31%	―	5.29%	-29.02%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MSCL	46 Neutral	C$156.44M	-5.03	-89.10%	―	―	27.53%
MDNA	42 Neutral	C$48.11M	-4.40	-103.51%	―	―	54.74%
ARCH	41 Neutral	C$38.15M	-12.93	72.34%	―	―	10.49%

Medicenna Therapeutics Corp Corporate Events

Medicenna to Showcase First-in-Class Tumor-Targeted PD-1 x IL-2 Superkine at AACR 2026

Medicenna Therapeutics will present updated preclinical data at the AACR Annual Meeting 2026 on MDNA113, a first-in-class, tumor-targeted and conditionally activated anti-PD-1-IL-2 bifunctional Superkine designed to anchor in IL-13Rα2-overexpressing solid tumors. The in vivo and non-human primate data are expected to highlight MDNA113’s exceptional tumor selectivity, localization, and potency alongside improved systemic tolerability, underscoring its potential to expand the therapeutic window and address immunologically cold cancers such as pancreatic, liver, brain, breast, colon, ovarian and prostate tumors that collectively affect more than 2 million patients annually.

The most recent analyst rating on (TSE:MDNA) stock is a Sell with a C$0.69 price target. To see the full list of analyst forecasts on Medicenna Therapeutics Corp stock, see the TSE:MDNA Stock Forecast page.

Medicenna to Spotlight Superkine Oncology Pipeline at Global Investor and Scientific Conferences

Medicenna Therapeutics will spotlight its Superkine-based immunotherapy programs at a series of upcoming industry and investor conferences across the U.S. and Europe. The company aims to deepen engagement with scientific, clinical and financial stakeholders as it advances novel cytokine-engineered candidates for oncology and other immune-related indications.

At the 7th Annual Glioblastoma Summit in Boston, Medicenna President and CEO Dr. Fahar Merchant will present data on a single-treatment approach using bizaxofusp in non-resectable recurrent glioblastoma. The company will further pursue partnering and capital-markets visibility through one-on-one meetings at the BIO Investment and Growth Summit, fireside chats and meetings at the ROTH Conference, and business development sessions at BIO-Europe Spring in Lisbon.

The most recent analyst rating on (TSE:MDNA) stock is a Hold with a C$0.79 price target. To see the full list of analyst forecasts on Medicenna Therapeutics Corp stock, see the TSE:MDNA Stock Forecast page.

Medicenna Refreshes Board With Capital Markets and Biotech Leadership Expertise

Medicenna Therapeutics has reshaped its board of directors by appointing Richard Sutin and Angelos Georgakis, effective February 12, 2026, while longtime director Karen Dawes retires from the board and transitions to a consulting role. The company expects Sutin’s capital markets and M&A expertise and Georgakis’ track record advising biotech leaders through financing, IPOs and strategic transactions to support its growth strategy and strengthen governance as it advances its immunotherapy pipeline.

The new directors bring deep experience in corporate law, capital markets and biotech leadership, with Sutin serving as a veteran corporate lawyer and board advisor, and Georgakis known for guiding life sciences companies through key inflection points. Their appointments underscore Medicenna’s focus on capital markets readiness and strategic execution, positioning the company to better navigate future funding, partnership or transaction opportunities in the competitive immunotherapy space.

The most recent analyst rating on (TSE:MDNA) stock is a Sell with a C$0.75 price target. To see the full list of analyst forecasts on Medicenna Therapeutics Corp stock, see the TSE:MDNA Stock Forecast page.

Medicenna Maps 2026 Milestones as IL-2 Superkine MDNA11 Delivers Promising Cancer Responses

Medicenna reported updated clinical data for its lead IL-2 super agonist MDNA11 from the ongoing Phase 1/2 ABILITY-1 trial, showing encouraging objective response rates in heavily pretreated cancer patients, particularly in the second- and third-line setting and following failure of immune checkpoint inhibitors. Based on these results, the company plans to complete ABILITY-1 enrollment and prepare a registrational trial in second-/third-line melanoma and other selected tumors post-checkpoint failure, while also supporting the NEO-CYT investigator-sponsored study that will test MDNA11 as front-line therapy in resectable advanced cutaneous melanoma starting in the first half of 2026. Medicenna also highlighted preclinical safety data for MDNA113, a conditionally activated bifunctional anti-PD-1–IL-2 superkine that could allow dosing comparable to current anti-PD-1 drugs, with an investigational new drug filing and first-in-human trial targeted for the second half of 2026. The company intends to showcase additional data on its bizaxofusp program at an upcoming glioblastoma conference and stated that its cash runway now extends into the third quarter of 2026, supporting continued advancement of its superkine platform and reinforcing its bid to establish a leadership position in next-generation immunotherapies for difficult-to-treat cancers.

The most recent analyst rating on (TSE:MDNA) stock is a Hold with a C$0.91 price target. To see the full list of analyst forecasts on Medicenna Therapeutics Corp stock, see the TSE:MDNA Stock Forecast page.

Medicenna Targets Pivotal 2026 as IL-2 Superkine Programs Advance Toward Registrational Trials

Medicenna Therapeutics outlined a potentially pivotal 2026 as it advances its Superkine immunotherapy pipeline, led by IL-2 super agonist MDNA11 and conditionally activated bifunctional anti-PD1–IL-2 candidate MDNA113. Updated data from the Phase 1/2 ABILITY-1 trial show strong monotherapy activity for MDNA11 in heavily pretreated patients, with overall response rates of 50% in second- and third-line (2L/3L) settings and 42% when used immediately after checkpoint inhibitor failure in select expansion cohorts, and meaningful response rates across 18 cancer types; similar efficacy trends were observed in combination with pembrolizumab. On the back of these results, the company plans to complete ABILITY-1 enrollment and prepare a registrational trial in 2L/3L melanoma and other tumors post-ICI failure, while an externally sponsored NEO-CYT study will move MDNA11 into front-line therapy for resectable advanced cutaneous melanoma starting in the first half of 2026. Meanwhile, preclinical data for MDNA113 in non-human primates support dosing comparable to approved anti-PD-1 therapies, with an IND filing and first-in-human trial targeted for the second half of 2026, bolstering Medicenna’s strategy to position its IL-2-based platform as best-in-class in a competitive immuno-oncology landscape. The company also plans multiple bizaxofusp data presentations at a major glioblastoma meeting and reports a cash runway extending into the third quarter of 2026, providing financial visibility to support these clinical milestones.

The most recent analyst rating on (TSE:MDNA) stock is a Hold with a C$0.91 price target. To see the full list of analyst forecasts on Medicenna Therapeutics Corp stock, see the TSE:MDNA Stock Forecast page.