Shares of the Medicenna Therapeutics Corp. (MDNA) stock were declining in the current market following the announcement of clinical data from Phase 1/2 ABILITY Study. MDNA stock price saw a decline of 2.27% to drop at $2.15 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 3.39% at closing. Let’s deep dive to understand the reason behind this decline.

What’s Happening?

Medicenna Therapeutics Corp today announced preliminary data from the Phase 1/2 ABILITY study of MDNA11. In this study, the company evaluated patients with advanced malignancies with MDNA11 monotherapy. The key findings from the study are as follows

• MDNA11 treatment resulted in 2 fold increase in CD8+T and NK cell levels over baseline.
• CD8+T and NK cell levels increased with the MDNA 11 treatment over pro-tumor Treg cells
• The safety profile was encouraging for MDNA11.No dose-limiting toxicities or cytokine release syndrome has been observed so far. Moreover, the study did not provide evidence of vascular leak syndrome.

The preliminary data from the study is an important step for Medicenna as it will help the company in the demonstration of beta only approach of MDNA11. The study did not display major safety issues. The company is happy with the early results of its ABILITY study and hopes to provide the efficacy results in mid-2022.

Previous News of MDNA stock:

On December 17, 2021, MDNA announced that it had got approval from Health Canada for the expansion of the Phase 1/2 ABILITY study of MDNA11 to clinical trial sites in Canada. The company initially enrolled patients in Australia and also got approval to expand the clinical trial in the U.S by the FDA.

Financial View of MDNA stock:

According to third-quarter 2021 financial results, Medicenna suffered a net loss of $8.2 million in the quarter ended September 30, 2021. The per-share net loss of MDNA stock in the recently reported quarter was $0.15. The net loss in the same quarter of last year was $0.08 per share for the MDNA stock.

The company spent $6.3 million in research and development expenses in the third quarter of 2021. These expenses were $2.2 million in the same quarter of last year. General and administrative expenses of Medicenna were $2.0 million in the third quarter of 2021. These expenses were $1.7 million in the same quarter of the previous year. The company ended the quarter with $26.7 million in cash and cash equivalents.