BiQ: A few final thoughts about Medicenna--for now. 12/10/25 (MDNAF)

Medicenna Therapeutics is a sleeper position for me, one of those that I buy and tuck away for "one day". Today's ESMO release prompted me to refresh my thesis to see if I still wanted to continue holding. Not only did I decide to continue holding, I added to my position on the selloff.

True, we're still talking about a small number of patients, but the mechanistic thesis makes sense, and the data produced to date back it up. MDNA11, a highly differentiated beta-gamma, non-alpha selective IL-2, has potential across a wide variety of solid tumors, as both a monotherapy and in combination (will most likely be used in combination).

Normally, one might expect an IL-2 with no alpha affinity to have limited efficacy, but that doesn't seem to be the case with MDNA11. It exhibits a safety and efficacy profile that appears superior to any other IL-2 I'm aware of, at least based on the data so far. It's still early innings, and there is a long road ahead. Risk remains elevated until we see more data. However, shares still look cheap to me on a R/R basis, given the data the company has been producing.

I added to my position today in my speculative portfolio since MDNAF is not derisked enough for the official BiQ Active Portfolio (yet). I will tuck the shares back into their hibernation chamber for now. If the data continues to trend the way it has been, the market should take notice sooner or later.

The risk with early data, of course, is that anything can happen. I consider MDNAF to be a highly speculative position, and it may not be appropriate for conservative investors or for investors with a short-term time horizon.

Jmtc.

Please refer to the BiQAP Live spreadsheet on the Active Portfolio page or the iQCS for additional information.

MDNAF share price at time of publication: $1.02

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