Jan. 16 at 11:29 PM
$MDNAF Medicenna (US OTC: MDNAF | CAD: MDNA) long update
Medicenna released their 2026 outlook yesterday morning and I want to highlight something important: MDNA11 doesn’t need Keytruda to work.
The headline numbers, 50% objective response rate in expansion cohorts, 42% in patients who already failed checkpoint inhibitors, those are monotherapy results. No Keytruda. No Opdivo. Just MDNA11 alone.
Think about that. These are patients who tried the blockbuster immunotherapies and they stopped working. MDNA11 is rescuing responses where checkpoints have failed. That’s a big deal.
Why this matters for the investment thesis: There are now multiple paths to value here.
1.Monotherapy salvage: Patient fails Keytruda, give MDNA11 alone. This is the registrational path they’re planning for melanoma.
2.Combination play Pair MDNA11 with Keytruda upfront to expand the responder population from ~30% to potentially 40-50%.
3.Neoadjuvant (NEO-CYT) MDNA11 + checkpoint before surgery in earlier-stage melanoma.