Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $85.2 million, representing over 40% volume growth compared to the previous year [6][7] - The fourth quarter revenue was $20.7 million, with gross margins of 85% for the quarter and 86% for the full year, compared to 86% and 83% in the prior year [18][21] - The net loss for the fourth quarter was $1.9 million, an improvement from a $3.4 million loss in the same quarter of the previous year, while the full year net income was $2.7 million compared to a loss of $26.4 million in 2024 [20] Business Line Data and Key Metrics Changes - Revenue from HEPZATO was $19 million in Q4 2025, up from $13.7 million in Q4 2024, while CHEMOSAT revenue was $1.7 million compared to $1.4 million in the same period [18] - For the full year, HEPZATO revenue was $78.8 million, significantly higher than $32.3 million in 2024, and CHEMOSAT revenue increased to $6.4 million from $4.9 million [18] Market Data and Key Metrics Changes - The company operates 28 active treatment centers and aims to expand to 40 by the end of 2026, with significant interest from leading cancer centers [9][10] - The average number of new patients treated per site per month was approximately 0.75 in early 2026, compared to 0.5 for the full year of 2025 [11] Company Strategy and Development Direction - The company has organized its commercial strategy around three priorities: expanding site capacity, changing prescribing patterns, and developing referral networks [8][15] - The CHOPIN data publication is expected to drive revenue acceleration and enhance the company's market position [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth driven by site activations and the anticipated impact of the CHOPIN results [6][15] - The company expects to guide for total revenue of at least $100 million in 2026, reflecting a greater than 20% increase in HEPZATO procedure volume [22][23] Other Important Information - Research and development expenses for 2025 were $29.2 million, up from $13.9 million in 2024, with expectations for a nearly 90% increase in 2026 [19] - The company ended 2025 with approximately $91 million in cash and investments, and no outstanding debt obligations [22] Q&A Session Summary Question: Clarification on guidance assumptions and seasonality - Management confirmed that seasonality is expected in the third quarter, with modest growth anticipated from Q2 to Q3 [25][26] Question: Difference between HEPZATO KIT REMS site and commercial sites - Management clarified that HEPZATO KIT REMS sites must be compliant and cannot accept referrals until they have treated their first patient [30][32] Question: Timing of CHOPIN study publication and its impact - Management indicated that the CHOPIN study publication is imminent, expected within a month, and will be used to inform treating physicians [39][40] Question: Average treatments per patient and new patient starts - The average number of treatments per patient remains around 4.1, with new patient starts expected to average close to 0.5 per site per month [44][48] Question: Potential catalysts for the third quarter - Management acknowledged that while seasonality is a concern, the CHOPIN publication could serve as a catalyst for increased site activations [58][59]

Company Presentation & KOL Webinar MDNA11 Clinical Data Update 10 December 2025 ESMO-IO Congress 2025 Disclaimer Certain statements in this presentation may constitute "forward-looking statements" under applicable securities laws. These forward-looking statements include, but are not limited to, information about possible or assumed future results of the Medicenna Therapeutics Corp's (the "Company" or "Medicenna") business, clinical trials, drug development, financial condition, results of operations, liqui ...

Pipeline and Programs - MacroGenics' cash runway is extended through the first half of 2027[9, 10] - Lorigerlimab shows a confirmed Objective Response Rate (ORR) of 25.7% and a PSA50 response rate of 28.6% in mCRPC patients[23] - MGC026, a B7-H3 directed program, is in Phase 1 dose escalation, with dose expansion anticipated in selected indications in 2025[43] - MGC028, an ADAM9 ADC, shows potent anti-tumor activity in preclinical models, with a Phase 1 dose escalation study ongoing[50] - MGD024, a CD123 × CD3 DART molecule, is in Phase 1 dose escalation in hematological malignancies, with a Gilead collaboration commenced in October 2022[60] Financials and Partnerships - MacroGenics received $365 million in upfront and milestone payments[12] - MacroGenics is eligible to receive up to $210 million in potential regulatory milestones and up to $330 million in potential commercial milestones[12] - MacroGenics could receive 15-24% tiered royalty (after 20x cap reached)[12] - As of March 31, 2025, MacroGenics had $154.1 million in cash, cash equivalents, and marketable securities[9, 11, 72] - A $70 million upfront payment was received in June 2025[9, 12]