Good day everyone. Thank you for joining us today for the Lytham Partners Spring 2026 Investor Conference. My name is Joe Dorame, managing partner at Lytham Partners. I would like to welcome Medicenna Therapeutics, which trades on the TSX under the ticker MDNA, and on the OTCQB under the ticker MDNAF. Today, Dr. Fahar Merchant, Chief Executive Officer, will be taking us through the company's presentation. Let's get started. Welcome, Fahar. The floor is yours. Thank you very much. Let me first and foremost thank Lytham Partners for inviting Medicenna to present at today's event. I look forward to sharing with you the progress we've made with our programs. Just a disclaimer here, I just encourage you to realize that I will be making forward-looking statements and therefore suggest that you review our filings on SEDAR. The key thing here at Medicenna is really to develop what we call immunotherapies for patients who are living with cancer, autoimmune disease, and inflammatory diseases. That's our focus, where the intent is to really develop engineered cytokines or Superkines for these indications. Really, as far as Medicenna is concerned, our real focus is on three different cytokines, interleukin 2, 4, and 13. These are cytokines that really are the crucial cytokines that communicate with the immune cells, and by engineering these cytokines, we can provide instructions to immune cells to either act and attack cancer cells, for instance, or in some cases to stop attacking our healthy human tissues and prevent autoimmune diseases. Using that background as our key focus, we have developed from these Superkines additional programs or platforms called BiSKITs, which are bifunctional superkines, and then the T-MASK platform that allows us to mask our cytokines or Superkines until they get to the tumor site itself. Medicenna has really built an exciting and a very balanced pipeline of early, mid, and late-stage assets. The one that we'll talk about are these only the clinical programs or near clinical assets. The very first one is bizaxofusp for MDNA55 for recurrent glioblastoma, which has finished phase II clinical trials and looking to commence a phase III trial in collaboration with a partner. The second program that is currently enrolling patients is MDNA11, where we have two different clinical studies underway. The first one is called ABILITY-1, and this is a phase I/II clinical trial looking at various different solid tumors, both where the drug MDNA11, which is an IL-2 super-agonist, is used in a monotherapy setting or in combination with Merck's Keytruda or pembro. The second program that is also being pursued is in a neoadjuvant setting. This is in patients who have been diagnosed with melanoma, who are going to undergo surgery, but are treated with our drug before surgery. This is a program that's funded by the Fondazione Melanoma in Italy, where Medicenna provides the drug, and they're looking at different combination strategies there. Finally, we have MDNA113. This is a program that's looking at a bispecific space, and here the focus is on developing a first-in-class therapy to combine both MDNA11 or IL-2 together with an anti-PD-1 in one drug. We are currently in the process of closing a financing of about $11 million-$ 13 million, which will allow us to extend our runway through to mid-2027 and achieve multiple clinical readouts in that time frame. Let's look at each of these three clinical programs. We'll start with bizaxofusp. This is a program that is potential to generate revenues in 2028 with estimated $4 billion in market for brain cancers in general. MDNA11 is a long-acting IL-2 superkine and has generated impressive single-agent activity in patients who failed checkpoint inhibitors. Finally, MDNA113, which is a bispecific molecule that is an exciting new space in the immunotherapy space, particularly with multiple transactions having occurred over the past 18 months, valued at over $30 billion. We believe each of our programs is highly differentiated, first or best in class, and supported particularly with the first two programs with data from about 250 patients so far. We have, as I said, cash runway with the current financing to get to key value inflection milestones. These are shown in this particular slide with the key data readouts coming around MDNA11, where we expect to complete the phase I/II ABILITY-1 trial before the end of this year, have an end of phase I meeting with the FDA in the Q4, and then really have also additional data from our NEO-CYT, which is the neoadjuvant study interim data at the end of this year, and then plan registration studies early next year for MDNA11. With MDNA113, we are planning to submit an IND package before the end of this year. We'll have some data in non-human primates, as well as starting then enrolling patients towards the end of this year or early next year. Finally, bizaxofusp is a program that we are looking to partner this program and commence the phase III study early next year. Let's start with the most advanced program, bizaxofusp. This is a drug that has received orphan drug designation, fast track designation, and the FDA has endorsed a phase III design in this particular indication. If you look at GBM or glioblastoma, this is by far the most aggressive kind of brain cancer. This is a cancer where patients would normally undergo surgery, radiation therapy, and then chemotherapy. Unfortunately, this treatment regimen results in about 100% of the patients getting a relapse. At relapse, three out of four patients are not eligible for repeat surgery, and these are the patients that have the most aggressive and more difficult treatment option, which is really nothing out there for these patients. What we've done with MDNA55 or bizaxofusp is we've generated data from the phase II-B clinical trial. From this diagram here, what you can clearly see is this historical expectation of survival with these patients is about six months or seven months, as you can see from that orange vertical line in this particular diagram. The blue data is really from the clinical trial, the phase II-B clinical trial, and you can see the majority of patients survive well beyond the six, seven months. In fact, we have patients that survive three years, in one or two cases approaching four years as well. When we look at the data that we have generated so far with bizaxofusp and compare it to an external control arm or published results, you can see that in this particular slide, we are either doubling or tripling survival in patients with recurrent glioblastoma when patients have received standard of care. By doubling the survival, we believe that this is really impressive results, and we expect that this drug, in partnership with a pharma company, would generate similar results going forward. The opportunity is massive. For the first indication, about just under $800 million. As we progress into other GBMs and other metastatic tumors, we can see the market size approaches about $4 billion. This space has been relatively dormant for a number of years but has suddenly generated renewed pharma interest, as you can see from these couple of big transactions that have taken place in the past 6- 12 months. The second program is MDNA11. This is where we are recruiting more patients. This is a unique beta-enhanced, not alpha IL-2 super-agonist, and we can see impressive results, and I'll share that with you shortly. Just as a background, I would say to all of you that the key space that has really generated impressive results over the past decade or so is the use of checkpoint inhibitors like Keytruda and Opdivo. The market is huge, about $80 billion today for these checkpoint inhibitors. Unfortunately, despite the fact that these are big seller drugs, only 30% of the patients benefit. The remaining 70% of patients do not benefit from checkpoint inhibitors. This is where we believe MDNA11 comes in place, where we have shown in our phase I- phase II clinical trial that MDNA11 alone is able to demonstrate meaningful responses in patients who failed checkpoint inhibitors in the second and third line setting. Why IL-2 and why is that important? We believe that IL-2 would probably become the most important or a prerequisite for checkpoint inhibitors in the future. We've seen a number of companies such as Roche, Bristol Myers, Sanofi, et cetera, all evaluate various second generation IL-2s out there. All of them unfortunately failed due to toxicity, due to poor efficacy, et cetera. With MDNA11, as you can see, we are seeing pretty impressive responses in these patients, but also safety with respect to the data we have generated from over 100 patients so far. When we look at response rates on the left-hand side, you can see responses of nearly 36% in patients who have failed checkpoint inhibitors. When we look on the right-hand side, when we combine it with a checkpoint inhibitor such as Pembro, we're seeing response rates approaching 43%, again, in patients who have failed checkpoint inhibitors. These data are impressive considering that these are late stage or second- and third-line patients, not first-line, and would be a huge addition to other therapies and improve patient outcomes in the future. Finally, the other program that I want to talk about briefly is MDNA113. This is a first-in-class bispecific molecule combining both PD-1 and an IL-2 superkine. Here, the key difference with other competitors in this space is that we are using a checkpoint inhibitor that's already approved, and an IL-2 that has shown single-agent activity in our clinical trials. The excitement has come around. As you can see, there have been multiple transactions, about $38 billion worth of transactions in the past 24 months in these bispecifics with anti-PD-1s. One of them, on the bottom, is the Takeda-Innovent deal, which closed about five or six months ago. This is an anti-PD-1-IL-2 fusion molecule, and was subject of a $11 billion transaction with about $1 billion upfront. In this very specific space, we have an anti-PD-1 IL-2 that has been unique. The reason we feel that this is exciting is because it generates much better or supercharged checkpoint inhibitors, where you have both an anti-PD-1 and IL-2 together to not only stimulate cancer-fighting immune cells, but prevent these immune cells from exhaustion. This is where we have differentiated our drug. As you can see from this diagram, is that we have an anti-PD-1, which is the purple and white, which is already commercially approved. Second is that we have an IL-2, which has shown single-agent activity with MDNA11. It's the same IL-2 with the design of MDNA113. We have a masking domain that essentially masks the drug as it's circulating through systemically until it gets to the tumor site. We have a targeting domain, so that we are able to anchor the entire drug right at the tumor site. Once the drug is anchored, the mask is removed, and essentially activates the IL-2 right at the tumor site. MDNA113 is really taking advantage of the fact that anti-PD-1 IL-2 does provide much better efficacy compared to a checkpoint inhibitor on their own. This has been shown in clinical trials conducted by Innovent and Takeda. Unfortunately, they see considerable amount of toxicity with the drug, and we believe that the approach we have taken in developing a masked version will substantially reduce toxicity while maintaining similar efficacy. What we have already seen in non-human primates is that we can dose MDNA113 up to 30 times higher than Innovent's drug. Safety has already been shown with our approach, and we believe that the fact that we're using an approved checkpoint inhibitor together with a proven IL-2, we should be able to see much better results in a clinical setting. When we look at our competitor landscape, you can clearly see that we have achieved various objectives with respect to not only blocking the PD-1, but we don't bind to the alpha binding domain to improve safety. We enhance binding to the beta domain so we can enhance efficacy. We have demonstrated with our IL-2 single-agent activity with our IL-2, and the fact that ours is the only drug that targets and localizes at the tumor site. These are key advantages of MDNA113, and the market opportunities are substantial, as I mentioned to you earlier. When we look at the key milestones, we plan to submit an IND before the end of the year and commence a clinical trial at the end of this year with MDNA113. The key updates on the financials, as far as Medicenna is concerned, is that currently our market cap is about $40 million. As our last quarter report, $ 10.6 million cash in the bank, with the current $ 11 million-$ 13 million being raised currently, allowing us to have runway through to mid-2027 and achieving all the key milestones that I've mentioned to you today. We don't have any debt. 83 million shares outstanding, 106 million fully diluted, with insider ownership 22%, being covered by various analysts at the moment. We look forward to sharing more data in the coming weeks and months with respect to each of our programs. Thank you, and appreciate your participating in this webcast. Great. Thank you, Fahar, and thanks to everyone for watching. If you have any questions or would like to schedule a meeting with Medicenna, please send me an email at dorame@lythampartners.com. Thank you, and have a great day.