Exhibit 99.1

Interim condensed consolidated financial statements of

Medicenna Therapeutics Corp.

(Expressed in Canadian Dollars)

For the three and six months ended September 30, 2020

Medicenna Therapeutics Corp.

Interim Condensed Consolidated Statements of Financial Position

(Expressed in thousands of Canadian Dollars, except for share and per share amounts)

(Unaudited)

as at

	September 30, 2020			March 31, 2020
	$			$
Assets
Current assets
Cash and cash equivalents (Note 2d)		24,187			22,698
Marketable securities (Note 2d)		10,027			15,003
Prepaids and deposits		2,886			94
Other receivables		416			58
		37,516			37,853
Intangible assets (Note 10)		74			76
Right-of-use assets (Note 5)		50			67
		37,640			37,996
Liabilities
Current liabilities
Accounts payable and accrued liabilities		1,606			1,780
Current portion of lease liability (Note 5)		37			35
		1,643			1,815
Lease liability (Note 5)		13			33
		1,656			1,848
Shareholders' Equity
Common shares (Note 6)		62,315			56,577
Contributed surplus (Notes 7 and 8)		10,636			10,390
Accumulated other comprehensive income		237			248
Deficit		(37,204	)		(31,067	)
		35,984			36,148
		37,640			37,996

Approved by the Board

/s/ Albert Beraldo	Director
/s/ Chandra Panchal	Director

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

1

Medicenna Therapeutics Corp.

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

(Expressed in thousands of Canadian Dollars, except for share and per share amounts)

(Unaudited)

	3 months ended September 30, 2020			3 months ended September 30, 2019			6 months ended September 30, 2020			6 months ended September 30, 2019
	$			$			$			$
Operating expenses
General and administration		1,691			643			2,423			1,104
Research and development		2,176			1,246			3,989			2,075
Total operating expenses		3,867			1,889			6,412			3,179
Finance income (Note 2d)		(95	)		-			(241	)		-
Foreign exchange (gain) loss		14			15			(34	)		20
		(81	)		15			(275	)		20
Net loss for the period		(3,786	)		(1,904	)		(6,137	)		(3,199	)
Cumulative translation adjustment		(3	)		89			(11	)		63
Comprehensive loss for the period		(3,789	)		(1,815	)		(6,148	)		(3,136	)
Basic and diluted loss per share for the period		(0.08	)		(0.07	)		(0.13	)		(0.11	)
Weighted average number of common shares outstanding (Note 6)		48,845,373			28,802,792			48,594,484			28,709,493

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

2

Medicenna Therapeutics Corp.

Interim Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of Canadian Dollars)

(Unaudited)

	Six months ended
	September 30, 2020			September 30, 2019
	$			$
Operating activities
Net loss for the period		(6,137	)		(3,199	)
Items not involving cash
Depreciation		19			2
Stock based compensation		403			444
Government grant expense recoveries (Note 9)		-			2,462
Unrealized foreign exchange		(24	)		49
Accrued interest		(27	)		-
Changes in non-cash working capital
Other receivables and deposits		(3,150	)		106
Accounts payable and accrued liabilities		(174	)		(524	)
		(9,090	)		(660	)
Investing activities
Acquisition of marketable securities		(15,000	)		-
Disposition of marketable securities		20,003			-
		5,003			-
Financing activities
Repayment of lease liabilities		(18	)		-
Issuance of share capital, net of issuance costs (Note 6)		4,852			-
Warrant and option exercises (Notes 7 and 8)		729			270
		5,563			270
Effect of foreign exchange on cash		13			(1	)
Net increase (decrease) in cash		1,489			(391	)
Cash, beginning of period		22,698			2,371
Cash, end of period		24,187			1,980
Other non-cash transactions
Broker warrants issued	$	69		$	-

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3

Medicenna Therapeutics Corp.

Interim Condensed Consolidated Statements of Changes in Shareholders' Equity

(Expressed in thousands Canadian Dollars, except for share and per share amounts)

(Unaudited)

	Common shares issued and outstanding				Contributed surplus			Accumulated other comprehensive income			Deficit			Total shareholders' equity
	Number		Amount
			$		$			$			$			$
Balance, March 31, 2019		28,578,137		16,616		8,633			157			(22,790	)		2,616
Stock based compensation		-		-		443			-			-			443
Warrant and option exercises		224,655		376		(107	)		-			-			269
Cumulative translation adjustment		-		-		-			63			-			63
Net loss for the period		-		-		-			-			(3,199	)		(3,199	)
Balance, September 30, 2019		28,802,792		16,992		8,969			220			(25,989	)		192
Balance, March 31, 2020		46,799,828		56,577		10,390			248			(31,067	)		36,148
Stock based compensation		-		-		403			-			-			403
Warrant and option exercises		441,022		955		(226	)		-			-			729
Issued on April overallotment (Note 5)		1,693,548		4,783		69			-			-			4,852
Cumulative translation adjustment		-		-		-			(11	)		-			(11	)
Net loss for the period		-		-		-			-			(6,137	)		(6,137	)
Balance, September 30, 2020		48,934,398		62,315		10,636			237			(37,204	)		35,984

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

4

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

1. Nature of business

The Company's principal business activity is the development and commercialization of Empowered CytokinesÔ and Superkines for the treatment of cancer. Medicenna has three wholly owned subsidiaries, Medicenna Therapeutics Inc. (“MTI”) (British Columbia), Medicenna Biopharma Inc. (“MBI”) (Delaware) and Medicenna Biopharma Inc. (“MBI”). (British Columbia). These interim consolidated financial statements include the results of operations of Medicenna from March 1, 2017. On August 2, 2017, Medicenna graduated to the main board of the Toronto Stock Exchange. On November 13, 2017, Medicenna continued under the Canadian Business Corporations Act. On August 24, 2020, Medicenna began trading on the Nasdaq Capital Market (“NASDAQ”) under the symbol “MDNA”.

As at September 30, 2020, the head and registered office is located at 2 Bloor St W, 7th Floor, Toronto, Ontario, Canada.

COVID-19 Update

In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic and the Company continues to evaluate the COVID-19 situation and monitor any impacts or any potential impacts to the business. In August 2020, Medicenna reopened its offices and have implemented health and safety measures in accordance with health officials and guidance from local government authorities. Further, the pandemic has an impact on the Company’s third-party vendors which could result in the interruption of operations and result in development delays including the ongoing pre-clinical and future clinical activities related to MDNA11. The Company asked all our business partners to engage us by telephone or video conference where possible, minimizing business travel and requiring self-isolation for employees travelling outside of Canada. As the COVID-19 health crisis further develops, the Company will continue to rely on guidance and recommendations from local health authorities, Health Canada and the Centers for Disease Control and Prevention to update the Company’s policies.

2. Basis of presentation and significant accounting policies

a) Statement of compliance

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34 ‘Interim Financial Reporting’ (IAS 34) using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting and Interpretations Committee (“IFRIC”).

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended March 31, 2020. For comparative purposes, the Company has reclassified certain immaterial items on the comparative interim condensed consolidated statement of cash flows.

The interim condensed consolidated financial statements were approved by the Company’s Board of Directors and authorized for issue on November 12, 2020.

b) Functional and presentation currency

The functional currency of an entity and its subsidiary is the currency of the primary economic environment in which the entity operates. The functional currency of the parent company is the Canadian dollar and the functional currency of MBI is the US dollar, the functional currency of MTI and MBIBC is the Canadian dollar and the presentation currency of the Company is the Canadian dollar.

5

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

2. Basis of presentation and significant accounting policies cont’d

c) Significant accounting judgments, estimates and assumptions

The preparation of these unaudited interim condensed consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from these estimates.

The unaudited interim condensed consolidated financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the unaudited condensed consolidated interim financial statements, and may require accounting adjustments based on future occurrences. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

The accompanying unaudited interim condensed consolidated financial statements are prepared in accordance with IFRS and follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended March 31, 2020. They do not include all of the information and disclosures required by IFRS for annual financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these unaudited condensed consolidated interim financial statements. Operating results for the six months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the full year ended March 31, 2020. For further information, see the Company’s audited consolidated financial statements including notes thereto for the year ended March 31, 2020.

d) Cash and cash equivalents and marketable securities

Cash and cash equivalents

Cash equivalents include guaranteed investment certificates (September 30, 2020 - $4.9 million, March 31, 2020 - $20.0 million) with a maturity of 90 days or less and are readily redeemable for cash. The Company has classified its cash and cash equivalents at fair value through profit or loss.

Marketable securities

Marketable securities consist of guaranteed investment certificates with a maturity of greater than 90 days and less than one year. The Company has classified its marketable securities at fair value through profit or loss.

3. Capital disclosures

The Company’s objectives, when managing capital, are to safeguard cash and cash equivalents as well as maintain financial liquidity and flexibility in order to preserve its ability to meet financial obligations and deploy capital to grow its businesses.

The Company’s financial strategy is designed to maintain a flexible capital structure consistent with the objectives stated above and to respond to business growth opportunities and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may issue shares or issue debt (secured, unsecured, convertible and/or other types of available debt instruments).

There were no changes to the Company’s capital management policy during the year. The Company is not subject to any externally imposed capital requirements.

6

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

4. Financial risk management

(a) Fair value

The Company’s financial instruments recognized on the interim condensed consolidated statements of financial position consist of cash and cash equivalents, marketable securities, government and other receivables, and accounts payable and accrued liabilities. The fair value of these instruments, approximate their carrying values due to their short-term maturity.

Classification of financial instruments

Financial instruments measured at fair value on the interim condensed statements of financial position are summarized into the following fair value hierarchy levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability.

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics, and management intent as outlined below:

Cash and cash equivalents and marketable securities are measured using Level 1 inputs and changes in fair value are recognized through profit or loss, with changes in fair value being recorded in net income at each period-end.

Other receivables and government receivable are measured at amortized cost less impairments.

Accounts payable and accrued liabilities, deferred government grants and license fee payable are measured at amortized cost.

The Company has exposure to the following risks from its use of financial instruments: credit, interest rate, currency and liquidity risk. The Company reviews its risk management framework on a quarterly basis and makes adjustments as necessary.

(b) Credit risk

Credit risk arises from the potential that a counterparty will fail to perform its obligations. The financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents and marketable securities.

The Company manages credit risk associated with its cash and cash equivalents and marketable securities by maintaining minimum standards of R1-med or A-high investments and the Company invests only in highly rated Canadian corporations that are capable of prompt liquidation.

(c) Interest rate risk

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The Company believes that its exposure to interest rate risk is not significant.

(d) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company currently settles all of its financial obligations out of cash and cash equivalents. The ability to do so relies on the Company maintaining sufficient cash in excess of anticipated needs. As at September 30, 2020, the Company’s liabilities consist of accounts payable and accrued liabilities that have contracted maturities of less than one year.

7

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

4. Financial risk management cont’d

(e) Currency risk

Currency risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to currency risk from employee costs as well as the purchase of goods and services primarily in the United States and cash and cash equivalent balances held in foreign currencies. Fluctuations in the US dollar exchange rate could have a significant impact on the Company’s results. Assuming all other variables remain constant, a 10% depreciation or appreciation of the Canadian dollar against the US dollar would result in an increase or decrease in loss and comprehensive loss for the three months ended September 30, 2020 of $12 thousand (September 30, 2019 - $3 thousand).

Balances in US dollars are as follows:

	September 30, 2020			March 31, 2020
	$			$
Cash and cash equivalents		123			135
Accounts payable and accrued liabilities		(214	)		(900	)
		(91	)		(765	)

5. Right-of-use asset and lease liability

The Company recognized a right-of-use asset based on the amount equal to the lease liability, adjusted for any related prepaid and accrued lease payments previously recognized. The lease liability was recognized based on the present value of remaining lease payments, discounted using the incremental borrowing rate at the date of initial application. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid under residual value guarantees. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period as incurred.

The carrying amounts of the Company’s right-of-use asset and lease liability and movements during the period ended September 30, 2020 were as follows:

	Right-of-Use Asset			Lease Liability
	$			$
Balance, March 31, 2020		67			67
Depreciation		(17	)		-
Lease payments		-			(21	)
Lease interest		-			4
Balance, September 30, 2020		50			50
Classification:
Current portion of lease liability		-			37
Long-term portion of lease liability		-			13
		-			50

8

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

6. Share capital Authorized

Unlimited common shares

Equity Issuances

On March 17, 2020, the Company completed a public offering raising total gross proceeds of $35 million. The Company issued 11,290,323 common shares at $3.10 per share and issued a 15% overallotment option to the underwriters. The Company paid commission to the agents totaling $2.5 million, share issuance costs of $0.5 million and issued 790,323 warrants to the agents exercisable into one common share of the Company at an exercise price of $3.10 for a period of 24 months. The fair value of the warrants issued was determined to be $0.5 million.

On April 15, 2020, the Company announced the full exercise of the overallotment option, issuing an additional 1,693,548 common shares at $3.10 per share for additional proceeds of $5.3 million. The Company paid commission to the agents totaling $367,500, share issuance costs of $32 thousand and issued 118,723 warrants to the agents exercisable into one common share of the Company at an exercise price of $3.10 expiring on March 17, 2022. The fair value of the warrants issued was determined to be $69 thousand.

Calculation of loss per share

Loss per common share is calculated using the weighted average number of common shares outstanding. For the three and six months ended September 30, 2020 and 2019, the calculation was as follows:

	Three months ended September 30,				Six months ended September 30,
	2020		2019		2020		2019
Common shares issued and outstanding, beginning of year		48,797,983		28,802,792		46,799,828		28,578,137
Shares issued on overallotment		-		-		1,554,733		-
Effect of warrants and options exercised		47,390		-		239,923		131,356
Weighted average shares outstanding, end of period		48,845,373		28,802,792		48,594,484		28,709,493

The effect of any potential exercise of the Company’s stock options and warrants outstanding during the period has been excluded from the calculation of diluted loss per common share as it would be anti- dilutive.

9

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

7. Warrants

Warrant continuity:

	Number of Warrants			Weighted average exercise price
Balance outstanding at March 31, 2019		5,145,083		$	1.65
Warrants exercised during the period		(224,655	)		1.20
Warrants exercisable at June 30, 2019 and September 30, 2019		4,920,428		$	1.67
Common share purchase warrants issued in the financing		2,653,846			1.75
Broker warrants issued in the financing		350,134			1.30
Warrants exercised during the period		(605,311	)	$	1.63
Warrants exercisable at December 31, 2019		7,319,097		$	1.68
Broker warrants issued in the March 2020 financing		790,323			3.10
Warrants exercised during the period		(793,709	)		1.41
Warrants outstanding at March 31, 2020		7,315,711		$	1.86
Warrants exercised during the period		(283,184	)		1.92
Broker warrants issued in overallotment		118,723			3.10
Warrants outstanding at June 30, 2020		7,151,250		$	1.88
Warrants exercised during the period		(73,915	)		2.01
Warrants outstanding at September 30, 2020		7,077,335		$	1.88

The following warrants were exercised during the six months ended September 30, 2020:

Number of Warrants		Exercise Price		Proceeds		Expiry Date
			$		$
	65,000		1.20		78,000	December 21, 2023
	133,509		1.30		173,561	October 17, 2021
	36,972		1.75		64,701	October 17, 2022
	121,618		3.10		377,016	March 17, 2022
	357,099				693,278

At September 30, 2020, warrants were outstanding and exercisable, enabling holders to acquire common shares as follows:

Number of Warrants		Exercise Price		Expiry Date
			$
	57,500		1.20	December 21, 2020
	1,379,083		2.00	January 1, 2021
	1,288,000		2.00	April 5, 2021
	163,000		2.00	April 5, 2021
	77,994		1.30	October 17, 2021
	787,428		3.10	March 17, 2022
	1,921,330		1.75	October 17, 2022
	1,403,000		1.20	December 21, 2023
	7,077,335

10

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

8. Stock options

There were no stock options granted in the six months ended September 30, 2020.

During the period ended September 30, 2019, the Company granted 200,000 stock options exercisable at $1.38 per share. 50,000 of the options granted vest 50% after one year, 25% after two years and 25% after three years, 150,000 of the options vested 50% on September 1, 2019 and 50% on December 1, 2019 and have a ten-year life.

Stock option transactions for the periods ended September 30, 2020 and 2019 are set forth below:

	Number of options			Weighted average exercise price
Balance outstanding at March 31, 2019		3,275,000		$	1.67
Granted		200,000			1.38
Forfeited		(100,000	)		1.09
Balance outstanding at June 30, 2019 and September 30, 2019		3,375,000		$	1.67
Granted		1,030,000			1.30
Forfeited		(275,000	)		1.91
Balance outstanding at December 31, 2019 and March 31, 2020		4,130,000		$	1.56
Forfeited		(3,577	)		1.00
Exercised		(21,423	)		1.00
Balance outstanding at June 30, 2020		4,105,000		$	1.56
Forfeited		(160,361	)		1.72
Exercised		(52,139	)		1.29
Balance outstanding at September 30, 2020		3,892,500		$	1.56

The following table summarizes information about stock options outstanding at September 30, 2020:

	Options Outstanding			Options Exercisable
Exercise Prices	Options	Weighted average remaining contractual life	Weighted average exercise price	Options	Weighted average exercise price
$		Years	$		$
1.00	1,025,000	7.65	1.00	600,000	1.00
1.01-1.50	1,192,500	7.94	1.31	375,000	1.34
1.51-2.00	925,000	6.38	2.00	925,000	2.00
2.01-2.88	750,000	6.00	2.18	750,000	2.18
	3,892,500	7.28	1.56	2,650,000	1.73

9. Government assistance

CPRIT assistance

In February 2015, the Company received notice that it had been awarded a grant by the Cancer Prevention Research Institute of Texas (“CPRIT”) whereby the Company is eligible to receive up to US$14.1 million on eligible expenditures over a three-year period related to the development of the Company’s phase 2b clinical program for MDNA55. In October 2017, the Company was granted a one-year extension to the grant allowing expenses to be claimed over a four-year period ending February 28, 2019. On February 4, 2019, the Company was approved for a further six-month extension ending August 31, 2019; on July 25, 2019, an additional six-month extension was granted to February 28, 2020 and on January 6, 2020, an additional six-month extension was granted to August 28, 2020.

11

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

9. Government assistance cont’d

Of the US$14.1 million grant approved by CPRIT, Medicenna has received US$12.7 million from CPRIT as at September 30, 2020. The Company is eligible to receive the remaining US$1.4 million upon the achievement of certain criteria as determined by CPRIT, from time to time. There can be no assurances that the balance of such grants will be received from CPRIT.

Ongoing program funding from CPRIT is subject to a number of conditions including the satisfactory achievement of milestones that must be met to release additional CPRIT funding, proof the Company has raised 50% matching funds and maintaining substantial functions of the Company related to the project grant in Texas as well as using Texas-based subcontractors and collaborators wherever possible. There can be no assurances that the Company will continue to meet the necessary CPRIT criteria, satisfactorily achieve milestones, or that CPRIT will continue to advance additional funds to the Company.

If the Company is found to have used any grant proceeds for purposes other than intended, is in violation of the terms of the grant, or relocates its MDNA55 related operations outside of the state of Texas, then the Company is required to repay any grant proceeds received.

Under the terms of the grant, the Company is also required to pay a royalty to CPRIT, comprised of 3-5% of revenues on net sales of MDNA55 until aggregate royalty payments equal 400% of the grant funds received at which time the ongoing royalty will be 0.5%.

During the period ended September 30, 2020, the Company did not receive any funds from CPRIT (2019 - $3.5 million).

10. Commitments

Intellectual property

On August 21, 2015, the Company exercised its right to enter into two license agreements (the “Stanford License Agreements”) with the Board of Trustees of the Leland Stanford Junior University (“Stanford”). In connection with this licensing agreement, the Company issued 649,999 common shares with a value of

$0.1 million to Stanford and affiliated inventors. The value of these shares has been recorded as an intangible asset that is being amortized over the life of the underlying patents. As at September 30, 2020, the Company’s intangible assets have a remaining capitalized net book value of $74 thousand (March 31, 2020 - $76 thousand).

The development milestones under the Stanford License Agreements were updated during the year ended March 31, 2020 to reflect the current stage of development of the Company’s programs. In connection with the amendment of the Stanford License Agreements, Medicenna paid a US$0.2 million fee to Stanford.

The Company has entered into various license agreements with respect to accessing patented technology. In order to maintain these agreements, the Company is obligated to pay certain costs based on timing or certain milestones within the agreements, the timing of which is uncertain. These costs include ongoing license fees, patent prosecution and maintenance costs, royalty and other milestone payments. As at September 30, 2020, the Company is obligated to pay the following:

• Patent licensing costs due within 12 months totaling $42 thousand.

• Patent licensing costs, including the above, due within the next five years totaling $1.3 million.

• Given the current development plans and expected timelines of the Company it is assumed that project milestones of US$0.1 million and US$0.1 million will be due in the next five years.

• Project milestone payments, assuming continued success in the development programs, of uncertain timing totaling US$2.7 million and an additional US$2.0 million in sales milestones.

• A liquidity payment of $0.4 million is due to the National Institute of Health (“NIH”), which represents the remaining payments resulting from the Company’s liquidity event in March 2017.

12

Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

10. Commitments cont’d

Contractual obligations	Less than 1 year		1-3 years		3-5 years		Total
	$		$		$		$
Patent licensing costs, minimum annual royalties per license agreements		42		888		324		1,255
Lease payments		41		14		-		55
Liquidity event payment		357		-		-		357

As at September 30, 2020, the Company had obligations to make future payments, representing significant research and development and manufacturing contracts and other commitments that are known and committed in the amount of approximately $5.8 million, of which $1.4 million has been paid or accrued as at September 30, 2020. Most of these agreements are cancellable by the Company with notice. These commitments include agreements for manufacturing and preclinical studies.

11. Related party disclosures

(a) Key management personnel

Key management personnel, which consists of the Company’s officers (President and Chief Executive Officer, Chief Financial Officer, and Chief Development Officer) and directors, earned the following compensation for the following periods:

	Three months ended September 30,				Six months ended September 30,
	2020		2019		2020		2019
	$		$		$		$
Salaries and wages		265		223		488		446
Board fees		36		36		65		71
Stock option expense		207		164		365		301
		508		423		918		818

(b) Amounts payable to related parties

As at September 30, 2020, the Company had trade and other payables in the normal course of business, owing to directors and officers of $0.1 million, (2019 - $0.4 million) related to deferred salary, board fees and accrued vacation.

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Medicenna Therapeutics Corp.

Notes to the interim condensed consolidated financial statements (unaudited)

For the Three and Six months ended September 30, 2020 and 2019

(Tabular amounts expressed in thousands of Canadian Dollars, except for share and per share amounts

12. Subsequent events

On October 15, 2020, the Company provided an update on the clinical development of MDNA55, following a recent End of Phase 2 meeting with the FDA regarding the regulatory and commercial pathway for MDNA55. The Company has been advised to proceed with an innovative open-label hybrid control design for a Phase 3 registration trial of MDNA55 in rGBM patients with no mutation in 1Dh1/1Dh2 genes. This hybrid trial design will reduce the overall number of subjects needed to enroll in the study to achieve the primary endpoint, and notably reduce the number of subjects that would be randomized to standard of care treatment under a conventional 1:1 randomization. The Company does not currently have plans to pursue additional clinical development of MDNA55 without the assistance of a partnership.

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