TSX Shariah screener · October 2026
Is Medicenna Therapeutics Corp. (MDNA) Halal?
Medicenna Therapeutics Corp. · TSX: MDNA · Healthcare
The short answer
No — Medicenna Therapeutics (MDNA) fails this Shariah stock screen. Its engineered cytokine immunotherapy business (bizaxofusp/MDNA55, Superkines) is permissible and it carries no debt, but its separately disclosed 'Finance income' line — which the company says consists only of interest earned on excess cash, cash equivalents, and marketable securities — is the company's only income: it is pre-revenue with nil sales, far above the 5% non-compliant income limit. (The Q1 FY2027 release confirms the line's existence, citing a $0.2M decrease in finance income; the exact Q1 absolute figure was not retrieved — the FAIL logic does not depend on it.) The Nasdaq delisting was October 2023 only; the TSX listing continues. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Medicenna Therapeutics Corp. (TSX:MDNA) is a pre-revenue biotech developing engineered cytokine immunotherapy (bizaxofusp/MDNA55, Superkines) for cancer and autoimmune disease; its interim financial statements describe it as being in the development stage with no revenues from product candidates. The Nasdaq delisting was October 2023 only — the TSX listing (plus OTCQX) continues. No alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Debt is about C$0 — debt ÷ market cap is about 0%, well under the ~33% ceiling. Cash of C$5.7M (June 30, 2026) is about 18.2% of the ~C$31.4M market cap (C$0.41, September 23, 2026). Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: FAIL
The company discloses a separate 'Finance income' line that it says consists only of interest earned on excess cash, cash equivalents, and marketable securities — while it is pre-revenue with nil sales. The Q1 FY2027 release (August 14, 2026) confirms the line, citing a $0.2M decrease in finance income as driving a higher net loss. Interest is effectively 100% of the company's income, far above the 5% non-compliant income limit. Gate 3 fails. Facts only.
Key figures used
- Finance income: separately disclosed line ('only consisting of interest earned on excess cash, cash equivalents and marketable securities'); revenue nil (pre-revenue) — FAIL
- Q1 FY2027 release (Aug 14, 2026) confirms the line: '$0.2 million decrease in finance income' (exact absolute figure not retrieved — logic doesn't depend on it)
- Debt: ~C$0 ≈ 0% of market cap; cash C$5.7M ≈ 18.2% of ~C$31.4M market cap
- Market cap: ~C$31.4M (C$0.41, Sep 23, 2026)
- Business: engineered cytokine immunotherapy (bizaxofusp/MDNA55, Superkines); Nasdaq-delisted Oct 2023, TSX + OTCQX continue — no haram segments
Frequently asked questions
Is Medicenna Therapeutics (MDNA) halal?
No. Medicenna Therapeutics fails this Shariah stock screen. Its engineered cytokine immunotherapy business (bizaxofusp/MDNA55, Superkines) is permissible and it carries no debt, but its separately disclosed 'Finance income' line — which the company says consists only of interest earned on excess cash, cash equivalents, and marketable securities — is the company's only income: it is pre-revenue with nil sales, far above the 5% limit for non-compliant income. The Nasdaq delisting was October 2023 only; the TSX listing continues. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Medicenna Therapeutics' debt-to-market-cap ratio?
About 0%. Debt is essentially nil, well under the ~33% ceiling. Cash of C$5.7M (June 30, 2026) is about 18.2% of the ~C$31.4M market cap (C$0.41, September 23, 2026).
What does Medicenna Therapeutics do?
Medicenna Therapeutics Corp. (TSX:MDNA) is a pre-revenue biotech developing engineered cytokine immunotherapy (bizaxofusp/MDNA55, Superkines) for cancer and autoimmune disease; its interim financial statements describe it as being in the development stage with no revenues from product candidates.
How much finance income does Medicenna Therapeutics earn relative to revenue?
The company discloses a separate 'Finance income' line that it says consists only of interest earned on excess cash, cash equivalents, and marketable securities — while it is pre-revenue with nil sales. The Q1 FY2027 release (August 14, 2026) confirms the line, citing a $0.2M decrease in finance income. Interest is effectively 100% of the company's income, far above the 5% ceiling.
Where can I find more healthcare stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other healthcare-sector entries.
Sources
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.