New Risk • Jun 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$779k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$779k free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CA$2.7m). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.3m market cap, or US$8.67m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). 공시 • Jun 10
Marvel Biosciences Corp. Receives Notice of Allowance for Australian Patent Application Covering Composition of Matter for Mb-204 Marvel Biosciences Corp., and its wholly owned subsidiary, Marvel Biotechnology Inc. announced that the Australian patent application 2021235803 covering MB-204 was accepted on May 7, 2026. The patent is expected to be granted shortly after August 28, 2026. The Australian notice of allowance further strengthens Marvel's global composition-of-matter patent portfolio for MB-204, reinforcing the Company's intellectual property position as it advances into Phase I clinical development following positive preclinical efficacy and toxicology results. Such includes recent preclinical studies in Rett syndrome models that demonstrated that MB-204 significantly outperformed the approved therapy trofinetide across multiple efficacy endpoints and produced sustained therapeutic benefits that persisted after treatment cessation, suggesting the potential for disease-modifying effects. Broadening patent protection across key pharmaceutical markets enhances the asset's commercial value by extending market exclusivity, reducing competitive risk, and increasing its attractiveness for potential licensing, partnering, and strategic investment opportunities. Marvel Biosciences Corp. has also recently filed for patents on a novel liquid-based formulation of MB-204 which should help lengthen the lifetime of its patent estate. MB-204 is a novel fluorinated analogue of the approved adenosine A2a receptor antagonist Istradefylline which is used for the treatment of Parkinson’s Disease. MB-204 has demonstrated superior pharmacokinetics and completed pre-clinical toxicology testing and has shown excellent pre-clinical efficacy studies in depression and multiple models of autism including Rett Syndrome. The compound is currently being tested in Fragile X models. Currently, around 1 in 36 children at age 8 have been diagnosed with autism spectrum disorder which underscores the urgency for new agents. The patent advancement follows a series of significant achievements in 2026, including the granting of U.S. and Japanese composition-of-matter patents for MB-204, the selection of Novotech as the Company's contract research organization for its planned Phase I clinical trial, the securing of non-dilutive funding support from Alberta Innovates, strategic investment participation from 5 Horizons Ventures, and the development of novel pediatric-friendly liquid formulations that may further expand the Company's intellectual property estate. Collectively, these achievements continue to validate Marvel's scientific platform, strengthen its credibility within the biotechnology sector, and support the Company's transition from a pre-clinical organization to a clinical-stage drug development company. New Risk • Jun 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-CA$3.9m). Revenue is less than US$1m. Market cap is less than US$10m (CA$10.1m market cap, or US$7.26m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). 공시 • Apr 18
Marvel Biosciences Corp. announced that it has received CAD 0.5 million in funding On April 17, 2026, Marvel Biosciences Corp closed the transaction. 공시 • Apr 17
Marvel Biosciences Corp. and Marvel Biotechnology Inc Identify Liquid Formulations for Neurodevelopmental Disorders Marvel Biosciences Corp., and its wholly-owned subsidiary, Marvel Biotechnology Inc. announced it has identified two lead pediatric-friendly liquid formulations of its patented lead compound, MB-204. This work was supported by a National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) grant and focused on the design of a small-volume oral liquid formulation of MB-204. This formulation is particularly important for children and adolescents with neurodevelopmental disorders, many of whom have difficulty swallowing pills or rely on feeding tubes, making standard solid oral dosage forms difficult or impractical to administer. The research focused on identifying a prototypic formulation that would ideally possess: Well accepted clinic ready excipients; A high concentration/low volume dosing solution; A simple, economic manufacturing process; Long term stability at room temperature; High oral bioavailability. Both formulations achieved higher drug levels of MB-204 in the blood of mice than our standard liquid-based formulation, which was used successfully in our depression and autism pre-clinical studies. We actually achieved 79 and 91% oral bioavailability (F%), which not only gives us a high degree of confidence that we should get meaningful drug exposures in patients in our Phase I trial, but also builds additional intellectual property around MB-204. The identification of a pediatric-friendly liquid formulation is another milestone in Marvel’s development pathway and expands MB-204's accessibility, particularly for its target patient populations. These advancements support accelerated regulatory engagement and clinical readiness, while additional formulation filings are expected to strengthen the Company’s intellectual property portfolio around novel delivery methods. Collectively, this progress Marvel’s transition into a more execution-focused phase, with a clear pathway toward clinical validation and key value inflection points. New Risk • Apr 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.5m free cash flow). Negative equity (-CA$3.9m). Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$8.82m market cap, or US$6.40m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). 
