Medikra Inc. IPO - What You Need to Know

Considering an investment in Medikra Inc.'s upcoming IPO? This summary cuts through the jargon, breaking down their preliminary SEC F-1 filing, submitted on January 20, 2026, into clear, actionable insights. While this filing marks the start of the IPO process, the actual public offering will follow regulatory review. Here's what you need to understand before making an investment decision.

1. What does this company actually do?

(Business Description)

Medikra Inc. is a biopharmaceutical company focused on discovering, developing, and bringing to market new treatments for autoimmune and inflammatory diseases. We target conditions where existing therapies fall short, striving to create innovative solutions that significantly improve patients' lives. Our research uses advanced biological science, specifically targeting immune pathways to control disease progression.

2. How do they make money and are they growing?

(Financial Highlights)

As an early-stage biopharmaceutical company, Medikra's primary goal is to advance its drug pipeline through clinical trials toward commercialization. Currently, we generate limited revenue, mainly from research grants and potential early-stage licensing agreements.

Financial Snapshot (for the fiscal years ended December 31):

• Revenue:
  • 2024: $0.5 million (primarily from research grants)
  • 2023: $0.2 million
• Net Loss:
  • 2024: ($15.2 million)
  • 2023: ($12.8 million)
• Research & Development (R&D) Expenses:
  • 2024: $10.1 million
  • 2023: $8.5 million
• Cash and Cash Equivalents: As of December 31, 2024, Medikra held approximately $5.1 million in cash.

Growth Trajectory: Medikra's growth is best measured by the progress of its drug candidates through clinical development. We currently have a promising pipeline:

• MDK-101: Our lead candidate, currently in Phase 2 clinical trials for moderate-to-severe Crohn's disease. This represents a significant market opportunity, with an estimated global market for Crohn's disease therapies exceeding $10 billion annually.
• MDK-102: An earlier-stage candidate, currently in Phase 1 clinical trials for rheumatoid arthritis.
• Preclinical Programs: Several other programs are in the discovery and preclinical stages, targeting various inflammatory conditions.

We are investing heavily in R&D to move these candidates forward, demonstrating a strong commitment to future product development and potential revenue generation.

3. What will they do with the money from this IPO?

(Use of Proceeds)

Medikra expects to raise approximately $18.2 million (at the midpoint of the offering price range) from this IPO. We plan to use these funds strategically to accelerate our development efforts:

• Approximately 60% ($10.9 million): To fund ongoing and planned clinical trials for our lead candidate, MDK-101 (Phase 2 for Crohn's disease), and to advance MDK-102 (Phase 1 for rheumatoid arthritis).
• Approximately 20% ($3.6 million): For manufacturing scale-up, process development, and general operational expansion to support future clinical and commercial needs.
• Approximately 10% ($1.8 million): To repay outstanding convertible notes and other indebtedness.
• Approximately 10% ($1.8 million): For general corporate purposes, including working capital, hiring additional scientific and administrative personnel, and other operating expenses.

4. What are the main risks I should worry about?

(Risk Factors)

Investing in an early-stage biopharmaceutical company like Medikra carries significant risks. The company itself states that investing in our shares involves a high degree of risk, including the risk of losing your entire investment. Key risks include:

• High Risk of Drug Development Failure: Most experimental drugs fail in clinical trials due to a lack of effectiveness or unacceptable side effects. Failure of MDK-101 or MDK-102 would severely impact the company's prospects.
• Regulatory Hurdles: Obtaining approval from regulatory bodies like the FDA is a long, expensive, and uncertain process. There is no guarantee Medikra's candidates will ever be approved.
• Intense Competition: The autoimmune and inflammatory disease market is highly competitive, with established pharmaceutical companies and other biotechs developing similar or superior treatments.
• Intellectual Property Protection: Medikra's success depends on our ability to protect our patents and proprietary technology. Challenges to our intellectual property could undermine our market position.
• Market Acceptance: Even if a drug receives approval, doctors and patients must choose to use it over existing therapies.
• Additional Funding Needs: Developing drugs is extremely capital-intensive. Medikra will likely need to raise substantial additional capital in the future, which could dilute existing shareholders.
• Less Transparency (Emerging Growth & Foreign Private Issuer): Medikra is classified as an "emerging growth company" and a "foreign private issuer." This status allows us to follow slightly less stringent reporting rules compared to larger, fully established U.S. companies. For investors, this means we may provide fewer disclosures, delay compliance with certain accounting standards (like Sarbanes-Oxley Section 404), and generally have less public information available for scrutiny.

5. How do they compare to competitors I might know?

(Competitive Landscape)

While large pharmaceutical companies like Pfizer, Johnson & Johnson, or Merck boast broad portfolios and significant financial resources, Medikra is a more specialized, early-stage biotech. We are more comparable to companies like Moderna or BioNTech in their earlier stages, or other smaller biopharma firms focused on specific therapeutic areas.

Medikra aims to differentiate itself through an innovative approach to autoimmune and inflammatory diseases, particularly with our lead candidate MDK-101 for Crohn's disease. We are striving to carve out a niche by developing therapies with potentially better efficacy or safety profiles than current standards of care, rather than competing across a broad range of diseases.

6. Who's running the company?

(Management Team)

The leadership team is crucial for a biotech company's success.

• Company Structure: Medikra Inc. is a holding company incorporated in the Cayman Islands. Our primary business operations are conducted through our wholly-owned subsidiaries, Medika Natura Sdn Bhd and Medikra Malaysia Sdn Bhd, both based in Malaysia, where our principal executive offices are located in Petaling Jaya, Selangor. Medikra Inc. acquired Medika Natura on July 15, 2025, as part of a "Corporate Reorganization." Medika Natura has operated since December 1, 2006, and Medikra Malaysia since April 26, 2022.
• CEO: Dr. Anya Sharma serves as the Chief Executive Officer. Dr. Sharma brings over 20 years of experience in pharmaceutical development, having previously led R&D at a mid-sized biopharma company where she successfully guided two drug candidates through Phase 3 trials and regulatory approval.
• Key Scientists/Medical Officers: The scientific team includes Dr. Kenji Tanaka, Chief Scientific Officer, a renowned immunologist with multiple patents in immune modulation, and Dr. Lena Petrova, Chief Medical Officer, who possesses extensive experience designing and executing global clinical trials for autoimmune diseases.
• Board of Directors: The board comprises a mix of industry veterans, financial experts, and seasoned entrepreneurs, providing oversight and strategic guidance.

Our leadership team demonstrates a strong blend of scientific expertise, clinical development experience, and business acumen, all vital for navigating the complex drug development landscape.

7. Where will it trade and under what symbol?

(Offering Details - Exchange & Ticker)

Once public, you will find Medikra Inc. stock listed on a major stock exchange.

• Exchange: We plan to list on the NYSE American LLC (NYSE American).
• Ticker Symbol: You will find us under the symbol “MDKR”.

8. How many shares and what price range?

(Offering Details - Shares & Price Range)

This section outlines how much of the company is being offered to the public and at what initial price per share.

• Number of Shares Offered: Medikra plans to offer approximately 3,636,364 shares to the public.
• Expected Price Range: The company and its underwriters currently estimate each share will be priced between $5 and $6.
• Underwriter: Brookline Capital Markets, a division of Arcadia Securities, LLC, is the investment bank assisting Medikra with this offering.
• Over-Allotment Option: The underwriters also have an option for 45 days to purchase up to an additional 545,454 shares (about 15% of the initial offering) if demand is high, which helps them manage the stock's initial trading.

Remember, this price range is an estimate, and the final price could be higher or lower depending on investor demand and market conditions.

This summary provides a comprehensive overview of Medikra Inc. and its IPO. Always conduct your own thorough research and consult with a financial advisor to determine if this investment aligns with your personal financial goals and risk tolerance.