MEDICINOVA INC MNOV
We are a biopharmaceutical company focused on developing novel therapeutics for the treatment of serious diseases with unmet medical needs and a commercial focus on the United States (U.S.) market. Our current strategy is to focus our development activities on MN-166 (ibudilast) for neurological and other disorders such as progressive multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS), chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and prevention of acute respiratory distress syndrome (ARDS), and MN-001 (tipelukast) for fibrotic and other metabolic disorders such as nonalcoholic fatty liver disease (NAFLD), and hypertriglyceridemia.
We completed a Phase 2b clinical trial of MN-166 (ibudilast) for the treatment of relapsing MS, in which positive safety and neuroprotective efficacy indicators were observed. The data from this trial indicated that MN-166 (ibudilast) may have potential in the treatment of progressive MS.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $409.7K | — | $1.0M | — | $4.0M | — | — | — | — | — |
| R&D | $6.7M | $6.8M | $5.3M | $8.7M | $8.1M | $7.1M | $5.7M | $5.3M | $3.9M | $3.1M |
| SG&A | $6.2M | $5.5M | $5.2M | $5.5M | $5.7M | $6.7M | $8.0M | $10.0M | $8.8M | $7.4M |
| Total operating expenses | $13.7M | $12.7M | $10.9M | $14.6M | $14.3M | $14.2M | $14.0M | $15.6M | $13.0M | $10.9M |
| Operating income | -$13.3M | -$12.7M | -$9.9M | -$14.6M | -$10.2M | -$14.2M | -$14.0M | -$15.6M | -$13.0M | -$10.9M |
| Interest expense | — | — | — | — | — | — | — | — | $298 | $454 |
| Pre-tax income | -$12.0M | -$11.0M | -$8.6M | -$14.1M | -$10.1M | -$13.9M | -$12.9M | -$14.7M | -$12.9M | -$10.9M |
| Income tax | $6.0K | $5.5K | $3.0K | $2.8K | $2.6K | $1.6K | $12.7K | $5.3K | $1.7M | $3.8K |
| Net income | $12.0M | $11.1M | $8.6M | -$14.1M | -$10.1M | -$13.9M | -$12.9M | -$14.7M | -$11.2M | -$10.9M |
| EPS, basic | -0.24 | -0.23 | -0.17 | -0.29 | -0.21 | — | — | — | — | — |
| EPS, diluted | -0.24 | -0.23 | -0.17 | -0.29 | -0.21 | -0.31 | -0.30 | -0.36 | -0.32 | -0.33 |
| Shares, diluted (wtd. avg.) | $49.1M | $49.0M | $49.0M | $49.0M | $48.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.8M | $40.4M | $51.0M | $18.5M | $71.4M | $60.0M | $63.8M | $62.3M | $28.0M | $24.1M |
| Short-term investments | — | — | — | $40.0M | — | — | — | — | — | — |
| Total current assets | $31.0M | $41.1M | $51.2M | $59.0M | $72.0M | $60.7M | $64.3M | $62.8M | $28.3M | $24.7M |
| Property, plant and equipment | $8.3K | $25.5K | $45.8K | $45.3K | $57.6K | $55.7K | $40.5K | $53.1K | $62.9K | $90.7K |
| Goodwill | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M |
| Total assets | $45.6M | $55.9M | $66.3M | $74.2M | $87.4M | $75.4M | $79.2M | $77.2M | $43.4M | $39.8M |
| Accounts payable | $625.0K | $1.1M | $1.0M | $424.6K | $402.7K | $616.6K | $451.3K | $616.8K | $1.5M | $367.3K |
| Total current liabilities | $3.8M | $3.0M | $3.3M | $3.2M | $2.8M | $2.2M | $2.2M | $2.2M | $2.9M | $1.6M |
| Total liabilities | $4.0M | $3.4M | $3.9M | $3.9M | $3.7M | $4.1M | $4.3M | $4.1M | $4.8M | $5.3M |
| Retained earnings | -$438.7M | -$426.8M | -$415.7M | -$407.1M | -$393.1M | -$382.9M | -$369.1M | -$356.1M | -$341.5M | -$330.3M |
| Total equity | $41.6M | $52.5M | $62.4M | $70.2M | $83.7M | $71.3M | $74.9M | $73.1M | $38.6M | $34.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.8M | -$10.6M | -$7.4M | -$12.9M | -$9.4M | -$10.8M | -$9.1M | -$9.1M | -$6.9M | -$6.5M |
| Depreciation and amortisation | $20.1K | $21.1K | $20.3K | $17.7K | $26.1K | $21.3K | $23.9K | $25.9K | $28.1K | $14.1K |
| Stock-based compensation | $829.1K | $1.2M | $710.7K | $642.5K | $1.7M | $3.2M | $4.1M | $6.3M | $4.5M | $4.0M |
| Capital expenditure | $2.9K | $895 | $21.3K | $5.0K | $28.7K | $36.5K | $11.3K | $10.2K | — | $84.5K |
| Investing cash flow | -$2.9K | -$697 | $39.9M | -$40.0M | -$28.7K | -$36.5K | -$11.3K | $626.3K | — | -$84.5K |
| Financing cash flow | $244.0K | $0 | — | $7.9K | $20.8M | $7.1M | $10.6M | $42.8M | $10.8M | $8.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191866.
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