Estados financieros detallados de MediciNova, Inc. (MNOV): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 42.4%, margen operativo -12.9%, margen neto -11.7%.
Al precio actual de $2.52, MNOV presenta beneficios negativos (P/E no significativo) y un ROE del -26.51%. La capitalización bursátil es de $124M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $4.0M | 0 | $1.0M | 0 | $409657 |
| Coste de Ventas | $14127 | $28098 | $25881 | $23944 | 0 | 0 | 0 | 0 | 0 | $378606 |
| Beneficio Bruto | -$14127 | -$28098 | -$25881 | -$23944 | 0 | $4.0M | 0 | $1.0M | 0 | $31051 |
| I+D | $3.5M | $4.2M | $5.6M | $6.1M | $7.5M | $8.1M | $9.1M | $5.7M | $7.2M | $7.2M |
| Generales y Administrativos | $7.4M | $8.8M | $10.0M | $8.0M | $6.7M | $5.7M | $5.5M | $5.2M | $5.5M | $6.2M |
| Gastos Operativos | $10.9M | $13.0M | $15.6M | $14.0M | $14.2M | $14.3M | $14.6M | $10.9M | $12.7M | $13.3M |
| Beneficio Operativo | -$10.9M | -$13.0M | -$15.6M | -$14.0M | -$14.2M | -$10.2M | -$14.6M | -$9.9M | -$12.7M | -$13.3M |
| EBITDA | -$10.9M | -$13.0M | -$15.6M | -$14.0M | -$14.2M | -$10.1M | -$14.0M | -$8.5M | -$11.0M | -$12.0M |
| Gastos por Intereses | $454 | $298 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$10.9M | -$12.9M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| Impuestos | $3754 | -$1.7M | $5276 | $12660 | -$1648 | $2568 | $2822 | $3047 | $5537 | $5994 |
| Beneficio Neto | -$10.9M | -$11.2M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| BPA | $-0.33 | $-0.32 | $-0.36 | $-0.30 | $-0.31 | $-0.21 | $-0.29 | $-0.17 | $-0.23 | $-0.24 |
| BPA Diluido | $-0.33 | $-0.32 | $-0.36 | $-0.30 | $-0.31 | $-0.21 | $-0.29 | $-0.17 | $-0.23 | $-0.24 |
| Acciones en Circulación (Diluidas) | $33.0M | $35.1M | $41.1M | $43.2M | $44.4M | $48.6M | $49.0M | $49.0M | $49.0M | $49.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $123319 | $151739 | $186984 | $458439 |
| Beneficio Bruto | $8047 | $51758 | $12623 | $317759 |
| Beneficio Operativo | -$3.4M | -$3.1M | -$2.8M | -$2.5M |
| EBITDA | -$3.0M | -$2.9M | -$2.5M | -$2.5M |
| Beneficio Neto | -$3.1M | -$2.8M | -$2.6M | -$2.3M |
| BPA | $-0.06 | $-0.05 | $-0.05 | $-0.05 |
| BPA Diluido | $-0.06 | $-0.05 | $-0.05 | $-0.05 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $24.1M | $28.0M | $62.3M | $63.8M | $60.0M | $71.4M | $18.5M | $51.0M | $40.4M | $30.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $40.0M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $24.7M | $28.3M | $62.8M | $64.3M | $60.7M | $72.0M | $59.0M | $51.2M | $41.1M | $31.0M |
| Inmovilizado Material | $90717 | $62886 | $53134 | $40550 | $226557 | $881780 | $674764 | $621206 | $382411 | $192569 |
| Fondo de Comercio | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M |
| Activos Intangibles | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M |
| Activos Totales | $39.8M | $43.4M | $77.2M | $79.2M | $75.4M | $87.4M | $74.2M | $66.3M | $55.9M | $45.6M |
| Cuentas por Pagar | $367275 | $1.5M | $616753 | $451326 | $616629 | $402740 | $424646 | $1.0M | $1.1M | $624995 |
| Deuda a Corto | 0 | 0 | 0 | $216768 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $1.6M | $2.9M | $2.2M | $2.2M | $2.2M | $2.8M | $3.2M | $3.3M | $3.0M | $3.8M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $5.3M | $4.8M | $4.1M | $4.3M | $4.1M | $3.7M | $3.9M | $3.9M | $3.4M | $4.0M |
| Reservas | -$330.3M | -$341.5M | -$356.1M | -$369.1M | -$382.9M | -$393.1M | -$407.1M | -$415.7M | -$426.8M | -$438.7M |
| Patrimonio Neto | $34.5M | $38.6M | $73.1M | $74.9M | $71.3M | $83.7M | $70.2M | $62.4M | $52.5M | $41.6M |
| Deuda Total | $967000 | 0 | $27.2M | $399347 | $186028 | $826639 | $681123 | $215926 | $193769 | $194331 |
| Deuda Neta | -$23.2M | -$28.0M | -$35.1M | -$63.4M | -$59.9M | -$70.6M | -$57.8M | -$50.8M | -$40.2M | -$30.6M |
| Capital Circulante | $23.1M | $25.4M | $60.6M | $62.1M | $58.5M | $69.2M | $55.8M | $47.9M | $38.1M | $27.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $32.6M | $30.8M | $27.3M | $25.4M |
| Activos Totales | $47.6M | $45.6M | $42.7M | $40.4M |
| Pasivos Totales | $3.6M | $4.0M | $3.3M | $3.2M |
| Patrimonio Neto | $44.0M | $41.6M | $39.4M | $37.3M |
| Deuda Total | $180751 | $194331 | $165198 | $117038 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$10.9M | -$11.2M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| Amortizaciones | $14127 | $28098 | $25881 | $23944 | $21342 | $26149 | $17707 | $20295 | $21077 | $20099 |
| Compensación en Acciones | $4.0M | $4.5M | $6.3M | $4.1M | $3.2M | $1.7M | $642522 | $710710 | $1.2M | $829095 |
| Cambio en Capital Circulante | $302868 | -$265514 | -$775353 | -$319922 | -$379573 | -$1.2M | $334100 | $111986 | -$979556 | $1.2M |
| Flujo de Caja Operativo | -$6.5M | -$6.9M | -$9.1M | -$9.1M | -$10.8M | -$9.4M | -$12.9M | -$7.4M | -$10.6M | -$9.8M |
| Inversiones (CapEx) | -$84483 | 0 | -$10200 | -$11272 | -$36492 | -$28732 | -$5010 | -$21299 | -$895 | -$2899 |
| Adquisiciones | 0 | 0 | $636524 | 0 | 0 | 0 | $5.0M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$6.6M | -$6.9M | -$9.1M | -$9.1M | -$10.9M | -$9.4M | -$12.9M | -$7.5M | -$10.6M | -$9.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.7M | -$2.0M | -$3.5M | -$1.92B |
| Inversiones (CapEx) | -$2903 | $2903 | -$10827 | 0 |
| Flujo de Caja Libre | -$1.7M | -$2.0M | -$3.5M | -$1.92B |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $338255 | $407761 | $176.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | -100.0% | | -100.0% | |
| Crecimiento Beneficio Neto (anual) | | -2.7% | -31.5% | +11.8% | -7.0% | +26.8% | -38.8% | +39.1% | -28.9% | -8.6% |
| Crecimiento BPA (anual) | | +3.0% | -12.5% | +16.7% | -3.3% | +32.3% | -38.1% | +41.4% | -35.3% | -4.3% |
| Cambio en Acciones (anual) | | +6.5% | +17.0% | +4.9% | +2.9% | +9.4% | +0.9% | +0.0% | +0.0% | +0.0% |
| Crecimiento FCF (anual) | | -4.4% | -31.8% | -0.1% | -18.9% | +13.4% | -37.3% | +42.3% | -42.8% | +7.8% |
| Margen Bruto | | | | | | 100.0% | | 100.0% | | 7.6% |
| Margen Operativo | | | | | | -253.0% | | -990.0% | | -3242.5% |
| Margen EBITDA | | | | | | -250.3% | | -854.8% | | -2922.4% |
| Margen Neto | | | | | | -251.0% | | -857.2% | | -2928.8% |
| Margen FCF | | | | | | -233.1% | | -745.2% | | -2395.4% |
| Tasa Impositiva Efectiva | -0.0% | 13.5% | -0.0% | -0.1% | 0.0% | -0.0% | -0.0% | -0.0% | -0.1% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.20 | $-0.20 | $-0.22 | $-0.21 | $-0.24 | $-0.19 | $-0.26 | $-0.15 | $-0.22 | $-0.20 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $33.0M | $35.1M | $41.1M | $43.2M | $44.4M | $48.6M | $49.0M | $49.0M | $49.0M | $49.1M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -26.51% |
| Rentabilidad sobre capital invertido | -31.53% |
| Rentabilidad sobre activos | -26.59% |
| Margen bruto | 42.39% |
| Margen operativo | -1287.41% |
| Margen neto | -1168.20% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 8.75 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -18.27 | -20.22 | -22.69 | -22.47 | -16.97 | -12.76 | -7.07 | -8.82 | -9.13 | -5.46 |
| P/VC | 5.76 | 5.88 | 4.60 | 3.88 | 3.28 | 1.56 | 1.43 | 1.18 | 1.96 | 1.55 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 32.26 | 0.00 | 73.57 | 0.00 | 156.89 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 100.0% | 0.0% | 7.6% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -253.0% | 0.0% | -990.0% | 0.0% | -3242.5% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -251.0% | 0.0% | -857.2% | 0.0% | -2928.8% |