Detailed financial statements for MediciNova, Inc. (MNOV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MediciNova, Inc. is a biopharmaceutical firm dedicated to discovering and advancing innovative small molecule therapies for severe illnesses where current treatments are insufficient within the United States. Its robust development pipeline features MN-166 (ibudilast), an oral agent with both anti-inflammatory and neuroprotective properties, currently being investigated for a range of neurological conditions.
Analysis Summary
Trailing-twelve-month margins: gross margin 42.4%, operating margin -12.9%, net margin -11.7%.
At the current price of $2.52, MNOV has negative trailing earnings (P/E not meaningful) and an ROE of -26.51%. Market capitalisation stands at $124M.
Balance sheet quality for MNOV: current ratio of 8.2, net cash position of $30.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $4.0M | 0 | $1.0M | 0 | $409657 |
| Cost of Revenue | $14127 | $28098 | $25881 | $23944 | 0 | 0 | 0 | 0 | 0 | $378606 |
| Gross Profit | -$14127 | -$28098 | -$25881 | -$23944 | 0 | $4.0M | 0 | $1.0M | 0 | $31051 |
| Research & Development | $3.5M | $4.2M | $5.6M | $6.1M | $7.5M | $8.1M | $9.1M | $5.7M | $7.2M | $7.2M |
| Selling, General & Admin | $7.4M | $8.8M | $10.0M | $8.0M | $6.7M | $5.7M | $5.5M | $5.2M | $5.5M | $6.2M |
| Operating Expenses | $10.9M | $13.0M | $15.6M | $14.0M | $14.2M | $14.3M | $14.6M | $10.9M | $12.7M | $13.3M |
| Operating Income | -$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 |
| Interest Expense | $454 | $298 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$10.9M | -$12.9M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| Income Tax | $3754 | -$1.7M | $5276 | $12660 | -$1648 | $2568 | $2822 | $3047 | $5537 | $5994 |
| Net Income | -$10.9M | -$11.2M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| EPS | $-0.33 | $-0.32 | $-0.36 | $-0.30 | $-0.31 | $-0.21 | $-0.29 | $-0.17 | $-0.23 | $-0.24 |
| EPS (Diluted) | $-0.33 | $-0.32 | $-0.36 | $-0.30 | $-0.31 | $-0.21 | $-0.29 | $-0.17 | $-0.23 | $-0.24 |
| Shares Outstanding (Diluted) | $33.0M | $35.1M | $41.1M | $43.2M | $44.4M | $48.6M | $49.0M | $49.0M | $49.0M | $49.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $123319 | $151739 | $186984 | $458439 |
| Gross Profit | $8047 | $51758 | $12623 | $317759 |
| Operating Income | -$3.4M | -$3.1M | -$2.8M | -$2.5M |
| EBITDA | -$3.0M | -$2.9M | -$2.5M | -$2.5M |
| Net Income | -$3.1M | -$2.8M | -$2.6M | -$2.3M |
| EPS | $-0.06 | $-0.05 | $-0.05 | $-0.05 |
| EPS (Diluted) | $-0.06 | $-0.05 | $-0.05 | $-0.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $24.1M | $28.0M | $62.3M | $63.8M | $60.0M | $71.4M | $18.5M | $51.0M | $40.4M | $30.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $40.0M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $24.7M | $28.3M | $62.8M | $64.3M | $60.7M | $72.0M | $59.0M | $51.2M | $41.1M | $31.0M |
| Property, Plant & Equipment | $90717 | $62886 | $53134 | $40550 | $226557 | $881780 | $674764 | $621206 | $382411 | $192569 |
| Goodwill | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M |
| Intangible Assets | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M |
| Total Assets | $39.8M | $43.4M | $77.2M | $79.2M | $75.4M | $87.4M | $74.2M | $66.3M | $55.9M | $45.6M |
| Accounts Payable | $367275 | $1.5M | $616753 | $451326 | $616629 | $402740 | $424646 | $1.0M | $1.1M | $624995 |
| Short-term Debt | 0 | 0 | 0 | $216768 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.6M | $2.9M | $2.2M | $2.2M | $2.2M | $2.8M | $3.2M | $3.3M | $3.0M | $3.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $5.3M | $4.8M | $4.1M | $4.3M | $4.1M | $3.7M | $3.9M | $3.9M | $3.4M | $4.0M |
| Retained Earnings | -$330.3M | -$341.5M | -$356.1M | -$369.1M | -$382.9M | -$393.1M | -$407.1M | -$415.7M | -$426.8M | -$438.7M |
| Total Equity | $34.5M | $38.6M | $73.1M | $74.9M | $71.3M | $83.7M | $70.2M | $62.4M | $52.5M | $41.6M |
| Total Debt | $967000 | 0 | $27.2M | $399347 | $186028 | $826639 | $681123 | $215926 | $193769 | $194331 |
| Net Debt | -$23.2M | -$28.0M | -$35.1M | -$63.4M | -$59.9M | -$70.6M | -$57.8M | -$50.8M | -$40.2M | -$30.6M |
| Working Capital | $23.1M | $25.4M | $60.6M | $62.1M | $58.5M | $69.2M | $55.8M | $47.9M | $38.1M | $27.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $32.6M | $30.8M | $27.3M | $25.4M |
| Total Assets | $47.6M | $45.6M | $42.7M | $40.4M |
| Total Liabilities | $3.6M | $4.0M | $3.3M | $3.2M |
| Total Equity | $44.0M | $41.6M | $39.4M | $37.3M |
| Total Debt | $180751 | $194331 | $165198 | $117038 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$10.9M | -$11.2M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M |
| Depreciation & Amortization | $14127 | $28098 | $25881 | $23944 | $21342 | $26149 | $17707 | $20295 | $21077 | $20099 |
| Stock-based Compensation | $4.0M | $4.5M | $6.3M | $4.1M | $3.2M | $1.7M | $642522 | $710710 | $1.2M | $829095 |
| Change in Working Capital | $302868 | -$265514 | -$775353 | -$319922 | -$379573 | -$1.2M | $334100 | $111986 | -$979556 | $1.2M |
| Operating Cash Flow | -$6.5M | -$6.9M | -$9.1M | -$9.1M | -$10.8M | -$9.4M | -$12.9M | -$7.4M | -$10.6M | -$9.8M |
| Capital Expenditure | -$84483 | 0 | -$10200 | -$11272 | -$36492 | -$28732 | -$5010 | -$21299 | -$895 | -$2899 |
| Acquisitions | 0 | 0 | $636524 | 0 | 0 | 0 | $5.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.6M | -$6.9M | -$9.1M | -$9.1M | -$10.9M | -$9.4M | -$12.9M | -$7.5M | -$10.6M | -$9.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.7M | -$2.0M | -$3.5M | -$1.92B |
| Capital Expenditure | -$2903 | $2903 | -$10827 | 0 |
| Free Cash Flow | -$1.7M | -$2.0M | -$3.5M | -$1.92B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $338255 | $407761 | $176.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | -100.0% | | -100.0% | |
| Net Income Growth (YoY) | | -2.7% | -31.5% | +11.8% | -7.0% | +26.8% | -38.8% | +39.1% | -28.9% | -8.6% |
| EPS Growth (YoY) | | +3.0% | -12.5% | +16.7% | -3.3% | +32.3% | -38.1% | +41.4% | -35.3% | -4.3% |
| Shares Change (YoY) | | +6.5% | +17.0% | +4.9% | +2.9% | +9.4% | +0.9% | +0.0% | +0.0% | +0.0% |
| FCF Growth (YoY) | | -4.4% | -31.8% | -0.1% | -18.9% | +13.4% | -37.3% | +42.3% | -42.8% | +7.8% |
| Gross Margin | | | | | | 100.0% | | 100.0% | | 7.6% |
| Operating Margin | | | | | | -253.0% | | -990.0% | | -3242.5% |
| EBITDA Margin | | | | | | -250.3% | | -854.8% | | -2922.4% |
| Net Margin | | | | | | -251.0% | | -857.2% | | -2928.8% |
| FCF Margin | | | | | | -233.1% | | -745.2% | | -2395.4% |
| Effective Tax Rate | -0.0% | 13.5% | -0.0% | -0.1% | 0.0% | -0.0% | -0.0% | -0.0% | -0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.20 | $-0.20 | $-0.22 | $-0.21 | $-0.24 | $-0.19 | $-0.26 | $-0.15 | $-0.22 | $-0.20 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $33.0M | $35.1M | $41.1M | $43.2M | $44.4M | $48.6M | $49.0M | $49.0M | $49.0M | $49.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -26.51% |
| Return on Invested Capital | -31.53% |
| Return on Assets | -26.59% |
| Gross Margin | 42.39% |
| Operating Margin | -1287.41% |
| Net Margin | -1168.20% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.75 |
Key Ratios (10y)
| Year | 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/B | 5.76 | 5.88 | 4.60 | 3.88 | 3.28 | 1.56 | 1.43 | 1.18 | 1.96 | 1.55 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 32.26 | 0.00 | 73.57 | 0.00 | 156.89 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 100.0% | 0.0% | 7.6% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -253.0% | 0.0% | -990.0% | 0.0% | -3242.5% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -251.0% | 0.0% | -857.2% | 0.0% | -2928.8% |