MediciNova exhibits a consistent negative free cash flow trajectory with quarterly burn rates often exceeding $2 million, indicating a heavy reliance on cash reserves to fund R&D activities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -9.5M | -9.81M | -10.64M | -7.43M | -12.91M | -9.38M | -10.83M | -9.12M | -9.11M | -6.92M | -6.55M | -7.15M | 816.53K | -10.65M | -11.86M | -13.31M | -17.7M | -17.01M | -21.12M | -43.86M | -34.06M | -22.88M | -13.55M | -5.93M |
| Operating CF Margin % | - | -2394.7% | - | -743.1% | - | -232.36% | - | - | - | - | - | - | - | -177.34% | -1478.29% | - | - | - | - | -16.62% | -12907.16% | -2845.64% | -2763% | - |
| Operating CF Growth % | 38.01% | 7.83% | -43.22% | 42.45% | -37.63% | 13.34% | -18.65% | -0.12% | -31.63% | -5.77% | 8.47% | -975.95% | 107.67% | 10.27% | 10.85% | 24.8% | -4.02% | 19.43% | 51.85% | -28.77% | -48.85% | -68.91% | -128.39% | - |
| Net Income | -11.72M | -12M | -11.05M | -8.57M | -14.07M | -10.13M | -13.85M | -12.94M | -14.68M | -11.16M | -10.87M | -8.85M | -9.2M | -4.03M | -10.96M | -17.73M | -20.19M | -20.37M | -21.92M | -48.9M | -35.69M | -25.69M | -48.27M | -6.21M |
| Depreciation & Amortization | 59.73K | 20.1K | 21.08K | 20.3K | 17.71K | 26.15K | 21.34K | 23.94K | 25.88K | 28.1K | 14.13K | 26.7K | 40.19K | 100.49K | 69.53K | 41.87K | 108.26K | 219.2K | 305.02K | 345.44K | -308.37K | -715.92K | 45.3K | 29.87K |
| Stock-Based Compensation | 543.15K | 829.1K | 1.19M | 710.71K | 642.52K | 1.72M | 3.18M | 4.11M | 6.33M | 4.47M | 3.97M | 2.03M | 1.64M | 1.22M | 709.65K | 1.37M | 2M | 2.37M | 3.17M | 0 | 2.09B | 439.16M | 34.29B | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9M | -1.9K | 0 | -9.56K | -18.09K | 823 | 0 | 0 | -1.96B | 0 | 0 | -2.09B | -439.16M | -34.29B | 0 |
| Other Non-Cash Items | 1.24M | 878.83K | 173.32K | 297.49K | 163.19K | 216.93K | 210.21K | 0 | -19.87K | 1.9M | 32.14K | 34.32K | -3.81K | -3.26K | -802.58K | 752.12K | 1.41M | 1.96B | 568.28K | 3.94M | 2.13M | 439.16K | 34.29M | 0 |
| Working Capital Changes | 379.53K | 459.87K | -979.56K | 111.99K | 334.1K | -1.21M | -379.57K | -319.92K | -775.35K | -265.51K | 302.87K | -393.81K | 8.35M | -7.91M | -880.54K | 2.26M | -1.03M | 1.06M | -3.24M | 759.7K | -186.48K | 3.09M | 386.33K | 248.01K |
| Change in Receivables | -245.1K | 0 | 0 | 0 | 0 | 0 | 0 | -514.02K | -111.68K | 242.06K | 175.5K | -284.54K | 6.01B | -6.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.55B | 6.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 537.67K | 459.87K | -312.35K | 19.24K | 329.01K | -1.03M | -4.77K | 194.1K | -663.67K | 1.25M | 127.37K | -181.93M | 551.96M | -509.9M | -776.51M | -656.2M | -327.35M | 890.85M | -5.11B | 0 | 4.42B | 4.82B | 340.49M | 0 |
| Cash from Investing | -13.72K | -2.9K | -697 | 39.91M | -40.01M | -28.73K | -36.49K | -11.27K | 626.32K | -84.48M | -84.48K | -2.32K | -3.52K | -36.75K | -763.38K | -6.08K | 27.64M | -1.14M | 21.55M | 43.63M | 5.81M | -89.15M | -11.07M | -1.07M |
| Capital Expenditures | -10.82K | 0 | -895 | -21.3K | -5.01K | -28.73K | -36.49K | -11.27K | -10.2K | 0 | -84.48K | -2.32K | -3.52K | -41.55K | -83.38K | -6.08K | -18.56K | -16.45K | 0 | -380.71K | -209K | -978.56K | -321.24K | -10.54K |
| CapEx % of Revenue | 1.81% | - | - | 2.13% | - | 0.71% | - | - | - | - | - | - | - | 0.69% | 10.39% | - | - | - | - | 0.14% | 79.2% | 121.7% | 65.52% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 5.01M | 0 | 0 | 0 | 636.52K | 0 | 0 | 0 | 0 | 0 | -680K | 0 | -458.04K | -2.37M | 0 | 0 | 243.02M | 993.75M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.9K | -2.9K | 198 | 0 | -5.01M | 0 | 0 | 0 | 636.52K | -84.48M | -84.48M | -2.32M | -3.52M | 4.8K | -680 | -6.08M | -476.6M | -2.39B | 24.05B | 62.02K | -243.02M | -993.75M | -321.24M | 194.82K |
| Cash from Financing | 244.02K | 244.02K | 0 | 0 | 7.92K | 20.78M | 7.11M | 10.62M | 42.81M | 10.8M | 8.67M | 17.56M | 4.16M | 13.37M | 1.55M | 155.66K | -926.65K | 18.09M | 86.73K | 10.67M | -1.09M | 110.91M | 59.18M | 9.96M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.92M | -1.13M | 17.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 7.92K | 20.89M | 7.3M | 10.88M | 42.76M | 10.72M | 8.58M | 17.47M | 4.1M | 13.36M | 1.49M | 15.08M | 204.06K | 488.32K | 86.73K | 10.67M | -1.09M | 110.91M | 59.48M | 9.66M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.23K | 37.46K | 0 | 0 | 0 | -1.38M | -55.45K | -1.08M | 0 |
| Other Financing | 244.02K | 244.02K | 0 | 0 | 0 | -112.26K | -192.13K | -261.05K | 51.01K | 77.32K | 87.73K | 89.91K | 60.46K | 6.7K | 58.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | 300K |
| Net Change in Cash | -9.24M | -9.55M | -10.64M | 32.49M | -52.93M | 11.39M | -3.76M | 1.48M | 34.32M | 3.87M | 2.04M | 10.41M | 4.97M | 2.69M | -11.08M | -13.16M | 9.01M | -55.7K | 518.35K | 10.44M | -29.34M | -1.12M | 34.56M | 2.96M |
| Free Cash Flow | -9.51M | -9.81M | -10.64M | -7.45M | -12.92M | -9.41M | -10.86M | -9.14M | -9.12M | -6.92M | -6.63M | -7.15M | 813.01K | -10.69M | -11.95M | -13.31M | -17.72M | -17.03M | -21.12M | -44.24M | -34.27M | -23.86M | -13.87M | -5.94M |
| FCF Margin % | -1593.49% | -2394.7% | - | -745.23% | - | -233.07% | - | - | - | - | - | - | - | -178.04% | -1488.68% | - | - | - | - | -16.77% | -12986.36% | -2967.34% | -2828.52% | - |
| FCF Growth % | 9.96% | 7.83% | -42.83% | 42.3% | -37.26% | 13.37% | -18.9% | -0.13% | -31.78% | -4.42% | 7.32% | -980.03% | 107.61% | 10.54% | 10.27% | 24.85% | -4.03% | 19.36% | 52.26% | -29.1% | -43.62% | -72.05% | -133.39% | - |
| FCF per Share | -0.19 | -0.20 | -0.22 | -0.15 | -0.26 | -0.19 | -0.24 | -0.21 | -0.22 | -0.20 | -0.20 | -0.27 | 0.03 | -0.52 | -0.69 | -0.90 | -1.43 | -1.41 | -1.75 | -3.76 | -3.38 | -2.67 | -277.35 | -118.84 |
| FCF Conversion (FCF/Net Income) | 0.81x | 0.82x | 0.96x | 0.87x | 0.92x | 0.93x | 0.78x | 0.71x | 0.62x | 0.62x | 0.60x | 0.81x | -0.09x | 2.64x | 1.08x | 0.75x | 0.88x | 0.84x | 0.96x | 0.90x | 0.95x | 0.89x | 0.28x | 0.96x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 1.16M | 235.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 5.04K | 3.67K | 0 | 0 | 1.49K | 11.27K | 6K | 9.2K | 6.04K | 7.44K | 5.56K | 6.35K | 10.95K | 12.01K | 12.68K | 9.43K | 24.53K | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
According to recent financial disclosures, MediciNova's operating cash flow consistently trails net income, with OCF/NI ratios frequently exceeding 1.0, suggesting that reported losses are exacerbated by cash-intensive working capital requirements rather than mitigated by non-cash accounting adjustments typical of more mature, profitable pharmaceutical entities.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but reflect actual cash outflows required to sustain clinical operations. Investors should monitor this divergence, as it suggests that the firm's burn rate is structurally tied to operational activities that do not currently generate offsetting cash inflows.
As reported in quarterly filings, MediciNova exhibits a consistent negative free cash flow trajectory, with quarterly burn rates often exceeding $2 million, highlighting the company's reliance on external capital to fund its ongoing research and development initiatives in the absence of commercial product revenue.
The lack of positive free cash flow is a direct consequence of the company's clinical-stage status, where R&D expenditures remain the primary driver of cash depletion. This trajectory appears unsustainable without either a significant milestone payment or a strategic partnership that could alter the current cash-burn profile.
Based on the provided cash flow statements, MediciNova experiences significant quarterly fluctuations in working capital, with changes ranging from negative $1.4 million to positive $1.3 million, reflecting the irregular timing of milestone-related payments and the inherent unpredictability of clinical-stage biotech operational cash cycles.
These swings in working capital suggest that the company's liquidity is highly sensitive to the timing of partnership-related cash receipts. Such volatility complicates cash management and may force the firm to maintain higher cash balances than would otherwise be necessary to ensure operational continuity.
While the company reports minimal capital expenditures, analysis of financial statements reveals that the true cost of operations is obscured by significant R&D spending and stock-based compensation, which effectively mask the underlying cash requirements needed to advance the firm's neuro-inflammatory pipeline toward regulatory milestones.
The minimal reported CapEx is misleading, as it ignores the substantial contractual obligations to clinical research organizations that are essential for trial progression. Investors should view these off-balance-sheet commitments as a functional liability that will necessitate future cash outlays regardless of the company's current debt-free status.
Quick answers to the most common questions about buying MNOV stock.
MediciNova, Inc. (MNOV) generated $-9.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MediciNova, Inc. (MNOV) reported negative free cash flow of $9.8M in 2025, indicating capital requirements exceeded cash from operations.
MediciNova, Inc. (MNOV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.