The company's revenue remains sporadic and project-based, with the most recent quarter reporting only $187,000 in top-line figures against a persistent quarterly operating loss of approximately $2.8 million.
| 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 |
|---|
| Sales/Revenue | 596.64K | 409.66K | 0 | 1M | 0 | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 802.58K | 0 | 0 | 0 | 0 | 263.88M | 263.88K | 804.07K | 490.28K | 0 |
| Revenue Growth % | - | - | -100% | - | -100% | - | - | - | - | - | - | - | -100% | 647.99% | - | - | - | - | -100% | 99900% | -67.18% | 64% | - | - |
| Cost of Goods Sold | 505.96K | 378.61K | 0 | 0 | 0 | 0 | 0 | 23.94K | 25.88K | 28.1K | 14.13K | 26.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 146.61M | 146.61K | 674.23K | 437.58K | 0 |
| COGS % of Revenue | - | 92.42% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.56% | 55.56% | 83.85% | 89.25% | - |
| Gross Profit | 90.68K | 31.05K | 0 | 1M | 0 | 4.04M | 0 | -23.94K | -25.88K | -28.1K | -14.13K | -26.7K | 0 | 6M | 802.58K | 0 | 0 | 0 | 0 | 117.27M | 117.27K | 129.84K | 52.7K | 0 |
| Gross Margin % | 15.2% | 7.58% | - | 100% | - | 100% | - | - | - | - | - | - | - | 100% | 100% | - | - | - | - | 44.44% | 44.44% | 16.15% | 10.75% | - |
| Gross Profit Growth % | - | - | -100% | - | -100% | - | 100% | 7.48% | 7.89% | -98.9% | 47.1% | - | -100% | 647.99% | - | - | - | - | -100% | 99900% | -9.68% | 146.37% | - | - |
| Operating Expenses | 13.01M | 13.31M | 12.68M | 10.9M | 14.63M | 14.25M | 14.18M | 14.03M | 15.59M | 13.03M | 10.88M | 8.82M | 9.22M | 10.02M | 11.75M | 16.11M | 17.88M | 21.24M | 22.6M | 53.49M | 41.79M | 30.22M | 48.67M | 6.26M |
| OpEx % of Revenue | - | 3250.05% | - | 1090.03% | - | 353.02% | - | - | - | - | - | - | - | 166.97% | 1463.77% | - | - | - | - | 20.27% | 15838.74% | 3758.08% | 9925.94% | - |
| Selling, General & Admin | 1.59B | 6.16M | 5.48M | 5.24M | 5.48M | 5.72M | 6.69M | 7.95M | 9.96M | 8.8M | 7.36M | 5.81M | 5.96M | 6.66M | 6.73M | 8.32M | 8.17M | 10.37M | 8.77M | 11.37M | 9.62M | 7.48M | 37.35M | 1.54M |
| SG&A % of Revenue | - | 1503.5% | - | 524.24% | - | 141.56% | - | - | - | - | - | - | - | 110.91% | 839.15% | - | - | - | - | 4.31% | 3647.14% | 930.18% | 7617.66% | - |
| Research & Development | 1.27B | 7.15M | 7.2M | 5.66M | 9.14M | 8.1M | 7.49M | 6.08M | 5.63M | 4.22M | 3.52M | 3.02M | 3.26M | 3.37M | 5.01M | 7.78M | 9.71M | 10.87M | 13.83M | 42.12M | 32.17M | 22.74M | 11.32M | 4.72M |
| R&D % of Revenue | - | 1746.55% | - | 565.83% | - | 200.62% | - | - | - | - | - | - | - | 56.07% | 624.62% | - | - | - | - | 15.96% | 12191.61% | 2827.9% | 2308.27% | - |
| Other Operating Expenses | -1.1M | 0 | -413 | -400 | 388 | 438K | -357 | -46.16K | -22.89K | 120.2K | 20.06K | -14.82K | 24.38K | -3.95K | -4.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -12.92M | -13.28M | -12.68M | -9.9M | -14.63M | -10.22M | -14.18M | -14.03M | -15.59M | -13.03M | -10.88M | -8.82M | -9.22M | -4.02M | -10.95M | -16.11M | -17.88M | -21.24M | -22.6M | -53.49M | -41.68M | -30.09M | -48.61M | -6.26M |
| Operating Margin % | -2164.84% | -3242.47% | - | -990.03% | - | -253.02% | - | - | - | - | - | - | - | -66.97% | -1363.77% | - | - | - | - | -20.27% | -15794.3% | -3741.93% | -9915.19% | - |
| Operating Income Growth % | - | -4.79% | -28.03% | 32.32% | -43.2% | 27.95% | -1.05% | 9.98% | -19.65% | -19.71% | -23.34% | 4.34% | -129.4% | 63.27% | 32.05% | 9.92% | 15.8% | 6.03% | 57.75% | -28.35% | -38.52% | 38.11% | -676.42% | - |
| EBITDA | -12.92M | -13.26M | -12.65M | -9.88M | -14.61M | -10.19M | -14.16M | -14.01M | -15.56M | -13M | -10.87M | -8.8M | -9.18M | -3.92M | -10.88M | -16.07M | -17.77M | -21.02M | -22.3M | -53.15M | -41.99M | -30.8M | -48.57M | -6.23M |
| EBITDA Margin % | -2165.18% | -3237.56% | - | -988% | - | -252.38% | - | - | - | - | - | - | - | -65.3% | -1355.11% | - | - | - | - | -20.14% | -15911.17% | -3830.97% | -9905.95% | - |
| EBITDA Growth % | -1.55% | -4.81% | -28.08% | 32.38% | -43.39% | 28.02% | -1.07% | 9.99% | -19.71% | -19.61% | -23.56% | 4.22% | -134.25% | 63.96% | 32.31% | 9.61% | 15.44% | 5.72% | 58.05% | -26.59% | -36.3% | 36.58% | -679.41% | - |
| D&A (Non-Cash Add-back) | -2.07K | 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 |
| EBIT | -12.62M | -11.99M | -12.68M | -9.9M | -14.63M | -10.22M | -14.18M | -14.03M | -15.59M | -12.91M | -10.86M | -8.84M | -9.2M | -4.02M | -10.95M | -16.13M | -19.19M | -20.36M | -21.91M | -48.88M | -41.68M | -30.09M | -48.61M | -6.26M |
| Net Interest Income | 341.13M | 1.3M | 1.67M | 1.83M | 809.67K | 143.63K | 361.18K | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 341.13M | 1.3M | 1.67M | 1.83M | 809.67K | 143.63K | 361.18K | 1.15M | 939.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.4B | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 298 | 454 | 514 | 628 | 0 | 0 | 1.6M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.2M | 1.29M | 1.63M | 1.33M | 562.39K | 84.13K | 322.78K | 1.1M | 917.01K | 119.91K | 19.61K | -15.33K | 23.75K | -3.95K | -4.81K | -1.61M | -2.29M | 877.58K | 690.08K | 4.61M | 5.99M | 4.4M | 339.78K | 51.97K |
| Pretax Income | -11.71M | -11.99M | -11.04M | -8.57M | -14.07M | -10.13M | -13.86M | -12.93M | -14.67M | -12.91M | -10.86M | -8.84M | -9.2M | -4.02M | -10.95M | -17.72M | -20.17M | -20.36M | -21.91M | -48.88M | -35.69B | -25.69B | -48.27B | -6.21M |
| Pretax Margin % | -1963.34% | -2927.32% | - | -856.85% | - | -250.94% | - | - | - | - | - | - | - | -67.04% | -1364.37% | - | - | - | - | -18.52% | -13525093.51% | -3195268.93% | -9845885.23% | - |
| Income Tax | 5.99K | 5.99K | 5.54K | 3.05K | 2.82K | 2.57K | -1.65K | 12.66K | 5.28K | -1.74M | 3.75K | 7.36K | -3.97K | 4.04K | 11.14K | 11.57K | 12.68K | 7.01K | 13.56K | 20K | -5.68M | -3.68M | -339.78K | -51.97K |
| Effective Tax Rate % | -0.05% | -0.05% | -0.05% | -0.04% | -0.02% | -0.03% | 0.01% | -0.1% | -0.04% | 13.51% | -0.03% | -0.08% | 0.04% | -0.1% | -0.1% | -0.07% | -0.06% | -0.03% | -0.06% | -0.04% | 0.02% | 0.01% | 0% | 0.84% |
| 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 |
| Net Margin % | -1964.35% | -2928.78% | - | -857.15% | - | -251% | - | - | - | - | - | - | - | -67.11% | -1365.76% | - | - | - | - | -18.53% | -13525.09% | -3195.27% | -9845.89% | - |
| Net Income Growth % | -5.03% | -8.58% | -28.91% | 39.08% | -38.83% | 26.85% | -7.05% | 11.81% | -31.46% | -2.73% | -22.85% | 3.81% | -128.25% | 63.25% | 38.19% | 12.15% | 0.89% | 7.1% | 55.17% | -37.02% | -38.91% | 46.78% | -677.45% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.24 | -0.23 | -0.17 | -0.29 | -0.21 | -0.31 | -0.30 | -0.36 | -0.32 | -0.33 | -0.33 | -0.38 | -0.19 | -0.64 | -1.20 | -1.63 | -1.68 | -1.82 | -4.16 | -3.52 | -2.88 | -965.45 | -124.18 |
| EPS Growth % | -2.86% | -4.35% | -35.29% | 41.38% | -38.1% | 32.26% | -3.33% | 16.67% | -12.5% | 3.03% | 0% | 13.16% | -100% | 70.31% | 46.67% | 26.38% | 2.98% | 7.69% | 56.25% | -18.18% | -22.22% | 99.7% | -677.46% | - |
| EPS (Basic) | - | -0.24 | -0.23 | -0.17 | -0.29 | -0.21 | -0.31 | -0.30 | -0.36 | -0.32 | -0.33 | -0.33 | -0.38 | -0.19 | -0.64 | -1.20 | -1.63 | -1.68 | -1.82 | -4.16 | -3.52 | -2.88 | -965.45 | -124.18 |
| Diluted Shares Outstanding | 49.22M | 49.06M | 49.05M | 49.05M | 49.05M | 48.6M | 44.41M | 43.16M | 41.12M | 35.14M | 32.99M | 26.58M | 24.07M | 20.7M | 17.26M | 14.81M | 12.41M | 12.11M | 12.07M | 11.75M | 10.13M | 8.93M | 50K | 50K |
| Basic Shares Outstanding | 49.22M | 49.06M | 49.05M | 49.05M | 49.05M | 48.6M | 44.41M | 43.16M | 41.12M | 35.14M | 32.99M | 26.58M | 24.07M | 20.7M | 17.26M | 14.81M | 12.41M | 12.11M | 12.07M | 11.75M | 10.13M | 8.93M | 50K | 50K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As indicated by the company's financial filings, MediciNova's revenue remains entirely non-recurring and project-based, with the most recent quarter reporting only $187,000 in top-line figures, which underscores the firm's current status as a clinical-stage entity rather than a commercialized pharmaceutical business with predictable growth.
The absence of consistent revenue streams suggests that the company is entirely dependent on milestone payments from strategic partners. Investors should interpret these figures as accounting artifacts of clinical progress rather than indicators of market penetration or product demand.
Based on the reported income statements, research and development expenses consistently dwarf all other operational costs, with quarterly R&D spending frequently exceeding $1.5 million, reflecting the capital-intensive nature of advancing neuro-inflammatory candidates through the necessary regulatory and clinical trial milestones required for eventual market entry.
The company's cost structure is heavily skewed toward clinical execution, leaving little room for operational flexibility. This high fixed-cost burden necessitates constant capital monitoring, as the firm lacks the commercial revenue to offset these essential development expenditures.
According to historical income data, MediciNova consistently reports negative operating margins, with quarterly losses frequently hovering around the $3 million mark, which highlights the structural disconnect between the firm's current R&D-heavy expenditure profile and its limited ability to generate sustainable, non-dilutive operating income.
The quality of earnings is effectively non-existent given the pre-revenue nature of the business. Analysts should focus on the net cash burn rate rather than traditional EPS metrics, as the latter are distorted by the lack of commercial operations and the reliance on periodic equity financing.
As reported in recent financial statements, the company maintains a cash position of approximately $30.8 million, which, when measured against persistent quarterly operating losses, suggests a finite operational runway that may force management to seek dilutive financing or strategic partnerships within the next 18 months.
The primary risk to the investment thesis is the potential for a liquidity crunch if clinical trial enrollment or regulatory feedback does not catalyze a partnership. Investors should monitor the cash-burn-to-milestone ratio closely, as any delay in trial timelines could significantly impair the firm's ability to reach value-inflection points.
Quick answers to the most common questions about buying MNOV stock.
For fiscal year 2025, MediciNova, Inc. (MNOV) reported total revenue of $0.4M.
MediciNova, Inc. (MNOV) reported a net loss of $12.0M for the fiscal year ending 2025.
MediciNova, Inc. (MNOV) reported an operating income of $-13.3M, resulting in an operating profit margin of -3242.5%. This margin reflects the operational efficiency of the business before interest and taxes.
MediciNova, Inc. (MNOV) generated $0.0M in gross profit for the year, representing a gross profit margin of 7.6%. This demonstrates the company's core pricing power and production efficiency.