MediciNova, Inc.
MNOVHealthcare|Biotechnology|US
$1.46
+0.01 (+0.69%)
DCF Value
$0.61
Tangible Book / Share
$0.46
Cash / Share
$0.52
Financials
Financial Snapshot
Market Cap
$71.9M
Enterprise Value
$46.6M
Revenue (TTM)
$920.5K
Net Income (TTM)
-$10.8M
Cash & Investments
$25.4M
Net Cash
$25.3M
Free Cash Flow (TTM)
-$1.93B
Operating CF (TTM)
-$1.93B
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$25.4M
Quarterly Burn
$481.8M
Monthly Burn
$160.6M
Est. Runway
~0.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $24.1M | $28.0M | $62.3M | $63.8M | $60.0M | $71.4M | $58.5M | $51.0M | $40.4M | $30.8M | $25.4M | |
| Operating Cash Flow | -$6.5M | -$6.9M | -$9.1M | -$9.1M | -$10.8M | -$9.4M | -$12.9M | -$7.4M | -$10.6M | -$9.8M | -$1.93B | |
| Free Cash Flow | -$6.6M | -$6.9M | -$9.1M | -$9.1M | -$10.9M | -$9.4M | -$12.9M | -$7.5M | -$10.6M | -$9.8M | -$1.93B | |
| Capital Expenditure | -$84.5K | $0.00 | -$10.2K | -$11.3K | -$36.5K | -$28.7K | -$5.0K | -$21.3K | -$895.00 | -$2.9K | -$10.8K | |
| Financing Cash Flow | $8.7M | $10.8M | $42.8M | $10.6M | $7.1M | $20.8M | $7.9K | $0.00 | $0.00 | $244.0K | $244.0K |
R&D Spending
R&D (TTM)
$1.27B
R&D Intensity
137618.9%
R&D Growth vs Prior
+17603.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.0M | $0.00 | $1.0M | $0.00 | $409.7K | $920.5K | |
| R&D Expense | $3.5M | $4.2M | $5.6M | $6.1M | $7.5M | $8.1M | $9.1M | $5.7M | $7.2M | $7.2M | $1.27B | |
| R&D % of Revenue | — | — | — | — | — | 200.6% | — | 565.8% | — | 1746.6% | 137618.9% | |
| SG&A | $7.4M | $8.8M | $10.0M | $8.0M | $6.7M | $5.7M | $5.5M | $5.2M | $5.5M | $6.2M | $1.60B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.0M | $0.00 | $1.0M | $0.00 | $409.7K | $920.5K | |
| Cost of Revenue | $14.1K | $28.1K | $25.9K | $23.9K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $378.6K | $530.3K | |
| Gross Profit | -$14.1K | -$28.1K | -$25.9K | -$23.9K | $0.00 | $4.0M | $0.00 | $1.0M | $0.00 | $31.1K | $390.2K | |
| R&D | $3.5M | $4.2M | $5.6M | $6.1M | $7.5M | $8.1M | $9.1M | $5.7M | $7.2M | $7.2M | $1.27B | |
| SG&A | $7.4M | $8.8M | $10.0M | $8.0M | $6.7M | $5.7M | $5.5M | $5.2M | $5.5M | $6.2M | $1.60B | |
| Operating Income | -$10.9M | -$13.0M | -$15.6M | -$14.0M | -$14.2M | -$10.2M | -$14.6M | -$9.9M | -$12.7M | -$13.3M | -$11.9M | |
| Interest Expense | $454.00 | $298.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$10.9M | -$12.9M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M | -$10.7M | |
| Net Income | -$10.9M | -$11.2M | -$14.7M | -$12.9M | -$13.9M | -$10.1M | -$14.1M | -$8.6M | -$11.0M | -$12.0M | -$10.8M | |
| EPS (Diluted) | -0.33 | -0.32 | -0.36 | -0.30 | -0.31 | -0.21 | -0.29 | -0.17 | -0.23 | -0.24 | -0.22 | |
| EBITDA | -$10.9M | -$13.0M | -$15.6M | -$14.0M | -$14.2M | -$10.1M | -$14.0M | -$8.5M | -$11.0M | -$12.0M | -$11.0M | |
| Shares Out. (M) | 32.99 | 35.14 | 41.12 | 43.16 | 44.41 | 48.60 | 49.05 | 49.05 | 49.05 | 49.06 | 49.22 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.1M | $28.0M | $62.3M | $63.8M | $60.0M | $71.4M | $18.5M | $51.0M | $40.4M | $30.8M | $25.4M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $40.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $24.7M | $28.3M | $62.8M | $64.3M | $60.7M | $72.0M | $59.0M | $51.2M | $41.1M | $31.0M | $25.9M | |
| Total Assets | $39.8M | $43.4M | $77.2M | $79.2M | $75.4M | $87.4M | $74.2M | $66.3M | $55.9M | $45.6M | $40.4M | |
| Total Current Liabilities | $1.6M | $2.9M | $2.2M | $2.2M | $2.2M | $2.8M | $3.2M | $3.3M | $3.0M | $3.8M | $3.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $5.3M | $4.8M | $4.1M | $4.3M | $4.1M | $3.7M | $3.9M | $3.9M | $3.4M | $4.0M | $3.2M | |
| Stockholders' Equity | $34.5M | $38.6M | $73.1M | $74.9M | $71.3M | $83.7M | $70.2M | $62.4M | $52.5M | $41.6M | $37.3M | |
| Retained Earnings | -$330.3M | -$341.5M | -$356.1M | -$369.1M | -$382.9M | -$393.1M | -$407.1M | -$415.7M | -$426.8M | -$438.7M | -$443.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.5M | -$6.9M | -$9.1M | -$9.1M | -$10.8M | -$9.4M | -$12.9M | -$7.4M | -$10.6M | -$9.8M | -$1.93B | |
| Capital Expenditure | -$84.5K | $0.00 | -$10.2K | -$11.3K | -$36.5K | -$28.7K | -$5.0K | -$21.3K | -$895.00 | -$2.9K | -$10.8K | |
| Free Cash Flow | -$6.6M | -$6.9M | -$9.1M | -$9.1M | -$10.9M | -$9.4M | -$12.9M | -$7.5M | -$10.6M | -$9.8M | -$1.93B | |
| Investing Cash Flow | -$84.5K | -$84.5M | $626.3K | -$11.3K | -$36.5K | -$28.7K | -$40.0M | $39.9M | -$697.00 | -$2.9K | -$13.7K | |
| Financing Cash Flow | $8.7M | $10.8M | $42.8M | $10.6M | $7.1M | $20.8M | $7.9K | $0.00 | $0.00 | $244.0K | $244.0K | |
| Issuance of Stock | $8.6M | $10.7M | $42.8M | $10.9M | $7.3M | $20.9M | $7.9K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.0M | $4.5M | $6.3M | $4.1M | $3.2M | $1.7M | $642.5K | $710.7K | $1.2M | $829.1K | $177.5M | |
| Net Change in Cash | $2.0M | $3.9M | $34.3M | $1.5M | -$3.8M | $11.4M | -$52.9M | $32.5M | -$10.6M | -$9.6M | -$1.92B |
Dilution Tracker
Shares Outstanding
49M
5-Year Share Growth
+10.5%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 32.99 | 35.14 | 41.12 | 43.16 | 44.41 | 48.60 | 49.05 | 49.05 | 49.05 | 49.06 | 49.22 | |
| Change vs Prior % | — | 6.5% | 17.0% | 4.9% | 2.9% | 9.4% | 0.9% | 0.0% | 0.0% | 0.0% | 0.3% | |
| Stock Issuance | $8.6M | $10.7M | $42.8M | $10.9M | $7.3M | $20.9M | $7.9K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.0M | $4.5M | $6.3M | $4.1M | $3.2M | $1.7M | $642.5K | $710.7K | $1.2M | $829.1K | $177.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 100.0% | — | 100.0% | — | 7.6% | 42.4% | |
| Operating Margin % | — | — | — | — | — | -253.0% | — | -990.0% | — | -3242.5% | -1287.4% | |
| Net Margin % | — | — | — | — | — | -251.0% | — | -857.2% | — | -2928.8% | -1168.2% | |
| EBITDA Margin % | — | — | — | — | — | -250.3% | — | -854.8% | — | -2922.4% | -1189.6% | |
| FCF Margin % | — | — | — | — | — | -233.1% | — | -745.2% | — | -2395.4% | -209374.2% | |
| ROE % | -31.5% | -28.9% | -20.1% | -17.3% | -19.4% | -12.1% | -20.0% | -13.7% | -21.0% | -28.9% | -26.5% | |
| ROA % | -27.3% | -25.7% | -19.0% | -16.3% | -18.4% | -11.6% | -19.0% | -12.9% | -19.8% | -26.3% | -26.6% | |
| ROIC % | -28.5% | -27.8% | -20.8% | -18.2% | -19.3% | -12.1% | -20.6% | -15.7% | -23.9% | -31.6% | -31.5% | |
| R&D / Revenue % | — | — | — | — | — | 200.6% | — | 565.8% | — | 1746.6% | 137618.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Gross Profit | 47.1% | -98.9% | 7.9% | 7.5% | 100.0% | 0.0% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Operating Income | -23.3% | -19.7% | -19.6% | 10.0% | -1.0% | 27.9% | -43.2% | 32.3% | -28.0% | -4.8% | |
| Net Income | -22.8% | -2.7% | -31.5% | 11.8% | -7.0% | 26.8% | -38.8% | 39.1% | -28.9% | -8.6% | |
| EPS (Diluted) | 0.0% | 3.0% | -12.5% | 16.7% | -3.3% | 32.3% | -38.1% | 41.4% | -35.3% | -4.3% | |
| Operating Cash Flow | 8.5% | -5.8% | -31.6% | -0.1% | -18.6% | 13.3% | -37.6% | 42.4% | -43.2% | 7.8% | |
| Free Cash Flow | 7.3% | -4.4% | -31.8% | -0.1% | -18.9% | 13.4% | -37.3% | 42.3% | -42.8% | 7.8% | |
| R&D Expense | 16.6% | 20.0% | 33.2% | 8.1% | 23.1% | 8.2% | 12.9% | -38.1% | 27.2% | -0.6% | |
| SG&A Expense | 26.8% | 19.6% | 13.2% | -20.2% | -15.8% | -14.6% | -4.0% | -4.4% | 4.5% | 12.4% | |
| Total Assets | 5.0% | 9.1% | 77.9% | 2.6% | -4.8% | 15.9% | -15.2% | -10.6% | -15.7% | -18.4% | |
| Book Value / Share | -15.0% | 5.1% | 61.6% | -2.4% | -7.5% | 7.2% | -16.8% | -11.2% | -15.8% | -20.8% | |
| Debt | -92.4% | -100.0% | 0.0% | -98.5% | -53.4% | 344.4% | -17.6% | -68.3% | -10.3% | 0.3% | |
| Diluted Shares | 24.1% | 6.5% | 17.0% | 4.9% | 2.9% | 9.4% | 0.9% | 0.0% | 0.0% | 0.0% |
Valuation
P/E (TTM)At Loss
P/S78.07
10Y Low / Med / High32.26 / 73.57 / 156.89
P/B1.93
10Y Low / Med / High1.18 / 3.28 / 5.88
EV/EBITDAAt Loss
EV/Revenue50.59
10Y Low / Med / High14.77 / 22.79 / 82.17
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.61
Tangible Book / Share
$0.46
Net Current Assets / Share
$0.46
Graham Net-Net
$0.45
Cash / Share
$0.52
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -18.27 | -20.22 | -22.69 | -22.47 | -16.97 | -12.76 | -7.07 | -8.82 | -9.13 | -5.46 | -6.72 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 32.26 | 0.00 | 73.57 | 0.00 | 156.89 | 78.07 | |
| P/B Ratio | 5.76 | 5.88 | 4.60 | 3.88 | 3.28 | 1.56 | 1.43 | 1.18 | 1.96 | 1.55 | 1.93 | |
| EV/EBITDA | -16.17 | -15.34 | -19.34 | -16.24 | -12.27 | -5.90 | -5.89 | -2.67 | -5.70 | -2.81 | -4.25 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.77 | 0.00 | 22.79 | 0.00 | 82.17 | 50.59 |
Analyst Estimates & Quality
Altman Z-Score
-1.92
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $536.3K | $500.0K | $42.7M |
| Net Income | -$12.9M | -$21.7M | $3.9M |
| EPS | $-0.26 | $-0.45 | $0.08 |
| # Analysts (EPS) | 3 | 2 | 2 |