What is Medicinova's earnings per share (EPS)?

Medicinova (MNOV) reported diluted earnings per share of $-0.24 for fiscal year 2025. This represents a -4.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Medicinova Financials

MNOV

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Medicinova (MNOV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 21 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MNOV FY2025 2026-05-14

MediciNova is still a cash-funded development-stage business whose reported profits do not reflect self-funding operations.

From FY2023 through FY2025, net income stayed positive while operating cash flow stayed negative, reaching -$9.8M in FY2025 after -$10.6M in FY2024. Because operating income was also negative in each of those years, the reported profits are being created outside the core operating engine rather than by the business funding its own research spend.

The balance sheet is still unusually clean for a cash-burning development-stage company: FY2025 cash of $30.8M covered total liabilities of $4.0M several times over, with no long-term debt reported. That makes the central financing question about cash duration, not creditor pressure.

What has been shrinking is the cash cushion, not leverage: cash fell from $51.0M in FY2023 to $30.8M in FY2025 while financing inflows were minimal. With R&D still running near SG&A and revenue still de minimis, spending appears aimed at preserving research programs rather than supporting a scaled commercial operation.

Financial Health Signals

Financial health score pending refresh

We are recalculating Medicinova's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-3.56

Medicinova scores -3.56, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($67.9M) relative to total liabilities ($4.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/6

Medicinova passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-0.82x

For every $1 of reported earnings, Medicinova generates $-0.82 in operating cash flow (-$9.8M OCF vs $12.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$410K

Medicinova generated $410K in revenue in fiscal year 2025.

EBITDA

-$13.3M

YoY-4.8%

Medicinova's EBITDA was -$13.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.8% from the prior year.

Net Income

$12.0M

YoY+8.6%

Medicinova reported $12.0M in net income in fiscal year 2025. This represents an increase of 8.6% from the prior year.

EPS (Diluted)

$-0.24

YoY-4.3%

Medicinova earned $-0.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$9.8M

YoY+7.8%

Medicinova generated -$9.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 7.8% from the prior year.

Cash & Debt

$30.8M

YoY-23.7%

5Y CAGR-12.5%

10Y CAGR+3.4%

Medicinova held $30.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

49M

YoY+0.4%

5Y CAGR+1.8%

10Y CAGR+5.1%

Medicinova had 49M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-3242.5%

Medicinova's operating margin was -3242.5% in fiscal year 2025, reflecting core business profitability.

Net Margin

2928.8%

Medicinova's net profit margin was 2928.8% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

28.8%

YoY+7.8pp

5Y CAGR+48.3pp

10Y CAGR+55.9pp

Medicinova's ROE was 28.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$6.7M

YoY-1.5%

5Y CAGR-1.2%

10Y CAGR+9.5%

Medicinova invested $6.7M in research and development in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3K

YoY+223.9%

5Y CAGR-39.7%

10Y CAGR+2.3%

Medicinova invested $3K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 223.9% from the prior year.

MNOV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$410K	N/A	$1.0M	N/A	$4.0M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$6.7M-1.5%	$6.8M+28.3%	$5.3M-39.1%	$8.7M+7.4%	$8.1M+14.1%	$7.1M
SG&A Expenses	$6.2M+12.4%	$5.5M+4.5%	$5.2M-4.4%	$5.5M-4.0%	$5.7M-14.6%	$6.7M
Operating Income	-$13.3M-4.8%	-$12.7M-28.0%	-$9.9M+32.3%	-$14.6M-43.2%	-$10.2M+27.9%	-$14.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$6K+8.3%	$6K+81.7%	$3K+8.0%	$3K+9.9%	$3K+255.8%	-$2K
Net Income	$12.0M+8.6%	$11.1M+28.9%	$8.6M+160.9%	-$14.1M-38.8%	-$10.1M+26.8%	-$13.9M
EPS (Diluted)	$-0.24-4.3%	$-0.23-35.3%	$-0.17+41.4%	$-0.29-38.1%	$-0.21	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$187K	N/A	$123K-8.4%	$135K	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.2M	N/A	$1.5M-25.0%	$2.0M+17.6%	$1.7M	N/A	$1.8M+20.0%	$1.5M
SG&A Expenses	$1.6M	N/A	$1.8M+25.7%	$1.4M+5.4%	$1.4M	N/A	$1.4M+3.5%	$1.4M
Operating Income	-$2.8M	N/A	-$3.4M+6.3%	-$3.6M-12.6%	-$3.2M	N/A	-$3.3M-8.6%	-$3.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.6M	N/A	-$3.1M+7.0%	-$3.3M-14.6%	-$2.9M	N/A	-$2.9M-8.5%	-$2.6M
EPS (Diluted)	$-0.05	N/A	$-0.06+14.3%	$-0.07-16.7%	$-0.06	N/A	$-0.06-20.0%	$-0.05

MNOV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$45.6M-18.4%	$55.9M-15.7%	$66.3M-10.6%	$74.2M-15.2%	$87.4M+15.9%	$75.4M
Current Assets	$31.0M-24.5%	$41.1M-19.7%	$51.2M-13.2%	$59.0M-18.1%	$72.0M+18.6%	$60.7M
Cash & Equivalents	$30.8M-23.7%	$40.4M-20.9%	$51.0M+175.6%	$18.5M-74.1%	$71.4M+19.0%	$60.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0	$0	N/A	N/A	$0	N/A
Goodwill	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M
Total Liabilities	$4.0M+19.1%	$3.4M-13.3%	$3.9M-0.5%	$3.9M+4.9%	$3.7M-8.9%	$4.1M
Current Liabilities	$3.8M+28.3%	$3.0M-9.8%	$3.3M+2.9%	$3.2M+12.5%	$2.8M+29.1%	$2.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.6M-20.8%	$52.5M-15.8%	$62.4M-11.2%	$70.2M-16.1%	$83.7M+17.3%	$71.3M
Retained Earnings	-$438.7M-2.8%	-$426.8M-2.7%	-$415.7M-2.1%	-$407.1M-3.6%	-$393.1M-2.6%	-$382.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$42.7M-6.4%	$45.6M-4.2%	$47.6M-4.5%	$49.8M-5.0%	$52.4M-6.2%	$55.9M-3.9%	$58.1M-3.8%	$60.4M
Current Assets	$28.1M-9.2%	$31.0M-5.9%	$32.9M-6.3%	$35.1M-6.8%	$37.7M-8.3%	$41.1M-5.1%	$43.3M-4.9%	$45.5M
Cash & Equivalents	$27.3M-11.3%	$30.8M-5.4%	$32.6M-5.0%	$34.3M-6.3%	$36.6M-9.4%	$40.4M-4.5%	$42.3M-4.6%	$44.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$245K	$0	$0-100.0%	$135K	N/A	$0	N/A	N/A
Goodwill	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M0.0%	$9.6M
Total Liabilities	$3.3M-17.9%	$4.0M+11.1%	$3.6M+21.8%	$3.0M+18.6%	$2.5M-25.8%	$3.4M+10.4%	$3.1M+1.8%	$3.0M
Current Liabilities	$3.1M-18.5%	$3.8M+13.8%	$3.3M+26.0%	$2.6M+24.1%	$2.1M-27.9%	$3.0M+13.9%	$2.6M+4.1%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$39.4M-5.2%	$41.6M-5.4%	$44.0M-6.2%	$46.9M-6.2%	$49.9M-4.9%	$52.5M-4.7%	$55.1M-4.1%	$57.4M
Retained Earnings	-$441.3M-0.6%	-$438.7M-0.6%	-$435.9M-0.7%	-$432.9M-0.8%	-$429.6M-0.7%	-$426.8M-0.7%	-$423.9M-0.7%	-$421.1M

MNOV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$9.8M+7.8%	-$10.6M-43.2%	-$7.4M+42.4%	-$12.9M-37.6%	-$9.4M+13.3%	-$10.8M
Capital Expenditures	$3K+223.9%	$895-95.8%	$21K+325.1%	$5K-82.6%	$29K-21.3%	$36K
Free Cash Flow	-$9.8M+7.8%	-$10.6M-42.8%	-$7.5M+42.3%	-$12.9M-37.3%	-$9.4M+13.4%	-$10.9M
Investing Cash Flow	-$3K-315.9%	-$697-100.0%	$39.9M+199.8%	-$40.0M-139135.0%	-$29K+21.3%	-$36K
Financing Cash Flow	$244K	$0	N/A	$8K-100.0%	$20.8M+192.4%	$7.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.5M-72.1%	-$2.0M-18.4%	-$1.7M+26.2%	-$2.3M+39.0%	-$3.8M-95.9%	-$1.9M+4.9%	-$2.0M+27.7%	-$2.8M
Capital Expenditures	$11K	$0	N/A	N/A	$0+100.0%	-$2-133.3%	$6	N/A
Free Cash Flow	-$3.5M-72.6%	-$2.0M	N/A	N/A	-$3.8M-95.9%	-$1.9M+4.9%	-$2.0M	N/A
Investing Cash Flow	-$11K	$0	N/A	N/A	$0-100.0%	$1-99.5%	$193	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MNOV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3242.5%	N/A	-990.0%	N/A	-253.0%	N/A
Net Margin	2928.8%	N/A	857.2%	N/A	-251.0%	N/A
Return on Equity	28.8%+7.8pp	21.1%+7.3pp	13.7%+33.8pp	-20.0%-7.9pp	-12.1%+7.3pp	-19.4%
Return on Assets	26.3%+6.5pp	19.8%+6.9pp	12.9%+31.9pp	-19.0%-7.4pp	-11.6%+6.8pp	-18.4%
Current Ratio	8.16-5.7	13.88-1.7	15.61-2.9	18.51-6.9	25.42-2.3	27.67
Debt-to-Equity	0.10+0.0	0.060.0	0.060.0	0.06+0.0	0.04-0.0	0.06
FCF Margin	-2395.4%	N/A	-745.2%	N/A	-233.1%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1516.6%	N/A	-2741.7%-61.8pp	-2679.9%	N/A	N/A	N/A	N/A
Net Margin	-1383.1%	N/A	-2473.6%-35.8pp	-2437.8%	N/A	N/A	N/A	N/A
Return on Equity	-6.6%	N/A	-6.9%+0.1pp	-7.0%-1.3pp	-5.7%	N/A	-5.2%-0.6pp	-4.6%
Return on Assets	-6.1%	N/A	-6.4%+0.2pp	-6.6%-1.1pp	-5.5%	N/A	-4.9%-0.6pp	-4.3%
Current Ratio	9.09+0.9	8.16-1.7	9.86-3.4	13.26-4.4	17.66+3.8	13.88-2.8	16.66-1.6	18.24
Debt-to-Equity	0.08-0.0	0.10+0.0	0.08+0.0	0.06+0.0	0.05-0.0	0.060.0	0.060.0	0.05
FCF Margin	-1861.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Medicinova's annual revenue?

Medicinova (MNOV) reported $410K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Medicinova profitable?

Yes, Medicinova (MNOV) reported a net income of $12.0M in fiscal year 2025, with a net profit margin of 2928.8%.

What is Medicinova's EBITDA?

Medicinova (MNOV) had EBITDA of -$13.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Medicinova's operating margin?

Medicinova (MNOV) had an operating margin of -3242.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Medicinova's net profit margin?

Medicinova (MNOV) had a net profit margin of 2928.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Medicinova's return on equity (ROE)?

Medicinova (MNOV) has a return on equity of 28.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Medicinova's free cash flow?

Medicinova (MNOV) generated -$9.8M in free cash flow during fiscal year 2025. This represents a 7.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Medicinova's operating cash flow?

Medicinova (MNOV) generated -$9.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Medicinova's total assets?

Medicinova (MNOV) had $45.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Medicinova's capital expenditures?

Medicinova (MNOV) invested $3K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Medicinova spend on research and development?

Medicinova (MNOV) invested $6.7M in research and development during fiscal year 2025.

How many shares does Medicinova have outstanding?

Medicinova (MNOV) had 49M shares outstanding as of fiscal year 2025.

What is Medicinova's current ratio?

Medicinova (MNOV) had a current ratio of 8.16 as of fiscal year 2025, which is generally considered healthy.

What is Medicinova's debt-to-equity ratio?

Medicinova (MNOV) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Medicinova's return on assets (ROA)?

Medicinova (MNOV) had a return on assets of 26.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Medicinova's cash runway?

Based on fiscal year 2025 data, Medicinova (MNOV) had $30.8M in cash against an annual operating cash burn of $9.8M. This gives an estimated cash runway of approximately 38 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Medicinova's Altman Z-Score?

Medicinova (MNOV) has an Altman Z-Score of -3.56, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Medicinova's Piotroski F-Score?

Medicinova (MNOV) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Medicinova's earnings high quality?

Medicinova (MNOV) has an earnings quality ratio of -0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.