Medicinova, Inc. (MNOV) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MNOV SEC filings page.
Medicinova, Inc. (MNOV) reported $410K in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
MediciNova operates as a development-stage company: research spending and recurring operating cash needs outweigh commercial revenue, while reported assets are largely equity-financed.
Across FY2023-FY2025, the company reported operating losses alongside positive net income, while operating cash flow remained negative; this combination indicates that reported earnings were driven largely outside the core operating result and did not convert into cash. In FY2025, net income of$12.0M contrasted with operating cash flow of-$9.8M , making earnings quality more informative than the headline profit.
FY2025 research and development spending was
The balance sheet is becoming smaller while remaining lightly burdened by liabilities: total assets fell from
Financial Health Signals
Medicinova, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Medicinova, Inc. scores -3.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($69.9M) 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.
Medicinova, Inc. 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).
For every $1 of reported earnings, Medicinova, Inc. used $0.82 of operating cash (-$9.8M OCF vs $12.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Medicinova, Inc. generated $458K in revenue in Q2 2026. This represents an increase of 240.6% from the same quarter a year earlier. Against the prior quarter it is up 145.2%.
Medicinova, Inc.'s EBITDA was -$2.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.6% from the same quarter a year earlier. Against the prior quarter it is up 10.4%.
Medicinova, Inc. reported -$2.3M in net income in Q2 2026. This represents an increase of 29.5% from the same quarter a year earlier. Against the prior quarter it is up 10.5%.
Medicinova, Inc. earned -$0.05 per diluted share (EPS) in Q2 2026. This represents an increase of 28.6% from the same quarter a year earlier. It is unchanged from the prior quarter.
Cash & Balance Sheet
Medicinova, Inc. recorded an outflow of $1.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 16.8% from the same quarter a year earlier. Against the prior quarter it is up 44.8%.
Medicinova, Inc. held $25.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Medicinova, Inc.'s ROE was -6.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Medicinova, Inc. invested $900K in research and development in Q2 2026. This represents a decrease of 55.0% from the same quarter a year earlier. Against the prior quarter it is down 25.0%.
Medicinova, Inc. reported no capital expenditure in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
MNOV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $458K+240.6% | $187K | N/A | $123K | $135K | N/A | N/A | N/A |
| R&D Expenses | $900K-55.0% | $1.2M-29.4% | N/A | $1.5M-16.7% | $2.0M+33.3% | $1.7M0.0% | N/A | $1.8M+157.1% |
| SG&A Expenses | $1.8M+27.4% | $1.6M+16.7% | N/A | $1.8M+24.6% | $1.4M+2.6% | $1.4M+0.6% | N/A | $1.4M+7.2% |
| Operating Income | -$2.5M+29.6% | -$2.8M+11.5% | N/A | -$3.4M-2.2% | -$3.6M-18.4% | -$3.2M-2.1% | N/A | -$3.3M-188.5% |
| EBITDA | -$2.5M+29.6% | -$2.8M+11.4% | N/A | -$3.4M-2.2% | -$3.6M-18.4% | -$3.2M-2.1% | N/A | -$3.3M-189.5% |
| Net Income | -$2.3M+29.5% | -$2.6M+9.7% | N/A | -$3.1M-6.9% | -$3.3M-24.8% | -$2.9M-4.0% | N/A | -$2.9M-294.4% |
| EPS (Basic) | -$0.05+28.6% | -$0.05+16.7% | -$0.05+16.7% | -$0.060.0% | -$0.07-40.0% | -$0.060.0% | -$0.06-50.0% | -$0.06-500.0% |
| EPS (Diluted) | -$0.05+28.6% | -$0.05+16.7% | -$0.05+16.7% | -$0.060.0% | -$0.07-40.0% | -$0.060.0% | -$0.06-50.0% | -$0.06 |
| Diluted Shares (Avg) | 49M+0.4% | 49M+0.4% | N/A | 49M0.0% | 49M0.0% | 49M0.0% | N/A | 49M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
MNOV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.4M-18.8% | $42.7M-18.6% | $45.6M-18.4% | $47.6M-18.1% | $49.8M-17.5% | $52.4M-16.6% | $55.9M-15.7% | $58.1M-14.7% |
| Current Assets | $25.9M-26.2% | $28.1M-25.3% | $31.0M-24.5% | $32.9M-23.9% | $35.1M-22.8% | $37.7M-21.3% | $41.1M-19.7% | $43.3M-18.4% |
| Cash & Equivalents | $25.4M-25.8% | $27.3M-25.3% | $30.8M-23.7% | $32.6M-23.0% | $34.3M-22.7% | $36.6M-22.4% | $40.4M-20.9% | $42.3M-17.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $0-100.0% | $245K | $0 | $0 | $135K | N/A | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% | $9.6M0.0% |
| Total Liabilities | $3.2M+6.6% | $3.3M+31.9% | $4.0M+19.1% | $3.6M+18.3% | $3.0M-1.1% | $2.5M-18.4% | $3.4M-13.3% | $3.1M-11.9% |
| Current Liabilities | $3.0M+11.8% | $3.1M+45.1% | $3.8M+28.3% | $3.3M+28.5% | $2.6M+6.2% | $2.1M-15.0% | $3.0M-9.8% | $2.6M-7.3% |
| Non-Current Liabilities | $202K-36.7% | $202K-45.0% | $219K-47.0% | $276K-39.6% | $319K-36.8% | $367K-33.6% | $413K-32.5% | $457K-31.4% |
| Total Equity | $37.3M-20.5% | $39.4M-21.1% | $41.6M-20.8% | $44.0M-20.2% | $46.9M-18.4% | $49.9M-16.5% | $52.5M-15.8% | $55.1M-14.9% |
| Retained Earnings | -$443.6M-2.5% | -$441.3M-2.7% | -$438.7M-2.8% | -$435.9M-2.8% | -$432.9M-2.8% | -$429.6M-2.7% | -$426.8M-2.7% | -$423.9M-2.5% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
MNOV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.9M+16.8% | -$3.5M+8.3% | -$2.0M-4.4% | -$1.7M+16.2% | -$2.3M+17.9% | -$3.8M+2.2% | -$1.9M-287.1% | -$2.0M-48.2% |
| Depreciation & Amortization | $5K-0.9% | $4K-17.7% | $5K-12.0% | $5K+2.4% | $5K-5.7% | $5K-3.2% | $5K-5.7% | $5K-9.2% |
| Stock-Based Compensation | $177K-13.7% | $408K+42.6% | N/A | $158K-68.8% | $205K-1.2% | $286K+32.7% | N/A | $505K+130.4% |
| Capital Expenditures | $0 | $11K | $0-100.0% | $3K+48216.7% | $0 | $0 | -$2-90.9% | $6-99.8% |
| Free Cash Flow | -$1.9M+16.8% | -$3.5M+8.0% | -$2.0M-4.4% | -$1.7M+16.0% | -$2.3M | -$3.8M | -$1.9M-287.1% | -$2.0M-47.9% |
| Investing Cash Flow | $0 | -$11K | $0-100.0% | -$3K-1602.1% | $0 | $0 | $1-95.5% | $193+107.0% |
Not reported in any period shown, so not listed: Financing Cash Flow, Dividends Paid, Share Buybacks.
MNOV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -554.3% | -1516.6% | N/A | -2741.7% | -2679.9% | N/A | N/A | N/A |
| Net Margin | -504.8% | -1383.1% | N/A | -2473.6% | -2437.8% | N/A | N/A | N/A |
| Return on Equity | -6.2%+0.8pp | -6.6%-0.8pp | N/A | -6.9%-1.8pp | -7.0%-2.4pp | -5.7%-1.1pp | N/A | -5.2%-4.1pp |
| Return on Assets | -5.7%+0.9pp | -6.1%-0.6pp | N/A | -6.4%-1.5pp | -6.6%-2.2pp | -5.5%-1.1pp | N/A | -4.9%-3.9pp |
| Current Ratio | 8.75-4.5x | 9.09-8.6x | 8.16-5.7x | 9.86-6.8x | 13.26-5.0x | 17.66-1.4x | 13.88-1.7x | 16.66-2.3x |
| Debt-to-Equity | 0.080.0x | 0.080.0x | 0.100.0x | 0.080.0x | 0.060.0x | 0.050.0x | 0.060.0x | 0.060.0x |
| Asset Turnover | 0.010.0x | 0.00 | N/A | 0.00 | 0.00 | N/A | N/A | N/A |
| FCF Margin | -418.8% | -1861.7% | N/A | -1383.5% | -1713.5% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Medicinova, Inc. MNOV | FY2025 | $410K | $12.0M | N/A | $69.9M | — |
| Applied Therapeutics, Inc. APLT | FY2024 | $455K | -$105.6M | N/A | $14.9M | — |
| Quantum Biopharma Ltd. QNTM | FY2025 | N/A | N/A | N/A | $21.9M | — |
| Adlai Nortye Group Ltd. ANL | FY2025 | $5.0M | -$109.2M | N/A | $778.6M | 32/100 |
| ABVC BioPharma, Inc. ABVC | FY2025 | $296K | -$7.9M | N/A | $24.9M | — |
| ALX Oncology Holdings Inc. ALXO | FY2025 | N/A | -$101.7M | N/A | $138.3M | — |
Where Medicinova, Inc. Ranks
Frequently Asked Questions
What is Medicinova, Inc.'s annual revenue?
Medicinova, Inc. (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, Inc. profitable?
Yes, Medicinova, Inc. (MNOV) reported a net income of $12.0M in fiscal year 2025.
What is Medicinova, Inc.'s EBITDA?
Medicinova, Inc. (MNOV) had EBITDA of -$13.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Medicinova, Inc.'s return on equity (ROE)?
Medicinova, Inc. (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, Inc.'s free cash flow?
Medicinova, Inc. (MNOV) recorded an outflow of $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, Inc.'s operating cash flow?
Medicinova, Inc. (MNOV) recorded an outflow of $9.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Medicinova, Inc.'s total assets?
Medicinova, Inc. (MNOV) had $45.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Medicinova, Inc.'s capital expenditures?
Medicinova, Inc. (MNOV) invested $3K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Medicinova, Inc. spend on research and development?
Medicinova, Inc. (MNOV) invested $6.7M in research and development during fiscal year 2025.
What is Medicinova, Inc.'s current ratio?
Medicinova, Inc. (MNOV) had a current ratio of 8.16 as of fiscal year 2025, which is generally considered healthy.
What is Medicinova, Inc.'s debt-to-equity ratio?
Medicinova, Inc. (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, Inc.'s return on assets (ROA)?
Medicinova, Inc. (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, Inc.'s P/E ratio?
Medicinova, Inc. (MNOV) trades at 5.8x earnings, its market capitalization divided by net income of $12.0M net income, FY2025. The market capitalization is $69.9M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Medicinova, Inc.'s price-to-sales ratio?
Medicinova, Inc. (MNOV) trades at 171x sales, its market capitalization divided by revenue of $410K revenue, FY2025. The market capitalization is $69.9M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Medicinova, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Medicinova, Inc. (MNOV) held $30.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.8M over that year. Dividing the one by the other, the reported balance equals about 38 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Medicinova, Inc.'s Altman Z-Score?
Medicinova, Inc. (MNOV) has an Altman Z-Score of -3.26, 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, Inc.'s Piotroski F-Score?
Medicinova, Inc. (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, Inc.'s earnings high quality?
For every $1 of reported earnings, Medicinova, Inc. (MNOV) used $0.82 of operating cash (-$9.8M OCF vs $12.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.