[Form 4] Medicinova, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Gran Tierra Energy Inc. (GTE) filed a Form 4 reporting that Chief Operating Officer Sebastien Morin purchased 502 shares of common stock on 06/17/2025 at a converted price of US $6.11 per share.

The shares were acquired through the company’s Employee Stock Purchase Plan, a transaction exempt under Rules 16b-3(d) and 16b-3(c). After this purchase, Morin’s direct beneficial ownership increased to 21,218 shares. No dispositions or derivative transactions were reported.

Although the dollar value is modest (≈US $3,070), insider purchases are generally viewed as a signal of incremental confidence from management. The filing does not disclose any options, warrants, or other derivative positions, and contains no additional financial metrics or company-wide developments.

Insights

Securities Analyst

TL;DR: Small insider buy; signals marginal confidence but immaterial to valuation.

The acquisition of 502 shares by GTE’s COO adds roughly US $3k to his exposure, raising his direct stake to 21,218 shares. While insider buying is directionally positive, the size is negligible relative to GTE’s ~367 million diluted shares outstanding and therefore unlikely to influence market supply-demand dynamics or earnings outlook. The exemption under Rule 16b-3 indicates this was an employee plan purchase rather than opportunistic buying, further limiting its interpretive value for investors.

Corporate Governance Expert

TL;DR: Routine ESPP purchase; governance compliant, low investor impact.

The transaction follows proper Section 16 reporting timelines with attorney-in-fact signature dated 06/20/2025, indicating sound compliance. No derivative holdings or complex ownership structures are disclosed, simplifying the executive’s incentive profile. However, the minimal share count means the filing carries limited governance or signaling weight; it neither alters control considerations nor materially aligns management with shareholder interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lemerond Nicole

(Last) (First) (Middle)

C/O MEDICINOVA,INC.

4275 EXECUTIVE SQUARE, SUITE 300

(Street)

LA JOLLA CA 92037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MEDICINOVA INC [ MNOV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.26	06/17/2025		A		20,000		(1)	06/16/2035	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. The option vests in four equal installments on September 30, 2025, December 31,2025, March 31,2026 and June 30,2026, subject to continued service with the Company.

	/s/ Yuichi Iwaki, Attorney-in-Fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

How many Gran Tierra Energy (GTE) shares did the COO buy?

Sebastien Morin purchased 502 common shares on 06/17/2025.

What price did Gran Tierra Energy shares trade at in the reported insider purchase?

The shares were acquired at a converted price of US $6.11 per share.

What is the COO’s total ownership after the Form 4 transaction?

Following the purchase, Morin directly owns 21,218 GTE shares.

Was the transaction part of an Employee Stock Purchase Plan?

Yes. The filing states the shares were bought through the Gran Tierra Employee Stock Purchase Plan and are exempt under Rules 16b-3(d)/(c).

Does the Form 4 report any derivative securities?

No. No options, warrants, or other derivatives were reported in Table II.