MediciNova

MNOV

Biotechnology · Healthcare

Price

$1.39

+0.03 (+2.21%)

Market Cap

$68.4M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

MediciNova is a small biopharmaceutical company that develops drugs to treat serious diseases, including neurological conditions and respiratory illnesses. Its main drug candidates include MN-166 (ibudilast), which is being studied for conditions like progressive multiple sclerosis, ALS, and substance use disorders. The company focuses on licensing existing compounds from Japanese partners and advancing them through clinical trials in the United States.

MediciNova earns very little revenue today because its drugs are still in clinical development and not yet approved for sale. It operates primarily in the US and Japan, and its business model depends on eventually licensing approved drugs to larger pharmaceutical companies or selling them directly. The company's deep operating losses reflect the high cost of running clinical trials without meaningful product sales. The key risk is that its pipeline drugs may fail to win FDA approval, which would leave the company without a path to sustainable revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+240.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+25.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$7M/ year

→ Flat (-1% vs prior year)

>1,000% of revenue

97.0x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

14.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~0 months

$25M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

MediciNova grew revenue 241% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 48.6M (2021) → 49.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Profit after running costs

Operating Margin

-554.3%

Losing money on operations — -554.3%

Return on the money invested

ROCE

-31.8%

Weak — -31.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+583.9%

Fast-growing sales (+583.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-209374.9%

Burning cash (-209374.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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