MediciNova Inc

medicinova.com

What Do They Do?

Develops drug candidates for serious neurological, respiratory, fibrotic and metabolic diseases, and provides clinical research services to research organizations.

How Do They Make Money?

Customers pay under contracts for research and development services, with payment due after invoice; the company performs the services over time.

FY2025 revenue

Who Are Their Customers?

The Mayo Foundation for Medical Education and Research contracts directly for clinical research services; the company has historically performed research and development services under customer contracts.

Do Revenues Turn Into Profits?

No. It lost $12M in FY2025.

Operating income, FY2025

−3242% of revenue

▲ +5% (Loss) vs FY2024 (−$12.7M)

Net income, FY2025

−2929% of revenue

▲ +9% (Loss) vs FY2024 (−$11M)

Free cash flow, FY2025

−2395% of revenue

▼ −8% (Loss) vs FY2024 (−$10.6M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +241%; vs $134.6K in Q2 FY2025
Net income: ▼ −29% (Loss); vs −$3.3M in Q2 FY2025

A narrower stated pipeline The latest overview focuses on neurological, respiratory, fibrotic and metabolic conditions, while the older overview also listed addiction, idiopathic pulmonary fibrosis, asthma and solid tumor cancers.

Who Do They Compete With?

Competes with Sanofi, Roche, AB Science, BrainStorm Cell Therapeutics, Ionis Pharmaceuticals, Clene, Kazia Therapeutics, Kintara Therapeutics, Denovo Biopharma, Laminar Pharmaceuticals, TVAX Biomedical, Galectin Therapeutics, Gilead Sciences, Galmed Pharmaceuticals, Pfizer, Novo Nordisk, Merck, and Madrigal Pharmaceuticals

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