MEDICINOVA INC
MNOV evidence brief
What we can confirm
- BioSniper Score:
- 8.5 / 10
- Market Cap:
- $103.4M
- Lead Asset:
- mn-001 (Phase 2)
What it means
What to watch
Prepared research question
What matters most for MNOV—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MNOV
MediciNova Inc. (MNOV) is a biopharmaceutical company developing novel therapeutics for serious diseases, with a lead candidate MN-166 (ibudilast) in late-stage trials for ALS and other indications, and a pipeline including MN-001 and MN-029.
Key risk: Single-candidate dependency
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 4 clinical trials for MEDICINOVA INC.
Similar companies
MediciNova Inc. (MNOV) is a biopharmaceutical company developing novel therapeutics for serious diseases, with a lead candidate MN-166 (ibudilast) in late-stage trials for ALS and other indications, and a pipeline including MN-001 and MN-029.
- Cash & equivalents of $25.4M as of 2026-06-30 [sec].
- Lead candidate MN-166 (ibudilast) is in a Phase 2b/3 trial for ALS (COMBAT-ALS) and an expanded-access program (SEANOBI) that reached 200-patient enrollment as of July 2026 [news].
- MN-166 is also being evaluated in a Phase 2 trial for chemotherapy-induced peripheral neuropathy (OXTOX study), which completed enrollment in December 2025 [news].
- Pipeline includes MN-001 (Phase 2 for hypertriglyceridemia in type 2 diabetes) and MN-029 (denibulin, for solid tumor cancers) [pipeline].
- Total revenue was $0.5M and net income was -$2.3M as of 2026-06-30 [sec].
What works
- Lead candidate MN-166 has advanced to Phase 2b/3 in ALS, with the COMBAT-ALS trial hitting its enrollment target and an expanded-access program (SEANOBI) fully enrolled at 200 patients, indicating clinical momentum [news].
- The company has secured a $30M SEPA (Standby Equity Purchase Agreement) to advance R&D, providing additional financial flexibility [news].
- MN-166 is being investigated in multiple indications (ALS, glioblastoma, chemotherapy-induced peripheral neuropathy), diversifying its potential market [pipeline][news].
- The company has a partnership with NeuroNEXT and NIH/NINDS for the ALS trial, reducing its own financial burden [pipeline].
What to weigh
- The company has minimal revenue ($0.5M as of 2026-06-30) and is operating at a net loss (-$2.3M), relying on capital raises and partnerships to fund operations [sec].
- The pipeline is heavily dependent on a single candidate (MN-166), with other programs (MN-001, MN-029) at earlier stages and facing competitive landscapes [pipeline].
- Clinical development risks are explicitly acknowledged, including potential failure or delay in trials and regulatory approval [sec_mda].
- Cash runway is limited ($25.4M as of 2026-06-30) and the company may need additional capital to sustain operations through late-stage trials [sec].
From the filings
Quoted directly from source documents.
SEANOBI ALS expanded-access program reached 200-patient enrollment target
“the target enrollment of 200 patients has been achieved in the SEANOBI-ALS study”
News · July 15, 2026
COMBAT-ALS Phase 2b/3 trial enrollment completed
“COMBAT-ALS trial hits enrollment target”
News · September 8, 2025
Company secured $30M SEPA to advance R&D
“Secures $30M SEPA To Advance R&D”
News · September 8, 2025
Catalyst timeline
- 2018-12-29 · Phase 1b/2a start for MN-166 in glioblastoma — Single-center, open-label, dose-escalation study of MN-166 with temozolomide in newly diagnosed or recurrent glioblastoma.
- 2020-05-28 · Phase 2b/3 start for MN-166 in ALS — Multi-center, randomized, double-blind, placebo-controlled 12-month trial with open-label extension for ALS.
- 2022-08-22 · Phase 2 start for MN-001 in NAFLD — Double-blind, randomized, placebo-controlled study of MN-001 in patients with non-alcoholic fatty liver disease.
Risks & what to watch (4)›
Key risks
- Single-candidate dependency — Pipeline relies heavily on MN-166; failure in ALS or other trials would severely impact prospects [pipeline].
- Limited revenue and cash runway — Revenue of $0.5M and net loss of $2.3M as of 2026-06-30; cash of $25.4M may not sustain late-stage trials [sec].
- Clinical and regulatory delays — Explicit risk of failure or delay in trials and FDA approval, as noted in SEC filings [sec_mda].
- Competitive landscape for MN-029 — MN-029 (denibulin) faces 366 competitors in solid tumor cancers, many with later-stage programs [pipeline].
What to watch
- Topline results from the COMBAT-ALS Phase 2b/3 trial of MN-166, expected after completion of the 12-month treatment period [news].
- Data from the SEANOBI expanded-access program, which may inform future ALS development [news].
- Outcome of the OXTOX Phase 2 trial for chemotherapy-induced peripheral neuropathy, which completed enrollment in December 2025 [news].
- Progress of MN-001 in the hypertriglyceridemia trial and MN-029 in solid tumor cancers [pipeline].
Sources: Catalysts · News · Pipeline · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.08 · 0% dilution
Lead: Phase 2/Phase 3
4 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
30
Total value held
$7.4M
| Holder | Shares | Value |
|---|---|---|
| essex woodlands management, inc. | 1,105,941 | $1.5M |
| blackrock, inc. | 705,954 | $967K |
| citigroup inc | 635,715 | $871K |
| vanguard capital management llc | 611,039 | $837K |
| geode capital management, llc | 543,843 | $745K |
| vanguard fiduciary trust co | 280,621 | $384K |
| ubs group ag | 222,200 | $304K |
| state street corp | 193,698 | $265K |
| renaissance technologies llc | 189,900 | $260K |
| barclays plc | 162,900 | $223K |
Showing top 10 of 30 institutional holders of MEDICINOVA INC. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 0.4%
- Days to cover
- 6.3
- Shares short
- 172,326
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MNOV short interestGovernance
Frequently asked questions
What is the AI investment thesis for MEDICINOVA INC?
MediciNova Inc. (MNOV) is a biopharmaceutical company developing novel therapeutics for serious diseases, with a lead candidate MN-166 (ibudilast) in late-stage trials for ALS and other indications, and a pipeline including MN-001 and MN-029.
What is MEDICINOVA INC's lead drug candidate?
MEDICINOVA INC's most advanced tracked candidate is mn-001 (Phase 2) for Diabetes Mellitus, Type 2; Idiopathic Pulmonary Fibrosis.
Who is the CEO of MEDICINOVA INC?
Dr. Yuichi Iwaki M.D., Ph.D. is the chief executive officer of MEDICINOVA INC (MNOV).
Where is MEDICINOVA INC headquartered?
MEDICINOVA INC (MNOV) is headquartered in La Jolla, CA, United States.
What therapeutic areas does MEDICINOVA INC focus on?
MEDICINOVA INC develops therapies across Oncology, Neurology, Metabolic, Respiratory, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.