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Medicinova (MNOV)

MediciNova, Inc. is a publicly-traded biopharmaceutical company founded upon developing novel, small-molecule therapeutics for the treatment of diseases with unmet medical needs with a primary commercial focus on the U.S. market. MediciNova's current strategy is to focus on MN-166 (ibudilast) for neurological disorders such as progressive multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS), degenerative cervical myelopathy (DCM), substance dependence (e.g., alcohol use disorder, methamphetamine dependence, opioid dependence) and glioblastoma (GBM), as well as prevention of acute respiratory distress syndrome (ARDS) caused by COVID-19, and MN-001 (tipelukast) for fibrotic diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). MediciNova's pipeline also includes MN-221 (bedoradrine) and MN-029 (denibulin).

MNOV stock data

Calendar

12 May 22
17 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 67.7M 67.7M 67.7M 67.7M 67.7M 67.7M
Cash burn (monthly) 1.25M 717.22K 1.14M 1.12M 1.24M 771.34K
Cash used (since last report) 1.94M 1.12M 1.77M 1.74M 1.93M 1.2M
Cash remaining 65.76M 66.58M 65.93M 65.96M 65.76M 66.5M
Runway (months of cash) 52.8 92.8 58.0 59.0 52.9 86.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jan 22 Geoffrey OBrien Employee Stock Option Common Stock Grant Acquire A No No 5.92 99,000 586.08K 99,000
27 Jan 22 Matsuda Kazuko Employee Stock Option Common Stock Grant Acquire A No No 5.92 192,500 1.14M 192,500
27 Jan 22 Iwaki Yuichi Employee Stock Option Common Stock Grant Acquire A No No 5.92 302,500 1.79M 302,500
23 Aug 21 Matsuda Kazuko Common Stock Option exercise Acquire M No No 2.3 60,000 138K 322,996
23 Aug 21 Matsuda Kazuko Employee Stock Option Common Stock Option exercise Dispose M No No 2.3 60,000 138K 0
26.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 44 40 +10.0%
Opened positions 9 2 +350.0%
Closed positions 5 18 -72.2%
Increased positions 15 11 +36.4%
Reduced positions 10 16 -37.5%
13F shares Current Prev Q Change
Total value 54.75M 62.8M -12.8%
Total shares 13.14M 13.15M -0.1%
Total puts 0 13.1K EXIT
Total calls 19.8K 76.7K -74.2%
Total put/call ratio 0.2
Largest owners Shares Value Change
3D Investment Partners Pte. 5.5M $30.65M 0.0%
Vanguard 1.84M $4.92M +0.6%
Essex Woodlands Management 1.11M $2.96M 0.0%
BLK Blackrock 731.89K $1.96M -36.1%
Geode Capital Management 450.67K $1.21M +2.9%
C Citigroup 447.96K $1.2M -0.6%
Millennium Management 391.22K $1.05M +2.9%
JPM JPMorgan Chase & Co. 301.17K $807K +8.7%
Susquehanna International 276.28K $740K +52.4%
Bridgeway Capital Management 220.15K $590K +22.1%
Largest transactions Shares Bought/sold Change
BLK Blackrock 731.89K -414.08K -36.1%
Marshall Wace 110.2K -174.5K -61.3%
UBS UBS Group AG - Registered Shares 189.2K +169.93K +881.7%
Anson Funds Management 131.5K +131.5K NEW
Susquehanna International 276.28K +94.94K +52.4%
Ergoteles 10.46K -84.04K -88.9%
BAC Bank Of America 211.56K +67.11K +46.5%
HRT Financial 42.95K -63.13K -59.5%
Capricorn Fund Managers 53.7K +53.7K NEW
Schonfeld Strategic Advisors 44.6K +44.6K NEW

Financial report summary

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Risks
  • If we fail to obtain the capital necessary to fund our operations, we will be unable to develop and commercialize our product candidates.
  • We do not have any products that are approved for commercial sale and therefore do not expect to generate any revenues from product sales in the foreseeable future, if ever.
  • Because the results of early clinical trials are not necessarily predictive of future results, our product candidates we advance into clinical trials in any indication may not have favorable results in later clinical trials, if any, or receive regulatory approval.
  • Our attempts to develop MN-001 (tipelukast) in NASH and IPF may detract from our efforts to develop other product candidates and may limit the effectiveness of our product development efforts as a whole.
  • In order to commercialize a therapeutic drug successfully, a product candidate must receive regulatory approval after the successful completion of clinical trials, which are long, complex and costly, have a high risk of failure and can be delayed or terminated at any time.
  • We are subject to stringent regulation of our product candidates, which could delay the development and commercialization of our product candidates.
  • Even if our product candidates receive regulatory approval, they may still face future development and regulatory difficulties.
  • Any product candidates that we advance into clinical trials may cause undesirable side effects or have other properties that could delay or prevent regulatory approval or commercialization or limit its commercial potential.
  • Delays in the commencement or completion of clinical trials, or suspension or termination of our clinical trials, could result in increased costs to us and delay or limit our ability to obtain regulatory approval for our product candidates.
  • The loss of any rights to develop and market any of our product candidates could significantly harm our business.
  • We rely on third parties to conduct our clinical trials, and we may incur additional development costs, experience delays in the commencement and completion of clinical trials, and be unable to obtain regulatory approval for or commercialize our product candidates on our anticipated timeline if these third parties do not successfully carry out their contractual duties or meet expected deadlines.
  • We rely on third party manufacturers to produce our product candidates, which may result in delays in our clinical trials and the commercialization of products, as well as increased costs.
  • We may not be able to manufacture our product candidates in commercial quantities, which would prevent us from commercializing our product candidates.
  • Our product candidates, if approved for sale, may not gain acceptance among physicians, patients and the medical community, thereby limiting our potential to generate revenues.
  • If our products are not accepted by the market or if users of our products are unable to obtain adequate coverage of and reimbursement for our products from government and other third party payers, our revenues and profitability will suffer.
  • We are dependent on our management team, particularly our President and Chief Executive Officer, and our experienced scientific staff, and if we are unable to retain, motivate and attract key personnel, our product development programs may be delayed and we may be unable to develop successfully or commercialize our product candidates.
  • If we are unable to establish sales, marketing and distribution capabilities, whether independently or with third parties, we will be unable to commercialize our product candidates successfully.
  • Health care reform measures could adversely affect our business.
  • We may be sued for product liability, which could result in substantial liabilities that exceed our available resources and damage our reputation.
  • We expect that our results of operations will fluctuate, which may make it difficult to predict our future performance from period to period.
  • We will continue to incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • We may be subject to information technology systems failures, network disruptions, breaches in data security and computer crime and cyber-attacks.
  • Our ability to compete may decline if we do not adequately protect our proprietary rights.
  • Confidentiality agreements with employees and others may not adequately prevent disclosure of our trade secrets and other proprietary information and may not adequately protect our intellectual property, which could limit our ability to compete.
  • A dispute concerning the infringement or misappropriation of our proprietary rights or the proprietary rights of others could be time consuming and costly, and an unfavorable outcome could harm our business.
  • We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • Our stock price may be volatile, and you may not be able to resell our shares at a profit or at all.
  • Our common stock may be delisted on the NASDAQ Global Market or the JASDAQ Market of the Tokyo Stock Exchange.
  • The sale of additional common stock under our existing at-the-market issuance sales agreement may cause substantial dilution to our existing stockholders and/or the price of our common stock to decline.
  • We may become involved in securities class action litigation that could divert management’s attention and harm our business.
  • Future sales of our common stock may cause our stock price to decline and may make it difficult for us to raise additional capital or for you to sell your shares.
  • Anti-takeover provisions in our charter documents and under Delaware law may make an acquisition of us more complicated and the removal and replacement of our directors and management more difficult.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • We are a biopharmaceutical company focused on developing novel, therapeutics for the treatment of serious diseases with unmet medical needs and a commercial focus on the United States market. Our current strategy is to focus our development activities on MN-166 (ibudilast) for neurological and other disorders such as progressive multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS), chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, substance dependence and addiction (e.g., methamphetamine dependence, opioid dependence, and alcohol dependence), and prevention of acute respiratory distress syndrome (ARDS), and MN-001 (tipelukast) for fibrotic diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). Our pipeline also includes MN-221 (bedoradrine) for the treatment of acute exacerbation of asthma and MN-029 (denibulin) for solid tumor cancers. We were incorporated in Delaware in September 2000.
  • We have incurred significant net losses since our inception. For the year ended December 31, 2021, we had a net loss of $10.1 million. At December 31, 2021, from inception, our accumulated deficit was $393.1 million. We expect to incur substantial net losses for the next several years as we continue to develop certain of our existing product development programs, and over the long-term if we expand our research and development programs and acquire or in-license products, technologies or businesses that are complementary to our own.

Content analysis

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H.S. freshman Avg
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