MEDICINOVA INC

Previous wording

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 (U.S.) 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), prevention of acute respiratory distress syndrome (ARDS), and Long COVID, and MN-001 (tipelukast) for fibrotic and other metabolic disorders such as nonalcoholic fatty liver disease (NAFLD) and hypertriglycedemia. We were incorporated in Delaware in September 2000.

Current wording

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 (U.S.) 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) and prevention of acute respiratory distress syndrome (ARDS), and MN-001 (tipelukast) for fibrotic and other metabolic disorders such as nonalcoholic fatty liver disease (NAFLD) and hypertriglyceridemia. We were incorporated in Delaware in September 2000.

Previous wording

We have incurred significant net losses since our inception. As of March 31, 2025, from inception, our accumulated deficit was $429.6 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.

Current wording

We have incurred significant net losses since our inception. As of June 30, 2025, from inception, our accumulated deficit was $432.9 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.

Previous wording

Our critical accounting policies are those accounting principles generally accepted in the United States that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. For a description of our critical accounting estimates, please see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” contained in our Annual Report on Form 10-K, for the year ended December 31, 2024. There have not been any material changes to the critical accounting policies discussed therein during the three months ended March 31, 2025.

Current wording

Our critical accounting policies are those accounting principles generally accepted in the United States that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. For a description of our critical accounting estimates, please see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” contained in our Annual Report on Form 10-K, for the year ended December 31, 2024. There have not been any material changes to the critical accounting policies discussed therein during the six months ended June 30, 2025.

Previous wording

Research, development and patents expenses were $1.8 million for both the three months ended March 31, 2025 and 2024. The expense was relatively the same quarter over quarter. Changes were primarily due to an increase in MN-001 related expenses and stock option expense offset by decreased payroll costs from a reduction in headcount.

Current wording

Research, development and patents expenses were $2.2 million and $1.6 million for the three months ended June 30, 2025 and 2024, respectively. The increase of $0.6 million was primarily driven by an increase in MN-166 related expenses for MRC-001 Pharmacokinetic (PK) study and degenerative cervical myelopathy (DCM) study expenses, partially offset by decreased payroll costs from a reduction in headcount.

Previous wording

General and administrative expenses were $1.4 million for both the three months ended March 31, 2025 and 2024. The expense was relatively the same quarter over quarter.

Current wording

General and administrative expenses were $1.4 million for both the three months ended June 30, 2025 and 2024 as there were no significant changes in the items comprising general and administrative expense quarter over quarter.

Previous wording

Net cash used in operating activities during the three months ended March 31, 2025 was $3.8 million compared to $3.9 million during the same period in 2024. The $0.1 million change is primarily related to the increasednet loss and changes in operating assets and liabilities for those periods.

Current wording

Net cash used in operating activities during the six months ended June 30, 2025 was $6.1 million compared to $6.7 million during the same period in 2024. The $0.6 million change is primarily related to thechanges in operating assets and liabilities for those periods.

Previous wording

As of March 31, 2025, we had available cash and cash equivalents of $36.6 million and working capital of $35.5 million. As of the date of this report, we believe we have working capital sufficient to fund operations at least through May 2026. However, we cannot provide assurance that these capital resources will be sufficient to conduct all our research and development programs as planned.

Current wording

As of June 30, 2025, we had available cash and cash equivalents of $34.3 million and working capital of $32.5 million. As of the date of this report, we believe we have working capital sufficient to fund operations at least through August 2026. However, we cannot provide assurance that these capital resources will be sufficient to conduct all our research and development programs as planned.

Previous wording

No shares of common stock were sold under the ATM Agreement in the three months ended March 31, 2025 and 2024.

Current wording

No shares of common stock were sold under the ATM Agreement in the three and six months ended June 30, 2025 and 2024.