MEDICINOVA INC

Previous wording

We have incurred significant net losses since our inception. As of March 31, 2026, from inception, our accumulated deficit was $441.3 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, 2026, from inception, our accumulated deficit was $443.6 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.

Previous wording

Our research, development and patents expenses consist primarily of license fees related to our product candidates, salaries and related employee benefits, costs associated with the preclinical and clinical development of our product development programs, costs associated with non-clinical activities, such as regulatory expenses, and pre-commercialization manufacturing development activities. We use external service providers to manufacture our compounds to be used in clinical trials and for the majority of the services performed in connection with the preclinical and clinical development of our product candidates. Research, development and patents expenses include fees paid to consultants, contract research organizations, contract manufacturers and other external service providers, including professional fees and costs associated with legal services, patents and patent applications for our intellectual property. Internal research and development expenses include costs of compensation and other expenses for research and development personnel, supplies, facility costs and depreciation. Research, development and patents costs are expensed as incurred and we expect to increase such costs through the remainder of 2026 as our development programs progress.

Current wording

Our research, development and patents expenses consist primarily of license fees related to our product candidates, salaries and related employee benefits, costs associated with the preclinical and clinical development of our product development programs, costs associated with non-clinical activities, such as regulatory expenses, and pre-commercialization manufacturing development activities. We use external service providers to manufacture our compounds to be used in clinical trials and for the majority of the services performed in connection with the preclinical and clinical development of our product candidates. Research, development and patents expenses include fees paid to consultants, contract research organizations, contract manufacturers and other external service providers, including professional fees and costs associated with legal services, patents and patent applications for our intellectual property. Internal research and development expenses include costs of compensation and other expenses for research and development personnel, supplies, facility costs and depreciation. Research, development and patents costs are expensed as incurred and we expect to maintain such costs through the remainder of 2026 as our development programs progress.

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, 2025. There have not been any material changes to the critical accounting policies discussed therein during the three months ended March 31, 2026.

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, 2025. There have not been any material changes to the critical accounting policies discussed therein during the six months ended June 30, 2026.

Previous wording

Research, development and patents expenses were $1.3 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively. The decrease of $0.5 million was primarily driven by a $0.4 million decrease in MN-166 related expenses relating to a MRC-001 Pharmacokinetic (PK) study, adegenerative cervical myelopathy (DCM) study, and an ALS study, as well as a $0.1 million decrease in MN-001 clinical trial expenses.

Current wording

Research, development and patents expenses were $1.0 million and $2.2 million for the three months ended June 30, 2026 and 2025, respectively. The decrease of $1.2 million was primarily driven by a $1.0 million decrease in MN-166 related expenses relating to a MRC-001 Pharmacokinetic (PK) study, adegenerative cervical myelopathy (DCM) study, and an ALS study, as well as a $0.1 million decrease in MN-001 clinical trial expenses.

Previous wording

Cost of services were $0.2 million and $0.0 million for the three months ended March 31, 2026 and 2025, respectively. The increase of $0.2 million was due to the costs incurred for services provided related to the Mayo agreement.

Current wording

Cost of services were $0.3 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $0.2 million was due to the additional three months of costs incurred for services provided related to the Mayo agreement in 2026 compared to 2025.

Previous wording

General and administrative expenses were $1.6 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase of $0.2 million was primarily driven by increased professional fees and stock-based compensation expense.

Current wording

General and administrative expenses were $3.4 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $0.6 million was primarily driven by increased professional fees and stock-based compensation expense.

Previous wording

Net cash used in operating activities during the three months ended March 31, 2026 was $3.5 million compared to $3.8 million during the same period in 2025. The $0.3 million change is primarily related to thechanges in operating assets and liabilities for those periods.

Current wording

Net cash used in operating activities during the six months ended June 30, 2026 was $5.4 million compared to $6.1 million during the same period in 2025. The $0.7 million change is primarily related to thechanges in operating assets and liabilities for those periods.

Previous wording

As of March 31, 2026, we had available cash and cash equivalents of $27.3 million and working capital of $25.1 million. As of the date of this report, we believe we have working capital sufficient to fund operations at least through May 2027. 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, 2026, we had available cash and cash equivalents of $25.4 million and working capital of $23.0 million. As of the date of this report, we believe we have working capital sufficient to fund operations at least through November 2027. 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 SEPA in three months ended March 31, 2026.

Current wording

No shares of common stock were sold under the SEPA in six months ended June 30, 2026.

Previous wording

No shares of common stock were sold under the Equity Distribution Agreement in the three months ended March 31, 2026.

Current wording

No shares of common stock were sold under the Equity Distribution Agreement in the six months ended June 30, 2026.