MediciNova reports Q4 loss, highlights 2026 ALS milestones

MediciNova (NASDAQ:MNOV), the La Jolla-based biopharmaceutical firm, released its fourth-quarter and full-year 2025 financial results on Friday, February 20, 2026.

While the company continues to operate at a net loss characteristic of clinical-stage biotech firms, management emphasized a stable cash runway and significant progress in its lead neurodegenerative disease programs.

For the quarter ended December 31, 2025, MediciNova reported a net loss of $2.8 million, or $0.05 per share.

This outperformed the analyst consensus estimate of a $0.10 loss per share.

Revenue for the quarter was $152,000, largely derived from a research agreement with the Mayo Foundation for ALS studies.

For the full year, the company’s net loss widened slightly to $12 million ($0.24 per share) on total revenue of $410,000.

Despite the financial deficit, the company’s balance sheet remains a point of stability.

MediciNova ended the year with $30.8 million in cash and cash equivalents.

Management stated that this capital, bolstered by existing equity facilities, is sufficient to fund operations through at least February 2027.

The primary driver of investor interest remains the company’s lead asset, MN-166 (ibudilast).

MediciNova recently hit a major milestone in January 2026, reaching 50% enrollment (100 patients) in its NIH-funded SEANOBI Expanded-Access Program for ALS.

More critically, the company’s pivotal Phase 2b/3 COMBAT-ALS trial is on track, with top-line results anticipated by the end of 2026.

This study is designed to provide the definitive evidence needed for potential FDA and global regulatory filings.