Key Highlights

  • MNOV reported a Q3 net loss of US$2,842,962, or US$0.06 per share.
  • Research, development and patents expenses were US$1,248,796 versus US$1,582,975 a year earlier.
  • Cash and cash equivalents were US$29.3 million at September 30, 2026.
  • The company said Working Capital is sufficient to fund operations through at least March 2028.

MNOV filed its Quarterly Report on November 12, 2026, for the three and nine months ended September 30, 2026. Revenues were US$138,555, versus US$123,319, all related to services performed under its agreement with Mayo. Costs of services were US$82,706 versus US$115,272. For the nine months, revenues were US$783,978 versus US$257,918, which the company tied to changes in estimates of progress under the Mayo agreement and an additional quarter of services in 2026.

Research, development and patents expenses were US$1,248,796 versus US$1,582,975. The company attributed the US$0.4 million decrease primarily to lower MN-166 expenses relating to a pharmacokinetic study, a degenerative cervical myelopathy study and an ALS study. General and administrative expenses were US$1,867,277 versus US$1,806,070, which the company tied to higher professional fees.

Net Loss and Nine-Month Results

Total operating expenses were US$3,198,779 versus US$3,504,317, and the operating loss was US$(3,060,224) versus US$(3,380,998). Interest income was US$219,432 versus US$340,850, which the company attributed to a lower cash balance. Net loss was US$(2,842,962), or US$(0.06) per share, versus US$(3,050,373), or US$(0.06). Weighted average shares were 49,378,238 versus 49,046,246.

For the nine months, research, development and patents expenses were US$3,540,474 versus US$5,611,429, a decrease of US$2.1 million, of which US$2.0 million related to lower MN-166 expenses. General and administrative expenses were US$5,287,236 versus US$4,605,468, which the company tied to higher professional fees and stock-based compensation. Net loss was US$(7,743,359), or US$(0.16) per share, versus US$(9,195,678), or US$(0.19).

Liquidity, Equity Purchase Agreement and Pipeline Focus

Net cash used in Operating Activities for the nine months was US$7.8 million, the same as a year earlier. At September 30, the company had cash and cash equivalents of US$29.3 million and working capital of US$26.8 million, and an accumulated Deficit of US$446.5 million. It said it believes its working capital is sufficient to fund operations at least through March 2028, but that it cannot assure that the capital is sufficient to conduct all Research and Development programs as planned.

On July 30, 2025, the company entered a standby equity purchase agreement with YA II PN, LTD., known as Yorkville, giving it the right, but not the obligation, to sell up to US$30.0 million of common stock over 36 months, at 97% of the lowest of three daily Volume weighted average prices during a three-day pricing period.

Quarter in Review: Programs and Cost Changes

MNOV's third quarter combined lower research spending, slightly higher administrative spending and a smaller net loss. The company described a strategy focused on MN-166 (ibudilast) for conditions including progressive multiple sclerosis, ALS, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma and prevention of acute respiratory distress syndrome, and on MN-001 (tipelukast) for fibrotic and metabolic disorders.