0001564590-21-027563 | 10-Q | XBRL Viewer

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Potentially dilutive outstanding stock options excluded from diluted net loss per common share	8,279,887	7,638,250

Schedule of Assumptions Used in Estimating Fair Value of Options Granted, Stock Purchased Under ESPP and Performance-Based Stock Options (Detail) - Stock Option	3 Months Ended
Mar. 31, 2021	Mar. 31, 2020
Weighted-average assumptions for stock options and ESPP
Dividend yield	0.00%	0.00%
Minimum
Weighted-average assumptions for stock options and ESPP
Risk-free interest rate	0.45%	0.37%
Expected volatility of common stock	75.46%	57.44%
Expected term (in years)	4 years 5 months 19 days	4 years 6 months 7 days
Maximum
Weighted-average assumptions for stock options and ESPP
Risk-free interest rate	1.68%	1.68%
Expected volatility of common stock	76.11%	62.90%
Expected term (in years)	5 years 4 months 28 days	5 years 6 months 21 days

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	$ 694,155	$ 694,127

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity and Related Information

A summary of stock option activity and related information as of March 31, 2021 is as follows:

	Number of Option Shares			Weighted Average Exercise Price
Outstanding at December 31, 2020		7,401,387		$	5.70
Granted		1,221,000			5.95
Exercised		(86,250	)		2.46
Cancelled		(256,250	)		6.96
Outstanding at March 31, 2021		8,279,887		$	5.73
Exercisable at March 31, 2021		6,999,887		$	5.70

Summary of Stock-based Compensation Expenses

The following table summarizes stock-based compensation expense for the three months ended March 31, 2021 and 2020, respectively:

	Three months ended
	March 31,
	2021		2020
Research, development and patents	$	393,242	$	162,697
General and administrative		746,394		433,681
Total stock-based compensation expense	$	1,139,636	$	596,378

Schedule of Assumptions Used in Estimating Fair Value of Options Granted, Stock Purchased Under ESPP and Performance-Based Stock Options

The following table provides the assumptions used in the Black-Scholes valuation model used to estimate the fair value of options granted and stock purchased under the ESPP during the three months ended March 31, 2021 and 2020, and to estimate the fair value of performance-based stock options as of March 31, 2021 and 2020.


	March 31, 2021	March 31, 2020
Stock Option assumptions:
Risk-free interest rate	0.45 - 0.92%	0.37 - 1.68%
Expected volatility of common stock	75.46 - 76.11%	57.44 - 62.9%
Dividend yield	0%	0%
Expected term (in years)	4.47 - 5.41	4.52 - 5.56

Stockholders' Equity	3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	5. Stockholders’ Equity At-The-Market Issuance Sales Agreements and Private Placement Transcations On August 23, 2019, the Company entered into an at the market issuance sales agreement (the “2019 ATM Agreement”) with B. Riley FBR, Inc. (B. Riley FBR) pursuant to which the Company may sell common stock through B. Riley FBR from time to time up to an aggregate offering price of $75.0 million. Sales of the Company’s common stock through B. Riley FBR, if any, will be made by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on NASDAQ, on any other existing trading market for the common stock or through a market maker. B. Riley FBR may also sell the common stock in privately negotiated transactions, subject to the Company’s prior approval. The Company agreed to pay B. Riley FBR an aggregate commission rate of up to 3.5% of the gross proceeds of any common stock sold under this agreement. Proceeds from sales of common stock will depend on the number of shares of common stock sold to B. Riley FBR and the per share purchase price of each transaction. On January 29, 2021, the Company sold and issued to an investor 3,656,307 shares of the Company’s common stock at a price of $5.47 per share for approximately $20 million in cash proceeds, net of approximately $0.1 million in issuance costs, in a private placement pursuant to the terms and conditions of a Securities Purchase Agreement dated as of January 11, 2021 by and between the Company and such investor.

Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

4. Stock-based Compensation

Stock Incentive Plans

In June 2013, the Company adopted the 2013 Equity Incentive Plan, or 2013 Plan, under which the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The 2013 Plan is the successor to the Company’s Amended and Restated 2004 Stock Incentive Plan, or 2004 Plan. A total of 8,700,000 shares of common stock are reserved for issuance under the 2013 Plan. In addition, “returning shares” that may become available from time to time are added back to the plan. “Returning shares” are shares that are subject to outstanding awards granted under the 2004 Plan that expire or terminate prior to exercise or settlement, are forfeited because of the failure to vest, are repurchased, or are withheld to satisfy tax withholding or purchase price obligations in connection with such awards. Although the Company no longer grants equity awards under the 2004 Plan, all outstanding stock awards granted under the 2004 Plan will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock awards and the terms of the 2004 Plan. As of March 31, 2021, 1,932,385 shares remain available for future grants under the 2013 Plan.

The Company occasionally issues employee performance-based stock options, the vesting of which is based on a determination made by the board of directors as to the achievement of certain corporate objectives at the end of the performance period. The grant date of such awards is the date on which the board of directors makes its determination. For periods preceding the grant date, the expense related to these awards is measured based on their fair value at each reporting date.

Stock Options

Options granted under the 2013 Plan and the 2004 Plan have terms of ten years from the date of grant unless earlier terminated and generally vest over a three or four year period. The exercise price of all options granted through March 31, 2021 and in 2020, was equal to the market value of the Company’s common stock on the date of grant.

A summary of stock option activity and related information as of March 31, 2021 is as follows:

	Number of Option Shares			Weighted Average Exercise Price
Outstanding at December 31, 2020		7,401,387		$	5.70
Granted		1,221,000			5.95
Exercised		(86,250	)		2.46
Cancelled		(256,250	)		6.96
Outstanding at March 31, 2021		8,279,887		$	5.73
Exercisable at March 31, 2021		6,999,887		$	5.70

Employee Stock Purchase Plan

Under the Company’s 2007 Employee Stock Purchase Plan (ESPP), 300,000 shares of common stock were originally reserved for issuance. In addition, the shares reserved automatically increase each year by a number equal to the lesser of: (i) 15,000 shares; (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year; or (iii) such lesser amount as determined by the Board. The ESPP permits full-time employees to purchase common stock through payroll deductions (which cannot exceed 15% of each employee’s compensation) at the lower of 85% of fair market value at the beginning of the offering period or the end of each six-month offering period. The ESPP is considered a compensatory plan and the Company records compensation expense included in the Company’s statement of operations.

For the three months ended March 31, 2021, an aggregate of 1,424 shares were issued under the ESPP. As of March 31, 2021, there were 212,678 shares available for future issuance under the ESPP.

Compensation Expense

Stock-based compensation expense for stock option awards and ESPP shares are reflected in total operating expenses for each respective year.

The following table summarizes stock-based compensation expense for the three months ended March 31, 2021 and 2020, respectively:

	Three months ended
	March 31,
	2021		2020
Research, development and patents	$	393,242	$	162,697
General and administrative		746,394		433,681
Total stock-based compensation expense	$	1,139,636	$	596,378

The Company uses the Black-Scholes valuation model for determining the estimated fair value for stock-based awards granted to employees and stock purchased under the ESPP. The following table provides the assumptions used in the Black-Scholes valuation model used to estimate the fair value of options granted and stock purchased under the ESPP during the three months ended March 31, 2021 and 2020, and to estimate the fair value of performance-based stock options as of March 31, 2021 and 2020.


	March 31, 2021	March 31, 2020
Stock Option assumptions:
Risk-free interest rate	0.45 - 0.92%	0.37 - 1.68%
Expected volatility of common stock	75.46 - 76.11%	57.44 - 62.9%
Dividend yield	0%	0%
Expected term (in years)	4.47 - 5.41	4.52 - 5.56

As of March 31, 2021, there was $3.4 million of unamortized compensation cost related to unvested stock option awards which is expected to be recognized over a remaining weighted-average vesting period of 0.81 years, on a straight-line basis.

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 76,301,840	$ 60,036,763
Accounts receivable	4,000,000
Prepaid expenses and other current assets	1,166,282	680,171
Total current assets	81,468,122	60,716,934
Goodwill	9,600,240	9,600,240
In-process research and development	4,800,000	4,800,000
Property and equipment, net	48,931	55,700
Other non-current assets	183,426	246,236
Total assets	96,100,719	75,419,110
Current liabilities:
Accounts payable	428,152	616,629
Accrued expenses and other liabilities	1,402,952	1,577,321
Total current liabilities	1,831,104	2,193,950
Long-term deferred revenue	1,694,163	1,694,163
Deferred tax liability	201,792	201,792
Other non-current liabilities	2,211	2,705
Total liabilities	3,729,270	4,092,610
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized at March 31, 2021 and December 31, 2020; 48,768,541 and 45,024,560 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	48,769	45,025
Additional paid-in capital	475,532,361	454,296,536
Accumulated other comprehensive loss	(95,040)	(88,219)
Accumulated deficit	(383,114,641)	(382,926,842)
Total stockholders’ equity	92,371,449	71,326,500
Total liabilities and stockholders' equity	$ 96,100,719	$ 75,419,110

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Balance at Dec. 31, 2019	$ 74,894,623	$ 43,908	$ 444,016,341	$ (92,681)	$ (369,072,945)
Balance, shares at Dec. 31, 2019		43,908,065
Share-based compensation	596,378		596,378
Issuance of shares under an employee stock purchase plan (ESPP)	6,254	$ 2	6,252
Issuance of shares under an employee stock purchase plan (ESPP), shares		1,979
Issuance of common stock under at-the-market equity distribution and sales agreements, net of offering costs	412,692	$ 69	412,623
Issuance of common stock under at-the-market equity distribution and sales agreements, net of offering costs, shares		68,952
Net loss	(2,713,559)				(2,713,559)
Foreign currency translation adjustments	(120)			(120)
Balance at Mar. 31, 2020	73,196,268	$ 43,979	445,031,594	(92,801)	(371,786,504)
Balance, shares at Mar. 31, 2020		43,978,996
Balance at Dec. 31, 2020	71,326,500	$ 45,025	454,296,536	(88,219)	(382,926,842)
Balance, shares at Dec. 31, 2020		45,024,560
Share-based compensation	1,139,636		1,139,636
Issuance of common stock for option exercises	$ 212,175	$ 86	212,089
Issuance of common stock for option exercises, shares	86,250	86,250
Issuance of shares under an employee stock purchase plan (ESPP)	$ 6,110	$ 2	6,108
Issuance of shares under an employee stock purchase plan (ESPP), shares	1,424	1,424
Issuance of common stock in a private placement transaction, net of issuance costs	$ 19,881,648	$ 3,656	19,877,992
Issuance of common stock in a private transaction, net of issuance costs, shares		3,656,307
Net loss	(187,799)				(187,799)
Foreign currency translation adjustments	(6,821)			(6,821)
Balance at Mar. 31, 2021	$ 92,371,449	$ 48,769	$ 475,532,361	$ (95,040)	$ (383,114,641)
Balance, shares at Mar. 31, 2021		48,768,541

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 11, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	MNOV
Entity Registrant Name	MEDICINOVA, INC.
Entity Central Index Key	0001226616
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		48,768,541
Entity Shell Company	false
Entity File Number	001-33185
Entity Tax Identification Number	33-0927979
Entity Address, Address Line One	4275 Executive Square
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	373-1500
Entity Current Reporting Status	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ

Interim Financial Information (Policies)	3 Months Ended
Interim Financial Information (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of MediciNova, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company operates in a single operating segment – the acquisition and development of therapeutics for the treatment of serious diseases with unmet medical needs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and other highly liquid investments including money market accounts.
Research, Development and Patents	Research, Development and Patents Research and development costs are expensed in the period incurred. Research and development costs primarily consist of salaries and related expenses for personnel, facilities and depreciation, research and development supplies, licenses and outside services. Such research and development costs totaled $2.0 million and $1.2 million for the three months ended March 31, 2021 and 2020, respectively. Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. The Company includes all external costs related to the filing of patents on developments in Research, Development and Patents expenses. Such patent-related expenses totaled $0.1 million for each of the three months ended March 31, 2021 and 2020, respectively.
Clinical Trial Accruals and Prepaid Expenses	Clinical Trial Accruals and Prepaid Expenses Costs for preclinical studies, clinical studies and manufacturing activities are recognized as research and development expenses based on an evaluation of the progress by Company vendors towards completion of specific tasks, using data such as patient enrollment, clinical site activations or information provided to the Company by such vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion of studies, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Costs that are paid in advance of performance are deferred as a prepaid expense and amortized over the service period as the services are provided.
Impact of COVID-19 on the Company's Business	Impact of COVID-19 on the Company’s Business The pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19” or “the pandemic”) has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect the Company’s business. Although the pandemic resulted in a decrease in the number of patient visits at certain of the Company’s clinical trial sites, the Company expects this effect to be temporary. The Company has seen an increase in the number of patient visits compared to earlier in the pandemic and the Company continues to enroll patients in clinical trials. Throughout the pandemic, the Company has continued with routine clinical trial activities including executing new clinical trial agreements, negotiating budgets, institutional review board (IRB) approvals, site training, and other activities related to the initiation of new clinical trial sites. In addition, following the outbreak of the pandemic, the Company designed a clinical trial to evaluate MN-166 (ibudilast) for prevention of acute respiratory distress syndrome (ARDS) caused by COVID-19. Based on the Company’s current assessment, the Company does not expect a material negative impact on its clinical development plans, long-term development timeline or liquidity due to the worldwide spread of the COVID-19 virus. However, the Company is actively monitoring this situation and the possible effects on its financial condition, liquidity, operations, suppliers, industry, and workforce.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application, and the simplification, of other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 with no material impact on its consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments— Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU 2016-13, the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. In November 2019, the FASB issued an amendment making this ASU effective for fiscal years beginning after December 15, 2022 for smaller reporting companies. The new standard will be effective for the Company on January 1, 2023 or at such earlier time where it is no longer a smaller reporting company. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded features that could be recognized separately from the host contract. Consequently, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 also requires use of the if-converted method in the diluted earnings per share calculation for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for smaller reporting companies, with early adoption permitted. The new standard will be effective for the Company on January 1, 2024 or at such earlier time where it is no longer a smaller reporting company. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.
Revenue Recognition Policy	Revenue Recognition Policy Revenues consist mainly of research and development services performed under a contract with a customer. The Company evaluates the separate performance obligation(s) under each contract, allocates the transaction price to each performance obligation considering the estimated stand-alone selling prices of the services and recognizes revenue upon the satisfaction of such obligations over time or at a point in time dependent on the satisfaction of one of the following criteria: (1) the customer simultaneously receives and consumes the economic benefits provided by the vendor’s performance (2) the vendor creates or enhances an asset controlled by the customer (3) the vendor’s performance does not create an asset for which the vendor has an alternative use, and the vendor has an enforceable right to payment for performance completed to date.

Summary of Stock Option Activity and Related Information (Detail)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Option Shares
Stock Options, Beginning Balance \| shares	7,401,387
Stock Options, Granted \| shares	1,221,000
Stock Options, Exercised \| shares	(86,250)
Stock Options, Cancelled \| shares	(256,250)
Stock Options, Ending Balance \| shares	8,279,887
Stock Options, Exercisable at March 31, 2021 \| shares	6,999,887
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 5.70
Weighted Average Exercise Price, Granted \| $ / shares	5.95
Weighted Average Exercise Price, Exercised \| $ / shares	2.46
Weighted Average Exercise Price, Cancelled \| $ / shares	6.96
Weighted Average Exercise Price, Ending Balance \| $ / shares	5.73
Weighted Average Exercise Price, Exercisable at March 31, 2021 \| $ / shares	$ 5.70

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 4,000,000
Operating expenses:
Research, development and patents	2,145,274	$ 1,250,745
General and administrative	2,056,255	1,673,754
Total operating expenses	4,201,529	2,924,499
Operating loss	(201,529)	(2,924,499)
Interest income	36,668	223,280
Other expense	(22,938)	(12,340)
Net loss applicable to common stockholders	$ (187,799)	$ (2,713,559)
Basic and diluted net loss per common share	$ 0.00	$ (0.06)
Shares used to compute basic and diluted net loss per common share	47,535,307	43,949,291
Net loss applicable to common stockholders	$ (187,799)	$ (2,713,559)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(6,821)	(120)
Comprehensive loss	$ (194,620)	$ (2,713,679)

Interim Financial Information

3 Months Ended

Mar. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Information

1. Interim Financial Information

Organization and Business

MediciNova, Inc. (the “Company” or “MediciNova”) was incorporated in the state of Delaware in September 2000 and is a public company. The Company’s common stock is listed in both the United States and Japan and trades on the NASDAQ Global Market and the JASDAQ Market of the Tokyo Stock Exchange. The Company is a biopharmaceutical company focused on developing novel therapeutics for the treatment of serious diseases with unmet medical needs with a commercial focus on the United States market. The Company’s current strategy is to focus its 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, and MN-001 (tipelukast) for fibrotic diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). The Company’s pipeline also includes MN-221 (bedoradrine) for the treatment of acute exacerbation of asthma, and MN-029 (denibulin) for solid tumor cancers.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.

These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by GAAP for complete financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of MediciNova, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company operates in a single operating segment – the acquisition and development of therapeutics for the treatment of serious diseases with unmet medical needs.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and other highly liquid investments including money market accounts.

Research, Development and Patents

Research and development costs are expensed in the period incurred. Research and development costs primarily consist of salaries and related expenses for personnel, facilities and depreciation, research and development supplies, licenses and outside services. Such research and development costs totaled $2.0 million and $1.2 million for the three months ended March 31, 2021 and 2020, respectively.

Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. The Company includes all external costs related to the filing of patents on developments in Research, Development and Patents expenses. Such patent-related expenses totaled $0.1 million for each of the three months ended March 31, 2021 and 2020, respectively.

Clinical Trial Accruals and Prepaid Expenses

Costs for preclinical studies, clinical studies and manufacturing activities are recognized as research and development expenses based on an evaluation of the progress by Company vendors towards completion of specific tasks, using data such as patient enrollment, clinical site activations or information provided to the Company by such vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion of studies, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Costs that are paid in advance of performance are deferred as a prepaid expense and amortized over the service period as the services are provided.

Impact of COVID-19 on the Company’s Business

The pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19” or “the pandemic”) has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect the Company’s business. Although the pandemic resulted in a decrease in the number of patient visits at certain of the Company’s clinical trial sites, the Company expects this effect to be temporary. The Company has seen an increase in the number of patient visits compared to earlier in the pandemic and the Company continues to enroll patients in clinical trials. Throughout the pandemic, the Company has continued with routine clinical trial activities including executing new clinical trial agreements, negotiating budgets, institutional review board (IRB) approvals, site training, and other activities related to the initiation of new clinical trial sites. In addition, following the outbreak of the pandemic, the Company designed a clinical trial to evaluate MN-166 (ibudilast) for prevention of acute respiratory distress syndrome (ARDS) caused by COVID-19. Based on the Company’s current assessment, the Company does not expect a material negative impact on its clinical development plans, long-term development timeline or liquidity due to the worldwide spread of the COVID-19 virus. However, the Company is actively monitoring this situation and the possible effects on its financial condition, liquidity, operations, suppliers, industry, and workforce.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application, and the simplification, of other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 with no material impact on its consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments— Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU 2016-13, the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. In November 2019, the FASB issued an amendment making this ASU effective for fiscal years beginning after December 15, 2022 for smaller reporting companies. The new standard will be effective for the Company on January 1, 2023 or at such earlier time where it is no longer a smaller reporting company. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded features that could be recognized separately from the host contract. Consequently, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 also requires use of the if-converted method in the diluted earnings per share calculation for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for smaller reporting companies, with early adoption permitted. The new standard will be effective for the Company on January 1, 2024 or at such earlier time where it is no longer a smaller reporting company. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

Revenue Recognition Policy

Revenues consist mainly of research and development services performed under a contract with a customer. The Company evaluates the separate performance obligation(s) under each contract, allocates the transaction price to each performance obligation considering the estimated stand-alone selling prices of the services and recognizes revenue upon the satisfaction of such obligations over time or at a point in time dependent on the satisfaction of one of the following criteria: (1) the customer simultaneously receives and consumes the economic benefits provided by the vendor’s performance (2) the vendor creates or enhances an asset controlled by the customer (3) the vendor’s performance does not create an asset for which the vendor has an alternative use, and the vendor has an enforceable right to payment for performance completed to date.

Kissei Pharmaceutical Co., Ltd

In October 2011, the Company entered into a collaboration agreement with Kissei Pharmaceutical Co., Ltd., (“Kissei”), to perform research and development services relating to MN-221 (bedoradrine) in exchange for a non-refundable upfront payment of $2.5 million. Under the terms of the agreement, the Company is responsible for all costs to be incurred in the performance of these services. The Company assessed the services in accordance with the authoritative guidance and concluded that the two studies to be performed under the agreement represented two separate performance obligations. The transaction price was allocated among the two studies that were deemed separate performance obligations based on the expected costs to be incurred for each obligation. Revenue is recognized proportional to the total costs expected for each performance obligation as incurred over the service period. The first study was completed in 2013 and the timing of the second study is undetermined as of March 31, 2021. The amount received from Kissei and allocated, net of the amount recorded as revenue, is included on the balance sheet as long-term deferred revenue and will be recognized as revenue as the remaining performance obligation is satisfied. No revenue was recognized for the three months ended March 31, 2021 and 2020 in connection with the collaboration agreement with Kissei.

Genzyme Corporation

In December 2005, Avigen, Inc. and Genzyme Corporation (“Genzyme”) entered into an Assignment Agreement (the “Genzyme Agreement”) in which Genzyme acquired certain gene therapy intellectual property, programs and other related assets from Avigen in exchange for an initial $12.0 million payment, Avigen could also receive additional development milestone payments, sublicensing fees and royalty payments based on the successful development of products by Genzyme utilizing technologies previously developed by Avigen. Avigen was subsequently acquired by the Company in December 2009 along with Avigen’s rights and obligations under the Genzyme Agreement. If Genzyme fails to diligently pursue the commercialization or marketing of products using the assigned technology, as specified in the Genzyme Agreement, some of the rights assigned could revert back to the Company at a future date.

The development milestones outlined in the Genzyme Agreement did not meet the definition of a substantive milestone obligation under authoritative guidance on revenue recognition for milestone payments, as Genzyme is responsible for the development of the product and there is no further substantive service effort required by the Company. In March 2021, the Company received notice that a gene therapy product based on AAV (adeno-associated virus) vector technology, which is covered under the Genzyme Agreement, achieved two clinical development milestones, triggering two milestone payments. Accordingly, the Company recognized revenue and a corresponding accounts receivable of $4 million for the three months ended March 31, 2021. The Company subsequently received payment of the $4 million in April 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Interim Financial Information - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2021	Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Research and development costs		$ 2.0	$ 1.2
Patent-related expenses		$ 0.1	$ 0.1
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
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+ Details

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (187,799)	$ (2,713,559)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	1,139,636	596,378
Depreciation and amortization	6,453	5,060
Changes in assets and liabilities:
Accounts receivable	4,000,000
Prepaid expenses and other assets	(433,374)	(273,037)
Accounts payable, accrued liabilities and other liabilities	(378,868)	(493,464)
Net cash used in operating activities	(3,853,952)	(2,878,622)
Investing activities:
Acquisition of property and equipment		(2,594)
Net cash used in investing activities		(2,594)
Financing activities:
Proceeds from issuance of common stock and exercise of common stock options	20,212,175	426,925
Common stock issuance costs	(118,352)	(14,233)
Proceeds from issuance of equity awards under ESPP	6,110	6,254
Net cash provided by financing activities	20,099,933	418,946
Effect of exchange rate changes on cash and cash equivalents	19,096	(120)
Net change in cash and cash equivalents	16,265,077	(2,462,390)
Cash and cash equivalents, beginning of period	60,036,763	63,792,657
Cash and cash equivalents, end of period	$ 76,301,840	$ 61,330,267

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2017	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved, description	shares reserved automatically increase each year by a number equal to the lesser of: (i) 15,000 shares; (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year; or (iii) such lesser amount as determined by the Board.
Employee stock purchase plan offering period	6 months
Shares issued under ESPP	1,424
2007 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	212,678	300,000
Percentage of employee compensation for purchase of common stock under ESPP	15.00%
Common stock fair market value, percentage	85.00%
Maximum \| 2007 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares reserved for issuance	15,000
Increase in shares reserved for issuance as percentage of outstanding shares	1.00%
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation cost	$ 3.4
Unamortized compensation cost, vesting period	9 months 21 days
2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance			8,700,000
Shares available for future grant	1,932,385
2013 Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted expiration term	10 years
2013 Plan \| Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, vesting period	3 years
2013 Plan \| Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, vesting period	4 years
2004 Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted expiration term	10 years
2004 Plan \| Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, vesting period	3 years
2004 Plan \| Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, vesting period	4 years

Stockholders' Equity - Additional Information (Detail) - USD ($)			3 Months Ended
	Jan. 29, 2021	Aug. 23, 2019	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of stock issuance costs			$ 118,352	$ 14,233
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in a private transaction, net of issuance costs, shares			3,656,307
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in a private transaction, net of issuance costs, shares	3,656,307
Private Placement \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price per share	$ 5.47
Gross proceeds	$ 20,000,000
Payments of stock issuance costs	$ 100,000
B. Riley FBR \| 2019 at-the-market issuance sales agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales commission as a percentage of gross proceeds		3.50%
B. Riley FBR \| Maximum \| 2019 at-the-market issuance sales agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchase agreement, aggregate amount of common stock agreed to be purchased		$ 75,000,000.0

Revenue Recognition - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Oct. 31, 2011	Dec. 31, 2005
Revenue Recognition Milestone Method [Line Items]
Deferred revenue related to research and development services		$ 1,694,163		$ 1,694,163
Kissei Pharmaceutical Co., Ltd
Revenue Recognition Milestone Method [Line Items]
Deferred revenue related to research and development services					$ 2,500,000
Revenue relating to research and development services		0	$ 0
Genzyme Corporation
Revenue Recognition Milestone Method [Line Items]
Business acquisition, payments						$ 12,000,000.0
Recognized revenue and corresponding accounts receivable		$ 4,000,000
Genzyme Corporation \| Subsequent Event
Revenue Recognition Milestone Method [Line Items]
Milestone payments received	$ 4,000,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	48,768,541	45,024,560
Common stock, shares outstanding	48,768,541	45,024,560