Biopharma Reaches 50% Enrollment in New ALS Drug Program
Research Report

1. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
2.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 
3. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

For additional disclosures, please click here.

Disclosures for D. Boral Capital, MediciNova Inc., January 30, 2036

Analyst Certification I, Jason Kolbert, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Company-Specific Disclosures D. Boral Capital, or its affiliates will seek compensation from MediciNova, Inc. for investment banking services within three months following publication of this research report. D. Boral Capital, or its affiliates have received compensation from MediciNova, Inc. for investment banking services within the past 12 months. D. Boral Capital or its affiliates provide Investment Banking Services to MediciNova, Inc.. General Disclosures The information contained in Research Reports or other Research products produced by D. Boral Capital LLC is for informational purposes only and does not constitute solicitation of the sale or purchase of securities or other investments. The information in such products is derived from sources that are believed to be reliable. Prices, numbers, and similar data include past results, estimates, and forecasts, all of which may differ from actual data. These prices, numbers, and similar data may also change without prior notification. D. Boral Capital holds the copyright on this research report. Any unauthorized use or transmission of any part of this research report for any reason, whether by digital, mechanical, or any other means, is prohibited. If you have any questions, please contact your sales representative. Additional information is available upon request. Certain company names, product and/or service names that appear in this research report are trademarks or registered trademarks of D. Boral Capital or other companies mentioned in the report. Copyright 2026 D. Boral Capital LLC. D. Boral Capital rating definitions are expressed as the total return relative to the expected performance of S&P 500 over a 12-month period. BUY (B) - Total return expected to exceed S&P 500 by at least 10% HOLD (H) - Total return expected to be in-line with S&P 500 SELL (S) - Total return expected to underperform S&P 500 by at least 10%

MediciNova Inc. (MNOV:NASDAQ) enrolled 50%, or 100, patients in the SEANOBI Expanded Access Program for the company's investigative MN-166 (ibudilast) in amyotrophic lateral sclerosis (AML), reported D. Boral Capital Analyst Jason Kolbert in a Jan. 30 research note.

"With 12 active U.S. sites and enrollment progressing on schedule, the program provides both patient access and an incremental data stream that may derisk elements of development, particularly in biomarker validation and safety profiling," Kolbert wrote.

This enrollment progress with SEANOBI (Scalable Expanded Access With Analysis of Neurofilament and Other Biomarkers for Ibudilast in ALS) reflects continued clinical momentum, noted Kolbert.

414% Upside in Target

D. Boral Capital reiterated its US$9 per share (US$9/share) target price on the California-based biopharmaceutical firm, trading at about US$1.75/share at the time of Kolbert's report, the analyst noted.

The difference between these two prices implies a potential return for investors of 414%.

MediciNova remains a Buy.

The company has a market cap of US$86 million (US$86M). Its 52-week price range is US$1.12–2.55/share.

Program Generates Data

Kolbert pointed out that SEANOBI will expand real-world exposure to ibudilast and will generate data with respect to biomarkers and outcomes.

Typically, data from an Expanded Access Program are not registrational, noted the analyst, but they can support signal consistency and show more expansive tolerability among diverse patient groups.

To fund SEANOBI, MediciNova is using a US$22M grant from the National Institute of Neurological Disorders and Stroke, part of the National Institutes of Health, Kolbert reported.

Clinical Trial in Progress

Efficacy of ibudilast in ALS is being evaluated primarily through the COMBAT Phase 2b/3 randomized trial, underway simultaneously with the Expanded Access program. Altogether in the U.S. and Canada, 234 patients are enrolled in COMBAT.

Topline data are expected by year-end.

"The dual-track approach of controlled and real-world data, combined with existing orphan drug and fast-track designations, maintains regulatory optionality while enhancing visibility into MN-166's risk-benefit profile," wrote Kolbert.

What to Watch For

Kolbert provided this list of potential upcoming catalysts for MediciNova:

1) Continued SEANOBI enrollment progress

2) Interim biomarker disclosures at scientific meetings this year

3) Multiple MN-166 clinical milestones, including anticipated topline data from COMBAT, "the central valuation inflection point"

4) Topline results from the OXTOX study in chemotherapy-induced peripheral neuropathy, expected later this year

5) Advancement of Phase 3 programs in ALS and degenerative cervical myelopathy

6) Possible regulatory or clinical updates supporting the start of a Phase 3 trial in progressive multiple sclerosis

"Additional investigator-sponsored study readouts or incremental funding announcements could further broaden the clinical and strategic value of the ibudilast franchise," wrote Kolbert.