Clinical Trial Failure Risk: Ibudilast or other product candidates may fail to demonstrate efficacy or safety in ongoing or future clinical trials, leading to discontinuation of development and loss of investment.

Regulatory Approval Risk: Even if clinical trials are successful, there is no guarantee that Medicinova will obtain the necessary regulatory approvals from agencies like the FDA or EMA for its product candidates, delaying or preventing commercialization.

Funding and Capital Raising Risk: Medicinova requires significant capital to fund its research, development, and commercialization activities, and its ability to raise additional funds on favorable terms is uncertain, potentially impacting operations.