Message from the CEO to MediciNova Shareholders

Executive Summary

• MediciNova highlights a newly published mechanistic study showing MN‑002 (the primary metabolite of MN‑001) up‑regulates ABCA1 and ABCG1 transporters, enhancing cholesterol efflux in macrophages.
• The company has completed patient enrollment for its Phase 2 trial (MN‑001‑NATG‑202) evaluating MN‑001 in hypertriglyceridemia and NAFLD patients with type 2 diabetes; top‑line results are expected summer 2026.
• The mechanistic validation reinforces the therapeutic potential of MN‑001 across multiple metabolic disorders, supporting MediciNova’s long‑term value proposition.

Key Details

• Mechanistic Insight: Study (Journal of Atherosclerosis and Thrombosis) demonstrates MN‑002 increases expression of ABCA1 and ABCG1, key transporters for cholesterol efflux—the first step in reverse cholesterol transport.
• Therapeutic Implications: Validates lipid‑profile improvements seen in earlier MN‑001 studies; suggests broader efficacy for hypertriglyceridemia, non‑alcoholic fatty liver disease (NAFLD), and type 2 diabetes (T2DM).
• Phase 2 Trial Status: Patient enrollment completed for MN‑001‑NATG‑202 (randomized, double‑blind, placebo‑controlled) targeting hypertriglyceridemia and NAFLD in T2DM patients.
• Data Timeline: Top‑line efficacy and safety results anticipated by summer 2026.
• Strategic Positioning: MN‑001 positioned as a potential first‑in‑class therapy for metabolic and cardiovascular disease due to its multi‑modal anti‑inflammatory, anti‑fibrotic, and lipid‑modulating activities.

Notable Quotes

“This mechanistic insight provides strong scientific validation for the lipid profile improvements observed in prior MN‑001 clinical studies… MN‑001’s multi‑modal activity positions it uniquely among emerging therapies.” – Yuichi Iwaki, M.D., Ph.D., President and Chief Executive Officer, MediciNova.