Minerva Neurosciences, Inc.

Listed Company

NERVCIK 0001598646NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-293.42M

Total Assets

$97.97M

Equity

$-140.75M

Shares Out

43.27M

Op. Cash Flow

$-13.50M

Business

Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing proprietary product candidates to treat central nervous system diseases. It develops small molecule and biologic therapeutics, principally roluperidone for negative symptoms of schizophrenia, seltorexant (historical co-development/royalty arrangement) and MIN-301 for Parkinson’s disease, supported by clinical, CMC and regulatory activities. Its business is organized around clinical-stage drug development programs, licensing and intellectual property management, and selective collaborations. It pursues global regulatory approvals and commercialization, holding worldwide rights for most territories outside parts of Asia and relying on third-party manufacturing and distribution channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	6	12	13	15	32
General and administrative	9	10	10	11	13
Total expenses	15	22	23	25	45
Loss from operations	−15	−22	−23	−25	−45
Foreign exchange losses	−56,555	−1,926	−40,235	−27,741	−32,846
Investment income	948,122	1	1	556,946	16,516
Non-cash interest expense for the sale of future royalties	—	−5	−8	−7	−6
Other income	—	27	—	—	—
Loss on issuance of convertible preferred stock and warrants	−321	—	—	—	—
Warrant issuance cost	−3	—	—	—	—
Changes in fair value of the warrant liability	45	—	—	—	—
Net (loss) income	−293	1	−30	−32	−50
Net (loss) income per share, basic	−34.67	0.19	−4.61	−6.01	−9.35
Weighted average shares outstanding, basic	8	8	7	5	5
Net (loss) income per share, diluted	−34.67	0.19	−4.61	−6.01	−9.35
Weighted average shares outstanding, diluted	8	8	7	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	82	21	41	36	61
Restricted cash	100,000	100,000	100,000	100,000	100,000
Prepaid expenses and other current assets	697,676	806,895	989,865	848,117	1
Total current assets	83	22	42	40	62
Equipment, net	0	5,442	10,884	16,326	—
Goodwill	15	15	15	15	15
Total assets	98	37	57	55	77
Accounts payable	639,707	2	2	969,667	2
Accrued expenses and other current liabilities	2	1	2	407,909	965,739
Total current liabilities	2	3	3	1	3
Warrant liability	171	0	—	—	—
Liability related to the sale of future royalties	60	60	82	74	66
Total liabilities	234	63	85	75	69
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock; $0.0001 par value; 250,000,000 shares authorized; 43,274,398 shares issued and outstanding as of December 31, 2025 and 125,000,000 shares authorized; 6,993,406 shares issued and outstanding as of December 31, 2024	4,327	699	699	534	534
Additional paid-in capital	548	370	368	347	343
Accumulated deficit	−689	−395	−397	−367	−335
Total stockholders' deficit	−141	−26	−28	−20	8
Total liabilities, redeemable preferred stock and stockholders' deficit	98	37	57	55	77

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−293	1	−30	−32	−50
Depreciation and amortization	5,442	5,442	5,442	—	—
Amortization of capitalized software	—	17,027	25,540	8,513	—
Stock-based compensation expense	1	1	2	4	5
Non-cash interest expense associated with the sale of future royalties	—	5	8	7	6
Remeasurement of liability related to sale of future royalties	—	−27	—	—	—
Prepaid expenses and other current assets	109,219	182,970	−141,748	498,242	636,905
Accounts payable	−1	−197,476	835,653	−883,548	857,601
Accrued expenses and other current liabilities	317,446	−306,097	1	−557,830	−1
Net cash used in operating activities	−14	−20	−15	−25	−25
Net cash provided by investing activities	0	0	0	−16,326	—
Proceeds from sales of common stock and warrants in private placement	80	—	20	—	—
Costs paid in connection with private placement	−5	—	−396,293	—	—
Payment of deferred offering costs	−155,948	—	—	—	—
Net cash provided by (used in) financing activities	74	—	20	−5	60
Net increase (decrease) in cash, cash equivalents and restricted cash	61	−20	5	−25	35
Initial recognition of warrant liability at fair value	217	—	—	—	—
Deferred issuance costs included in accounts payable and accrued expenses	195,195	—	—	—	—

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