10-K · March 11, 2026
Minerva (NERV) is a clinical-stage CNS-focused biotech advancing roluperidone through a planned Phase 3 confirmatory trial (C19) to address an FDA Complete Response Letter; the company recorded a net loss of $293.4…
Earnings analysis · 10-Q
NERV earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Minerva Neurosciences reported a significant net loss of $125.4 million for Q1 2026, driven by rising R&D and G&A expenses. This marks a stark increase from a loss of $3.8 million in the same quarter of the previous…
Read full summary
Minerva Neurosciences reported a significant net loss of $125.4 million for Q1 2026, driven by rising R&D and G&A expenses. This marks a stark increase from a loss of $3.8 million in the same quarter of the previous year, reflecting challenges in advancing their drug candidate, roluperidone, following a setback with a regulatory submission.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.86
What stood out
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Dramatic EPS Decline
The diluted EPS plunged to -$2.86 for Q1 2026, a sharp drop from -$0.50 in Q1 2025.
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R&D Expenses Surge
Research and development expenses rose to $5.3 million in Q1 2026 from $1.4 million in Q1 2025, a $3.9 million increase.
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Massive Non-Cash Charge
A non-cash expense of $109.4 million related to the change in fair value of warrant liabilities was recognized in this quarter.
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Cash Position Maintained
Cash and marketable securities at the end of Q1 2026 totaled approximately $78.2 million, adequate for the next 12 months.
What to watch
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High Total Liabilities
Total GAAP liabilities increased to $343.1 million as of March 31, 2026, up from $233.8 million at the end of 2025.
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Increased Cash Burn Risks
Net cash used in operating activities was approximately $5.4 million for Q1 2026, up from $4.1 million in the same period last year.
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Regulatory Approval Uncertainty
The company faces significant risks as they attempt to resubmit the NDA for roluperidone following a Complete Response Letter from the FDA in February 2024.
Management's outlook
Management expects to continue incurring significant losses as they advance clinical trials.
Earlier filings 4
10-Q · May 13, 2025
Minerva reported a narrowed net loss of $3,752,972 (loss per share $0.50) in Q1 2025 versus a net loss of $8,568,805 (loss per share $1.13) in Q1 2024. Total expenses fell to $3,902,884 from $6,681,963, driven primarily…
10-K · February 25, 2025
Minerva is a clinical-stage CNS-focused biopharma advancing roluperidone (MIN-101) for negative symptoms of schizophrenia and MIN-301 for Parkinson’s disease, with strategy centered on acquiring differentiated CNS…
10-Q · August 6, 2024
Minerva reported no revenue and a net loss of $8,233,487 for the three months ended June 30, 2024 (basic and diluted loss per share $1.09). R&D spending rose materially year-over-year while cash declined to $30.981…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.