$NERV
Minerva Neurosciences Inc

2023 Q4 Form 10-Q Financial Statement

#000095017023059747 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.451M $2.640M
YoY Change 30.4% -7.04%
% of Gross Profit
Research & Development $4.721M $3.444M
YoY Change 47.99% 45.46%
% of Gross Profit
Depreciation & Amortization $10.98K $10.00K
YoY Change 72.1% 369.48%
% of Gross Profit
Operating Expenses $7.172M $6.079M
YoY Change 41.47% 16.75%
Operating Profit -$6.079M
YoY Change 16.75%
Interest Expense $339.6K $340.0K
YoY Change 26.05% 86.66%
% of Operating Profit
Other Income/Expense, Net -$2.190M -$2.080M
YoY Change 13.73% 10.9%
Pretax Income -$9.022M -$7.820M
YoY Change 34.14% 13.33%
Income Tax
% Of Pretax Income
Net Earnings -$9.022M -$7.820M
YoY Change 34.14% 13.33%
Net Earnings / Revenue
Basic Earnings Per Share -$1.03
Diluted Earnings Per Share -$1.19 -$1.03
COMMON SHARES
Basic Shares Outstanding 6.993M 6.993M
Diluted Shares Outstanding 7.569M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.91M $46.90M
YoY Change 13.35% 16.61%
Cash & Equivalents $40.91M $46.90M
Short-Term Investments
Other Short-Term Assets $1.090M $1.300M
YoY Change -73.19% -71.87%
Inventory
Prepaid Expenses $989.9K $1.221M
Receivables
Other Receivables
Total Short-Term Assets $42.00M $48.23M
YoY Change 4.59% 7.55%
LONG-TERM ASSETS
Property, Plant & Equipment $10.88K $12.25K
YoY Change -33.33%
Goodwill $14.87M $14.87M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $14.90M $14.91M
YoY Change -0.21% -0.09%
TOTAL ASSETS
Total Short-Term Assets $42.00M $48.23M
Total Long-Term Assets $14.90M $14.91M
Total Assets $56.90M $63.13M
YoY Change 3.29% 5.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.805M $1.395M
YoY Change 86.18% 161.79%
Accrued Expenses $1.535M $2.000M
YoY Change 276.33% 20.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.340M $3.350M
YoY Change 142.49% 52.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $82.02M $79.80M
YoY Change 11.23% 11.13%
Total Long-Term Liabilities $82.02M $79.80M
YoY Change 11.23% 11.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.340M $3.350M
Total Long-Term Liabilities $82.02M $79.80M
Total Liabilities $85.36M $83.18M
YoY Change 13.64% 12.39%
SHAREHOLDERS EQUITY
Retained Earnings -$396.8M -$387.8M
YoY Change 8.18% 7.69%
Common Stock $368.4M $367.7M
YoY Change 6.22% 6.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.46M -$20.05M
YoY Change
Total Liabilities & Shareholders Equity $56.90M $63.13M
YoY Change 3.29% 5.64%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.022M -$7.820M
YoY Change 34.14% 13.33%
Depreciation, Depletion And Amortization $10.98K $10.00K
YoY Change 72.1% 369.48%
Cash From Operating Activities -$5.995M -$4.800M
YoY Change 45.85% -49.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.700K -90.00K
YoY Change
NET CHANGE
Cash From Operating Activities -5.995M -4.800M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 3.700K -90.00K
Net Change In Cash -5.991M -4.890M
YoY Change 45.19% -48.71%
FREE CASH FLOW
Cash From Operating Activities -$5.995M -$4.800M
Capital Expenditures $0.00
Free Cash Flow -$5.995M
YoY Change 45.28%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NOTE 1 — NATURE OF OPERATIONS AND LIQUIDITY</span></p><p style="margin-left:2.267%;text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Nature of Operations</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Minerva Neurosciences, Inc. (“Minerva” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of product candidates to treat patients suffering from central nervous system diseases. The Company’s lead product candidate is roluperidone (f/k/a MIN-101), a compound the Company is developing for the treatment of negative symptoms in patients with schizophrenia. The Company holds the license to roluperidone from Mitsubishi Tanabe Pharma Corporation (“MTPC”) with the rights to develop, sell and import roluperidone globally, excluding most of Asia. In August 2022, the Company submitted a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, roluperidone, for the treatment of negative symptoms in schizophrenia. In October 2022, the Company received a refusal to file letter (“RTF”) from the FDA for the NDA for roluperidone. Subsequently, the Company requested a formal dispute resolution and appealed the RTF, following which, on April 27, 2023, the FDA filed the Company’s NDA for roluperidone. In May 2023, the FDA confirmed that the NDA for roluperidone was assigned a standard review classification and a Prescription Drug User Fee Act goal date of February 26, 2024. The FDA advised that it identified potential review issues that had been previously cited in the RTF decision letter, which included those discussed at the Type C meeting in March 2022. See the section titled “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Clinical and Regulatory Updates—Type C Meeting” for more information.</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has exclusive rights to develop and commercialize MIN-301, a compound for the treatment of Parkinson’s disease. In addition, Minerva previously co-developed seltorexant (f/k/a MIN-202 or JNJ-42847922) with Janssen Pharmaceutica NV (“Janssen”) for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). During 2020, Minerva exercised its right to opt out of the joint development agreement with Janssen for the future development of seltorexant. As a result, the Company was entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, the Company sold its rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million up front payment and up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">95</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in potential future milestone payments.</span></p><p style="margin-left:2.267%;text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying interim condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of September 30, 2023, the Company had an accumulated deficit of approximately</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">387.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and net cash used in operating activities was approximately </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">8.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million during the nine months ended September 30, 2023. Management expects to continue to incur operating losses and negative cash flows from operations in the future. The Company has financed its operations to date from proceeds from the sale of common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales.</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of September 30, 2023, the Company had cash, cash equivalents, and restricted cash of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">47.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, which it believes will be sufficient to meet the Company</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">’</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">s operating commitments for the next 12 months from the date its financial statements are issued. The process of drug development can be costly and the timing and outcomes of clinical trials is uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs, the infrastructure to support a commercial enterprise, and the level of financial resources available. The Company can adjust its operating plan spending levels based on the timing of future clinical trials, which are predicated upon adequate funding to complete the trials. The Company routinely evaluates the status of its clinical development programs as well as potential strategic options.</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company will need to raise additional capital to continue to fund operations and fully fund any potential later stage clinical development programs. The Company believes that it will be able to obtain additional working capital through equity financings or other arrangements to fund future operations; however, there can be no assurance that such additional financing, if available, can be obtained on terms acceptable to the Company. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Further, if the Company does not satisfy The Nasdaq Capital Market continued listing requirements, its common stock may be subject to delisting, which could impact the Company’s ability to complete additional equity financings on terms acceptable to the Company.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-387800000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8800000
CY2023Q3 nerv Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
47000000
CY2022Q4 nerv Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
279434
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1089783
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
14832
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
128225
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
113643
CY2023Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
80241
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1954590
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
407909
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000
CY2022Q2 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
42721566
CY2022Q2 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
5340193
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis when the market opened on June 21, 2022. Effective September 12, 2022, the Company transferred the listing of its common stock from The Nasdaq Global Market to The Nasdaq Capital Market.
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.267%;text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></p>
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2022Q3 nerv User Fees Paid
UserFeesPaid
3117218
CY2023Q3 nerv Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
656341
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-7820446
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6900476
us-gaap Net Income Loss
NetIncomeLoss
-20982894
us-gaap Net Income Loss
NetIncomeLoss
-25382619
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7568981
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7568981
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5340193
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5340193
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6148276
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6148276
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5340195
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5340195
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.03
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.03
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.29
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.75
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.75
CY2021Q1 nerv Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
60000000
CY2021Q1 nerv Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
0.105
CY2023Q3 nerv Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
0.107
nerv Upfront Payment Paid
UpfrontPaymentPaid
60000000
nerv Non Cash Interest Expense For Sale Of Future Royalties
NonCashInterestExpenseForSaleOfFutureRoyalties
19826671
CY2023Q3 nerv Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
79826671
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
371943
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1036874
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1357317
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3161135

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