$NERV
Minerva Neurosciences, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024050883 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.417M $2.515M
YoY Change -8.18% -6.69%
% of Gross Profit
Research & Development $3.860M $4.167M
YoY Change 104.53% 57.05%
% of Gross Profit
Depreciation & Amortization $7.740K $7.750K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $6.278M $6.682M
YoY Change 38.88% 24.93%
Operating Profit -$6.278M -$6.682M
YoY Change 38.88% 24.93%
Interest Expense $356.1K $363.4K
YoY Change -0.66% 2.21%
% of Operating Profit
Other Income/Expense, Net -$2.312M -$2.250M
YoY Change 13.86% 13.8%
Pretax Income -$8.233M -$8.569M
YoY Change 32.97% 22.93%
Income Tax
% Of Pretax Income
Net Earnings -$8.233M -$8.569M
YoY Change 32.97% 22.93%
Net Earnings / Revenue
Basic Earnings Per Share -$1.09 -$1.13
Diluted Earnings Per Share -$1.09 -$1.13
COMMON SHARES
Basic Shares Outstanding 6.993M 6.993M
Diluted Shares Outstanding 7.569M 7.569M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.88M $34.82M
YoY Change -40.38% -3.22%
Cash & Equivalents $30.88M $34.82M
Short-Term Investments
Other Short-Term Assets $528.0K $802.6K
YoY Change 23.04% 15.3%
Inventory
Prepaid Expenses $428.0K $702.5K
Receivables
Other Receivables
Total Short-Term Assets $31.41M $35.62M
YoY Change -39.86% -2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $8.163K $9.524K
YoY Change -40.02% -36.36%
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 $14.88M $14.89M
YoY Change -0.21% -0.21%
TOTAL ASSETS
Total Short-Term Assets $31.41M $35.62M
Total Long-Term Assets $14.88M $14.89M
Total Assets $46.29M $50.51M
YoY Change -31.05% -2.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $828.3K $1.436M
YoY Change 177.74% 49.38%
Accrued Expenses $3.375M $1.395M
YoY Change 109.69% -9.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.203M $2.831M
YoY Change 120.33% 13.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $86.58M $84.27M
YoY Change 11.37% 11.3%
Total Long-Term Liabilities $86.58M $84.27M
YoY Change 11.37% 11.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.203M $2.831M
Total Long-Term Liabilities $86.58M $84.27M
Total Liabilities $90.78M $87.10M
YoY Change 13.98% 11.36%
SHAREHOLDERS EQUITY
Retained Earnings -$413.6M -$405.4M
YoY Change 8.84% 8.45%
Common Stock $369.1M $368.8M
YoY Change 0.45% 6.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$44.49M -$36.59M
YoY Change
Total Liabilities & Shareholders Equity $46.29M $50.51M
YoY Change -31.05% -2.1%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$8.233M -$8.569M
YoY Change 32.97% 22.93%
Depreciation, Depletion And Amortization $7.740K $7.750K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$3.937M -$6.100M
YoY Change 1.69% 6000.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.937M -6.100M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash -3.937M -6.094M
YoY Change -124.89% 5180.68%
FREE CASH FLOW
Cash From Operating Activities -$3.937M -$6.100M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="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%;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="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-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 proprietary product candidates to treat patients suffering from central nervous system diseases. The Company’s lead product candidate is roluperidone, a compound the Company is developing for the treatment of negative symptoms in patients with schizophrenia. The Company previously submitted a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for roluperidone for the treatment of negative symptoms in schizophrenia in August 2022. On February 26, 2024, the FDA issued a Complete Response Letter regarding such NDA for roluperidone.</span></p><p style="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company also 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 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;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million up front payment and up to an additional $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">95</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in potential future milestone payments.</span></p><p style="margin-left:2.267%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying interim condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of March 31, 2024, the Company had an accumulated deficit of approximately</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">405.4</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million during the three months ended March 31, 2024. Management expects to continue to incur operating losses and negative cash flows from operations in the future. The Company has financed its operations to date from proceeds from the sale of common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of March 31, 2024, the Company had cash, cash equivalents, and restricted cash of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">34.9</span><span style="color:#000000;white-space:pre-wrap;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-size:9pt;font-family:Times New Roman;min-width:fit-content;">’</span><span style="color:#000000;white-space:pre-wrap;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="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-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="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-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. On April 10, 2024, the Company received a deficiency letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the last 31 consecutive business days, the market value of listed securities (“MVLS requirement”) for its common stock had been below the minimum MVLS requirement of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million pursuant to Nasdaq Listing Rule 5550(b)(2). In accordance with the listing rules of Nasdaq, the Company has been provided with a grace period of 180 calendar days, or until October 7, 2024, to regain compliance. If the Company does not regain compliance within the grace period, the Company expects that Nasdaq would provide notice that its securities are subject to delisting.</span></p>
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-405400000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6100000
CY2024Q1 nerv Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
34900000
CY2024Q1 nerv Minimum Market Value Of Listed Securities Required For Continued Listing
MinimumMarketValueOfListedSecuritiesRequiredForContinuedListing
35000000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.267%;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="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-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>
CY2024Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2024Q1 nerv Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
496403
CY2023Q4 nerv Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
777680
CY2024Q1 nerv Accrued Severance Current
AccruedSeveranceCurrent
379234
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
363650
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
590769
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
119814
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
166648
CY2024Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
36126
CY2024Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1395227
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1535097
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-8568805
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-6970412
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7568981
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7568981
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5340193
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5340193
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.13
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.13
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2021Q1 nerv Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
60000000
CY2021Q1 nerv Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
0.105
CY2024Q1 nerv Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
0.1097
nerv Upfront Payment Paid
UpfrontPaymentPaid
60000000
nerv Non Cash Interest Expense For Sale Of Future Royalties
NonCashInterestExpenseForSaleOfFutureRoyalties
24267066
CY2024Q1 nerv Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
84267066
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.41
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
438849
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
376459

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