$NERV
Minerva Neurosciences, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018010484 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1 2016 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.290M $2.870M $2.740M
YoY Change 49.48% 20.59% 41.97%
% of Gross Profit
Research & Development $8.450M $7.610M $6.500M
YoY Change 11.04% 41.71% 3.83%
% of Gross Profit
Depreciation & Amortization $0.00 $3.302K $10.00K
YoY Change -100.0% -23.56% 0.0%
% of Gross Profit
Operating Expenses $12.74M $10.49M $9.240M
YoY Change 21.45% 35.18% 12.82%
Operating Profit -$12.74M -$10.49M -$9.237M
YoY Change 21.55% 35.17% 12.73%
Interest Expense -$70.65K -$201.5K -$170.0K
YoY Change -64.94% -25.47% -32.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.42M -$10.64M -$9.400M
YoY Change 16.73% 33.0% 11.37%
Income Tax
% Of Pretax Income
Net Earnings -$12.42M -$10.64M -$9.404M
YoY Change 16.66% 32.99% 11.44%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$320.5K -$300.8K -$269.5K
COMMON SHARES
Basic Shares Outstanding 35.29M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.0M $85.40M $83.00M
YoY Change 41.69% 91.48% 157.76%
Cash & Equivalents $45.23M $68.89M $83.06M
Short-Term Investments $75.90M $16.50M $0.00
Other Short-Term Assets $4.300M $900.0K $900.0K
YoY Change 377.78% 28.57% -30.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $125.3M $86.20M $83.90M
YoY Change 45.36% 90.29% 150.59%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change -100.0%
Goodwill $14.87M
YoY Change 0.0%
Intangibles $34.20M
YoY Change 0.0%
Long-Term Investments $0.00
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $49.20M $49.10M $49.04M
YoY Change 0.2% -0.06% -0.11%
TOTAL ASSETS
Total Short-Term Assets $125.3M $86.20M $83.90M
Total Long-Term Assets $49.20M $49.10M $49.04M
Total Assets $174.5M $135.3M $132.9M
YoY Change 28.97% 43.28% 60.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.800M $3.300M $1.468M
YoY Change -15.15% 175.0% 7.92%
Accrued Expenses $2.400M $4.800M $3.400M
YoY Change -50.0% 54.84% 36.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.700M $5.000M $4.900M
YoY Change -46.0% 92.31% 250.0%
Total Short-Term Liabilities $7.900M $13.00M $9.686M
YoY Change -39.23% 86.53% 82.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.600M $3.800M
YoY Change -100.0% -64.86% -55.29%
Other Long-Term Liabilities $41.20M
YoY Change
Total Long-Term Liabilities $41.20M $2.600M $3.800M
YoY Change 1484.62% -64.86% -55.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.900M $13.00M $9.686M
Total Long-Term Liabilities $41.20M $2.600M $3.800M
Total Liabilities $53.20M $29.00M $26.96M
YoY Change 83.45% 4.32% -1.09%
SHAREHOLDERS EQUITY
Retained Earnings -$132.9M
YoY Change 30.49%
Common Stock $238.8M
YoY Change 52.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.3M $106.3M $106.0M
YoY Change
Total Liabilities & Shareholders Equity $174.5M $135.3M $132.9M
YoY Change 28.97% 43.33% 60.99%

Cashflow Statement

Concept 2018 Q1 2017 Q1 2016 Q4
OPERATING ACTIVITIES
Net Income -$12.42M -$10.64M -$9.404M
YoY Change 16.66% 32.99% 11.44%
Depreciation, Depletion And Amortization $0.00 $3.302K $10.00K
YoY Change -100.0% -23.56% 0.0%
Cash From Operating Activities -$10.93M -$6.040M -$8.930M
YoY Change 80.99% -0.17% 35.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $31.32M -$16.48M $0.00
YoY Change -290.05% -304.98% -100.0%
Cash From Investing Activities $31.32M -$16.48M $0.00
YoY Change -290.02% -304.98% -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 -1.290M 8.440M 60.00K
YoY Change -115.28% -54.48%
NET CHANGE
Cash From Operating Activities -10.93M -6.040M -8.930M
Cash From Investing Activities 31.32M -16.48M 0.000
Cash From Financing Activities -1.290M 8.440M 60.00K
Net Change In Cash 19.09M -14.08M -8.870M
YoY Change -235.61% -168.58% 247.84%
FREE CASH FLOW
Cash From Operating Activities -$10.93M -$6.040M -$8.930M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q1 us-gaap Investment Income Interest
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CY2016Q4 us-gaap Stockholders Equity
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CY2017Q1 nerv Stock Issued During Period Value Exercise Of Warrants
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CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2017Q1 us-gaap Amortization Of Debt Discount Premium
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CY2018Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
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CY2017Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
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CY2017Q1 us-gaap Proceeds From Warrant Exercises
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CY2017Q1 nerv Increase Decrease In Prepaid Expense Other Current Assets
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2017Q1 us-gaap Increase Decrease In Deferred Liabilities
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CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Repayments Of Senior Debt
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2018Q1 us-gaap Interest Paid
InterestPaid
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CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOTE&#160;1&#160;&#8212; NATURE OF OPERATIONS AND LIQUIDITY </p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Nature of Operations </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Minerva Neurosciences, Inc. (&#8220;Minerva&#8221; or the &#8220;Company&#8221;) is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of product candidates to treat patients suffering from central nervous system, or CNS, diseases. The Company has acquired or in-licensed four development-stage proprietary compounds that it believes have innovative mechanisms of action and therapeutic profiles that may potentially address the unmet needs of patients with these diseases. The Company&#8217;s lead product candidate is roluperidone (also known as MIN-101), a compound the Company is developing for the treatment of schizophrenia. In addition, the Company&#8217;s portfolio includes seltorexant (also known as MIN-202 or JNJ-42847922), a compound the Company is co-developing with Janssen Pharmaceutica NV (&#8220;Janssen&#8221;) for the treatment of insomnia disorder and major depressive disorder (&#8220;MDD&#8221;); MIN-117, a compound the Company is developing for the treatment of MDD; and MIN-301, a compound the Company is developing for the treatment of Parkinson&#8217;s disease.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November&#160;2013, the Company merged with Sonkei Pharmaceuticals&#160;Inc. (&#8220;Sonkei&#8221;), a clinical-stage biopharmaceutical company and, in February&#160;2014, the Company acquired Mind-NRG, a pre-clinical-stage biopharmaceutical company. The Company refers to these transactions as the Sonkei Merger and Mind-NRG Acquisition, respectively. The Company holds licenses to roluperidone and MIN-117 from Mitsubishi Tanabe Pharma Corporation (&#8220;MTPC&#8221;) with the rights to develop, sell and import roluperidone and MIN-117 globally, excluding most of Asia. With the acquisition of Mind-NRG, the Company obtained exclusive rights to develop and commercialize MIN-301. The Company has also entered into a co-development and license agreement with Janssen, for the exclusive right to commercialize, and the co-exclusive right (with Janssen and its affiliates) to use and develop seltorexant in the European Union, Switzerland, Liechtenstein, Iceland and Norway (the &#8220;Minerva Territory&#8221;), subject to certain royalty payments to Janssen, and royalty rights for any sales outside the Minerva Territory. </p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying 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, 2018, the Company has an accumulated deficit of approximately <font style="color:#000000;">$176.8</font><font style="font-size:12pt;">&#160;</font><font style="color:#000000;">million </font>and net cash used in operating activities was approximately $10.9 million during the three months ended March 31, 2018. Management expects to continue to incur operating losses and negative cash flows from operations. The Company has financed its operations to date from proceeds from the sale of common stock, warrants, loans and convertible promissory notes.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of March 31, 2018, the Company had cash, cash equivalents, restricted cash and marketable securities of $121.1 million. <font style="color:#000000;">The Company believes that its existing cash, cash equivalents, restricted cash and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that the interim condensed financial statements are issued. The process of drug development can be costly and the timing and outcomes of clinical trials is uncertain.&#160;The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change.&#160;The actual amount of the Company&#8217;s expenditures will vary depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress of the Company&#8217;s research and development programs, the infrastructure to support a commercial enterprise, the cost of a commercial product launch and the level of financial resources available. The Company has the ability to adjust its operating plan spending levels based on the timing of future clinical trials which will be predicated upon adequate funding to complete the trials.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will need to raise additional capital in order to continue to fund operations and fully fund 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.&#160;&#160;If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</p></div>
CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p></div>
CY2018Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of credit risk </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities (current and non-current). The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of corporate bonds, with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.</p></div>
CY2018Q1 us-gaap Revenue Recognition Deferred Revenue
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CY2018Q1 nerv Marketable Securities Weighted Average Remaining Maturity
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CY2017Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2018Q1 us-gaap Goodwill Impairment Loss
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CY2018Q1 us-gaap Revenues
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CY2018Q1 us-gaap Number Of Operating Segments
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CY2018Q1 nerv Accrued Research And Development Costs And Other Expenses Current
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CY2017Q4 nerv Accrued Research And Development Costs And Other Expenses Current
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CY2017Q4 us-gaap Interest Payable Current
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CY2018Q1 us-gaap Accrued Vacation Current
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CY2015Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense
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Files In Submission

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