$NERV
Minerva Neurosciences Inc

2019 Q4 Form 10-Q Financial Statement

#000156459019039496 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 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 $3.840M $4.610M $4.620M
YoY Change -16.88% 13.83% 54.52%
% of Gross Profit
Research & Development $28.52M $9.674M $9.010M
YoY Change 216.54% 15.59% 37.77%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $32.37M $14.28M $13.63M
YoY Change 137.49% 14.95% 43.02%
Operating Profit -$32.37M -$14.28M -$13.63M
YoY Change 137.52% 14.95% 42.96%
Interest Expense $200.0K $320.0K $420.0K
YoY Change -52.38% -8064.16% 31.25%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$32.17M -$13.96M -$13.20M
YoY Change 143.71% 16.14% 43.32%
Income Tax -$2.250M $0.00
% Of Pretax Income
Net Earnings -$29.92M -$13.96M -$13.20M
YoY Change 126.6% 16.15% -8250.0%
Net Earnings / Revenue
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$766.4K -$0.36 -$339.4K
COMMON SHARES
Basic Shares Outstanding 39.03M 39.03M
Diluted Shares Outstanding 39.03M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.90M $59.90M $88.00M
YoY Change -47.84% -38.63% -31.36%
Cash & Equivalents $21.41M $37.91M $50.23M
Short-Term Investments $24.40M $22.00M $37.80M
Other Short-Term Assets $1.300M $1.500M $2.000M
YoY Change -35.0% -60.53% 42.86%
Inventory
Prepaid Expenses $1.182M $1.377M $1.921M
Receivables
Other Receivables
Total Short-Term Assets $47.14M $61.41M $90.02M
YoY Change -47.64% -39.44% -30.51%
LONG-TERM ASSETS
Property, Plant & Equipment $16.01K $20.38K $33.48K
YoY Change -52.17% -34.29%
Goodwill $14.87M $14.87M $14.87M
YoY Change 0.0% 0.0%
Intangibles $15.20M $34.20M $34.20M
YoY Change -55.56% 0.0%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $14.81K $14.81K $14.81K
YoY Change 0.0% 0.0%
Total Long-Term Assets $30.36M $49.40M $49.12M
YoY Change -38.18% 0.62% -9.31%
TOTAL ASSETS
Total Short-Term Assets $47.14M $61.41M $90.02M
Total Long-Term Assets $30.36M $49.40M $49.12M
Total Assets $77.50M $110.8M $139.1M
YoY Change -44.3% -26.37% -24.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.317M $5.330M $1.800M
YoY Change 28.75% 492.27% 25.36%
Accrued Expenses $4.300M $4.600M $1.800M
YoY Change 138.89% 53.33% 28.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $6.629M $9.896M $3.609M
YoY Change 83.67% 153.74% -47.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $41.30M $41.30M $28.99K
YoY Change 142362.92% 137218.79% -2.97%
Total Long-Term Liabilities $41.30M $41.30M $28.99K
YoY Change 142362.92% 137218.79% -2.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.629M $9.896M $3.609M
Total Long-Term Liabilities $41.30M $41.30M $28.99K
Total Liabilities $49.72M $55.29M $48.87M
YoY Change 1.74% 12.6% -6.2%
SHAREHOLDERS EQUITY
Retained Earnings -$286.7M -$256.8M -$214.6M
YoY Change 33.64% 30.52%
Common Stock $314.5M $312.3M $304.8M
YoY Change 3.18% 2.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.78M $55.53M $90.26M
YoY Change
Total Liabilities & Shareholders Equity $77.50M $110.8M $139.1M
YoY Change -44.3% -26.37% -24.26%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$29.92M -$13.96M -$13.20M
YoY Change 126.6% 16.15% -8250.0%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0%
Cash From Operating Activities -$14.18M -$9.520M -$9.800M
YoY Change 44.69% -4.61% 9.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.320M $19.58M -$27.43M
YoY Change -91.54% -33.63% -137250.0%
Cash From Investing Activities -$2.320M $19.58M -$27.43M
YoY Change -91.54% -33.63% 91333.33%
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 0.000 170.0K
YoY Change -100.0% -100.0% -113.49%
NET CHANGE
Cash From Operating Activities -14.18M -9.520M -9.800M
Cash From Investing Activities -2.320M 19.58M -27.43M
Cash From Financing Activities 0.000 0.000 170.0K
Net Change In Cash -16.50M 10.06M -37.06M
YoY Change -55.48% -45.94% 263.33%
FREE CASH FLOW
Cash From Operating Activities -$14.18M -$9.520M -$9.800M
Capital Expenditures $0.00
Free Cash Flow -$9.800M
YoY Change 10.61%

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us-gaap Nature Of Operations
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<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 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 September 30, 2019, the Company has an accumulated deficit of approximately <font style="color:#000000;">$256.8 million </font>and net cash used in operating activities was approximately $29.3 million during the nine months ended September 30, 2019. The Company&#8217;s management team 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-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top: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 September 30, 2019, the Company had cash, cash equivalents, marketable securities, and restricted cash of $60.0 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;If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</p>
us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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. 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>
CY2019Q3 nerv Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
60000000
nerv Marketable Securities Weighted Average Remaining Maturity
MarketableSecuritiesWeightedAverageRemainingMaturity
P3M
CY2019Q3 us-gaap Held To Maturity Securities Amortized Cost Before Other Than Temporary Impairment
HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
22026814
CY2018Q4 us-gaap Held To Maturity Securities Amortized Cost Before Other Than Temporary Impairment
HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
37762439
CY2019Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
22029359
CY2018Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
37757896
CY2018Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
4543
CY2019Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
2545
CY2019Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
22026814
CY2018Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
37762439
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q4 nerv Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
1353987
CY2019Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1407454
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
374854
CY2019Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
83367
CY2015Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2221189
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2261781
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7003280

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