2020 Q1 Form 10-Q Financial Statement
#000156459020020617 Filed on May 04, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $4.190M | $4.710M |
| YoY Change | -11.04% | 9.79% |
| % of Gross Profit | ||
| Research & Development | $8.080M | $11.61M |
| YoY Change | -30.4% | 37.4% |
| % of Gross Profit | ||
| Depreciation & Amortization | $4.367K | $4.367K |
| YoY Change | 0.0% | |
| % of Gross Profit | ||
| Operating Expenses | $12.27M | $16.31M |
| YoY Change | -24.77% | 28.04% |
| Operating Profit | -$12.27M | -$16.31M |
| YoY Change | -24.77% | 28.0% |
| Interest Expense | $120.0K | $480.0K |
| YoY Change | -75.0% | -779.42% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$12.15M | -$15.83M |
| YoY Change | -23.25% | 27.46% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$12.15M | -$15.83M |
| YoY Change | -23.23% | 27.45% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$310.1K | -$406.2K |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $37.50M | $79.20M |
| YoY Change | -52.65% | -34.55% |
| Cash & Equivalents | $30.04M | $30.61M |
| Short-Term Investments | $7.500M | $48.60M |
| Other Short-Term Assets | $1.000M | $1.200M |
| YoY Change | -16.67% | -72.09% |
| Inventory | ||
| Prepaid Expenses | $851.9K | |
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $38.47M | $80.30M |
| YoY Change | -52.1% | -35.91% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $11.64K | $400.0K |
| YoY Change | -97.09% | |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $14.81K | $14.81K |
| YoY Change | 0.0% | |
| Total Long-Term Assets | $30.33M | $49.50M |
| YoY Change | -38.72% | 0.61% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $38.47M | $80.30M |
| Total Long-Term Assets | $30.33M | $49.50M |
| Total Assets | $68.80M | $129.8M |
| YoY Change | -47.0% | -25.62% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $3.000M | $3.000M |
| YoY Change | 0.0% | 7.14% |
| Accrued Expenses | $4.100M | $3.900M |
| YoY Change | 5.13% | 62.5% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $7.100M | $6.900M |
| YoY Change | 2.9% | -12.66% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $41.20M | $41.40M |
| YoY Change | -0.48% | 0.49% |
| Total Long-Term Liabilities | $41.20M | $41.40M |
| YoY Change | -0.48% | 0.49% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $7.100M | $6.900M |
| Total Long-Term Liabilities | $41.20M | $41.40M |
| Total Liabilities | $50.20M | $52.40M |
| YoY Change | -4.2% | -1.5% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $18.62M | $77.42M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $68.80M | $129.8M |
| YoY Change | -47.0% | -25.62% |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$12.15M | -$15.83M |
| YoY Change | -23.23% | 27.45% |
| Depreciation, Depletion And Amortization | $4.367K | $4.367K |
| YoY Change | 0.0% | |
| Cash From Operating Activities | -$9.202M | -$9.601M |
| YoY Change | -4.15% | -12.18% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $17.03M | -$10.55M |
| YoY Change | -261.42% | -133.68% |
| Cash From Investing Activities | $17.03M | -$10.55M |
| YoY Change | -261.38% | -133.69% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 797.6K | 525.0K |
| YoY Change | 51.93% | -140.7% |
| NET CHANGE | ||
| Cash From Operating Activities | -9.202M | -9.601M |
| Cash From Investing Activities | 17.03M | -10.55M |
| Cash From Financing Activities | 797.6K | 525.0K |
| Net Change In Cash | 8.624M | -19.63M |
| YoY Change | -143.94% | -202.79% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$9.202M | -$9.601M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
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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 1 — 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. (“Minerva” or the “Company”) 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’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’s portfolio includes seltorexant (also known as MIN-202 or JNJ-42847922), a compound the Company is co-developing with Janssen Pharmaceutica NV (“Janssen”) for the treatment of insomnia disorder and major depressive disorder (“MDD”); and MIN-301, a compound the Company is developing for the treatment of Parkinson’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 2013, the Company merged with Sonkei Pharmaceuticals Inc. (“Sonkei”), a clinical-stage biopharmaceutical company and, in February 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 (“MTPC”) 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 “Minerva Territory”), 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 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, 2020, the Company has an accumulated deficit of approximately <font style="color:#000000;">$298.9</font><font style="font-size:12pt;"> </font><font style="color:#000000;">million </font>and net cash used in operating activities was approximately $9.2 million during the three months ended March 31, 2020. The Company’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-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, 2020, the Company had cash, cash equivalents, restricted cash, and marketable securities of $37.6 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 condensed consolidated 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 a number of 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 resolution of the Company’s dispute with Janssen as described in Notes 5 and 8, the infrastructure to support a commercial enterprise, the cost of a commercial product launch, and the level of financial resources available. If it is determined that the Company is required to make a significant payment to Janssen, it may not have sufficient cash to make such payment and may be required to incur additional indebtedness or to raise additional funds via an equity financing in order to make such payment to Janssen. 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. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.</p> | |
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Held To Maturity Securities Fair Value
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Use Of Estimates
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<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> | |
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ConcentrationRiskCreditRisk
|
<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;">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> | |
| CY2020Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
0 | |
| CY2020Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
| CY2020Q1 | nerv |
Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
|
3090336 | |
| CY2019Q4 | nerv |
Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
|
3824950 | |
| CY2019Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
314213 | |
| CY2015Q1 | us-gaap |
Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
|
200000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
300000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
200000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | |
| CY2020Q1 | nerv |
Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
|
37600000 | |
| CY2020Q1 | nerv |
Marketable Securities Weighted Average Remaining Maturity
MarketableSecuritiesWeightedAverageRemainingMaturity
|
P2M3D | |
| CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2198187 |
