$NERV
Minerva Neurosciences, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021011340 Filed on March 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.250M $3.750M $3.450M
YoY Change 1.43% -2.34% -25.16%
% of Gross Profit
Research & Development $3.259M $3.550M $4.640M
YoY Change -59.67% -87.55% -52.04%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $0.00
YoY Change -100.0% 0.0%
% of Gross Profit
Operating Expenses $7.508M $7.300M $8.090M
YoY Change -38.82% -77.45% -43.35%
Operating Profit -$7.508M -$7.299M -$8.090M
YoY Change -38.82% -77.45% -43.36%
Interest Expense $0.00 -$30.00K -$20.00K
YoY Change -100.0% -115.0% -106.25%
% of Operating Profit
Other Income/Expense, Net -$1.300M
YoY Change
Pretax Income -$8.800M -$7.320M -$8.110M
YoY Change -27.57% -77.25% -41.91%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.805M -$7.324M -$8.113M
YoY Change -27.54% -75.52% -41.9%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19
Diluted Earnings Per Share -$206.0K -$171.4K -$0.19
COMMON SHARES
Basic Shares Outstanding 42.72M 42.67M 41.92M
Diluted Shares Outstanding 41.92M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.10M $25.40M $32.50M
YoY Change 113.6% -44.66% -45.74%
Cash & Equivalents $80.14M $25.36M $32.52M
Short-Term Investments $0.00
Other Short-Term Assets $1.500M $2.100M $2.500M
YoY Change 50.0% 61.54% 66.67%
Inventory
Prepaid Expenses $1.983M
Receivables
Other Receivables
Total Short-Term Assets $81.70M $27.44M $35.00M
YoY Change 112.39% -41.79% -43.01%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $100.0K $100.0K
YoY Change 758.81% 524.57% 390.73%
Goodwill $14.87M $14.87M
YoY Change 0.0%
Intangibles $15.20M $15.20M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $14.81K $14.81K $0.00
YoY Change 0.0% 0.0% -100.0%
Total Long-Term Assets $30.13M $30.19M $30.20M
YoY Change -0.66% -0.58% -38.87%
TOTAL ASSETS
Total Short-Term Assets $81.70M $27.44M $35.00M
Total Long-Term Assets $30.13M $30.19M $30.20M
Total Assets $111.8M $57.63M $65.20M
YoY Change 62.55% -25.64% -41.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.130M $995.6K $700.0K
YoY Change -62.35% -57.03% -86.87%
Accrued Expenses $2.200M $2.200M $4.700M
YoY Change -46.34% -48.84% 2.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.359M $3.160M $5.400M
YoY Change -52.7% -52.33% -45.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.30M $0.00
YoY Change 48.79% -100.0%
Total Long-Term Liabilities $61.30M $0.00 $0.00
YoY Change 48.79% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.359M $3.160M $5.400M
Total Long-Term Liabilities $61.30M $0.00 $0.00
Total Liabilities $66.46M $4.964M $7.198M
YoY Change 32.39% -90.02% -86.98%
SHAREHOLDERS EQUITY
Retained Earnings -$344.5M -$284.8M -$277.5M
YoY Change -0.68% 8.05%
Common Stock $339.0M $337.5M $335.5M
YoY Change 7.29% 7.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.37M $52.66M $58.02M
YoY Change
Total Liabilities & Shareholders Equity $111.8M $57.63M $65.22M
YoY Change 62.55% -25.64% -41.14%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$8.805M -$7.324M -$8.113M
YoY Change -27.54% -75.52% -41.9%
Depreciation, Depletion And Amortization $0.00 $10.00K $0.00
YoY Change -100.0% 0.0%
Cash From Operating Activities -$5.217M -$7.160M -$9.870M
YoY Change -43.3% -49.51% 3.68%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $3.000M
YoY Change -100.0% -100.0% -84.68%
Cash From Investing Activities $0.00 $0.00 $3.000M
YoY Change -100.0% -100.0% -84.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00M 0.000 7.140M
YoY Change 7422.29%
NET CHANGE
Cash From Operating Activities -5.217M -7.160M -9.870M
Cash From Investing Activities 0.000 0.000 3.000M
Cash From Financing Activities 60.00M 0.000 7.140M
Net Change In Cash 54.78M -7.160M 270.0K
YoY Change 535.27% -56.61% -97.32%
FREE CASH FLOW
Cash From Operating Activities -$5.217M -$7.160M -$9.870M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;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:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-top:2pt;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;">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 (“CNS”). 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, and MIN-301, a compound the Company is developing for the treatment of Parkinson’s disease. In addition, Minerva has been co-developing 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 will be entitled to collect a royalty on worldwide sales of seltorexant in certain indications in the mid-single digits, with no further financial obligations to Janssen<span style="color:#000000;">. In January 2021, the Company sold its rights to these potential royalties to Royalty Pharma.</span></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 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. The Company also has exclusive rights to develop and commercialize MIN-301.</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-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 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 December 31, 2020, the Company has an accumulated deficit of approximately <span style="color:#000000;">$284.8 million and net cash used in operating activities was approximately $33.8 million during the year ended December 31, 2020. </span>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%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2020, the Company had cash, cash equivalents, and restricted cash of $25.5 million. In January 2021, Royalty Pharma acquired Minerva’s royalty interest in seltorexant for an upfront payment of $60 million and up to $95 million in additional milestone payments. The future milestone payments to Minerva will be contingent on the achievement of certain clinical, regulatory and commercialization milestones for seltorexant by Janssen. Seltorexant is currently in Phase 3 development for the treatment of major depressive disorder (MDD) with insomnia symptoms by Janssen. The Company believes that with the upfront payment of $60 million, its existing cash, cash equivalents, and restricted cash will be sufficient to meet its cash commitments for at least the next 12 months after the date that the 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 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.</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;">During the 12 months ended December 31, 2020, the Company issued and sold 3,381,608 shares of the Company's common stock under the Open Market Sale Agreement (the “Sales Agreement”) with Jefferies, LLC (“Jefferies”). The shares were sold at an average price of $3.7113 per share for aggregate net proceeds to the Company of approximately $12.1 million, after deducting sales commissions and offering costs payable by the Company.</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> <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;"><span style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Significant Risks and Uncertainties</span></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Litigation</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;">On December 8, 2020 and January 11, 2021, purported stockholders of the Company filed two putative securities class action complaints in the United States District Court for the District of Massachusetts, entitled McCoy v. Minerva Neurosciences, Inc., et al., No. 1:20-cv-12176 and Ao v. Minerva Neurosciences, Inc. et al., No. 1:21-cv-10051, respectively, against the Company and the Company’s Chairman and Chief Executive Officer (collectively, the “Defendants"). The complaints are nearly identical and allege that the Defendants made material false and/or misleading statements regarding the development of the Company’s drug candidate roluperidone purportedly causing losses to investors who acquired the Company’s common stock between May 15, 2017 and November 30, 2020. The complaints do not quantify any alleged damages but, in addition to attorneys' fees and costs, plaintiffs seek to recover damages on behalf of themselves and others who acquired the Company’s stock during the putative class period at allegedly inflated prices and purportedly suffered financial harm as a result. On February 8, 2021, three putative lead plaintiffs filed motions to consolidate the cases and to appoint a lead plaintiff. Two of the putative lead plaintiffs withdrew their motions on February 22, 2021. The defendants’ response to the complaints is stayed pending consolidation and resolution of the lead plaintiff motions. We dispute these claims and intend to defend the matter vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, we cannot estimate the reasonably possible loss or range of loss that may result from this action.</p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.27%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">COVID-19 Pandemic</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’s business could be adversely affected by the effects of the ongoing COVID-19 pandemic, which continues to have a negative impact on the local, regional, national and global scale. In response to the pandemic, a number of jurisdictions in which the Company or its service providers operate implemented shelter-in-place or similar type restrictions, which limited on-site activity to certain service providers. Additionally, the Company’s headquarters are located in Massachusetts, which implemented such restrictions. In response, the Company implemented work-from-home policies for its employees, which continue to be in effect. While certain jurisdictions, including Massachusetts, have begun a phased re-opening of businesses and governmental agencies, there remain limitations on the physical operations of businesses and prohibitions on certain non-essential gatherings, and it is unclear if such phased re-openings will continue or be rolled back, and there is uncertainty about when, if, or how the Company’s workforce may return. The effects of the state executive order, local shelter-in-place orders, government-imposed quarantines and the Company’s work-from-home policies, including the uncertainty about their duration, may negatively impact productivity, disrupt our business and delay the clinical programs and timelines. </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;">While the COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, this disruption, if sustained or recurrent, could have a material adverse effect on the Company’s operating results, its ability to raise capital needed to develop and commercialize products and the Company’s overall financial condition. In addition, a recession or market correction resulting from the spread of the coronavirus could materially affect the value of the Company’s common stock. The impact of the COVID-19 pandemic may also exacerbate other risks discussed in this Annual Report on Form 10-K. Refer to Item 1A. “Risk Factors” in this Annual Report on Form 10-K for a complete description of the material risks that the Company currently faces.</p>
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