2021 Q3 Form 10-Q Financial Statement
#000156459021055049 Filed on November 08, 2021
Income Statement
| Concept | 2021 Q3 | 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 | $3.005M | $3.750M | $3.450M |
| YoY Change | -12.91% | -2.34% | -25.16% |
| % of Gross Profit | |||
| Research & Development | $4.513M | $3.550M | $4.640M |
| YoY Change | -2.74% | -87.55% | -52.04% |
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | $10.00K | $0.00 |
| YoY Change | 0.0% | ||
| % of Gross Profit | |||
| Operating Expenses | $7.518M | $7.300M | $8.090M |
| YoY Change | -7.08% | -77.45% | -43.35% |
| Operating Profit | -$7.518M | -$7.299M | -$8.090M |
| YoY Change | -7.08% | -77.45% | -43.36% |
| Interest Expense | -$700.00 | -$30.00K | -$20.00K |
| YoY Change | -96.5% | -115.0% | -106.25% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$1.687M | ||
| YoY Change | |||
| Pretax Income | -$9.205M | -$7.320M | -$8.110M |
| YoY Change | 13.51% | -77.25% | -41.91% |
| Income Tax | $0.00 | ||
| % Of Pretax Income | |||
| Net Earnings | -$9.205M | -$7.324M | -$8.113M |
| YoY Change | 13.47% | -75.52% | -41.9% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.22 | -$0.19 | |
| Diluted Earnings Per Share | -$0.22 | -$171.4K | -$0.19 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 42.72M | 42.67M | 41.92M |
| Diluted Shares Outstanding | 42.72M | 41.92M |
Balance Sheet
| Concept | 2021 Q3 | 2020 Q4 | 2020 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $65.59M | $25.40M | $32.50M |
| YoY Change | 101.81% | -44.66% | -45.74% |
| Cash & Equivalents | $65.59M | $25.36M | $32.52M |
| Short-Term Investments | $0.00 | ||
| Other Short-Term Assets | $1.850M | $2.100M | $2.500M |
| YoY Change | -25.98% | 61.54% | 66.67% |
| Inventory | |||
| Prepaid Expenses | $1.983M | ||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $67.44M | $27.44M | $35.00M |
| YoY Change | 92.68% | -41.79% | -43.01% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $0.00 | $100.0K | $100.0K |
| YoY Change | -100.0% | 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 | $0.00 | $14.81K | $0.00 |
| YoY Change | 0.0% | -100.0% | |
| Total Long-Term Assets | $30.12M | $30.19M | $30.20M |
| YoY Change | -0.26% | -0.58% | -38.87% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $67.44M | $27.44M | $35.00M |
| Total Long-Term Assets | $30.12M | $30.19M | $30.20M |
| Total Assets | $97.56M | $57.63M | $65.20M |
| YoY Change | 49.63% | -25.64% | -41.16% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.201M | $995.6K | $700.0K |
| YoY Change | 71.5% | -57.03% | -86.87% |
| Accrued Expenses | $1.882M | $2.200M | $4.700M |
| YoY Change | -59.95% | -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 | $3.083M | $3.160M | $5.400M |
| YoY Change | -42.91% | -52.33% | -45.43% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $64.59M | $0.00 | |
| YoY Change | -100.0% | ||
| Total Long-Term Liabilities | $64.59M | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.083M | $3.160M | $5.400M |
| Total Long-Term Liabilities | $64.59M | $0.00 | $0.00 |
| Total Liabilities | $69.48M | $4.964M | $7.198M |
| YoY Change | 865.31% | -90.02% | -86.98% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$313.4M | -$284.8M | -$277.5M |
| YoY Change | 12.94% | -0.68% | 8.05% |
| Common Stock | $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 | $28.08M | $52.66M | $58.02M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $97.56M | $57.63M | $65.22M |
| YoY Change | 49.58% | -25.64% | -41.14% |
Cashflow Statement
| Concept | 2021 Q3 | 2020 Q4 | 2020 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$9.205M | -$7.324M | -$8.113M |
| YoY Change | 13.47% | -75.52% | -41.9% |
| Depreciation, Depletion And Amortization | $0.00 | $10.00K | $0.00 |
| YoY Change | 0.0% | ||
| Cash From Operating Activities | -$8.627M | -$7.160M | -$9.870M |
| YoY Change | -12.6% | -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 | 0.000 | 0.000 | 7.140M |
| YoY Change | -100.0% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -8.627M | -7.160M | -9.870M |
| Cash From Investing Activities | 0.000 | 0.000 | 3.000M |
| Cash From Financing Activities | 0.000 | 0.000 | 7.140M |
| Net Change In Cash | -8.627M | -7.160M | 270.0K |
| YoY Change | -3295.05% | -56.61% | -97.32% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$8.627M | -$7.160M | -$9.870M |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2021Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
15200000 | |
| CY2021Q3 | us-gaap |
Goodwill
Goodwill
|
14869399 | |
| CY2021Q3 | us-gaap |
Assets
Assets
|
97559049 | |
| CY2021Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1200509 | |
| CY2021Q3 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
1882251 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
111229 | |
| CY2021Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
3082760 | |
| CY2020Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
3160252 | |
| CY2021Q3 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
1803356 | |
| CY2020Q4 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
1803356 | |
| CY2021Q3 | nerv |
Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
|
64594985 | |
| CY2021Q3 | us-gaap |
Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
|
51080 | |
| us-gaap |
Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer
RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
|
41175600 | ||
| us-gaap |
Revenues
Revenues
|
41175600 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
13292488 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
18488108 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
10695944 | ||
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-28708 | ||
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-40549 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
12822 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
159908 | ||
| CY2021Q3 | nerv |
Non Cash Interest Expense For The Sale Of Future Royalties
NonCashInterestExpenseForTheSaleOfFutureRoyalties
|
1687090 | |
| nerv |
Non Cash Interest Expense For The Sale Of Future Royalties
NonCashInterestExpenseForTheSaleOfFutureRoyalties
|
4594985 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-28599303 | ||
| CY2021Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.22 | |
| CY2020Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.19 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.67 | ||
| CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
42721566 | |
| CY2020Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
41917923 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
42721566 | ||
| CY2021Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.22 | |
| CY2020Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.19 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.67 | ||
| CY2021Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
42721566 | |
| CY2020Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
41917923 | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
42721566 | ||
| CY2020Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
797629 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-12151165 | |
| CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
18624194 | |
| CY2020Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
5178460 | |
| CY2020Q2 | nerv |
Adjustments To Additional Paid In Capital Costs Earnings Related To Stock Issuance
AdjustmentsToAdditionalPaidInCapitalCostsEarningsRelatedToStockIssuance
|
-219517 | |
| CY2020Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
346026 | |
| CY2020Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3485482 | |
| CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
29529376 | |
| CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
56944021 | |
| CY2020Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
7371609 | |
| CY2020Q3 | nerv |
Adjustments To Additional Paid In Capital Costs Earnings Related To Stock Issuance
AdjustmentsToAdditionalPaidInCapitalCostsEarningsRelatedToStockIssuance
|
-236149 | |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
52662601 | |
| CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1516064 | |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8804733 | |
| CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
45373932 | |
| CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1384060 | |
| CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-10589163 | |
| CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
36168829 | |
| CY2021Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1114526 | |
| CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9205407 | |
| CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
28077948 | |
| us-gaap |
Profit Loss
ProfitLoss
|
-28599303 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
9265598 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
13100 | ||
| us-gaap |
Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
|
86774 | ||
| us-gaap |
Amortization Of Leased Asset
AmortizationOfLeasedAsset
|
101786 | ||
| us-gaap |
Amortization Of Leased Asset
AmortizationOfLeasedAsset
|
118487 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4014650 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7739704 | ||
| nerv |
Non Cash Interest Expense For Sale Of Future Royalties
NonCashInterestExpenseForSaleOfFutureRoyalties
|
4594985 | ||
| nerv |
Increase Decrease In Prepaid Expense Other Current Assets
IncreaseDecreaseInPrepaidExpenseOtherCurrentAssets
|
-232813 | ||
| nerv |
Increase Decrease In Prepaid Expense Other Current Assets
IncreaseDecreaseInPrepaidExpenseOtherCurrentAssets
|
1191811 | ||
| nerv |
Increase Decrease In Capitalized Software
IncreaseDecreaseInCapitalizedSoftware
|
-51080 | ||
| us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-14808 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
204895 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1615419 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-171158 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
396747 | ||
| nerv |
Increase Decrease In Operating Lease Liabilities Current
IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent
|
-111229 | ||
| nerv |
Increase Decrease In Operating Lease Liabilities Current
IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent
|
-15945 | ||
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-41175600 | ||
| nerv |
Increase Decrease In Operating Lease Liabilities Noncurrent
IncreaseDecreaseInOperatingLeaseLiabilitiesNoncurrent
|
-111229 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-19768833 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-26663142 | ||
| us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
28400000 | ||
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
3871706 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
24528294 | ||
| nerv |
Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
|
60000000 | ||
| us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
12550069 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
455666 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1143655 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
60000000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
13238058 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
40231167 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
11103210 | ||
| CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
25456952 | |
| CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
21512623 | |
| CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
65688119 | |
| CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
32615833 | |
| CY2021Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
65588119 | |
| CY2020Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
32515833 | |
| CY2021Q3 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | |
| CY2020Q3 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | |
| CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
65688119 | |
| CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
32615833 | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<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 product candidates to treat patients suffering from central nervous system (“CNS”) diseases. 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 previously co-developed 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 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 (see Notes 5 and 6).</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 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-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 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 September 30, 2021, the Company has an accumulated deficit of approximately <span style="color:#000000;">$313.4</span><span style="font-size:12pt;"> </span><span style="color:#000000;">million </span>and net cash used in operating activities was approximately $19.8 million during the nine months ended September 30, 2021. 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.</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 <span style="color:#000000;">September</span> 30, 2021, the Company had cash, cash equivalents, and restricted cash of $65.7 million. <span style="color:#000000;">The Company believes that 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 interim 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 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.</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 will need to raise additional capital in order to continue to fund operations and fully fund later stage clinical development programs. Specifically, management continues to evaluate the MIN-301 program in regards to current liquidity, timing of future development, and potential revenue. 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;">Significant Risks and Uncertainties</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-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;">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 <span style="font-style:italic;">McCoy v. Minerva Neurosciences, Inc., et al., No. 1:20-cv-12176</span> and <span style="font-style:italic;">Ao v. Minerva Neurosciences, Inc. et al., No. 1:21-cv-10051</span>, respectively, against the Company and the Company’s Chairman and Chief Executive Officer (collectively, the “Defendants"). The complaints are nearly identical and allege that </p> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the Defendants made material false and/or misleading statements regarding the development of the Company’s drug candidate </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">roluperidone</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 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 March 5, 2021, the Court entered an order consolidating the actions into a case captioned </span><span style="font-style:italic;">In re Minerva Neurosciences, Inc. Securities Litigation, No. 1:20-cv-12176</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and appointing lead plaintiffs and their counsel. On March 19, 2021, the parties filed a stipulated proposed order with the Court staying the Defendants’ response to the complaint until after plaintiffs file an amended complaint. On May 5, 2021, the parties filed a stipulation and proposed order voluntarily dismissing the lawsuit on behalf of the appointed lead plaintiffs. Also on May 5, 2021, a second plaintiff filed a motion for appointment as lead plaintiff, which the Court granted on May 21, 2021. On June 9, 2021, before the lead plaintiff’s deadline to amend the complaint and before defendants filed any response to the complaint, the parties stipulated to voluntary dismissal of the lawsuit on behalf of the appointed lead plaintiff. The Court entered the parties’ stipulation of dismissal on July 9, 2021 and closed the case.</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;">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<span style="font-size:12pt;"> </span>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. To support the health and well-being of its employees, partners and communities, the Company implemented work-from-home policies for its employees, which continue to be in effect. While global vaccination efforts are underway and certain jurisdictions, including Massachusetts, have reopened businesses and governmental agencies, there remain limitations on the physical operations of businesses and prohibitions on certain non-essential gatherings, and we are unable to accurately predict the full impact that COVID-19 will have due to numerous uncertainties, including the duration of the outbreak, the result of vaccination efforts, resurgence of the virus, actions that may be taken by governmental authorities, the impact on our business including our clinical programs and timelines, and the impact to the business of our service providers and partners.</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 Quarterly Report on Form 10-Q. Refer to Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for a complete description of the material risks that the Company currently faces.</p> | ||
| CY2021Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-313400000 | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-19800000 | ||
| CY2021Q3 | nerv |
Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
|
65700000 | |
| 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> | ||
| CY2021Q3 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | |
| CY2020Q4 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | |
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
Concentration of credit risk <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> | ||
| 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 |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
0 | ||
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
0 | ||
| nerv |
Upfront Payment Paid
UpfrontPaymentPaid
|
60000000 | ||
| CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9205407 | |
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | ||
| CY2021Q3 | nerv |
Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
|
976635 | |
| CY2020Q4 | nerv |
Accrued Research And Development Costs And Other Expenses Current
AccruedResearchAndDevelopmentCostsAndOtherExpensesCurrent
|
1880552 | |
| CY2021Q3 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
601264 | |
| CY2021Q3 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
227874 | |
| CY2020Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
140981 | |
| CY2021Q3 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
76478 | |
| CY2020Q4 | nerv |
Accrued Severance Current
AccruedSeveranceCurrent
|
31876 | |
| CY2021Q3 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
1882251 | |
| CY2020Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
2053409 | |
| CY2020Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8112613 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-28599303 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
9265598 | ||
| CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
42721566 | |
| CY2020Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
41917923 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
42721566 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40199196 | ||
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
278605 | ||
| CY2021Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
42721566 | |
| CY2020Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
41917923 | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
42721566 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40477801 | ||
| CY2021Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.22 | |
| CY2020Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.19 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.67 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.23 | ||
| CY2021Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.22 | |
| CY2020Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.19 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.67 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.23 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
0 | ||
| CY2021Q1 | nerv |
Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
|
60000000 | |
| CY2021Q1 | nerv |
Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
|
0.105 | |
| nerv |
Annual Interest Rate On Interest Expense
AnnualInterestRateOnInterestExpense
|
0.107 | ||
| nerv |
Upfront Payment Paid
UpfrontPaymentPaid
|
60000000 | ||
| nerv |
Non Cash Interest Expense For Sale Of Future Royalties
NonCashInterestExpenseForSaleOfFutureRoyalties
|
4594985 | ||
| CY2021Q3 | nerv |
Liability Related To The Sale Of Future Royalties
LiabilityRelatedToTheSaleOfFutureRoyalties
|
64594985 | |
| CY2020Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2056035 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4014650 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7739704 | ||
| CY2021Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
|
0 | |
| us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
39980 |
