Minerva Neurosciences (NERV) Q3 2026 earnings summary

Executive summary

• Q3 2026 GAAP net income was $100.7M, driven by a $109.6M non-cash warrant fair-value gain; adjusted net loss was $5.6M.

• Roluperidone’s FDA-requested confirmatory Phase 3 C19 trial is underway; Phase A topline efficacy results are expected in H2 2027.

Financial highlights

• Q3 R&D expense was $5.2M vs. $0.9M YoY; 9M expense was $17.6M vs. $3.6M, mainly reflecting C19 trial costs and higher compensation.

• Q3 G&A expense was $4.3M vs. $1.9M YoY; 9M expense was $19.1M vs. $6.5M, reflecting higher professional fees and compensation, including a $6.6M non-cash option-modification charge.

• 9M GAAP net loss was $7.2M vs. $9.8M; adjusted net loss was $20.8M vs. $8.9M.

• Cash, cash equivalents, marketable securities and restricted cash totaled $77.0M at Sept. 30, 2026, vs. $82.4M at Dec. 31, 2025.

Outlook and guidance

• C19 Phase A tests roluperidone 64 mg vs. placebo over 12 weeks; topline efficacy results are expected in H2 2027.

• Phase B compares longer-term relapse outcomes for roluperidone vs. commonly prescribed antipsychotics over an additional 52 weeks; topline data are expected in H2 2028.

• C19 is designed for 380 patients randomized 1:1 across ~40 global clinical sites; management expects available funds to cover operating commitments for at least 12 months from statement issuance.

• Clinical and administrative costs are expected to rise as C19 progresses; future spending depends on trial timing, development progress and available funding.