Minerva Neurosciences (NERV) Q4 2025 earnings summary

Executive summary

• Confirmatory Phase 3 trial for roluperidone in negative symptoms of schizophrenia to begin Q2 2026, with topline data expected in 2H 2027.

• $80 million raised in October 2025 private placement, with potential for up to $120 million more upon warrant exercises and trial milestones.

• General alignment reached with FDA on Phase 3 trial design.

Financial highlights

• Cash, cash equivalents, and restricted cash totaled $82.4 million at December 31, 2025, up from $21.5 million at year-end 2024, driven by the private placement.

• GAAP net loss for 2025 was $293.4 million (loss per share $34.67), compared to net income of $1.4 million in 2024.

• Non-GAAP adjusted net loss for 2025 was $16.0 million (adjusted loss per share $1.89), improved from $19.3 million in 2024.

• R&D expense for 2025 was $5.8 million, down from $11.9 million in 2024; G&A expense was $9.3 million, down from $9.9 million.

• Significant non-cash loss of $321.5 million recorded for issuance of convertible preferred stock and warrants in 2025.

Outlook and guidance

• Sufficient funds anticipated to complete Phase 3 trial and NDA resubmission for roluperidone, pending further warrant exercises.

• Commercial launch of roluperidone in the US targeted if approved, following successful trial and NDA resubmission.