Minerva Neurosciences(US:NERV)2025-11-05 12:00Financial Performance - The company reported an accumulated deficit of approximately $405.1 million as of September 30, 2025, compared to $395.4 million as of December 31, 2024[77]. - The company recorded a net loss of $9.8 million for the nine months ended September 30, 2025, compared to a net income of $5.7 million for the same period in 2024[77]. - The company reported a net loss of $9.8 million for the nine months ended September 30, 2025, primarily due to a decrease in accounts payable and other expenses[118]. - Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $9.0 million, compared to $14.4 million for the same period in 2024[117]. Expenses - Research and development expenses decreased to $0.9 million for the three months ended September 30, 2025, down from $1.9 million in the same period of 2024, a decrease of approximately 52.6%[90]. - General and administrative expenses were $1.9 million for the three months ended September 30, 2025, a decrease of approximately 24% from $2.5 million in the same period of 2024[91]. - Investment income decreased to $107 thousand for the three months ended September 30, 2025, down from $314 thousand in the same period of 2024, a decrease of approximately 66%[93]. - Other income was zero for the three months ended September 30, 2025, compared to $26.6 million in the same period of 2024, a decrease of $26.6 million due to prior adjustments related to future royalties[95]. - The company anticipates increased expenses related to ongoing development activities and commercialization efforts for its product candidates[114]. Revenue Generation - The company has not generated any revenue from product sales to date and has no products approved for commercialization[82]. - The company has not generated any revenue from product sales to date and relies on collaborative revenue from the sale of royalty interests[114]. Financing Activities - The company entered into a private placement agreement on October 21, 2025, to issue 80,000 shares of Series A Convertible Preferred Stock for an aggregate offering price of up to $200 million[78]. - The gross proceeds from the private placement are estimated to be approximately $200 million, which will fund the confirmatory Phase 3 trial of roluperidone and support potential commercialization efforts[79]. - The company expects to finance its cash needs through equity offerings, debt financings, and other collaborations, with potential dilution of common stockholder interests[115]. - The company received an upfront payment of $60 million from Royalty Pharma for the sale of its royalty interest in seltorexant, with up to an additional $95 million in potential future milestone payments[113]. - The company has not issued or sold any shares of common stock under its at-the-market equity offering program during the nine months ended September 30, 2025[111]. Regulatory and Compliance - The company is subject to General Instruction I.B.6 of Form S-3, limiting sales of common stock until its public float exceeds $75 million[111]. - The company is classified as a "smaller reporting company," allowing it to take advantage of scaled disclosures under the Securities Exchange Act[125]. Future Expectations - The company expects to incur clinical trial costs and hire additional support staff for the Phase 3 trial of roluperidone, leading to increased clinical and administrative costs[77]. - The company has critical accounting policies related to research and development costs, goodwill, and liabilities from the sale of future royalties[123].