Minerva Neurosciences Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Business Updates

Core Viewpoint - Minerva Neurosciences, Inc. reported its fourth quarter and full year financial results for 2024, highlighting a significant reduction in net loss and an increase in net income for the year, primarily due to adjustments related to the sale of future royalties [1][7]. Corporate Update - The FDA issued a Complete Response Letter (CRL) regarding the New Drug Application (NDA) for roluperidone, and the company is actively engaging with the FDA to address the concerns raised [2]. Financial Results Research and Development (R&D) Expenses - R&D expenses for Q4 2024 were $2.0 million, down from $4.7 million in Q4 2023, and for the full year, R&D expenses were $11.9 million compared to $12.7 million in 2023, primarily due to lower costs associated with the FDA review and the C18 study [3]. General and Administrative (G&A) Expenses - G&A expenses remained stable at $2.5 million for both Q4 2024 and Q4 2023. For the full year, G&A expenses decreased to $9.9 million from $10.4 million, mainly due to lower compensation expenses [4]. Non-Cash Interest Expense - Non-cash interest expense for the sale of future royalties was $0 for Q4 2024 and $4.6 million for the full year, down from $2.2 million and $8.3 million in the previous year, respectively, due to revised estimates for future royalty payments [5]. Other Income - Other income for the full year 2024 was $26.6 million, compared to $0 in 2023, resulting from adjustments related to the sale of future royalties [6]. Net Income (Loss) - The net loss for Q4 2024 was $4.3 million, or $0.56 per share, an improvement from a net loss of $9.0 million, or $1.19 per share, in Q4 2023. For the full year, the company reported a net income of $1.4 million, or $0.19 per share, compared to a net loss of $30.0 million, or $4.61 per share, in 2023 [7]. Cash Position - As of December 31, 2024, the company had approximately $21.5 million in cash, cash equivalents, and restricted cash, down from $41.0 million at the end of 2023 [8]. Company Overview - Minerva Neurosciences, Inc. is focused on developing therapies for central nervous system disorders, including roluperidone for schizophrenia and MIN-301 for Parkinson's disease [9].