Minerva Neurosciences Reports First Quarter 2025 Financial Results and Business Updates

Corporate Update - Minerva Neurosciences, Inc. has regained compliance with Nasdaq Listing Rule 5550(b)(3) and will continue to be listed on the Nasdaq Capital Market [2] - The company is in ongoing interactions with the FDA to address questions raised in the Complete Response Letter (CRL) regarding its New Drug Application (NDA) for roluperidone, aimed at treating negative symptoms in schizophrenia [2] First Quarter 2025 Financial Results - Research and development (R&D) expenses decreased to $1.4 million in Q1 2025 from $4.2 million in Q1 2024, primarily due to reduced costs associated with the FDA's review and lower compensation expenses [3] - General and administrative (G&A) expenses remained stable at $2.5 million for both Q1 2025 and Q1 2024 [3] - Non-cash interest expense for the sale of future royalties was zero in Q1 2025, down from $2.3 million in Q1 2024, due to revised estimates for future royalty payments [4] - The net loss for Q1 2025 was $3.8 million, or a net loss per share of $0.50, compared to a net loss of $8.6 million, or $1.13 per share, in Q1 2024 [5] Cash Position - As of March 31, 2025, the company had approximately $17.4 million in cash, cash equivalents, and restricted cash, down from $21.5 million at the end of 2024 [5] Balance Sheet Data - Total assets as of March 31, 2025, were $32.8 million, a decrease from $37.1 million at the end of 2024 [9] - Total liabilities were $61.9 million, slightly down from $62.8 million at the end of 2024 [9] - The stockholders' deficit increased to $29.1 million from $25.7 million at the end of 2024 [9] Statements of Operations - Total operating expenses for Q1 2025 were $3.9 million, down from $6.7 million in Q1 2024 [10] - The loss from operations was $3.9 million in Q1 2025 compared to $6.7 million in Q1 2024 [10]