Minerva Neurosciences Files Q3 2024 10-Q

TL;DR

Minerva Neurosciences filed its Q3 2024 10-Q. Financials are in.

AI Summary

Minerva Neurosciences, Inc. filed its 10-Q for the period ending September 30, 2024. The company's financial statements reflect its ongoing operations in the pharmaceutical preparations sector. Key financial data points and disclosures related to its fiscal year and reporting periods are included in this filing.

Why It Matters

This filing provides investors and stakeholders with an update on Minerva Neurosciences' financial health and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Minerva Neurosciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-05 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Minerva Neurosciences, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241105 (date) — Filing date
• 1601 TRAPELO ROAD SUITE 286 WALTHAM MA 02451 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share NERV The Nasdaq

Filing Documents

• nerv-20240930.htm (10-Q) — 959KB
• nerv-ex31_1.htm (EX-31.1) — 15KB
• nerv-ex31_2.htm (EX-31.2) — 14KB
• nerv-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-121063.txt ( ) — 4379KB
• nerv-20240930.xsd (EX-101.SCH) — 792KB
• nerv-20240930_htm.xml (XML) — 556KB

— Financial Information

PART I — Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

— Other Information

PART II — Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 2 Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q, or Quarterly Report, to "Minerva," "the Company," "we," "us," and "our" refer to Minerva Neurosciences, Inc. and, where appropriate, its subsidiaries. This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements reflect our plans, estimates and beliefs. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Because of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not transpire. These risks and uncertainties include, but are not limited to, the risks included in this Quarterly Report on Form 10-Q under Part II, Item IA, "Risk Factors" and in our Annual Report on Form 10-K for the year ended December 31, 2023 under Part I, Item IA, "Risk Factors." Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this document. You should read this document with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking sta

– Financ ial Statements

Item 1 – Financ ial Statements MINERVA NEUROSCIENCES, INC. C ondensed Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 26,528,792 $ 40,912,575 Restricted cash 100,000 100,000 Prepaid expenses and other current assets 1,307,345 989,865 Total current assets 27,936,137 42,002,440 Equipment, net 6,802 10,884 Capitalized software, net — 17,027 Goodwill 14,869,399 14,869,399 Total assets $ 42,812,338 $ 56,899,750 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 553,192 $ 1,805,320 Accrued expenses and other current liabilities 3,929,848 1,535,097 Total current liabilities 4,483,040 3,340,417 Liability related to the sale of future royalties 60,000,000 82,016,823 Total liabilities 64,483,040 85,357,240 Commitments and contingencies (Note 8) Stockholders' deficit Preferred stock; $ 0.0001 par value; 100,000,000 shares authorized; none issued or outstanding as of September 30, 2024 and December 31, 2023 — — Common stock; $ 0.0001 par value; 125,000,000 shares authorized; 6,993,406 shares issued and outstanding as of September 30, 2024 and December 31, 2023 699 699 Additional paid-in capital 369,433,114 368,357,239 Accumulated deficit ( 391,104,515 ) ( 396,815,428 ) Total stockholders' deficit ( 21,670,702 ) ( 28,457,490 ) Total liabilities and stockholders' deficit $ 42,812,338 $ 56,899,750 See accompanying notes to condensed consolidated financial statements. 4 MINERVA NEUROSCIENCES, INC. C ondensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expenses Research and development $ 1,887,913 $ 3,443,537 $ 9,915,699 $ 7,984,566 General and administrative 2,478,787 2,635,583 7

View Full Filing

View this 10-Q filing on SEC EDGAR