NERV Minerva Neurosciences, Inc.
Price Chart
Executive Summary
Minerva Neurosciances reported Q1 2026 results with a GAAP net loss of $125.4M ($2.86/share) vs $3.8M ($0.50/share) a year ago, driven by a $109.4M non-cash warrant liability charge. On an adjusted non-GAAP basis, the net loss was $7.3M ($0.17/share), wider than the $3.5M ($0.46/share) loss in Q1 2025. The company initiated its confirmatory Phase 3 trial for roluperidone and screened the first patient, with topline data expected in 2H 2027. Cash burn was modest with $78.2M in cash and securities, down from $82.4M at year-end 2025.
Actionable Insight
This is a clinical-stage biotech with no revenue — the stock will trade on Phase 3 trial execution and cash runway, not quarterly earnings. The $78.2M cash position provides runway into 2H 2027 when topline data is expected. Monitor enrollment updates and any further warrant exercises that could dilute or provide additional capital.
Key Facts
- GAAP net loss of $125.4M ($2.86/share) for Q1 2026 vs $3.8M ($0.50/share) in Q1 2025
- Non-GAAP adjusted net loss of $7.3M ($0.17/share) vs $3.5M ($0.46/share) in Q1 2025
- R&D expenses surged to $5.3M from $1.4M due to Phase 3 trial initiation
- G&A expenses rose to $11.4M from $2.5M, including $6.6M one-time stock option modification charge
- Cash, equivalents, and marketable securities at $78.2M vs $82.4M at Dec 31, 2025
- Confirmatory Phase 3 trial for roluperidone initiated; first patient screened in March 2026
- Warrant liability revaluation caused a $109.4M non-cash expense
- One investor exercised warrants, providing $1.2M in additional proceeds
Financial Impact
Non-GAAP operating cash burn of ~$4.2M in Q1 2026 (cash + securities declined $4.2M); GAAP results dominated by non-cash warrant liability charges
Risk Factors
- Phase 3 trial failure or delay would be catastrophic for the stock
- Massive dilution risk from outstanding warrants (convertible into 56.8M shares of Series A preferred)
- Warrant liability ($278.6M) creates significant GAAP earnings volatility tied to stock price
- No approved products or revenue — entirely dependent on trial success and financing
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-205129 |
| Document: d947378d8k.htm | 0001193125-26-205129 |
| Document: 0001193125-26-205129-index-headers.html | 0001193125-26-205129 |
| Document: 0001193125-26-205129-index.html | 0001193125-26-205129 |
| Document: 0001193125-26-205129.txt | 0001193125-26-205129 |
| 8-K Data (Synthetic) | 0001193125-26-205129 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 27, 2026
13d ago
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8-K
| $5.00 $4.78 | ▲ +4.40% | ▲ +4.72% | $4.63 (+7.40%) |
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May 5, 2026
5w ago
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8-K
| $6.25 $5.63 | ▼ −9.92% | ▼ −11.90% | $4.63 (−25.92%) |
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Apr 23, 2026
6w ago
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DEFA14A
| $6.83 $6.39 | ▼ −6.44% | ▼ −7.92% | $4.63 (−32.21%) |
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Mar 25, 2026
10w ago
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Press Release
| $6.14 $5.28 | ▼ −14.01% | ▼ −15.64% | $4.63 (−24.59%) |
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Mar 20, 2026
11w ago
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EFFECT
| $7.54 $6.18 | ▼ −18.04% | ▼ −15.89% | $4.63 (−38.59%) |
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Mar 11, 2026
12w ago
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S-3
| $7.30 $7.78 | ▼ −6.58% | ▼ −8.76% | $4.63 (+36.58%) |
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Mar 11, 2026
12w ago
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Press Release
| $7.30 $7.78 | ▲ +6.58% | ▲ +8.76% | $4.63 (−36.58%) |
US Market Status
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