Minerva Posts $100.7 Million Quarterly Net Income on Noncash Gain
Key Facts
Minerva Neurosciences reported on November 6, 2026, GAAP net income of $100.7 million for the quarter ended September 30, compared with a net loss of $2.7 million in the same period of 2025. The company attributed the turnaround to a $109.6 million noncash gain from a change in the fair value of warrant liabilities. The gain does not represent a cash inflow to the company, as Minerva said warrant liabilities are remeasured periodically based on its share price and other inputs. The company added that volatility in the liability “does not reflect the company’s operating performance or cash position.” On a measure that excludes the revaluation gain and stock-based compensation expense, the company reported a non-GAAP adjusted loss of $5.6 million.
The adjusted loss widened from a loss of $2.5 million in the third quarter of 2025, putting reported net income in a different context from the operating result the company presents after excluding specified items. For the nine months ended September 30, Minerva reported a GAAP loss of about $7.2 million, compared with $9.8 million in the same period of 2025. The second quarter posted GAAP net income of $17.5 million, also driven by a $27.6 million noncash gain from revaluing warrant liabilities. But results for the first six months of 2026 showed a GAAP net loss of $107.9 million, including a noncash loss of $81.8 million on the same item. These results illustrate the effect of volatile warrant revaluations on net income and loss from one period to another.
Research and development expenses rose to $5.2 million in the third quarter, from $0.9 million a year earlier. The company said the increase was mainly due to expenses related to the C19 trial and higher compensation costs. General and administrative expenses also rose to $4.3 million, compared with $1.9 million in the same quarter of 2025. Minerva attributed the increase to higher professional fees and compensation costs. The disclosure directly links growth in research and development spending to the clinical trial at the center of its program to evaluate roluperidone.
Cash, cash equivalents, marketable securities and restricted cash totaled about $77.0 million on September 30, 2026, compared with $82.4 million on December 31, 2025. The company had reported a similar balance of $75.4 million on June 30, making the third-quarter-end balance higher than the midyear level but below the end-of-2025 balance. In the second quarter, the non-GAAP adjusted loss was about $7.8 million, compared with $3.0 million in the second quarter of 2025. The disclosure presents available cash alongside the losses and expenses supporting execution of the clinical program. NERV shares closed at $2.30 on November 5, 2026, according to EL7 data.
The global Phase 3 C19 trial is testing roluperidone for negative symptoms of schizophrenia and aims to enroll 380 patients at about 40 clinical sites. The company said Phase A compares a 64 mg dose with placebo to measure core negative symptoms after 12 weeks. Minerva expects to announce topline data from this phase in the second half of 2027. Phase B assesses long-term relapse of positive symptoms over an additional 52 weeks, with topline data expected in the second half of 2028. Chief Executive Remy Luthringer said the company “is focused on execution and is on track to reach topline efficacy data in the second half of 2027.”
The first patient was screened in the C19 trial on March 31, 2026, according to the company’s second-quarter report. The trial comes amid a regulatory path that began after the U.S. Food and Drug Administration issued a complete response letter on the roluperidone application on February 26, 2024. The FDA said one study showing statistical significance on the primary efficacy endpoint was not enough on its own to establish substantial evidence of effectiveness, and requested additional data, including an adequate positive controlled study. Minerva said the C19 trial is designed to confirm the effect seen in earlier trials, while it focuses on completing enrollment and execution. The company is scheduled to host an in-person and virtual event in New York on November 12, 2026, at 10:00 a.m. Eastern Time, with experts and opinion leaders discussing roluperidone’s potential to treat negative symptoms of schizophrenia.