Minerva Neurosciences Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Business Updates
Rhea-AI Summary
Minerva Neurosciences (Nasdaq: NERV) reported its Q4 and fiscal year 2024 financial results. The company continues to address questions raised in the FDA's Complete Response Letter (CRL) for roluperidone, its treatment for negative symptoms in schizophrenia patients.
Financial highlights include: R&D expenses decreased to $2.0 million for Q4 2024 (vs $4.7 million in Q4 2023) and $11.9 million for full-year 2024 (vs $12.7 million in 2023). G&A expenses remained at $2.5 million for Q4 2024 and decreased to $9.9 million for full-year 2024 (vs $10.4 million in 2023).
The company reported a Q4 2024 net loss of $4.3 million ($0.56 per share) compared to a $9.0 million loss ($1.19 per share) in Q4 2023. For the full year 2024, Minerva reported net income of $1.4 million ($0.19 per share) versus a net loss of $30.0 million ($4.61 per share) in 2023. Cash position stood at $21.5 million as of December 31, 2024, down from $41.0 million a year earlier.
Positive
- Net income of $1.4 million for full-year 2024 vs. net loss of $30.0 million in 2023
- Q4 2024 net loss reduced to $4.3 million from $9.0 million in Q4 2023
- R&D expenses decreased to $2.0 million in Q4 2024 from $4.7 million in Q4 2023
- Recognition of $26.6 million in other income from adjustment to royalty liability
Negative
- FDA issued Complete Response Letter for roluperidone NDA
- Cash position decreased to $21.5 million from $41.0 million year-over-year
- Continued uncertainty regarding FDA approval timeline for roluperidone
News Market Reaction
On the day this news was published, NERV declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
BURLINGTON, Mass., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system disorders, today reported business updates and financial results for the fourth quarter and year ended December 31, 2024.
Corporate Update
As previously disclosed in the first quarter of 2024, the U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) to our New Drug Application (NDA) for roluperidone for the treatment of negative symptoms in patients with schizophrenia. The company continues to have interactions with the FDA with the goal of addressing questions raised in the CRL.
Fourth Quarter and Year End Financial Results
Research and development (R&D) expense: For the three months ended December 31, 2024 and 2023, R&D expense was
General and administrative (G&A) expense: For both of the three months ended December 31, 2024 and 2023, G&A expense was
Non-cash interest expense: For the three months and year ended December 31, 2024, non-cash interest expense for the sale of future royalties was
Other income: For both the three months ended December 31, 2024 and 2023, other income was
Net income (loss): Net loss was
Cash Position: Cash, cash equivalents and restricted cash at December 31, 2024, were approximately
About Minerva Neurosciences
Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing product candidates to treat CNS diseases. Minerva’s goal is to transform the lives of patients with improved therapeutic options, including roluperidone for negative symptoms of schizophrenia and MIN-301 for Parkinson’s disease. For more information, please visit the Company’s website.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management’s expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include, but are not limited to, statements herein with respect to Minerva’s ability to remediate or otherwise resolve issues and deficiencies identified in the CRL and the outcome of its interactions with the FDA. These forward-looking statements are based on our current expectations and may differ materially from actual results due to a variety of factors including, without limitation, Minerva’s ability to address FDA’s feedback and timing thereof; uncertainties associated with regulatory processes, including the content and timing of decisions by the FDA; general risks associated with developing biopharmaceutical product candidates; management’s ability to successfully achieve its goals; our ability to raise additional capital to fund its clinical development plans, operations and corporate objectives on terms acceptable to Minerva; general economic conditions; and other factors that are described under the caption “Risk Factors” in Minerva’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 25, 2025. Copies of reports filed with the SEC are posted on Minerva’s website at http://ir.minervaneurosciences.com/. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
Contact:
Investor inquiries:
Frederick Ahlholm
Chief Financial Officer
Minerva Neurosciences, Inc.
info@minervaneurosciences.com
Media inquiries:
Helen Shik
Principal
Shik Communications LLC
helen@shikcommunications.com
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||
| (Unaudited) | ||||||
| December 31, 2024 | December 31, 2023 | |||||
| (in thousands) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 21,362 | $ | 40,913 | ||
| Restricted cash | 100 | 100 | ||||
| Prepaid expenses and other current assets | 807 | 989 | ||||
| Total current assets | 22,269 | 42,002 | ||||
| Equipment and capitalized software, net | 6 | 29 | ||||
| Goodwill | 14,869 | 14,869 | ||||
| Total assets | $ | 37,144 | $ | 56,900 | ||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,608 | $ | 1,805 | ||
| Accrued expenses and other current liabilities | 1,229 | 1,535 | ||||
| Total current liabilities | 2,837 | 3,340 | ||||
| Long-term liabilities: | ||||||
| Liability related to the sale of future royalties | 60,000 | 82,017 | ||||
| Total liabilities | 62,837 | 85,357 | ||||
| Stockholders' deficit: | ||||||
| Common stock | 1 | 1 | ||||
| Additional paid-in capital | 369,683 | 368,357 | ||||
| Accumulated deficit | (395,377 | ) | (396,815 | ) | ||
| Total stockholders' deficit | (25,693 | ) | (28,457 | ) | ||
| Total liabilities and stockholders' deficit | $ | 37,144 | $ | 56,900 | ||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended December 31, (in thousands, except per share amounts) | Twelve Months Ended December 31, (in thousands, except per share amounts) | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating expenses: | ||||||||||||||
| Research and development | $ | 1,983 | $ | 4,721 | $ | 11,899 | $ | 12,705 | ||||||
| General and administrative | 2,539 | 2,451 | 9,949 | 10,414 | ||||||||||
| Total operating expenses | 4,522 | 7,172 | 21,848 | 23,119 | ||||||||||
| Loss from operations | (4,522 | ) | (7,172 | ) | (21,848 | ) | (23,119 | ) | ||||||
| Foreign exchange gains (losses) | 10 | (19 | ) | (2 | ) | (40 | ) | |||||||
| Investment income | 240 | 359 | 1,272 | 1,437 | ||||||||||
| Non-cash interest expense for the sale of future royalties | - | (2,190 | ) | (4,562 | ) | (8,283 | ) | |||||||
| Other income | - | - | 26,579 | - | ||||||||||
| Net income (loss) | $ | (4,272 | ) | $ | (9,022 | ) | $ | 1,439 | $ | (30,005 | ) | |||
| Net income (loss) per share, basic | $ | (0.56 | ) | $ | (1.19 | ) | $ | 0.19 | $ | (4.61 | ) | |||
| Weighted average shares outstanding, basic | 7,569 | 7,569 | 7,569 | 6,506 | ||||||||||
| Net income (loss) per share, diluted | $ | (0.56 | ) | $ | (1.19 | ) | $ | 0.19 | $ | (4.61 | ) | |||
| Weighted average shares outstanding, diluted | 7,569 | 7,569 | 7,574 | 6,506 | ||||||||||
FAQ
What caused Minerva Neurosciences (NERV) to report net income in 2024 despite the FDA setback?
How much did NERV's cash position decrease in 2024?
What is the current status of Minerva's (NERV) roluperidone FDA application?
How did NERV's R&D expenses change in Q4 2024 compared to Q4 2023?
What was Minerva Neurosciences' (NERV) earnings per share for full-year 2024?
