Minerva Neurosciences, Inc.
NERVHealthcare|Biotechnology|US
$2.42
+0.12 (+5.22%)
DCF Value
$1.98
Cash / Share
$1.56
Financials
Financial Snapshot
Market Cap
$115.5M
Enterprise Value
$95.3M
Revenue (TTM)
$0.00
Net Income (TTM)
-$295.9M
Cash & Investments
$76.9M
Net Cash
$76.9M
Free Cash Flow (TTM)
-$26.93B
Operating CF (TTM)
-$26.93B
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$76.9M
Quarterly Burn
$6.73B
Monthly Burn
$2.24B
Est. Runway
~0.0 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $83.0M | $128.2M | $88.0M | $45.9M | $25.4M | $60.8M | $36.1M | $40.9M | $21.4M | $82.3M | $76.9M | |
| Operating Cash Flow | -$25.7M | $3.1M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.6M | -$14.8M | -$19.6M | -$13.51B | -$26.93B | |
| Free Cash Flow | -$25.7M | $3.0M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.7M | -$14.8M | -$19.6M | -$13.51B | -$26.93B | |
| Capital Expenditure | $0.00 | -$52.4K | $0.00 | $3.00 | $0.00 | $0.00 | -$16.3K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $76.6M | $47.2M | -$3.3M | $525.0K | $13.2M | $60.0M | -$5.00 | $19.6M | $0.00 | $74.45B | $20.77B |
R&D Spending
R&D (TTM)
$5.27B
R&D Intensity
—
R&D Growth vs Prior
+91392.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $41.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $20.4M | $30.3M | $34.9M | $58.1M | $22.0M | $32.0M | $14.6M | $12.7M | $11.9M | $5.8M | $5.27B | |
| R&D % of Revenue | — | — | — | — | 53.5% | — | — | — | — | — | — | |
| SG&A | $9.8M | $10.9M | $16.8M | $17.7M | $17.3M | $13.3M | $10.6M | $10.4M | $9.9M | $9.3M | $11.43B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $41.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $11.1K | $17.5K | $161.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$16.5K | -$11.1K | -$17.5K | -$162.0K | $41.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $20.4M | $30.3M | $34.9M | $58.1M | $22.0M | $32.0M | $14.6M | $12.7M | $11.9M | $5.8M | $5.27B | |
| SG&A | $9.8M | $10.9M | $16.8M | $17.7M | $17.3M | $13.3M | $10.6M | $10.4M | $9.9M | $9.3M | $11.43B | |
| Operating Income | -$30.2M | -$41.2M | -$51.7M | -$75.9M | $1.8M | -$45.4M | -$25.2M | -$23.1M | -$21.8M | -$15.1M | -$9.47B | |
| Interest Expense | $1.0M | $614.3K | $110.4K | $0.00 | $0.00 | $6.3M | $7.4M | $8.3M | $4.6M | $0.00 | $0.00 | |
| Pretax Income | -$31.0M | -$40.9M | -$50.2M | -$74.4M | $1.9M | -$51.7M | -$32.1M | -$30.0M | $1.4M | -$293.4M | $95.27B | |
| Net Income | -$31.0M | -$31.5M | -$50.2M | -$72.2M | $1.9M | -$49.9M | -$32.1M | -$30.0M | $1.4M | -$293.4M | -$295.9M | |
| EPS (Diluted) | -7.88 | -6.65 | -10.35 | -14.80 | 0.38 | -9.35 | -6.01 | -4.61 | 0.19 | -34.67 | -28.70 | |
| EBITDA | -$30.0M | -$40.3M | -$50.0M | -$74.3M | $2.1M | -$45.3M | -$24.7M | -$21.7M | $6.0M | -$293.4M | -$401.0M | |
| Shares Out. (M) | 3.94 | 4.74 | 4.85 | 4.88 | 5.11 | 5.34 | 5.34 | 6.51 | 7.57 | 8.46 | 75.25 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.0M | $26.1M | $50.2M | $21.4M | $25.4M | $60.8M | $36.1M | $40.9M | $21.4M | $82.3M | $20.2M | |
| Short-Term Investments | $0.00 | $102.1M | $37.8M | $24.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $56.7M | |
| Total Current Assets | $83.9M | $129.5M | $90.0M | $47.1M | $27.4M | $62.2M | $40.2M | $42.0M | $22.3M | $83.1M | $83.4M | |
| Total Assets | $132.9M | $183.7M | $139.1M | $77.5M | $57.6M | $77.1M | $55.1M | $56.9M | $37.1M | $98.0M | $98.3M | |
| Total Current Liabilities | $9.7M | $6.8M | $3.6M | $6.6M | $3.2M | $2.8M | $1.4M | $3.3M | $2.8M | $2.3M | $2.5M | |
| Long-Term Debt | $3.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $65.0M | $0.00 | |
| Total Liabilities | $27.0M | $52.1M | $48.9M | $49.7M | $5.0M | $69.1M | $75.1M | $85.4M | $62.8M | $238.7M | $184.1M | |
| Stockholders' Equity | $106.0M | $131.6M | $90.3M | $27.8M | $52.7M | $8.0M | -$20.0M | -$28.5M | -$25.7M | -$140.7M | -$85.78B | |
| Retained Earnings | -$132.9M | -$164.4M | -$214.6M | -$286.7M | -$284.8M | -$334.7M | -$366.8M | -$396.8M | -$395.4M | -$688.8M | -$695.99B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.7M | $3.1M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.6M | -$14.8M | -$19.6M | -$13.51B | -$26.93B | |
| Capital Expenditure | $0.00 | -$52.4K | $0.00 | $3.00 | $0.00 | $0.00 | -$16.3K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$25.7M | $3.0M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.7M | -$14.8M | -$19.6M | -$13.51B | -$26.93B | |
| Investing Cash Flow | $17.8M | -$107.2M | $69.5M | $14.1M | $24.5M | $0.00 | -$16.3K | $0.00 | $0.00 | $0.00 | -$55.86B | |
| Financing Cash Flow | $76.6M | $47.2M | -$3.3M | $525.0K | $13.2M | $60.0M | -$5.00 | $19.6M | $0.00 | $74.45B | $20.77B | |
| Issuance of Stock | $58.5M | $44.6M | $655.9K | $525.0K | $12.6M | $0.00 | $0.00 | $20.0M | $0.00 | $74.5M | $10.07B | |
| Repurchase of Stock | $0.00 | -$389.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.6M | -$4.9M | -$4.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.6M | $5.0M | $8.2M | $9.2M | $9.7M | $5.2M | $4.1M | $2.0M | $1.3M | $1.33B | $14.19B | |
| Net Change in Cash | $68.7M | -$56.9M | $24.2M | -$28.8M | $3.9M | $35.4M | -$24.7M | $4.8M | -$19.6M | $60.94B | -$62.02B |
Dilution Tracker
Shares outstanding grew 65.5% over 5 years — significant dilution
Shares Outstanding
48M
5-Year Share Growth
+65.5%
Stock Issuance (TTM)
$10.07B
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.94 | 4.74 | 4.85 | 4.88 | 5.11 | 5.34 | 5.34 | 6.51 | 7.57 | 8.46 | 75.25 | |
| Change vs Prior % | — | 20.4% | 2.3% | 0.6% | 4.9% | 4.4% | 0.0% | 21.8% | 16.4% | 11.8% | 789.1% | |
| Stock Issuance | $58.5M | $44.6M | $655.9K | $525.0K | $12.6M | $0.00 | $0.00 | $20.0M | $0.00 | $74.5M | $10.07B | |
| Stock Repurchase | $0.00 | -$389.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.6M | $5.0M | $8.2M | $9.2M | $9.7M | $5.2M | $4.1M | $2.0M | $1.3M | $1.33B | $14.19B |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 100.0% | — | — | — | — | — | — | |
| Operating Margin % | — | — | — | — | 4.5% | — | — | — | — | — | — | |
| Net Margin % | — | — | — | — | 4.7% | — | — | — | — | — | — | |
| EBITDA Margin % | — | — | — | — | 5.1% | — | — | — | — | — | — | |
| FCF Margin % | — | — | — | — | -82.1% | — | — | — | — | — | — | |
| ROE % | -29.3% | -24.0% | -55.6% | -259.8% | 3.7% | -625.7% | 160.3% | 105.4% | -5.6% | 208.5% | 1.4% | |
| ROA % | -23.4% | -17.2% | -36.1% | -93.1% | 3.4% | -64.7% | -58.3% | -52.7% | 3.9% | -299.5% | -301.1% | |
| ROIC % | -23.6% | -17.5% | -38.2% | -103.6% | 3.4% | -58.9% | -47.0% | -43.2% | -63.7% | -15.8% | -9885.9% | |
| R&D / Revenue % | — | — | — | — | 53.5% | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 4.3% | 32.9% | -57.4% | -827.5% | 25517.3% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | -15.6% | -36.4% | -25.6% | -46.7% | 102.4% | -2556.2% | 44.4% | 8.4% | 5.5% | 30.9% | |
| Net Income | -14.6% | -1.5% | -59.2% | -43.9% | 102.7% | -2671.1% | 35.7% | 6.6% | 104.8% | -20492.7% | |
| EPS (Diluted) | 14.8% | 15.6% | -55.6% | -43.0% | 102.6% | -2560.5% | 35.7% | 23.3% | 104.1% | -18347.4% | |
| Operating Cash Flow | -5.8% | 112.0% | -1456.1% | -3.6% | 22.1% | 27.3% | -0.2% | 40.0% | -32.2% | -69007.6% | |
| Free Cash Flow | -5.8% | 111.8% | -1479.5% | -3.6% | 22.1% | 27.3% | -0.2% | 40.0% | -32.2% | -69007.6% | |
| R&D Expense | 10.3% | 48.0% | 15.3% | 66.6% | -62.1% | 45.4% | -54.3% | -13.3% | -6.3% | -51.6% | |
| SG&A Expense | 28.7% | 11.9% | 54.3% | 5.3% | -2.5% | -22.9% | -20.6% | -1.6% | -4.5% | -6.1% | |
| Total Assets | 61.0% | 38.2% | -24.3% | -44.3% | -25.6% | 33.8% | -28.6% | 3.3% | -34.7% | 163.8% | |
| Book Value / Share | 42.4% | 3.1% | -32.9% | -69.4% | 81.2% | -85.5% | -351.1% | -16.6% | 22.4% | -389.9% | |
| Debt | -12.5% | -54.4% | -100.0% | 0.0% | -60.9% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 34.6% | 20.4% | 2.3% | 0.6% | 4.9% | 4.4% | 0.0% | 21.8% | 16.4% | 11.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B-0.00
10Y Low / Med / High1.74 / 3.49 / 9.99
EV/EBITDAAt Loss
10Y Low / Med / High0.04 / 1.12 / 33.20
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.98
Cash / Share
$1.56
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -11.93 | -7.28 | -5.21 | -3.84 | 49.26 | -0.69 | -0.26 | -1.33 | 11.68 | -0.12 | -0.09 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 2.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 3.49 | 1.74 | 2.90 | 9.99 | 1.81 | 4.29 | -0.42 | -1.41 | -0.65 | -0.24 | -0.00 | |
| EV/EBITDA | -9.87 | -5.15 | -4.22 | -3.45 | 33.20 | 0.59 | 1.12 | 0.04 | -0.76 | -0.06 | -0.24 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 1.71 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-9926.71
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $19.8M | $56.5M | $19.1M |
| Net Income | -$21.3M | -$5.8M | -$4.1M |
| EPS | $-2.52 | $-0.68 | $-0.49 |
| # Analysts (EPS) | 1 | 1 | 2 |