Minerva Neurosciences, Inc.

Minerva Neurosciences, Inc. reported a significant net loss of $293.4 million for fiscal year 2025, driven primarily by a $321.5 million non-cash loss on the issuance of convertible preferred stock and warrants. The company's core operations resulted in a loss from operations of $15.1 million, with total expenses of $15.1 million split between research and development ($5.8 million) and general and administrative ($9.3 million). Despite the net loss, the company strengthened its balance sheet through a private placement, ending the year with $82.4 million in cash, cash equivalents, and restricted cash, a substantial increase from $21.5 million at the end of 2024. Total assets increased to $98.0 million from $37.1 million, while total liabilities grew to $233.8 million, largely due to new warrant and royalty sale liabilities, resulting in a stockholders' deficit of $140.7 million.

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