STOCK TITAN

Minerva Neurosciences Reports Second Quarter 2024 Financial Results and Business Updates

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Negative)
Tags

Minerva Neurosciences (Nasdaq: NERV) reported its Q2 2024 financial results and business updates. Key highlights include:

1. The FDA issued a Complete Response Letter (CRL) for roluperidone's NDA for treating negative symptoms in schizophrenia patients.

2. R&D expenses increased to $3.9 million in Q2 2024 from $1.9 million in Q2 2023.

3. G&A expenses decreased to $2.4 million in Q2 2024 from $2.6 million in Q2 2023.

4. Net loss for Q2 2024 was $8.2 million ($1.09 per share) compared to $6.2 million ($1.12 per share) in Q2 2023.

5. Cash position as of June 30, 2024, was $31.0 million, down from $41.0 million on December 31, 2023.

Minerva Neurosciences (Nasdaq: NERV) ha riportato i risultati finanziari e gli aggiornamenti aziendali per il secondo trimestre del 2024. I punti salienti includono:

1. La FDA ha emesso una Lettera di Risposta Completa (CRL) per la NDA di roluperidone per il trattamento dei sintomi negativi nei pazienti affetti da schizofrenia.

2. Le spese per R&S sono aumentate a 3,9 milioni di dollari nel secondo trimestre del 2024, rispetto a 1,9 milioni di dollari nel secondo trimestre del 2023.

3. Le spese generali e amministrative sono diminuite a 2,4 milioni di dollari nel secondo trimestre del 2024, rispetto a 2,6 milioni di dollari nel secondo trimestre del 2023.

4. La perdita netta per il secondo trimestre del 2024 è stata di 8,2 milioni di dollari (1,09 dollari per azione) rispetto ai 6,2 milioni di dollari (1,12 dollari per azione) del secondo trimestre del 2023.

5. La posizione di cassa al 30 giugno 2024 era di 31,0 milioni di dollari, in calo rispetto ai 41,0 milioni di dollari del 31 dicembre 2023.

Minerva Neurosciences (Nasdaq: NERV) informó sobre sus resultados financieros y actualizaciones comerciales del segundo trimestre de 2024. Los puntos destacados incluyen:

1. La FDA emitió una Carta de Respuesta Completa (CRL) para la NDA de roluperidona para el tratamiento de los síntomas negativos en pacientes con esquizofrenia.

2. Los gastos de I+D aumentaron a 3,9 millones de dólares en el segundo trimestre de 2024, en comparación con 1,9 millones de dólares en el segundo trimestre de 2023.

3. Los gastos generales y administrativos disminuyeron a 2,4 millones de dólares en el segundo trimestre de 2024, frente a 2,6 millones de dólares en el segundo trimestre de 2023.

4. La pérdida neta para el segundo trimestre de 2024 fue de 8,2 millones de dólares (1,09 dólares por acción) en comparación con 6,2 millones de dólares (1,12 dólares por acción) en el segundo trimestre de 2023.

5. La posición de efectivo al 30 de junio de 2024 era de 31,0 millones de dólares, frente a 41,0 millones de dólares al 31 de diciembre de 2023.

Minerva Neurosciences (Nasdaq: NERV)는 2024년 2분기 재무 결과와 비즈니스 업데이트를 보고했습니다. 주요 사항은 다음과 같습니다:

1. FDA는 조현병 환자의 부정적 증상 치료에 대한 roluperidone의 NDA에 대해 완전 답변 서한(CRL)을 발행했습니다.

2. 연구 개발 비용이 2023년 2분기 190만 달러에서 2024년 2분기 390만 달러로 증가했습니다.

3. 일반 및 관리 비용은 2023년 2분기 260만 달러에서 2024년 2분기 240만 달러로 감소했습니다.

4. 2024년 2분기의 순손실은 820만 달러(주당 1.09달러)로, 2023년 2분기의 620만 달러(주당 1.12달러)와 비교됩니다.

5. 2024년 6월 30일 기준 현금 보유고는 3,100만 달러로, 2023년 12월 31일의 4,100만 달러에서 감소했습니다.

Minerva Neurosciences (Nasdaq: NERV) a publié ses résultats financiers et les mises à jour de son activité pour le deuxième trimestre 2024. Les points clés comprennent :

1. La FDA a émis une Lettre de Réponse Complète (CRL) pour la NDA de roluperidone visant à traiter les symptômes négatifs chez les patients atteints de schizophrénie.

2. Les dépenses de R&D ont augmenté à 3,9 millions de dollars au deuxième trimestre 2024, contre 1,9 million de dollars au deuxième trimestre 2023.

3. Les dépenses générales et administratives ont diminué à 2,4 millions de dollars au deuxième trimestre 2024, contre 2,6 millions de dollars au deuxième trimestre 2023.

4. La perte nette pour le deuxième trimestre 2024 était de 8,2 millions de dollars (1,09 dollar par action) contre 6,2 millions de dollars (1,12 dollar par action) au deuxième trimestre 2023.

5. La position de trésorerie au 30 juin 2024 était de 31,0 millions de dollars, en baisse par rapport à 41,0 millions de dollars au 31 décembre 2023.

Minerva Neurosciences (Nasdaq: NERV) berichtete über die finanziellen Ergebnisse und Geschäftsentwicklungen im zweiten Quartal 2024. Die wichtigsten Highlights sind:

1. Die FDA hat einen Vollständigen Antwortbrief (CRL) für die NDA von roluperidon zur Behandlung negativer Symptome bei Patienten mit Schizophrenie herausgegeben.

2. Die F&E-Ausgaben stiegen im zweiten Quartal 2024 auf 3,9 Millionen US-Dollar, verglichen mit 1,9 Millionen US-Dollar im zweiten Quartal 2023.

3. Die allgemeinen und Verwaltungskosten sanken im zweiten Quartal 2024 auf 2,4 Millionen US-Dollar, nach 2,6 Millionen US-Dollar im zweiten Quartal 2023.

4. Der Nettoverlust für das zweite Quartal 2024 betrug 8,2 Millionen US-Dollar (1,09 US-Dollar pro Aktie) im Vergleich zu 6,2 Millionen US-Dollar (1,12 US-Dollar pro Aktie) im zweiten Quartal 2023.

5. Die Liquiditätsposition am 30. Juni 2024 betrug 31,0 Millionen US-Dollar, ein Rückgang von 41,0 Millionen US-Dollar zum 31. Dezember 2023.

Positive
  • Continued interactions with FDA to address CRL questions for roluperidone
  • Lower G&A expenses due to reduced compensation and professional service fees
Negative
  • FDA issued Complete Response Letter for roluperidone NDA
  • R&D expenses doubled year-over-year in Q2 2024
  • Net loss increased to $8.2 million in Q2 2024 from $6.2 million in Q2 2023
  • Cash position decreased by $10 million in the first half of 2024

Insights

Minerva Neurosciences' Q2 2024 results reveal a concerning financial picture. The company's net loss widened to $8.2 million from $6.2 million year-over-year, despite a slight improvement in loss per share. R&D expenses nearly doubled to $3.9 million, primarily due to drug substance validation costs. While G&A expenses decreased slightly, the overall financial health appears strained.

The company's cash position has deteriorated significantly, dropping from $41.0 million at the end of 2023 to $31.0 million by June 30, 2024. This 24.4% decrease in just six months raises concerns about cash burn rate and future funding needs. The ongoing FDA interactions regarding the Complete Response Letter for roluperidone add uncertainty to the company's near-term prospects and potential revenue streams.

The FDA's Complete Response Letter (CRL) for roluperidone is a significant setback for Minerva's lead candidate in treating negative symptoms of schizophrenia. While the company continues to engage with the FDA, the lack of clear resolution suggests potential delays or additional studies may be required, impacting the drug's path to market.

The increased R&D spending on drug substance validation and the MIN-101C18 study indicates ongoing commitment to development. However, without positive regulatory signals, these investments carry heightened risk. The company's focus on CNS disorders, particularly schizophrenia and Parkinson's disease, remains strategically relevant given the high unmet need in these areas, but near-term success appears challenging without a clear path forward for roluperidone.

BURLINGTON, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today reported business updates and financial results for the second quarter of 2024 ending June 30, 2024.

Roluperidone NDA Update

During the first quarter of this year, the Company announced that the U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) to its New Drug Application (NDA) for roluperidone (f/k/a MIN-101) for the treatment of negative symptoms in patients with schizophrenia. Since receiving the CRL, the Company has continued to have interactions with the FDA with the goal of addressing questions raised in the CRL.

Second Quarter 2024 Financial Results

Research and development (R&D) expense: For the three months ended June 30, 2024 and 2023, R&D expense was $3.9 million and $1.9 million, respectively. R&D expense was higher versus the prior year period primarily due to higher subcontractor fees related to costs associated with our drug substance validation campaign, partially offset by lower compensation expenses. For the six months ended June 30, 2024 and 2023, R&D expense was $8.0 million and $4.5 million, respectively. R&D expense was higher versus the prior year period primarily due to costs associated with our drug substance validation campaign and the conduct of the MIN-101C18 study.

General and administrative (G&A) expense: For the three months ended June 30, 2024 and 2023, G&A expense was $2.4 million and $2.6 million, respectively. G&A expense was lower versus the prior year period primarily due to lower compensation expenses. For the six months ended June 30, 2024 and 2023, G&A expense was $4.9 million and $5.3 million, respectively. G&A expense was lower versus the prior year period primarily due to lower compensation expenses and professional service fees.

Non-cash interest expense: For the three and six months ended June 30, 2024, non-cash interest expense for the sale of future royalties was $2.3 million and $4.6 million, respectively, as compared to $2.0 million and $4.0 million for the three and six months ended June 30, 2023, respectively. The increase versus the prior year period was primarily due to the amortization of non-cash interest expense for the difference between the balance of the liability related to the sale of future royalties and the estimated amount of future royalties to be received over the royalty period.

Net loss: Net loss for the three and six months ended June 30, 2024 was $8.2 million and $16.8 million, or a basic and diluted net loss per share of $1.09 and $2.22, respectively, as compared to a net loss for the three and six months ended June 30, 2023 of $6.2 million and $13.2 million or a basic and diluted net loss per share of $1.12 and $2.43, respectively.

Cash Position: Cash, cash equivalents and restricted cash at June 30, 2024 were approximately $31.0 million, as compared to $41.0 million at December 31, 2023.

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 expectations concerning Minerva’s ability to remediate or otherwise resolve issues and deficiencies identified in the CRL and the timing and 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 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, 2023, filed with the Securities and Exchange Commission on February 22, 2024, as updated by its Quarterly Report on Form 10-Q for the quarter ended June 30, 3024. 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)
 June 30, 2024December 31, 2023
 (in thousands)
ASSETS
Current assets:  
Cash and cash equivalents$30,881  $40,913 
Restricted cash 100   100 
Prepaid expenses and other current assets 428   989 
Total current assets 31,409   42,002 
Equipment and capitalized software, net 13   29 
Goodwill 14,869   14,869 
Total assets$46,291  $56,900 
   
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:  
Accounts payable$829  $1,805 
Accrued expenses and other current liabilities 3,375   1,535 
Total current liabilities 4,204   3,340 
Long-term liabilities:  
Liability related to the sale of future royalties 86,579   82,017 
Total liabilities 90,783   85,357 
Stockholders' deficit:  
Common stock 1   1 
Additional paid-in capital 369,125   368,357 
Accumulated deficit (413,618)  (396,815)
Total stockholders' deficit (44,492)  (28,457)
Total liabilities and stockholders' deficit$46,291  $56,900 
   


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)      
  Three Months Ended June 30,
(in thousands, except per share amounts)
 Six Months Ended June 30,
(in thousands, except per share amounts)
   2024   2023   2024   2023 
Operating expenses:      
Research and development $3,860  $1,887  $8,028  $4,541 
General and administrative  2,417   2,633   4,932   5,327 
Total operating expenses  6,277   4,520   12,960   9,868 
Loss from operations  (6,277)  (4,520)  (12,960)  (9,868)
       
Foreign exchange (losses) gains  (5)  (7)  1   (16)
Investment income  361   365   719   730 
Non-cash interest expense for the sale of future royalties  (2,312)  (2,030)  (4,562)  (4,008)
Net loss $(8,233) $(6,192) $(16,802) $(13,162)
       
Net loss per share, basic and diluted $(1.09) $(1.12) $(2.22) $(2.43)
Weighted average shares outstanding, basic and diluted  7,569   5,511   7,569   5,426 
       

FAQ

What was Minerva Neurosciences' (NERV) net loss per share in Q2 2024?

Minerva Neurosciences (NERV) reported a net loss of $1.09 per share for Q2 2024.

How much cash did Minerva Neurosciences (NERV) have as of June 30, 2024?

Minerva Neurosciences (NERV) had approximately $31.0 million in cash, cash equivalents, and restricted cash as of June 30, 2024.

What was the status of Minerva Neurosciences' (NERV) roluperidone NDA in Q2 2024?

The FDA issued a Complete Response Letter (CRL) for Minerva Neurosciences' (NERV) roluperidone NDA for treating negative symptoms in schizophrenia patients. The company continues to interact with the FDA to address questions raised in the CRL.

How did Minerva Neurosciences' (NERV) R&D expenses change in Q2 2024 compared to Q2 2023?

Minerva Neurosciences' (NERV) R&D expenses increased from $1.9 million in Q2 2023 to $3.9 million in Q2 2024, primarily due to higher subcontractor fees related to drug substance validation campaign costs.

Minerva Neurosciences, Inc

NASDAQ:NERV

NERV Rankings

NERV Latest News

NERV Stock Data

16.19M
6.99M
22.26%
30.02%
0.1%
Biotechnology
Pharmaceutical Preparations
Link
United States of America
WALTHAM