Minerva Neurosciences reported its third‑quarter 2025 financial results, posting a net loss of $2.7 million and an earnings‑per‑share figure of $‑0.36, slightly below the consensus estimate of $‑0.35. The loss represents a sharp reversal from the $22.5 million net income recorded in the same period a year earlier, underscoring the company’s continued investment in clinical development and the absence of product revenue.
Research and development expenses for the quarter were $0.9 million and general‑and‑administrative costs were $1.9 million, both lower than the prior year but still significant relative to the company’s cash position. The cost structure reflects disciplined spending, yet the lack of revenue means the company remains loss‑making, a typical profile for a clinical‑stage biopharmaceutical company.
Cash, cash equivalents and restricted cash stood at $12.4 million at the end of September 2025, down from $21.5 million at the end of 2024. The $80 million private‑placement financing, which closed on October 23 2025, has extended the company’s runway and reduced the immediate cash shortfall.
The financing package provides $80 million in gross proceeds upfront, with the potential to raise an additional $120 million through warrant exercises tied to the achievement of the primary endpoint of the Phase 3 confirmatory trial of roluperidone and the exercise of Tranche B warrants. The capital is earmarked for completing the Phase 3 study, resubmitting the NDA, and preparing for a possible commercial launch.
Dr. Remy Luthringer, Chairman and CEO, said the company is “strengthened by the recent financing and our alignment with the FDA on a confirmatory Phase 3 trial design.” He added that while expenses are expected to rise, the new capital will support the trial, regulatory submission, and launch preparations.
The results highlight Minerva’s continued reliance on external funding and the need for future financing to sustain operations. The company has also appointed up to three new directors with schizophrenia trial experience, and it has implemented cost‑reduction measures such as office space consolidation. The FDA’s alignment on the Phase 3 design and the company’s focus on a market with an unmet need for negative‑symptom treatment position roluperidone as a potentially high‑impact asset if the trial succeeds.
Investors reacted positively to the earnings and financing announcement, citing the secured capital and FDA alignment as key drivers of confidence in the company’s development trajectory.
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