Minerva Spending Climbs as Phase 3 Trial Advances
Cash and securities fell to $75.4 million as Minerva increased research spending.
Minerva Neurosciences (NERV), a clinical-stage biopharmaceutical company, more than tripled second-quarter operating expenses as it advanced its confirmatory Phase 3 C19 trial. Operating expenses reached $10.6 million, compared with $3.4 million a year earlier, widening the operating loss by the same amount.
The increase marked a further acceleration in clinical spending. Research and development expense rose to $7.2 million from $1.3 million a year earlier and $5.3 million in the first quarter, reflecting costs for the C19 trial and higher compensation.
General and administrative expense increased to $3.5 million from $2.1 million, driven by higher professional-service fees and compensation. For the first half, G&A expense climbed to $14.9 million from $4.6 million, including costs tied to a first-quarter severance agreement and a $6.6 million one-time, noncash stock-option modification charge.
Adjusted net loss widened to $7.8 million from $3.0 million a year earlier. GAAP results swung to net income of $17.5 million from a $3.3 million loss, driven by a $27.6 million noncash gain from revaluing warrant liabilities.
That accounting effect moved sharply across the half. Warrant revaluation produced an $81.8 million loss for the first six months, while GAAP net loss widened to $107.9 million from $7.0 million a year earlier. Total liabilities rose to $296.6 million at June 30 from $233.8 million at year-end, largely reflecting the warrant liability.
Minerva began the C19 trial and screened its first patient during the first quarter, ahead of its previous plan for a second-quarter start. Phase A topline results remain expected in the second half of 2027. The company extended the disclosed follow-on phase to 52 weeks from 40 weeks and expects Phase B topline relapse data in the second half of 2028.
The company also established an eight-member Scientific Advisory Board during the quarter and later expanded it to 11 experts advising the C19 study and potential future pipeline programs. Cash, cash equivalents, marketable securities and restricted cash declined $7.0 million from year-end, leaving the trial’s next major readout more than a year away.