Minerva's Warrant Gain Flips Third-Quarter Result to Profit

The Tip Desk · November 6, 2026 · 3 min read

The clinical-stage biopharmaceutical company recorded $1.94 a share of GAAP net income as a $109.6 million non-cash warrant fair-value gain reversed a year-earlier loss, while the C19 Phase 3 trial of roluperidone stayed on track for 2H 2027 efficacy data.

Minerva Neurosciences, Inc. (NERV), a clinical-stage biopharmaceutical company developing therapies for central nervous system disorders, reported GAAP net income of $100.7 million, or $1.94 a share on a basic basis, for the three months ended September 30, 2026, compared with a net loss of $2.7 million, or $(0.36) a share, a year earlier.

The company said the quarter’s GAAP net income was driven by a $109.6 million non-cash gain on the change in fair value of the warrant liability, related to warrants issued in an October 2025 private placement. No such gain was recorded in the year-ago quarter. Excluding that gain and stock-based compensation, adjusted (non-GAAP) net loss was $5.6 million, versus an adjusted net loss of $2.5 million in the prior-year period.

Operating expenses rose with the Phase 3 program. Research and development expense was $5.2 million for the three months ended September 30, 2026, versus $0.9 million a year earlier, which the company attributed primarily to costs related to the C19 trial and higher compensation. General and administrative expense was $4.3 million, versus $1.9 million a year earlier, attributed to higher professional service fees and compensation. Total operating expenses were $9.4 million, producing an operating loss of $9.4 million. Investment income was $0.6 million, versus $0.1 million a year earlier, which the company tied to higher cash equivalents and marketable securities balances.

Cash, cash equivalents, marketable securities and restricted cash were approximately $77.0 million at September 30, 2026, compared with $82.4 million at December 31, 2025. GAAP total liabilities were $184.1 million at September 30, 2026, versus $233.8 million at year-end 2025. Excluding the warrant liability and the liability related to the sale of future royalties, non-GAAP total liabilities were $2.5 million, versus $2.3 million at December 31, 2025. The warrant liability stood at $121.5 million at September 30, 2026, down from $171.5 million at year-end 2025.

The confirmatory Phase 3 trial of roluperidone (MIN-101C19) remained ongoing, with topline efficacy data still expected in the second half of 2027, matching the timeline stated in the prior-quarter update. The C19 Study is designed to enroll 380 patients across approximately 40 clinical sites worldwide, including the United States and multiple European countries. Phase A is evaluating roluperidone 64 mg versus placebo to confirm the effect on primary negative symptoms at 12 weeks. Phase B is evaluating longer-term relapse of positive symptoms versus commonly prescribed antipsychotic medications for an additional 52-week period, with topline data expected in the second half of 2028. The company said roluperidone remains the only late-stage drug candidate for this high-need population.

Chief Executive Officer Remy Luthringer said a recent publication in Schizophrenia Research by him and Chief Medical Officer Michael Davidson describes the need to expand basic science beyond dopaminergic mechanisms and to improve clinical trial methodology for negative symptoms. The article describes roluperidone as an antagonist with high affinity for sigma-2, 5-HT2A and alpha-1A receptors and very weak affinity for dopamine receptors. The company said it will host an in-person and virtual key opinion leader event in New York on November 12, 2026, at 10:00 a.m. ET, focused on the opportunity for roluperidone in treating the negative symptoms of schizophrenia.

For the nine months ended September 30, 2026, Minerva recorded a GAAP net loss of $7.2 million, or $(0.15) a share basic, compared with a net loss of $9.8 million, or $(1.29) a share, for the nine months ended September 30, 2025. Excluding a $27.8 million non-cash warrant fair-value gain and stock-based compensation, adjusted net loss for the nine months was $20.8 million, versus $8.9 million a year earlier.