This is a clinical-stage biotech with no revenue — the stock will trade on Phase 3 trial execution and cash runway, not quarterly earnings. The $78.2M cash position provides runway into 2H 2027 when topline data is expected. Monitor enrollment updates and any further warrant exercises that could dilute or provide additional capital.
Price Chart
Executive Summary
Minerva Neurosciances reported Q1 2026 results with a GAAP net loss of $125.4M ($2.86/share) vs $3.8M ($0.50/share) a year ago, driven by a $109.4M non-cash warrant liability charge. On an adjusted non-GAAP basis, the net loss was $7.3M ($0.17/share), wider than the $3.5M ($0.46/share) loss in Q1 2025. The company initiated its confirmatory Phase 3 trial for roluperidone and screened the first patient, with topline data expected in 2H 2027. Cash burn was modest with $78.2M in cash and securities, down from $82.4M at year-end 2025.
Key Facts
- GAAP net loss of $125.4M ($2.86/share) for Q1 2026 vs $3.8M ($0.50/share) in Q1 2025
- Non-GAAP adjusted net loss of $7.3M ($0.17/share) vs $3.5M ($0.46/share) in Q1 2025
- R&D expenses surged to $5.3M from $1.4M due to Phase 3 trial initiation
- G&A expenses rose to $11.4M from $2.5M, including $6.6M one-time stock option modification charge
- Cash, equivalents, and marketable securities at $78.2M vs $82.4M at Dec 31, 2025
- Confirmatory Phase 3 trial for roluperidone initiated; first patient screened in March 2026
- Warrant liability revaluation caused a $109.4M non-cash expense
- One investor exercised warrants, providing $1.2M in additional proceeds
Financial Impact
Non-GAAP operating cash burn of ~$4.2M in Q1 2026 (cash + securities declined $4.2M); GAAP results dominated by non-cash warrant liability charges
Risk Factors
- Phase 3 trial failure or delay would be catastrophic for the stock
- Massive dilution risk from outstanding warrants (convertible into 56.8M shares of Series A preferred)
- Warrant liability ($278.6M) creates significant GAAP earnings volatility tied to stock price
- No approved products or revenue — entirely dependent on trial success and financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-205129 |
| Document: d947378d8k.htm | 0001193125-26-205129 |
| Document: 0001193125-26-205129-index-headers.html | 0001193125-26-205129 |
| Document: 0001193125-26-205129-index.html | 0001193125-26-205129 |
| Document: 0001193125-26-205129.txt | 0001193125-26-205129 |
| 8-K Data (Synthetic) | 0001193125-26-205129 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | 8-K | $3.92 | awaiting T+60 | — | $2.23 (−43.11%) |
Aug 7, 2026 11w ago | 8-K | $4.27 | awaiting T+60 | — | $2.23 (−47.78%) |
May 27, 2026 21w ago | 8-K | $5.00 $4.84 | ▲ +3.20% | ▲ +4.93% | $2.23 (+55.40%) |
May 5, 2026 25w ago | 8-K | $6.25 $4.02 | ▼ −35.68% | ▼ −38.42% | $2.23 (−64.32%) |
Apr 23, 2026 26w ago | DEFA14A | $6.83 $4.37 | ▼ −36.02% | ▼ −41.04% | $2.23 (−67.35%) |
Mar 25, 2026 30w ago | Press Release | $6.14 $4.66 | ▼ −24.10% | ▼ −38.05% | $2.23 (−63.68%) |
Mar 20, 2026 31w ago | EFFECT | $7.54 $4.39 | ▼ −41.78% | ▼ −56.20% | $2.23 (−70.42%) |
Mar 11, 2026 32w ago | S-3 | $7.30 $4.68 | ▲ +35.89% | ▲ +47.41% | $2.23 (+69.45%) |
Mar 11, 2026 32w ago | Press Release | $7.30 $4.68 | ▼ −35.89% | ▼ −47.41% | $2.23 (−69.45%) |
US Market Status
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