Estados financieros detallados de Minerva Neurosciences, Inc. (NERV): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $3.48, NERV presenta beneficios negativos (P/E no significativo) y un ROE del 250.02%. La capitalización bursátil es de $162M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | $41.2M | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | $11094 | $17467 | $161507 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$16530 | -$11094 | -$17467 | -$162000 | $41.2M | 0 | 0 | 0 | 0 | 0 |
| I+D | $20.4M | $30.3M | $34.9M | $58.1M | $22.0M | $32.0M | $14.6M | $12.7M | $11.9M | $5.8M |
| Generales y Administrativos | $9.8M | $10.9M | $16.8M | $17.7M | $17.3M | $13.3M | $10.6M | $10.4M | $9.9M | $9.3M |
| Gastos Operativos | $30.2M | $41.2M | $51.7M | $75.9M | $39.3M | $45.4M | $25.2M | $23.1M | $21.8M | $15.1M |
| Beneficio Operativo | -$30.2M | -$41.2M | -$51.7M | -$75.9M | $1.8M | -$45.4M | -$25.2M | -$23.1M | -$21.8M | -$15.1M |
| EBITDA | -$30.0M | -$40.3M | -$50.0M | -$74.3M | $2.1M | -$45.3M | -$24.7M | -$21.7M | $6.0M | -$293.4M |
| Gastos por Intereses | $1.0M | $614264 | $110448 | 0 | 0 | $6.3M | $7.4M | $8.3M | $4.6M | 0 |
| Beneficio Antes de Impuestos | -$31.0M | -$40.9M | -$50.2M | -$74.4M | $1.9M | -$51.7M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| Impuestos | 0 | -$9.4M | $1.7M | -$2.3M | 0 | -$1.8M | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$31.0M | -$31.5M | -$50.2M | -$72.2M | $1.9M | -$49.9M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| BPA | $-7.88 | $-6.65 | $-10.35 | $-14.80 | $0.38 | $-9.35 | $-6.01 | $-4.61 | $0.19 | $-34.67 |
| BPA Diluido | $-7.88 | $-6.65 | $-10.35 | $-14.80 | $0.38 | $-9.35 | $-6.01 | $-4.61 | $0.19 | $-34.67 |
| Acciones en Circulación (Diluidas) | $3.9M | $4.7M | $4.8M | $4.9M | $5.1M | $5.3M | $5.3M | $6.5M | $7.6M | $8.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$2.8M | -$5.0M | -$16.7M | -$10.6M |
| EBITDA | -$2.7M | -$283.7M | -$125.4M | $17.5M |
| Beneficio Neto | -$2.7M | -$283.7M | -$125.4M | $17.5M |
| BPA | $-0.36 | $-25.51 | $-2.86 | $0.36 |
| BPA Diluido | $-0.36 | $-25.51 | $-2.86 | $-0.14 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $83.0M | $26.1M | $50.2M | $21.4M | $25.4M | $60.8M | $36.1M | $40.9M | $21.4M | $82.3M |
| Inversiones a Corto | 0 | $102.1M | $37.8M | $24.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $83.9M | $129.5M | $90.0M | $47.1M | $27.4M | $62.2M | $40.2M | $42.0M | $22.3M | $83.1M |
| Inmovilizado Material | $9640 | $50945 | $33478 | $277963 | $101786 | $51080 | $16326 | $10884 | $5442 | 0 |
| Fondo de Comercio | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M |
| Activos Intangibles | $34.2M | $34.2M | $34.2M | $15.2M | $15.2M | 0 | $42567 | $17027 | 0 | 0 |
| Activos Totales | $132.9M | $183.7M | $139.1M | $77.5M | $57.6M | $77.1M | $55.1M | $56.9M | $37.1M | $98.0M |
| Cuentas por Pagar | $1.5M | $1.4M | $1.8M | $2.3M | $995614 | $1.9M | $969667 | $1.8M | $1.6M | $639000 |
| Deuda a Corto | $4.9M | $4.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $9.7M | $6.8M | $3.6M | $6.6M | $3.2M | $2.8M | $1.4M | $3.3M | $2.8M | $2.3M |
| Deuda a Largo | $3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $65.0M |
| Pasivos Totales | $27.0M | $52.1M | $48.9M | $49.7M | $5.0M | $69.1M | $75.1M | $85.4M | $62.8M | $238.7M |
| Reservas | -$132.9M | -$164.4M | -$214.6M | -$286.7M | -$284.8M | -$334.7M | -$366.8M | -$396.8M | -$395.4M | -$688.8M |
| Patrimonio Neto | $106.0M | $131.6M | $90.3M | $27.8M | $52.7M | $8.0M | -$20.0M | -$28.5M | -$25.7M | -$140.7M |
| Deuda Total | $8.7M | $4.0M | 0 | $284130 | $111229 | 0 | 0 | 0 | 0 | $65.0M |
| Deuda Neta | -$74.3M | -$124.2M | -$88.0M | -$45.6M | -$25.2M | -$60.8M | -$36.1M | -$40.9M | -$21.4M | -$17.3M |
| Capital Circulante | $74.2M | $122.7M | $86.4M | $40.5M | $24.3M | $59.4M | $38.8M | $38.7M | $19.4M | $80.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $12.3M | $82.3M | $32.8M | $24.7M |
| Activos Totales | $28.1M | $98.0M | $94.0M | $95.1M |
| Pasivos Totales | $62.7M | $238.7M | $348.0M | $296.6M |
| Patrimonio Neto | -$34.6M | -$140.7M | -$254.0M | -$201.6M |
| Deuda Total | 0 | 0 | $65.0M | 0 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$31.0M | -$31.5M | -$50.2M | -$72.2M | $1.9M | -$49.9M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| Amortizaciones | $16530 | $11094 | $17467 | $161507 | $176177 | $101786 | $8513 | $30982 | $22469 | $5.4M |
| Compensación en Acciones | $3.6M | $5.0M | $8.2M | $9.2M | $9.7M | $5.2M | $4.1M | $2.0M | $1.3M | $1.33B |
| Cambio en Capital Circulante | $1.3M | $38.9M | $110960 | $3.4M | -$45.6M | $259335 | -$4.1M | $4.9M | -$320603 | -$632347 |
| Flujo de Caja Operativo | -$25.7M | $3.1M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.6M | -$14.8M | -$19.6M | -$13.51B |
| Inversiones (CapEx) | 0 | -$52400 | 0 | $3 | 0 | 0 | -$16326 | 0 | 0 | 0 |
| Adquisiciones | 0 | $52.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$389 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$25.7M | $3.0M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.7M | -$14.8M | -$19.6M | -$13.51B |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.9M | -$4.5M | -$5.43B | -$13.34B |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.9M | -$4.5M | -$5.43B | -$13.34B |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $272897 | 0 | $8.71B | $2.27B |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | -100.0% | | | | |
| Crecimiento Beneficio Neto (anual) | | -1.5% | -59.2% | -43.9% | +102.7% | -2671.1% | +35.7% | +6.6% | +104.8% | -20492.7% |
| Crecimiento BPA (anual) | | +15.6% | -55.6% | -43.0% | +102.6% | -2560.5% | +35.7% | +23.3% | +104.1% | -18347.4% |
| Cambio en Acciones (anual) | | +20.4% | +2.3% | +0.6% | +4.9% | +4.4% | +0.0% | +21.8% | +16.4% | +11.8% |
| Crecimiento FCF (anual) | | +111.8% | -1479.5% | -3.6% | +22.1% | +27.3% | -0.2% | +40.0% | -32.2% | -69007.6% |
| Margen Bruto | | | | | 100.0% | | | | | |
| Margen Operativo | | | | | 4.5% | | | | | |
| Margen EBITDA | | | | | 5.1% | | | | | |
| Margen Neto | | | | | 4.7% | | | | | |
| Margen FCF | | | | | -82.1% | | | | | |
| Tasa Impositiva Efectiva | -0.0% | 22.9% | -3.3% | 3.0% | 0.0% | 3.5% | -0.0% | -0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-6.52 | $0.64 | $-8.65 | $-8.91 | $-6.61 | $-4.61 | $-4.62 | $-2.27 | $-2.58 | $-1596.28 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $3.9M | $4.7M | $4.8M | $4.9M | $5.1M | $5.3M | $5.3M | $6.5M | $7.6M | $8.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 250.02% |
| Rentabilidad sobre capital invertido | -38.56% |
| Rentabilidad sobre activos | -414.72% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 20.14 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -11.93 | -7.28 | -5.21 | -3.84 | 49.26 | -0.69 | -0.26 | -1.33 | 11.68 | -0.12 |
| P/VC | 3.49 | 1.74 | 2.90 | 9.99 | 1.81 | 4.29 | -0.42 | -1.41 | -0.65 | -0.24 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 2.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 4.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |