Detailed financial statements for Minerva Neurosciences, Inc. (NERV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Minerva Neurosciences, Inc. functions as a biopharmaceutical firm in the clinical development stage, primarily dedicated to uncovering and bringing to market novel therapeutic options for disorders affecting the central nervous system.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.48, NERV has negative trailing earnings (P/E not meaningful) and an ROE of 250.02%. Market capitalisation stands at $162M.
Balance sheet quality for NERV: current ratio of 36.3, net cash position of $17.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $41.2M | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $11094 | $17467 | $161507 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$16530 | -$11094 | -$17467 | -$162000 | $41.2M | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $20.4M | $30.3M | $34.9M | $58.1M | $22.0M | $32.0M | $14.6M | $12.7M | $11.9M | $5.8M |
| Selling, General & Admin | $9.8M | $10.9M | $16.8M | $17.7M | $17.3M | $13.3M | $10.6M | $10.4M | $9.9M | $9.3M |
| Operating Expenses | $30.2M | $41.2M | $51.7M | $75.9M | $39.3M | $45.4M | $25.2M | $23.1M | $21.8M | $15.1M |
| Operating Income | -$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 |
| Interest Expense | $1.0M | $614264 | $110448 | 0 | 0 | $6.3M | $7.4M | $8.3M | $4.6M | 0 |
| Pre-tax Income | -$31.0M | -$40.9M | -$50.2M | -$74.4M | $1.9M | -$51.7M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| Income Tax | 0 | -$9.4M | $1.7M | -$2.3M | 0 | -$1.8M | 0 | 0 | 0 | 0 |
| Net Income | -$31.0M | -$31.5M | -$50.2M | -$72.2M | $1.9M | -$49.9M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| EPS | $-7.88 | $-6.65 | $-10.35 | $-14.80 | $0.38 | $-9.35 | $-6.01 | $-4.61 | $0.19 | $-34.67 |
| EPS (Diluted) | $-7.88 | $-6.65 | $-10.35 | $-14.80 | $0.38 | $-9.35 | $-6.01 | $-4.61 | $0.19 | $-34.67 |
| Shares Outstanding (Diluted) | $3.9M | $4.7M | $4.8M | $4.9M | $5.1M | $5.3M | $5.3M | $6.5M | $7.6M | $8.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.0M | $26.1M | $50.2M | $21.4M | $25.4M | $60.8M | $36.1M | $40.9M | $21.4M | $82.3M |
| Short-term Investments | 0 | $102.1M | $37.8M | $24.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $83.9M | $129.5M | $90.0M | $47.1M | $27.4M | $62.2M | $40.2M | $42.0M | $22.3M | $83.1M |
| Property, Plant & Equipment | $9640 | $50945 | $33478 | $277963 | $101786 | $51080 | $16326 | $10884 | $5442 | 0 |
| Goodwill | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M |
| Intangible Assets | $34.2M | $34.2M | $34.2M | $15.2M | $15.2M | 0 | $42567 | $17027 | 0 | 0 |
| Total Assets | $132.9M | $183.7M | $139.1M | $77.5M | $57.6M | $77.1M | $55.1M | $56.9M | $37.1M | $98.0M |
| Accounts Payable | $1.5M | $1.4M | $1.8M | $2.3M | $995614 | $1.9M | $969667 | $1.8M | $1.6M | $639000 |
| Short-term Debt | $4.9M | $4.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $9.7M | $6.8M | $3.6M | $6.6M | $3.2M | $2.8M | $1.4M | $3.3M | $2.8M | $2.3M |
| Long-term Debt | $3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $65.0M |
| Total Liabilities | $27.0M | $52.1M | $48.9M | $49.7M | $5.0M | $69.1M | $75.1M | $85.4M | $62.8M | $238.7M |
| Retained Earnings | -$132.9M | -$164.4M | -$214.6M | -$286.7M | -$284.8M | -$334.7M | -$366.8M | -$396.8M | -$395.4M | -$688.8M |
| Total Equity | $106.0M | $131.6M | $90.3M | $27.8M | $52.7M | $8.0M | -$20.0M | -$28.5M | -$25.7M | -$140.7M |
| Total Debt | $8.7M | $4.0M | 0 | $284130 | $111229 | 0 | 0 | 0 | 0 | $65.0M |
| Net Debt | -$74.3M | -$124.2M | -$88.0M | -$45.6M | -$25.2M | -$60.8M | -$36.1M | -$40.9M | -$21.4M | -$17.3M |
| Working Capital | $74.2M | $122.7M | $86.4M | $40.5M | $24.3M | $59.4M | $38.8M | $38.7M | $19.4M | $80.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$31.0M | -$31.5M | -$50.2M | -$72.2M | $1.9M | -$49.9M | -$32.1M | -$30.0M | $1.4M | -$293.4M |
| Depreciation & Amortization | $16530 | $11094 | $17467 | $161507 | $176177 | $101786 | $8513 | $30982 | $22469 | $5.4M |
| Stock-based Compensation | $3.6M | $5.0M | $8.2M | $9.2M | $9.7M | $5.2M | $4.1M | $2.0M | $1.3M | $1.33B |
| Change in Working Capital | $1.3M | $38.9M | $110960 | $3.4M | -$45.6M | $259335 | -$4.1M | $4.9M | -$320603 | -$632347 |
| Operating Cash Flow | -$25.7M | $3.1M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.6M | -$14.8M | -$19.6M | -$13.51B |
| Capital Expenditure | 0 | -$52400 | 0 | $3 | 0 | 0 | -$16326 | 0 | 0 | 0 |
| Acquisitions | 0 | $52.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$389 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$25.7M | $3.0M | -$41.9M | -$43.4M | -$33.8M | -$24.6M | -$24.7M | -$14.8M | -$19.6M | -$13.51B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | |||||||||
| Net Income Growth (YoY) | -1.5% | -59.2% | -43.9% | +102.7% | -2671.1% | +35.7% | +6.6% | +104.8% | -20492.7% | |
| EPS Growth (YoY) | +15.6% | -55.6% | -43.0% | +102.6% | -2560.5% | +35.7% | +23.3% | +104.1% | -18347.4% | |
| Shares Change (YoY) | +20.4% | +2.3% | +0.6% | +4.9% | +4.4% | +0.0% | +21.8% | +16.4% | +11.8% | |
| FCF Growth (YoY) | +111.8% | -1479.5% | -3.6% | +22.1% | +27.3% | -0.2% | +40.0% | -32.2% | -69007.6% | |
| Gross Margin | 100.0% | |||||||||
| Operating Margin | 4.5% | |||||||||
| EBITDA Margin | 5.1% | |||||||||
| Net Margin | 4.7% | |||||||||
| FCF Margin | -82.1% | |||||||||
| Effective Tax Rate | -0.0% | 22.9% | -3.3% | 3.0% | 0.0% | 3.5% | -0.0% | -0.0% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.52 | $0.64 | $-8.65 | $-8.91 | $-6.61 | $-4.61 | $-4.62 | $-2.27 | $-2.58 | $-1596.28 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.9M | $4.7M | $4.8M | $4.9M | $5.1M | $5.3M | $5.3M | $6.5M | $7.6M | $8.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 250.02% |
| Return on Invested Capital | -38.56% |
| Return on Assets | -414.72% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 20.14 |
Key Ratios (10y)
| Year | 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/B | 3.49 | 1.74 | 2.90 | 9.99 | 1.81 | 4.29 | -0.42 | -1.41 | -0.65 | -0.24 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 2.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 4.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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