Cash burn remains extreme, with a $5.4 billion free cash flow deficit in 2026Q1 highlighting the unsustainable capital intensity required to sustain ongoing clinical development.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -5.44B | -13.51B | -19.55M | -14.78M | -24.65M | -24.6M | -33.82M | -43.43M | -41.94M | 3.09M | -25.69M | -24.27M | -35.96M | -2.16M | -908.54K |
| Operating CF Margin % | - | - | - | - | - | - | -82.14% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 94.41% | -69007.64% | -32.23% | 40.01% | -0.18% | 27.26% | 22.13% | -3.55% | -1456.08% | 112.04% | -5.84% | 32.51% | -1564.67% | -137.77% | - |
| Net Income | -415.07M | -293.42M | 1.44M | -30.01M | -32.11M | -49.91M | 1.94M | -72.18M | -50.17M | -31.52M | -31.05M | -27.08M | -56.9M | -3.26M | -1.58M |
| Depreciation & Amortization | 4.08K | 5.44M | 22.47K | 30.98K | 8.51K | 101.79K | 176.18K | 161.51K | 17.47K | 11.09K | 16.53K | 17.28K | 33.87K | 0 | 0 |
| Stock-Based Compensation | 8.71B | 1.33B | 1.33M | 1.97M | 4.11M | 5.22M | 9.7M | 9.17M | 8.18M | 5.03M | 3.57M | 2.2M | 17.97M | 655.72K | 587.8K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | -2.25M | -119.61K | -9.38M | 102.63K | 247.26K | 5.97B | 0 | 0 |
| Other Non-Cash Items | 111.54B | -14.55B | -22.02M | 8.28M | 7.41M | 21.53M | -86.77K | 18.24M | 38.04K | 21.07K | 347.77K | 377.45K | -5.97B | 58.39K | 587.8K |
| Working Capital Changes | 2.03M | -632.35K | -320.6K | 4.94M | -4.06M | 259.33K | -45.56M | 3.43M | 110.96K | 38.93M | 1.32M | -32.02K | 997.9K | 387.65K | 85.61K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.37M | -1.06M | -197.48K | 835.65K | -883.55K | 857.6K | -1.32M | 517.34K | 364.03K | -32.7K | 107.77K | 718.76K | 368.7K | 522.98K | 0 |
| Cash from Investing | -45.29B | 0 | 0 | 0 | -16.33K | 0 | 24.53M | 14.08M | 69.49M | -107.19M | 17.82M | -18.33M | 1.09M | -3.23K | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -16.33K | 0 | 0 | 0 | 0 | -52.4K | 0 | 0 | -45.61K | -3.23K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.4M | 0 | 0 | 1.17M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52.4M | 0 | -44.99K | -35.01K | 0 | 0 |
| Cash from Financing | 1.15B | 74.45B | 0 | 19.6M | -5 | 60M | 13.24M | 525K | -3.34M | 47.17M | 76.57M | 38.34M | 51.6M | 3.78M | 900K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | -4.94M | -1.57M | 10M | 0 | 1.3M | 0 |
| Equity Issued (Net) | 75.62M | 74.45M | 0 | 20M | 0 | 0 | 12.55M | 525K | 0 | 44.56M | 58.5M | 28.53M | 55.04M | 1.85M | 900K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -389 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.08B | 74.38B | 0 | -396.29K | -5 | 60M | 687.99K | 0 | 655.93K | 7.54M | 19.64M | -195.66K | -3.44M | 631.48K | 0 |
| Net Change in Cash | -49.58B | 60.94B | -19.55M | 4.82M | -24.66M | 35.4M | 3.94M | -28.82M | 24.2M | -56.93M | 68.7M | -4.26M | 16.73M | 1.62M | -8.54K |
| Free Cash Flow | -5.44B | -13.51B | -19.55M | -14.78M | -24.66M | -24.6M | -33.82M | -43.43M | -41.94M | 3.04M | -25.69M | -24.27M | -36.01M | -2.16M | -908.54K |
| FCF Margin % | - | - | - | - | - | - | -82.14% | - | - | - | - | - | - | - | - |
| FCF Growth % | -27707.39% | -69007.64% | -32.23% | 40.05% | -0.24% | 27.26% | 22.13% | -3.55% | -1479.45% | 111.84% | -5.84% | 32.6% | -1564.29% | -138.13% | - |
| FCF per Share | -123.84 | -1596.28 | -2.58 | -2.27 | -4.62 | -4.61 | -6.61 | -8.91 | -8.65 | 0.64 | -6.52 | -8.29 | -15.50 | -0.95 | -0.40 |
| FCF Conversion (FCF/Net Income) | 13.10x | 46.05x | -13.59x | 0.49x | 0.77x | 0.49x | -17.43x | 0.60x | 0.84x | -0.10x | 0.83x | 0.90x | 0.63x | 0.66x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory binary outcome risk
As reported in financial statements, Minerva's operating cash flow consistently trails net income, with the 2026Q1 period showing a massive 5.4 billion outflow that highlights the disconnect between accounting losses and the actual cash required to sustain the company's ongoing clinical development and regulatory efforts.
The wide variance between net income and operating cash flow suggests that non-cash items and accounting adjustments are significantly obscuring the true cash burn. Investors should monitor this divergence, as it indicates that the company's reported earnings provide little insight into the actual liquidity pressures facing the organization.
Based on Minerva's reported figures, the company has maintained a negative free cash flow trajectory for ten consecutive quarters, with the 2026Q1 cash burn of 5.4 billion underscoring the extreme capital intensity required to navigate the current regulatory environment without any offsetting revenue streams.
The absence of positive free cash flow suggests that the company remains entirely dependent on external financing to fund its operations. This trend appears unsustainable in the long term, particularly if regulatory hurdles continue to extend the timeline to potential commercialization.
According to recent SEC filings, Minerva's working capital changes have been erratic, swinging from a 2.0 million inflow in 2026Q1 to a 1.1 million outflow in 2024Q4, which suggests a lack of predictable cash management as the company reacts to shifting regulatory and operational requirements.
These fluctuations in working capital appear to be driven by the timing of clinical trial payments and regulatory filing costs rather than operational efficiency. Such instability warrants further investigation, as it complicates the company's ability to forecast its remaining cash runway with any degree of certainty.
As indicated by historical data, stock-based compensation remains a significant non-cash expense, reaching 8.7 billion in 2026Q1, which effectively masks the true economic cost of talent retention during a period of intense regulatory scrutiny and clinical development uncertainty for the company's lead asset.
By relying heavily on equity-based incentives, the company appears to be preserving cash at the expense of shareholder dilution. Investors should interpret these figures as a signal that the true cost of operations is higher than the cash flow statement alone might suggest.
Quick answers to the most common questions about buying NERV stock.
Minerva Neurosciences, Inc. (NERV) generated $-13510.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Minerva Neurosciences, Inc. (NERV) reported negative free cash flow of $13.51B in 2025, indicating capital requirements exceeded cash from operations.
Minerva Neurosciences, Inc. (NERV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.