The company exhibits no operating leverage, as evidenced by the absence of revenue over the last ten quarters and a widening quarterly operating loss that reached $16.7 million in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 41.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 161.51K | 17.47K | 11.09K | 0 | 17.28K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 41.18M | -162K | -17.47K | -11.09K | -16.53K | -17.28K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | -100% | 25517.28% | -827.46% | -57.45% | 32.89% | 4.32% | - | - | - | - |
| Operating Expenses | 27.87M | 15.1M | 21.85M | 23.12M | 25.23M | 45.37M | 39.33M | 75.86M | 51.73M | 41.17M | 30.19M | 26.11M | 54.87M | 3.17M | 1.58M |
| OpEx % of Revenue | - | - | - | - | - | - | 95.51% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 11.42B | 9.34M | 9.95M | 10.41M | 10.58M | 13.33M | 17.29M | 17.74M | 16.84M | 10.91M | 9.75M | 7.58M | 11.96M | 2.47M | 1.03M |
| SG&A % of Revenue | - | - | - | - | - | - | 41.99% | - | - | - | - | - | - | - | - |
| Research & Development | 5.26B | 5.76M | 11.9M | 12.71M | 14.65M | 32.04M | 22.04M | 58.12M | 34.89M | 30.26M | 20.44M | 18.53M | 42.91M | 708.49K | 550.36K |
| R&D % of Revenue | - | - | - | - | - | - | 53.52% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -27.87M | -15.1M | -21.85M | -23.12M | -25.23M | -45.37M | 1.85M | -75.86M | -51.73M | -41.17M | -30.19M | -26.11M | -54.87M | -3.17M | -1.58M |
| Operating Margin % | - | - | - | - | - | - | 4.49% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 30.87% | 5.5% | 8.37% | 44.38% | -2556.18% | 102.43% | -46.66% | -25.65% | -36.37% | -15.63% | 52.41% | -1628.19% | -100.82% | - |
| EBITDA | -27.87M | -15.1M | -21.83M | -23.09M | -25.22M | -45.26M | 2.02M | -75.7M | -51.71M | -41.16M | -30.17M | -26.09M | -54.84M | -3.17M | -1.58M |
| EBITDA Margin % | - | - | - | - | - | - | 4.91% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -27.68% | 30.83% | 5.47% | 8.46% | 44.28% | -2337.27% | 102.67% | -46.39% | -25.64% | -36.4% | -15.64% | 52.42% | -1627.97% | -100.72% | - |
| D&A (Non-Cash Add-back) | 4.08K | 5.44K | 22.47K | 30.98K | 8.51K | 101.79K | 176.18K | 161.51K | 17.47K | 11.09K | 16.53K | 17.28K | 33.87K | 1.56K | 7 |
| EBIT | -306.34M | -293.42M | 6M | -21.72M | -24.7M | -45.38M | 1.94M | -74.44M | -50.06M | -40.28M | -30.02M | -26.03M | -54.84M | -3.2M | -1.58M |
| Net Interest Income | 766.27K | 0 | -3.29M | -6.85M | -6.85M | -6.31M | 0 | 1.46M | 1.56M | 327.57K | -832K | -956K | 0 | -58.05K | 0 |
| Interest Income | 766.27K | 0 | 1.27M | 1.44M | 556.95K | 16.52K | 0 | 1.46M | 1.67M | 941.83K | 198K | 96.91K | 0 | 1.56K | 7 |
| Interest Expense | 0 | 0 | 4.56M | 8.28M | 7.41M | 6.33M | 0 | 0 | 110.45K | 614.26K | 1.03M | 1.05M | 2.05M | 59.61K | 0 |
| Other Income/Expense | -387.2M | -278.32M | 23.29M | -6.89M | -6.88M | -6.34M | 94.02K | -17.57M | 1.56B | 270.68K | -855K | -972K | -2.03M | -87.03K | -939 |
| Pretax Income | -415.07M | -293.42M | 1.44M | -30.01M | -32.11M | -51.71M | 1.94M | -74.44M | -50.17M | -40.9M | -31.05M | -27.08M | -56.9M | -3.26M | -1.58M |
| Pretax Margin % | - | - | - | - | - | - | 4.71% | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | -2.25M | 1.67M | -9.38M | 0 | 0 | 0 | 0 | -7 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 3.49% | 0% | 3.03% | -3.33% | 22.92% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | 4.71% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -28947.36% | -20492.68% | 104.8% | 6.55% | 35.66% | -2671.15% | 102.69% | -43.87% | -59.16% | -1.54% | -14.63% | 52.41% | -1644.36% | -106.19% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.46 | -34.67 | 0.19 | -4.61 | -6.01 | -9.35 | 0.38 | -14.80 | -10.35 | -6.65 | -7.88 | -9.25 | -35.77 | -1.43 | -0.69 |
| EPS Growth % | -15447.37% | -18347.37% | 104.12% | 23.29% | 35.72% | -2560.53% | 102.57% | -43% | -55.64% | 15.61% | 14.81% | 74.14% | -2401.4% | -107.25% | - |
| EPS (Basic) | - | -34.67 | 0.19 | -4.61 | -6.01 | -9.35 | 0.38 | -14.80 | -10.35 | -6.65 | -7.88 | -9.25 | -25.11 | -1.43 | -0.69 |
| Diluted Shares Outstanding | 43.9M | 8.46M | 7.57M | 6.51M | 5.34M | 5.34M | 5.12M | 4.88M | 4.85M | 4.74M | 3.94M | 2.93M | 2.32M | 2.29M | 2.29M |
| Basic Shares Outstanding | 43.9M | 8.46M | 7.57M | 6.51M | 5.34M | 5.34M | 5.1M | 4.88M | 4.85M | 4.74M | 3.94M | 2.93M | 2.27M | 2.29M | 2.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory binary outcome risk
As indicated by recent financial disclosures, Minerva's R&D spending reached 5.3 billion in 2026Q1, reflecting an aggressive push to address regulatory deficiencies that continues to strain the company's limited capital resources while providing no corresponding revenue generation to offset the mounting quarterly operating losses.
The company's cost structure remains entirely dominated by R&D and administrative overhead, which are necessary to sustain the roluperidone development program. The recent spike in R&D expenses suggests that management is attempting to satisfy FDA requirements, yet this escalation in spending without a clear path to commercialization highlights the precarious nature of their current financial position.
According to historical income statements, Minerva's net income figures are frequently distorted by non-operating items, such as the 22.5 million gain reported in 2024Q3, which masks the underlying reality of a clinical-stage entity that lacks recurring revenue and relies heavily on external financing.
Investors should exercise caution when evaluating net income, as these figures are often influenced by warrant liability adjustments rather than operational performance. The persistent negative operating income, which reached 16.7 million in 2026Q1, provides a more accurate reflection of the company's ongoing cash consumption and the lack of commercial-stage maturity.
Based on reported figures, Minerva exhibits no operating leverage, as the company has failed to generate any revenue over the last ten quarters while simultaneously increasing its quarterly operating loss from 6.1 million in 2023Q3 to 16.7 million in the most recent reporting period.
The absence of revenue means that every dollar spent on SG&A and R&D directly increases the net loss, leaving no room for operational efficiency gains. This structure implies that the company is entirely dependent on future regulatory success to transition from a pure cash-burning entity to one capable of scaling its operations.
As highlighted in recent SEC filings, the receipt of a Complete Response Letter for roluperidone creates a significant barrier to entry, suggesting that the company's current cash runway may be insufficient to fund the additional clinical trials likely required by the FDA for potential approval.
Short-term observers may focus on the potential for dilution as the primary risk, given that the company's cash position is finite and its lead asset faces substantial regulatory skepticism. If the FDA mandates a new Phase 3 trial, the capital requirements could far exceed current liquidity, potentially forcing management into highly dilutive financing arrangements that would fundamentally alter the equity value.
Quick answers to the most common questions about buying NERV stock.
For fiscal year 2025, Minerva Neurosciences, Inc. (NERV) reported total revenue of $0.0M.
Minerva Neurosciences, Inc. (NERV) reported a net loss of $293.4M for the fiscal year ending 2025.