Minerva Neurosciences reported GAAP net income of $100.7 million for the third quarter of 2026, driven by a non-cash gain of $109.6 million from the change in fair value of warrant liabilities. Excluding this gain and stock-based compensation expense, the company’s adjusted net loss was $5.6 million. Cash, cash equivalents, marketable securities, and restricted cash totaled $77.0 million as of September 30, 2026.
Financial Results
Research and development expenses for the third quarter were $5.2 million, compared with $0.9 million in the prior-year period. For the nine months, these expenses were $17.6 million, compared with $3.6 million.
General and administrative expenses for the third quarter were $4.3 million, compared with $1.9 million in the prior-year period. For the nine months, they were $19.1 million, compared with $6.5 million.
Operating loss was $9.4 million for the third quarter and $36.7 million for the first nine months of 2026.
GAAP net income for the quarter was $100.7 million; for the first nine months, Minerva reported a GAAP net loss of $7.2 million. Non-GAAP adjusted net loss was $5.6 million and $20.8 million, respectively.
Cash, cash equivalents, marketable securities and restricted cash totaled $77.0 million as of September 30, 2026, compared with $82.4 million as of December 31, 2025.
Operating Results
Minerva’s global Phase 3 C19 study of roluperidone will enroll 380 adult patients at approximately 40 sites and evaluate treatment for the negative symptoms of schizophrenia.
In Phase A, roluperidone at a dose of 64 mg will be compared with placebo over 12 weeks; topline efficacy data are expected in the second half of 2027. In Phase B, the long-term rate of relapse of positive symptoms will be compared with outcomes from commonly prescribed antipsychotic medications; topline data are expected in the second half of 2028.
According to the company, the C19 study incorporates discussions with the U.S. Food and Drug Administration regarding its design and efficacy assessment, and builds on the results of previous Phase 2b and Phase 3 studies.
A research article by Minerva executives in Schizophrenia Research discusses approaches that do not target the dopamine system and clinical trial methods for negative symptoms of schizophrenia. The company also announced an event featuring key opinion leaders, scheduled for November 12, 2026.