Cambridge biotech tracker · Burlington
Minerva Neurosciences
Listed on Nasdaq as NERV, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $75.3M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $6.5M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.9 yrs
- 24 to 36 months
- Net loss
- +$17.5M
- Q2 '26 · net income
- R&D expense
- $7.2M
- 68% of opex
- Raised, last 4 qtrs
- +$85.7M
- net financing cash flow
- Next readout
- Dec 2027
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.9 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.2M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Dec 2027estimated
Study to Evaluate Efficacy and Safety of Roluperidone in Adult Subjects With Negative Symptoms and Stable Positive Symptoms of Schizophrenia and to Evaluate the Relapse Rate of Roluperidone and Antipsychotic Medications
Negative Symptoms of Schizophrenia
NCT07565428 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 2.9 years
- Time to the date
- 13 months
It is about 13 months out. At the current burn there is roughly 22 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
1 active trial, through phase 3.
Phase 3 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Study to Evaluate Efficacy and Safety of Roluperidone in Adult Subjects With Negative Symptoms and Stable Positive Symptoms of Schizophrenia and to Evaluate the Relapse Rate of Roluperidone and Antipsychotic MedicationsNCT07565428 · Negative Symptoms of SchizophreniaPhase 3Dec 2027est. | Phase 3 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Dec 2027, about 13 months out. That leaves roughly 22 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 2.9 years of runway
Cash and investments of $75.3M at Q2 '26 against an average operating cash burn of $6.5M per quarter over the last four reported quarters runs out around April 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $48.7M since Q3 '24
Net financing inflows of $85.7M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 68% of operating expenses
$7.2M of R&D against $10.6M of total operating expenses in Q2 '26, with G&A at $3.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Stockholders' deficit of $213M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $797M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $26.5M | −$4.4M | $22.5M | $1.9M | $2.5M | — | $308K | — |
| Q4 '24 · Dec 31, 24 | $21.4M | −$5.2M | −$4.3M | $2.0M | $2.5M | — | $250K | — |
| Q1 '25 · Mar 31, 25 | $17.3M | −$4.1M | −$3.8M | $1.4M | $2.5M | — | $297K | $0 |
| Q2 '25 · Jun 30, 25 | $15.2M | −$2.0M | −$3.3M | $1.3M | $2.1M | — | $298K | $0 |
| Q3 '25 · Sep 30, 25 | $12.3M | −$2.9M | −$2.7M | $925K | $1.9M | — | $273K | −$45K |
| Q4 '25 · Dec 31, 25 | $82.3M | −$4.5M | −$284M | $2.2M | $2.8M | — | $459K | $74.5M |
| Q1 '26 · Mar 31, 26 | $78.1M | −$5.4M | −$125M | $5.3M | $11.4M | — | $8.7M | $1.1M |
| Q2 '26 · Jun 30, 26 | $75.3M | −$13.3M | $17.5M | $7.2M | $3.5M | — | $2.3M | $10.2M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.