Minerva Neurosciences Reports Third Quarter 2020 Financial Results And Business Updates
Clinical program update
“The objective of our upcoming meeting with the FDA is to discuss and define a path forward for roluperidone, Minerva’s lead product,” said Dr.
Third Quarter 2019 Financial Results
- Cash Position: Cash, cash equivalents and restricted cash as of
September 30, 2020were approximately $32.6 million.
- R&D Expenses: Research and development (R&D) expenses for the three and nine months ended
September 30, 2020were $4.6 millionand $18.5 million, respectively, compared to $9.7 millionand $29.6 millionfor the same periods in 2019. The decreases in R&D expenses primarily reflect lower development expenses for the Phase 3 clinical trial of roluperidone and the completion of the Phase 2b clinical trial of MIN-117 in December 2019. The Company expects R&D expenses to decrease during 2020 as compared to 2019 following the completion of the MIN-117 clinical trial as well as the 12-week, double-blind portion of the Phase 3 clinical trial of roluperidone.
- G&A Expenses: General and administrative (G&A) expenses for the three and nine months ended
September 30, 2020were $3.5 millionand $13.5 million, respectively, compared to $4.6 millionand $13.9 millionfor the same periods in 2019. The decrease in G&A expenses in the three-month period was primarily due to a decrease in non-cash stock-based compensation expenses and lower commercial expenses, and the decrease in G&A expenses in the nine-month period was primarily due to lower commercial expenses.
- Net Loss/Income: Net loss for the three months ended
September 20, 2020was $8.1 million, or a loss per share of $0.19basic and diluted, compared to a net loss of $14.0 million, or a loss per share of $0.36basic and diluted for the three months ended September 30, 2019. For the nine months ended September 30, 2020, net income was $9.3 million, or $0.23basic and diluted, compared to a net loss of $42.3 million, or net loss per share of $1.08basic and diluted for the nine months ended September 30, 2019.
Collaborative revenue was
Conference Call Information:
The live webcast can be accessed under “Events and Presentations” in the Investors and Media section of Minerva’s website at ir.minervaneurosciences.com. The archived webcast will be available on the website beginning approximately two hours after the event for 90 days.
Minerva’s portfolio of compounds includes: roluperidone (MIN-101), in clinical development for schizophrenia; a potential royalty stream from seltorexant (MIN-202 or JNJ-42847922), in clinical development for insomnia and major depressive disorder; and MIN-301, in pre-clinical development for Parkinson’s disease. Minerva’s common stock is listed on the NASDAQ Global Market under the symbol “NERV.” For more information, please visit www.minervaneurosciences.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management’s expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the timing and scope of future clinical trials and results of clinical trials with roluperidone (MIN-101); the clinical and therapeutic potential of this compound; the likelihood of future sales and a royalty stream from seltorexant; the timing and outcomes of future interactions with
|CONDENSED CONSOLIDATED BALANCE SHEET DATA|
|Cash and cash equivalents||$||32,516||$||21,413|
|Prepaid expenses and other current assets||2,374||1,182|
|Total current assets||34,990||47,137|
|Other noncurrent assets||15||15|
|Operating lease right-of-use assets||143||262|
|In-process research and development||15,200||15,200|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued expenses and other current liabilities||4,536||4,139|
|Total current liabilities||5,395||6,629|
|Noncurrent operating leases||-||111|
|Additional paid-in capital||335,489||314,512|
|Total stockholders' equity||58,022||27,780|
|Total Liabilities and Stockholders' Equity||$||65,220||$||77,499|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended
||Nine Months Ended
|(in thousands, except per share amounts)||(in thousands, except per share amounts)|
|Research and development||4,639||9,674||18,488||29,600|
|General and administrative||3,452||4,608||13,541||13,898|
|Total operating expenses||8,091||14,282||32,029||43,498|
|Gain (loss) from operations||(8,091)||14,282||9,147||43,498|
|Foreign exchange losses||(27)||(5)||(41)||(18)|
|Income loss before income taxes||(8,113)||(13,962)||9,265||(42,266)|
|Net income (loss) per share, basic||$||(0.19)||$||(0.36)||$||0.23||$||(1.08)|
|Weighted average shares outstanding, basic||41,918||39,025||40,199||39,007|
|Net income (loss) per share, diluted||$||(0.19)||$||(0.36)||$||0.23||$||(1.08)|
|Weighted average shares outstanding, diluted||41,918||39,025||40,478||39,007|
VP, Investor Relations/
Source: Minerva Neurosciences, Inc