0000950170-25-108840 | 10-Q | XBRL Viewer | Minerva Neurosciences INC

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NATURE OF OPERATIONS AND LIQUIDITY - Additional Information (Details) - USD ($)			1 Months Ended	6 Months Ended
	Mar. 17, 2025	Jan. 19, 2021	Jan. 31, 2021	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Nature Of Operations And Liquidity [Line Items]
Accumulated deficit				$ 402,388,123		$ 395,376,563
Net cash used in operating activities				6,114,098	$ 10,031,575
Cash, cash equivalents, restricted cash and marketable securities				15,300,000
Minimum market value of listed securities required for continued listing				$ 35,000,000
Seltorexant \| Royalty Pharma
Nature Of Operations And Liquidity [Line Items]
Up front payment		$ 60,000,000	$ 60,000,000
Additional milestone payments			$ 95,000,000
Minimum
Nature Of Operations And Liquidity [Line Items]
Net income from continuing operations	$ 500,000

Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:


	June 30, 2025		December 31, 2024
Research and development costs and other accrued expenses	$	317,386	$	351,782
Accrued bonus		756,394		363,181
Professional fees		435,882		514,037
Vacation pay		122,397		—
Accrued expenses and other current liabilities	$	1,632,059	$	1,229,000

Stockholders' Deficit	6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]
Stockholders' Deficit	NOTE 6 — STOCKHOLDERS’ DEFICIT At-the-Market Equity Offering Program In September 2022, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which the Company may offer and sell, from time to time, through Jefferies shares of the Company’s common stock, by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. During the six months ended June 30, 2025, no shares of the Company’s common stock were issued or sold under the Sales Agreement. As of June 30, 2025, an aggregate of $22.6 million was eligible for sale pursuant to the Sales Agreement under the Company’s effective registration statement on Form S-3 (File No. 333-267424).

Stockholders' Deficit

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

NOTE 6 — STOCKHOLDERS’ DEFICIT

At-the-Market Equity Offering Program

In September 2022, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which the Company may offer and sell, from time to time, through Jefferies shares of the Company’s common stock, by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. During the six months ended June 30, 2025, no shares of the Company’s common stock were issued or sold under the Sales Agreement. As of June 30, 2025, an aggregate of $22.6 million was eligible for sale pursuant to the Sales Agreement under the Company’s effective registration statement on Form S-3 (File No. 333-267424).

- Definition

The entire disclosure for equity.

+ References

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+ Details

Sale of Future Royalties - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 19, 2021	Jan. 31, 2021	Sep. 30, 2024
Sale Of Future Royalties [Line Items]
Liability related to the sale of future royalties	$ 60,000,000
Initial upfront payment received			$ 60,000,000
Non-cash other income			$ 26,600,000
Seltorexant \| Royalty Pharma
Sale Of Future Royalties [Line Items]
Upfront payment for royalty interest sold	60,000,000	$ 60,000,000
Additional milestone payments	95,000,000
Initial upfront payment amortized interest expense potential milestone payments received	0
Potential future milestone payments received	$ 60,000,000

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Regus		1 Months Ended
	Oct. 11, 2022 ft²	Jan. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Lease rentable square feet \| ft²	491
Lease description	In January 2025, the Company renewed the month-to-month lease agreement commencing on February 1, 2025, with a monthly payment of $9,106. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less.
Lease commencement date		Feb. 01, 2025
Monthly rental rate \| $		$ 9,106

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NET LOSS PER SHARE OF COMMON STOCK - Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	1,483,172	1,063,234	1,483,172	1,063,234
Performance-based restricted stock units ("PRSUs")
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	228,209	228,209	228,209	228,209
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	0	5,099		5,099

NET LOSS PER SHARE OF COMMON STOCK - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2023
Performance-based Restricted Stock Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
PRSU'S vested	228,213
PRSU'S cancelled	20,218
PRSU'S outstanding	228,209
Private Placement
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares of common stock to purchase by warrant	575,575	575,575
Common stock exercise price per share		$ 9.99

Stock Award Plan and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity for Employees and Non-Employees

Stock option activity for employees and non-employees for the six months ended June 30, 2025 is as follows:


	Shares Issuable Pursuant to Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (years)		Total Intrinsic Value (in thousands)
Outstanding January 1, 2025		1,487,234		$	8.34		8.3	$	46

Granted		—		$	—
Exercised		—		$	—
Expired		(4,062	)	$	42.47
Outstanding June 30, 2025		1,483,172		$	8.25		7.8	$	—
Exercisable June 30, 2025		696,708		$	13.33		6.8	$	—
Available for future grant		36,423

Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations

The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	100,130	$	84,109	$	199,829	$	276,494
General and administrative		198,088		245,209		395,618		491,673
Total	$	298,218	$	329,318	$	595,447	$	768,167

STOCKHOLDERS' DEFICIT - At-the-Market Equity Offering Program - Additional Information (Details) - Sales Agreement	6 Months Ended
	Jun. 30, 2025 shares
Class Of Warrant Or Right [Line Items]
Sale of stock issue date	Sep. 30, 2022
Eligible for sale of equity	22,600,000
Common Stock
Class Of Warrant Or Right [Line Items]
Common stock issued and sold	0

Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

NOTE 3 — ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:


	June 30, 2025		December 31, 2024
Research and development costs and other accrued expenses	$	317,386	$	351,782
Accrued bonus		756,394		363,181
Professional fees		435,882		514,037
Vacation pay		122,397		—
Accrued expenses and other current liabilities	$	1,632,059	$	1,229,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 15,247,910	$ 21,362,008
Restricted cash	100,000	100,000
Prepaid expenses and other current assets	199,615	806,895
Total current assets	15,547,525	22,268,903
Equipment, net	2,721	5,442
Goodwill	14,869,399	14,869,399
Total assets	30,419,645	37,143,744
Current liabilities
Accounts payable	896,799	1,607,844
Accrued expenses and other current liabilities	1,632,059	1,229,000
Total current liabilities	2,528,858	2,836,844
Liability related to the sale of future royalties	60,000,000	60,000,000
Total liabilities	62,528,858	62,836,844
Commitments and contingencies (Note 8)
Stockholders' deficit
Preferred stock; $0.0001 par value; 100,000,000 shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024
Common stock; $0.0001 par value; 125,000,000 shares authorized; 6,993,406 shares issued and outstanding as of June 30, 2025 and December 31, 2024	699	699
Additional paid-in capital	370,278,211	369,682,764
Accumulated deficit	(402,388,123)	(395,376,563)
Total stockholders' deficit	(32,109,213)	(25,693,100)
Total liabilities and stockholders' deficit	$ 30,419,645	$ 37,143,744

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Stock Option Activity for Employees and Non-Employees (Details) - Employees and Non-Employees Stock Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Shares Issuable Pursuant to Stock Options
Outstanding at the beginning of period (in shares)	1,487,234
Expired (in shares)	(4,062)
Outstanding at the end of the period (in shares)	1,483,172	1,487,234
Exercisable at the end of the period (in shares)	69,670
Available for future grant (in shares)	36,423
Weighted-Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 8.34
Expired (in dollar per share)	42.47
Outstanding at the end of the period (in dollars per share)	8.25	$ 8.34
Exercisable at the end of the period (in dollars per share)	$ 13.33
Weighted-Average Remaining Contractual Term Outstanding (Years)	7 years 9 months 18 days	8 years 3 months 18 days
Weighted-Average Remaining Contractual Term Exercisable (Years)	6 years 9 months 18 days
Total Intrinsic Value Outstanding at the begining of period	$ 46

Net Loss Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted loss per share for common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net loss	$	(3,258,588	)	$	(8,233,487	)	$	(7,011,560	)	$	(16,802,292	)
Weighted average shares of common stock outstanding		7,568,981			7,568,981			7,568,981			7,568,981
Net loss per share of common stock – basic and diluted	$	(0.43	)	$	(1.09	)	$	(0.93	)	$	(2.22	)

Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive

The following securities outstanding at June 30, 2025 and 2024 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Common stock options		1,483,172		1,063,234		1,483,172		1,063,234
Performance-based restricted stock units		228,209		228,209		228,209		228,209
Common stock warrants		—		5,099		—		5,099

Stock Award Plan and Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Award Plan and Stock-Based Compensation

NOTE 7 — STOCK AWARD PLAN AND STOCK-BASED COMPENSATION

In December 2013, the Company adopted the 2013 Equity Incentive Plan (as subsequently amended and restated, the “Plan”), which provides for the issuance of options, stock appreciation rights, stock awards and stock units. As of June 30, 2025, the total shares authorized for issuance under the Plan were 2,078,917.

Stock Option Awards

Stock option activity for employees and non-employees for the six months ended June 30, 2025 is as follows:


	Shares Issuable Pursuant to Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (years)		Total Intrinsic Value (in thousands)
Outstanding January 1, 2025		1,487,234		$	8.34		8.3	$	46

Granted		—		$	—
Exercised		—		$	—
Expired		(4,062	)	$	42.47
Outstanding June 30, 2025		1,483,172		$	8.25		7.8	$	—
Exercisable June 30, 2025		696,708		$	13.33		6.8	$	—
Available for future grant		36,423

The weighted average grant-date fair value of stock options outstanding on June 30, 2025 was $6.11 per share. Total unrecognized compensation costs related to non-vested stock options at June 30, 2025 were approximately $2.2 million and are expected to be recognized within future operating results over a weighted-average period of 2.2 years. Generally, stock options are granted using exercise prices equal to the market price at the date of grant, vest over four years for employees and one year for directors and are exercisable over a maximum period of 10 years from their grant dates.

The expected term of the employee-related options was estimated using the “simplified” method as defined by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment. The volatility assumption was determined by examining the historical volatility of the Company and volatilities for industry peer companies. The risk-free interest rate assumption is based on the U.S. Treasury instruments, the term of which was consistent with the expected term of the options. The dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has never paid dividends on its common stock and does not anticipate paying dividends on its common stock in the foreseeable future. Accordingly, the Company has assumed no dividend yield for the purpose of estimating the fair value of the options.

The Company uses the Black-Scholes model to estimate the fair value of stock options granted. There were no stock options granted during the six months ended June 30, 2025 and 2024.

Performance-Based Restricted Stock Units

On August 6, 2021, options to purchase 953,980 shares of the Company’s common stock were exchanged for 476,640 PRSUs. Options surrendered in the one-time stock option exchange program (the “Exchange Program”) were cancelled and shares subject to the cancelled options again became available for issuance under the Plan. The Exchange Program was treated as a Type II modification (Probable-to improbable) under ASC 718.

The Company used the pre-modification stock options for determining the compensation cost related to the PRSUs as the vesting conditions remain uncertain for the outstanding PRSUs. All expense related to the non-vested pre-modification stock options was fully recognized as of December 31, 2023.

On April 28, 2023, the Compensation Committee of the Company’s board of directors certified the achievement of a performance condition occurring upon FDA acceptance of the NDA for roluperidone. As a result, 50% of the shares of common stock underlying the Company’s PRSUs vested and the Company recognized approximately $0.2 million in non-cash compensation expense, representing 50% of the incremental cost of the PRSUs granted under the Exchange Program. The incremental cost was measured as the excess of the fair value of each new PRSU, measured as of the date the new PRSUs were granted, over the fair value of the stock options surrendered in exchange for the new PRSU, measured immediately prior to the cancellation. The remaining PRSUs vest upon roluperidone receiving FDA marketing approval, provided that such approval occurs within five years after the August 6, 2021 grant date. As of June 30, 2025, 228,213 PRSUs have vested, 20,218 have been cancelled, and 228,209 remain outstanding.

The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	100,130	$	84,109	$	199,829	$	276,494
General and administrative		198,088		245,209		395,618		491,673
Total	$	298,218	$	329,318	$	595,447	$	768,167

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 28, 2023	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Aug. 06, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		6,993,406		6,993,406		6,993,406
Fair value of common stock on grant date (in dollars per share)				$ 6.11
Non-cash compensation expense		$ 298,218	$ 329,318	$ 595,447	$ 768,167
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation costs		$ 2,200,000		$ 2,200,000
Weighted-average period over which unrecognized compensation costs is expected to be recognized				2 years 2 months 12 days
Employee Stock Option \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercisable period				10 years
Employee Stock Option \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Employee Stock Option \| Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				1 year
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
PRSU'S vested		228,213		228,213
PRSU'S outstanding		228,209		228,209
PRSU'S cancelled				20,218
Non-cash compensation expense				$ 200,000
2013 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		2,078,917		2,078,917
Option Exchange Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued							953,980
Common stock exchanged for PRSUs							476,640

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 298,218	$ 329,318	$ 595,447	$ 768,167
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	100,130	84,109	199,829	276,494
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 198,088	$ 245,209	$ 395,618	$ 491,673

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Accounting Policies [Abstract]
Restricted cash balances as collateral for corporate credit cards \| $	$ 100,000	$ 100,000	$ 100,000
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM evaluates performance of the segments based on net income (loss). The CODM also reviews operating results and previously forecasted financial information to make decisions about allocating resources and assessing performance for the entire Company.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of operating segments	1
Number of reportable segments	1

Net Loss Per Share of Common Stock

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share of Common Stock

NOTE 4 — NET LOSS PER SHARE OF COMMON STOCK

Diluted loss per share is the same as basic loss per share for all periods presented as the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options, but only to the extent that their inclusion is dilutive. Performance-based restricted stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been achieved on the basis of the assumption that the end of the reporting period was the end of the contingency period, if such issuable shares are dilutive.

In June 2023, in connection with a private placement, the Company issued and sold pre-funded warrants exercisable for an aggregate of 575,575 shares of common stock. The purchase price of the pre-funded warrants was $9.99 per share, which was paid to the Company upon issuance of the pre-funded warrants. The exercise price of the pre-funded warrants is $0.01 per share. The pre-funded warrants are exercisable by the holders at any time and do not expire. As the remaining shares underlying the pre-funded warrants are issuable for nominal consideration of $0.01 per share, 575,575 shares of common stock underlying the unexercised pre-funded warrants were considered outstanding for purposes of the calculation of loss per share as of June 30, 2025.

The following table sets forth the computation of basic and diluted loss per share for common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net loss	$	(3,258,588	)	$	(8,233,487	)	$	(7,011,560	)	$	(16,802,292	)
Weighted average shares of common stock outstanding		7,568,981			7,568,981			7,568,981			7,568,981
Net loss per share of common stock – basic and diluted	$	(0.43	)	$	(1.09	)	$	(0.93	)	$	(2.22	)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Common stock options		1,483,172		1,063,234		1,483,172		1,063,234
Performance-based restricted stock units		228,209		228,209		228,209		228,209
Common stock warrants		—		5,099		—		5,099

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2023	$ (28,457,490)	$ 699	$ 368,357,239	$ (396,815,428)
Balance (in shares) at Dec. 31, 2023		6,993,406
Stock-based compensation	438,849		438,849
Net Income (Loss)	(8,568,805)			(8,568,805)
Balance at Mar. 31, 2024	(36,587,446)	$ 699	368,796,088	(405,384,233)
Balance (in shares) at Mar. 31, 2024		6,993,406
Balance at Dec. 31, 2023	(28,457,490)	$ 699	368,357,239	(396,815,428)
Balance (in shares) at Dec. 31, 2023		6,993,406
Net Income (Loss)	(16,802,292)
Balance at Jun. 30, 2024	(44,491,615)	$ 699	369,125,406	(413,617,720)
Balance (in shares) at Jun. 30, 2024		6,993,406
Balance at Mar. 31, 2024	(36,587,446)	$ 699	368,796,088	(405,384,233)
Balance (in shares) at Mar. 31, 2024		6,993,406
Stock-based compensation	329,318		329,318
Net Income (Loss)	(8,233,487)			(8,233,487)
Balance at Jun. 30, 2024	(44,491,615)	$ 699	369,125,406	(413,617,720)
Balance (in shares) at Jun. 30, 2024		6,993,406
Balance at Dec. 31, 2024	$ (25,693,100)	$ 699	369,682,764	(395,376,563)
Balance (in shares) at Dec. 31, 2024	6,993,406	6,993,406
Stock-based compensation	$ 297,229		297,229
Net Income (Loss)	(3,752,972)			(3,752,972)
Balance at Mar. 31, 2025	(29,148,843)	$ 699	369,979,993	(399,129,535)
Balance (in shares) at Mar. 31, 2025		6,993,406
Balance at Dec. 31, 2024	$ (25,693,100)	$ 699	369,682,764	(395,376,563)
Balance (in shares) at Dec. 31, 2024	6,993,406	6,993,406
Net Income (Loss)	$ (7,011,560)
Balance at Jun. 30, 2025	$ (32,109,213)	$ 699	370,278,211	(402,388,123)
Balance (in shares) at Jun. 30, 2025	6,993,406	6,993,406
Balance at Mar. 31, 2025	$ (29,148,843)	$ 699	369,979,993	(399,129,535)
Balance (in shares) at Mar. 31, 2025		6,993,406
Stock-based compensation	298,218		298,218
Net Income (Loss)	(3,258,588)			(3,258,588)
Balance at Jun. 30, 2025	$ (32,109,213)	$ 699	$ 370,278,211	$ (402,388,123)
Balance (in shares) at Jun. 30, 2025	6,993,406	6,993,406

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,258,588)	$ (3,752,972)	$ (8,233,487)	$ (8,568,805)	$ (7,011,560)	$ (16,802,292)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2025	Aug. 08, 2025
Cover [Abstract]
Entity Registrant Name	Minerva Neurosciences, Inc.
Entity Central Index Key	0001598646
Amendment Flag	false
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2025
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2025
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NERV
Entity Tax Identification Number	26-0784194
Entity File Number	001-36517
Entity Address, Address Line One	1500 District Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	01803
City Area Code	617
Local Phone Number	600-7373
Document Transition Report	false
Document Quarterly Report	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		6,993,406

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	6,993,406	6,993,406
Common stock, shares outstanding	6,993,406	6,993,406

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summarizes of Reportable Segment's Financial Information

The following table summarizes the reportable segment’s financial information:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Expenses
Research and development staff related expenses (1)	$	447,397		$	410,356		$	913,388		$	1,435,838
Research and development drug product material expenses and associated costs (2)		24,757			1,751,062			55,658			2,537,761
Research and development stock compensation expenses (non-cash)		100,130			84,109			199,829			276,494
General and administrative staff related expenses (1)		914,526			836,260			1,857,157			1,718,275
General and administrative stock compensation expenses (non-cash)		198,088			245,209			395,618			491,673
Total		1,684,898			3,326,996			3,421,650			6,460,041
Other segment expense, net (3)		1,689,251			2,950,572			3,855,383			6,499,490
Total expenses		3,374,149			6,277,568			7,277,033			12,959,531
Loss from operations		(3,374,149	)		(6,277,568	)		(7,277,033	)		(12,959,531	)
Reconciling items:
Foreign exchange (losses) gains		(21,110	)		(4,694	)		(29,486	)		799
Investment income		136,671			360,755			294,959			718,663
Non-cash interest expense for the sale of future royalties		—			(2,311,980	)		—			(4,562,223	)
Net loss	$	(3,258,588	)	$	(8,233,487	)	$	(7,011,560	)	$	(16,802,292	)

(1) Salary, bonus, and fringe benefits are included in staff related expenses.

(2) Costs associated with the Company’s drug substance validation campaign are included in drug product material expenses.

(3) Insurance, consultant, audit, legal, and the C18 study costs are included in other segment expense, net.

ACCRUED EXPENSES AND OTHER LIABILITIES - Accrued Expenses and Other Liabilities (Details) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Research and development costs and other accrued expenses	$ 317,386	$ 351,782
Accrued bonus	756,394	363,181
Professional fees	435,882	514,037
Vacation pay	122,397
Accrued expenses and other current liabilities	$ 1,632,059	$ 1,229,000

Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

NOTE 9 — SUBSEQUENT EVENTS

On July 4, 2025, tax legislation known as the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The Company is currently evaluating the impact of U.S. tax law changes introduced by OBBBA on the consolidated financial statements. Due to the timing of enactment, the Company will recognize any such impact in the Quarterly Report on Form 10-Q for the period ending September 30, 2025.

NET LOSS PER SHARE OF COMMON STOCK - Computation of Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss)	$ (3,258,588)	$ (3,752,972)	$ (8,233,487)	$ (8,568,805)	$ (7,011,560)	$ (16,802,292)
Weighted average shares of common stock outstanding - basic	7,568,981		7,568,981		7,568,981	7,568,981
Weighted average shares of common stock outstanding - diluted	7,568,981		7,568,981		7,568,981	7,568,981
Net loss per share of common stock, basic	$ (0.43)		$ (1.09)		$ (0.93)	$ (2.22)
Net loss per share of common stock, diluted	$ (0.43)		$ (1.09)		$ (0.93)	$ (2.22)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (7,011,560)	$ (16,802,292)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,721	2,721
Amortization of capitalized software	0	12,770
Stock-based compensation expense	595,447	768,167
Non-cash interest expense associated with the sale of future royalties	0	4,562,223
Changes in operating assets and liabilities
Prepaid expenses and other current assets	607,280	561,847
Accounts payable	(711,045)	(976,975)
Accrued expenses and other current liabilities	403,059	1,839,964
Net cash used in operating activities	(6,114,098)	(10,031,575)
Cash flows from investing activities:
Net cash provided by investing activities	0	0
Cash flows from financing activities:
Net cash provided by financing activities	0	0
Net decrease in cash, cash equivalents and restricted cash	(6,114,098)	(10,031,575)
Cash, cash equivalents and restricted cash
Beginning of period	21,462,008	41,012,575
End of period	15,347,910	30,981,000
Reconciliation of the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	15,247,910	30,881,000
Restricted cash	100,000	100,000
Total cash, cash equivalents and restricted cash	$ 15,347,910	$ 30,981,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8 — COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of the Company’s business activities. The Company is not aware of any claim or litigation, the outcome of which, if determined adversely to the Company, would have a material effect on the Company’s financial position or results of operations.

Leases

On October 11, 2022, the Company entered into an office lease agreement with Regus to lease approximately 491 rentable square feet of office space located at 1500 District Avenue, Burlington, MA 01803. In January 2025, the Company renewed the month-to-month lease agreement commencing on February 1, 2025, with a monthly payment of $9,106. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less.

SIGNIFICANT ACCOUNTING POLICIES - Summarizes of Reportable Segment's Financial Information (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2025

Jun. 30, 2024

Segment Reporting Information [Line Items]

Research and development expenses

$ 1,298,041

$ 3,860,499

$ 2,660,479

$ 8,027,786

General and administrative expenses

2,076,108

2,417,069

4,616,554

4,931,745

Total expenses

3,374,149

6,277,568

7,277,033

12,959,531

Loss from operations

(3,374,149)

(6,277,568)

(7,277,033)

(12,959,531)

Reconciling items:

Foreign exchange (losses) gains

(21,110)

(4,694)

(29,486)

799

Investment income

136,671

360,755

294,959

718,663

Non-cash interest expense for the sale of future royalties

(2,311,980)

(4,562,223)

Net loss

(3,258,588)

$ (3,752,972)

(8,233,487)

$ (8,568,805)

(7,011,560)

(16,802,292)

Operating Segments

Segment Reporting Information [Line Items]

Total

1,684,898

3,326,996

3,421,650

6,460,041

Other segment expense, net

^[1]

1,689,251

2,950,572

3,855,383

6,499,490

Total expenses

3,374,149

6,277,568

7,277,033

12,959,531

Loss from operations

(3,374,149)

(6,277,568)

(7,277,033)

(12,959,531)

Reconciling items:

Foreign exchange (losses) gains

(21,110)

(4,694)

(29,486)

799

Investment income

136,671

360,755

294,959

718,663

Non-cash interest expense for the sale of future royalties

(2,311,980)

(4,562,223)

Net loss

(3,258,588)

(8,233,487)

(7,011,560)

(16,802,292)

Operating Segments | Staff Related Expenses

Segment Reporting Information [Line Items]

Research and development expenses

^[2]

447,397

410,356

913,388

1,435,838

General and administrative expenses

^[2]

914,526

836,260

1,857,157

1,718,275

Operating Segments | Drug Product Material Expenses and Associated Costs

Segment Reporting Information [Line Items]

Research and development expenses

^[3]

24,757

1,751,062

55,658

2,537,761

Operating Segments | Stock Compensation Expenses (Non-cash)

Segment Reporting Information [Line Items]

Research and development expenses

100,130

84,109

199,829

276,494

General and administrative expenses

$ 198,088

$ 245,209

$ 395,618

$ 491,673

[1]	Insurance, consultant, audit, legal, and the C18 study costs are included in other segment expense, net.
[2]	Salary, bonus, and fringe benefits are included in staff related expenses.
[3]	Costs associated with the Company’s drug substance validation campaign are included in drug product material expenses.

Nature of Operations and Liquidity

6 Months Ended

Jun. 30, 2025

Nature Of Operations And Liquidity Disclosure [Abstract]

Nature of Operations and Liquidity

NOTE 1 — NATURE OF OPERATIONS AND LIQUIDITY

Nature of Operations

Minerva Neurosciences, Inc. (“Minerva” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of proprietary product candidates to treat patients suffering from central nervous system (“CNS”) diseases. The Company’s lead product candidate is roluperidone, a compound the Company is developing for the treatment of negative symptoms in patients with schizophrenia. The Company previously submitted a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for roluperidone for the treatment of negative symptoms in schizophrenia in August 2022. On February 26, 2024, the FDA issued a Complete Response Letter (“CRL”) regarding the NDA for roluperidone. The Company has had multiple interactions with the FDA following receipt of the CRL for its NDA in February 2024 and the FDA has confirmed the requirement for an additional confirmatory clinical trial to address the deficiencies cited in the CRL and resubmit the NDA.

As in the two previous studies (C03 and C07), the required confirmatory clinical trial would include patients diagnosed with schizophrenia who present with impairing negative symptoms and stable positive symptoms. Patients would be selected based on stable positive symptoms and impairing negative symptoms for the six months prior to entering the trial. Minerva agreed with the FDA that best efforts will be made to secure 25-30% of patients from the United States (subject to competitive recruitment). The FDA has confirmed that roluperidone can be studied in monotherapy where patients would receive a double-blinded single daily 64 mg dose of roluperidone or placebo. The FDA has also confirmed that, the primary endpoint would be the change from Baseline in PANSS Marder negative symptoms factor score (“NSFS”) at 12 weeks of treatment with roluperidone compared to placebo. The FDA advised that, to support a monotherapy indication, it would be necessary to assess relapses on an observational basis for at least 52 weeks, in patients treated in monotherapy with roluperidone, placebo or antipsychotics. The FDA has stated that it would consider a resubmission of the NDA that included a double-blind, placebo- or active-controlled trial of roluperidone with a duration of at least 52 weeks.

The trial’s potential sole key secondary endpoint would be the comparison of the change from Baseline in the Personal and Social Performance scale total score (“PSP”) to Week 12, which is a scale to assess patients’ social functioning. The trial will also potentially measure the change from Baseline in Clinical Global Impression of Severity (“CGI-S”), change from Baseline in NSFS, PSP, and CGI-S at earlier timepoints and safety & tolerability.

The FDA has agreed that an adjunctive trial with antipsychotics would not be required for resubmission of the NDA if Minerva could provide robust, controlled data demonstrating the efficacy and safety of long-term monotherapy with roluperidone in subjects with negative symptoms of schizophrenia.

The Company also has exclusive rights to develop and commercialize MIN-301, a compound for the treatment of Parkinson’s disease. In addition, Minerva previously co-developed seltorexant with Janssen Pharmaceutica NV (“Janssen”) for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). During 2020, Minerva exercised its right to opt out of the joint development agreement with Janssen for the future development of seltorexant. As a result, the Company was entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, the Company sold its rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $60 million up front payment and up to an additional $95 million in potential future milestone payments.

Liquidity

The accompanying interim condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of June 30, 2025, the Company had an accumulated deficit of approximately $402.4 million and net cash used in operating activities was approximately $6.1 million during the six months ended June 30, 2025. Management expects to continue to incur operating losses and negative cash flows from operations in the future. The Company has financed its operations to date from proceeds from the sale of common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales.

As of June 30, 2025, the Company had cash, cash equivalents, and restricted cash of $15.3 million. Given the cash, cash equivalents, and restricted cash balance as of June 30, 2025, along with the current projections of cash to be used for operations, the Company believes that its existing cash, cash equivalents, and restricted cash will not be sufficient to fund its operating expenses and capital requirements. However, management has the ability to mitigate this condition through cost reduction initiatives. Based on the implementation of these initiatives, the Company believes it will have sufficient liquidity to meet its obligations for at least twelve months from the date these financial statements are issued.

The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs, the infrastructure to support a commercial enterprise, and the level of financial resources available. The Company can adjust its operating plan spending levels based on the timing of future clinical trials, which are predicated upon adequate funding to complete the trials. The Company routinely evaluates the status of its clinical development programs as well as potential strategic options.

The Company will need to raise additional capital to continue to fund operations and fully fund any potential later stage clinical development programs. The Company believes that it will be able to obtain additional working capital through equity financings or other arrangements to fund future operations; however, there can be no assurance that such additional financing, if available, can be obtained on terms acceptable to the Company. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued.

Further, if the Company does not satisfy The Nasdaq Capital Market continued listing requirements, its common stock may be subject to delisting, which could impact the Company’s ability to complete additional equity financings on terms acceptable to the Company. On March 17, 2025, the Company was formally notified that the Nasdaq Hearings Panel (the “Panel”) of the Nasdaq Stock Market LLC (“Nasdaq”) determined that the Company regained compliance with Nasdaq Listing Rule 5550(b)(3) (the “Net Income Rule”), which requires listed companies to maintain a minimum of $500,000 of net income from continuing operations. Pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the Company will be subject to a discretionary panel monitor for a period of one year from March 17, 2025. If, within that one-year monitoring period, the Company fails to maintain compliance with any Nasdaq continued listing requirement, the Listing Qualifications Staff (the “Staff”) of Nasdaq will issue a Delist Determination Letter, and the Company will have an opportunity to request a new hearing with the initial Panel or a newly convened Hearings Panel if the initial Panel is unavailable. Notwithstanding Nasdaq Listing Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to any deficiency that arises during the one-year monitoring period, and the Staff will not be permitted to grant additional time for the Company to regain compliance with respect to any deficiency.

As previously disclosed, on April 10, 2024, the Company received written notice from Nasdaq notifying the Company that for the last 31 consecutive business days, the Company’s minimum Market Value of Listed Securities was below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). In addition, on January 10, 2025, the Company received a notice from Nasdaq indicating that following the Company’s hearing before the Panel on December 10, 2024, the Panel granted the Company’s request for continued listing on Nasdaq through March 31, 2025, subject to the Company’s compliance with Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”), among other conditions. While the Company had initially planned to regain compliance with the Equity Rule, upon review of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Staff confirmed that the Company demonstrated compliance with the Net Income Rule. Accordingly, the Panel determined to continue the listing of the Company’s securities on Nasdaq and closed the matter.

There can be no assurance that the Company will be able to maintain compliance with Nasdaq’s listing standards or that the Company will be able to continue its listing on Nasdaq.

Review of Strategic Alternatives

As a result of the requirement for the confirmatory study and the Company’s current cash position, the Company is taking additional steps to reduce costs. The Company has also initiated a review process to explore strategic alternatives to maximize value for its stockholders. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or as to the timing of any such agreements or transactions. Minerva does not intend to discuss or disclose further developments regarding the exploration of strategic alternatives unless and until its board of directors has approved a definitive action or otherwise determined that further disclosure is appropriate or required by law.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting and the requirements of the Securities and Exchange Commission (“SEC”) in accordance with Regulation S-X, Rule 8-03. Under those rules, certain notes and financial information that are normally required for annual financial statements can be condensed or omitted. In the opinion of the Company’s management, the accompanying financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to present fairly the financial position as of June 30, 2025, the results of operations for the three and six months ended June 30, 2025 and 2024 and cash flows for the six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet as of December 31, 2024 was derived from the audited annual financial statements. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2025.

Consolidation

The accompanying consolidated financial statements include the results of the Company and its wholly-owned subsidiaries, Mind-NRG Sarl and Minerva Neurosciences Securities Corporation. Intercompany transactions have been eliminated.

Significant risks and uncertainties

The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital.

The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting intellectual property.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

Cash equivalents include short-term, highly-liquid instruments, consisting of money market accounts and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk.

Restricted cash

Cash accounts with any type of restriction are classified as restricted. The Company maintained restricted cash balances as collateral for corporate credit cards in the amount of $0.1 million at each of June 30, 2025 and December 31, 2024.

Segment information

Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM

evaluates performance of the segments based on net income (loss). The CODM also reviews operating results and previously forecasted financial information to make decisions about allocating resources and assessing performance for the entire Company.

The Company’s operations are organized into one operating and one reportable segment focused on the development and commercialization of proprietary product candidates to treat patients suffering from CNS diseases. The one operating segment is managed on a consolidated basis. The operating segment’s revenue would be generated from commercial sales or license agreements of the product candidates. However, none of the Company’s product candidates has been approved for commercialization and it has not received any revenue in connection with the sale or license of its product candidates. Furthermore, except for most of Asia, the Company has global commercialization rights for roluperidone and also owns worldwide rights for MIN-301 and the Sigma Ligands.

The CODM does not evaluate operating segments using asset or liability information and therefore it is not disclosed. The following table summarizes the reportable segment’s financial information:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Expenses
Research and development staff related expenses (1)	$	447,397		$	410,356		$	913,388		$	1,435,838
Research and development drug product material expenses and associated costs (2)		24,757			1,751,062			55,658			2,537,761
Research and development stock compensation expenses (non-cash)		100,130			84,109			199,829			276,494
General and administrative staff related expenses (1)		914,526			836,260			1,857,157			1,718,275
General and administrative stock compensation expenses (non-cash)		198,088			245,209			395,618			491,673
Total		1,684,898			3,326,996			3,421,650			6,460,041
Other segment expense, net (3)		1,689,251			2,950,572			3,855,383			6,499,490
Total expenses		3,374,149			6,277,568			7,277,033			12,959,531
Loss from operations		(3,374,149	)		(6,277,568	)		(7,277,033	)		(12,959,531	)
Reconciling items:
Foreign exchange (losses) gains		(21,110	)		(4,694	)		(29,486	)		799
Investment income		136,671			360,755			294,959			718,663
Non-cash interest expense for the sale of future royalties		—			(2,311,980	)		—			(4,562,223	)
Net loss	$	(3,258,588	)	$	(8,233,487	)	$	(7,011,560	)	$	(16,802,292	)

(1) Salary, bonus, and fringe benefits are included in staff related expenses.

(2) Costs associated with the Company’s drug substance validation campaign are included in drug product material expenses.

(3) Insurance, consultant, audit, legal, and the C18 study costs are included in other segment expense, net.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective date.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Expenses
Research and development	$ 1,298,041		$ 3,860,499		$ 2,660,479	$ 8,027,786
General and administrative	2,076,108		2,417,069		4,616,554	4,931,745
Total expenses	3,374,149		6,277,568		7,277,033	12,959,531
Loss from operations	(3,374,149)		(6,277,568)		(7,277,033)	(12,959,531)
Foreign exchange (losses) gains	(21,110)		(4,694)		(29,486)	799
Investment income	136,671		360,755		294,959	718,663
Non-cash interest expense for the sale of future royalties			(2,311,980)			(4,562,223)
Net loss	$ (3,258,588)	$ (3,752,972)	$ (8,233,487)	$ (8,568,805)	$ (7,011,560)	$ (16,802,292)
Net loss per share, basic	$ (0.43)		$ (1.09)		$ (0.93)	$ (2.22)
Net loss per share, diluted	$ (0.43)		$ (1.09)		$ (0.93)	$ (2.22)
Weighted average shares outstanding, basic	7,568,981		7,568,981		7,568,981	7,568,981
Weighted average shares outstanding, diluted	7,568,981		7,568,981		7,568,981	7,568,981

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Consolidation

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Restricted Cash

Restricted cash

Segment Information

Segment information

The CODM does not evaluate operating segments using asset or liability information and therefore it is not disclosed. The following table summarizes the reportable segment’s financial information:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Expenses
Research and development staff related expenses (1)	$	447,397		$	410,356		$	913,388		$	1,435,838
Research and development drug product material expenses and associated costs (2)		24,757			1,751,062			55,658			2,537,761
Research and development stock compensation expenses (non-cash)		100,130			84,109			199,829			276,494
General and administrative staff related expenses (1)		914,526			836,260			1,857,157			1,718,275
General and administrative stock compensation expenses (non-cash)		198,088			245,209			395,618			491,673
Total		1,684,898			3,326,996			3,421,650			6,460,041
Other segment expense, net (3)		1,689,251			2,950,572			3,855,383			6,499,490
Total expenses		3,374,149			6,277,568			7,277,033			12,959,531
Loss from operations		(3,374,149	)		(6,277,568	)		(7,277,033	)		(12,959,531	)
Reconciling items:
Foreign exchange (losses) gains		(21,110	)		(4,694	)		(29,486	)		799
Investment income		136,671			360,755			294,959			718,663
Non-cash interest expense for the sale of future royalties		—			(2,311,980	)		—			(4,562,223	)
Net loss	$	(3,258,588	)	$	(8,233,487	)	$	(7,011,560	)	$	(16,802,292	)

(1) Salary, bonus, and fringe benefits are included in staff related expenses.

(2) Costs associated with the Company’s drug substance validation campaign are included in drug product material expenses.

(3) Insurance, consultant, audit, legal, and the C18 study costs are included in other segment expense, net.

Recent Accounting Pronouncements

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective date.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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+ Details