Minerva Neurosciences — Second Quarter 2026 Earnings Summary

Financial Performance

• Research and development (R&D) expense was $7.2 million for the three months ended June 30, 2026, compared to $1.3 million in the prior year period; for the six months ended June 30, 2026, R&D expense was $12.4 million versus $2.7 million in the prior year.
• General and administrative (G&A) expense was $3.5 million for the three months ended June 30, 2026, compared to $2.1 million in the prior year; for the six months ended June 30, 2026, G&A expense was $14.9 million versus $4.6 million in the prior year.
• G&A expense for the six-month period included a $6.6 million one-time, non-cash charge related to a severance agreement and stock option modification.
• Investment income was $0.6 million for the three months ended June 30, 2026, compared to $0.1 million in the prior year; for the six months ended June 30, 2026, investment income was $1.2 million versus $0.3 million in the prior year.
• The company recorded a non-cash gain of $27.6 million for the three months ended June 30, 2026, and a non-cash loss of $81.8 million for the six months ended June 30, 2026, related to the change in fair value of warrant liability.
• GAAP net income for the three months ended June 30, 2026, was $17.5 million ($0.36 per basic share), compared to a net loss of $3.3 million in the prior year; adjusted (non-GAAP) net loss for the quarter was $7.8 million.
• GAAP net loss for the six months ended June 30, 2026, was $107.9 million ($2.38 per basic and diluted share), compared to a net loss of $7.0 million in the prior year; adjusted (non-GAAP) net loss for the six months was $15.1 million.
• Total liabilities were $296.6 million as of June 30, 2026, compared to $233.8 million as of December 31, 2025; non-GAAP total liabilities were $4.0 million and $2.3 million, respectively.
• Cash, cash equivalents, marketable securities, and restricted cash totaled approximately $75.4 million as of June 30, 2026, down from $82.4 million as of December 31, 2025.

Business Segments and Product Lines

• The confirmatory Phase 3 clinical trial (C19 Study) for roluperidone (MIN-101C19) is ongoing, designed to enroll 380 patients across approximately 40 global clinical sites.
• Phase A of the C19 Study evaluates roluperidone 64 mg versus placebo to confirm effects on primary negative symptoms at 12 weeks, with topline data expected in the second half of 2027.
• Phase B of the C19 Study evaluates longer-term relapse of positive symptoms for roluperidone versus commonly prescribed antipsychotic medications for an additional 52 weeks, with topline data expected in the second half of 2028.
• Roluperidone remains the only late-stage drug candidate targeting negative symptoms of schizophrenia.
• The Scientific Advisory Board (SAB) was expanded to eleven members, adding Christoph Correll, MD; Stefan Leucht, MD; and Michael Sand, PhD, MPH, to advise on the Phase 3 trial and future pipeline programs.
• Management co-authored a longitudinal analysis of 1,139 patients from the CATIE trial, finding that patients with greater negative symptom severity experienced a lower likelihood of short-term worsening of positive symptoms.

Other Key Points

• The company is focused on executing the confirmatory Phase 3 trial for roluperidone following a strategic refocus of efforts.
• The warrant liability fluctuation is attributed to warrants issued in conjunction with the October 2025 private placement and does not reflect operating performance or cash position.
• The press release includes a forward-looking safe harbor statement detailing risks such as trial delays, insufficient cash resources, regulatory uncertainties, and potential litigation.