Minerva Neurosciences Reports Second Quarter 2024 Financial Results and Business Updates

Core Viewpoint - Minerva Neurosciences, Inc. reported its second quarter 2024 financial results and business updates, highlighting ongoing challenges with the FDA regarding its New Drug Application for roluperidone and increased research and development expenses [1][2]. Financial Performance - Research and Development (R&D) expenses for Q2 2024 were $3.9 million, up from$1.9 million in Q2 2023, primarily due to higher subcontractor fees related to drug substance validation [3]. - General and Administrative (G&A) expenses for Q2 2024 were $2.4 million, slightly down from$2.6 million in Q2 2023, attributed to lower compensation expenses [4]. - Non-cash interest expense for the sale of future royalties was $2.3 million for Q2 2024, compared to$2.0 million in Q2 2023, reflecting increased amortization of non-cash interest [5]. - The net loss for Q2 2024 was $8.2 million, or a net loss per share of$1.09, compared to a net loss of $6.2 million, or$1.12 per share in Q2 2023 [6]. Cash Position - As of June 30, 2024, the company had approximately $31.0 million in cash, cash equivalents, and restricted cash, down from$41.0 million at the end of 2023 [7]. Assets and Liabilities - Total assets as of June 30, 2024, were $46.3 million, a decrease from$56.9 million at the end of 2023 [11]. - Total liabilities increased to $90.8 million as of June 30, 2024, compared to$85.4 million at the end of 2023, with a notable rise in liabilities related to the sale of future royalties [12].