Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Minerva Neurosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
0
41.2
0
0
0
0
Research and development
20.4
30.3
34.9
58.1
22
32
14.6
12.7
11.9
5.76
General and administrative
9.75
10.9
16.8
17.7
17.3
13.3
10.6
10.4
9.95
9.34
Operating expenses
30.2
41.2
51.7
75.9
39.3
45.4
25.2
23.1
21.8
15.1
Operating income
-30.2
-41.2
-51.7
-75.9
1.85
-45.4
-25.2
-23.1
-21.8
-15.1
Interest income
0.2
0.94
1.67
1.46
0.16
0.02
0.56
1.44
1.27
0.95
Pre-tax income
-31
-40.9
-50.2
-74.4
1.94
-51.7
-32.1
Income tax
0
-9.4
0
-2.25
-1.8
Net income
-31
-31.5
-50.2
-72.2
1.94
-49.9
-32.1
-30
1.44
-293
EBITDA
-30.2
-41.2
-51.7
-75.8
1.86
-23.1
-21.8
-15.1
EPS, basic
-7.91
-6.63
-10.31
-14.78
0.40
-9.35
-6.01
-4.61
0.19
-34.67
EPS, diluted
-7.91
-6.63
-10.31
-14.78
0.40
-9.35
-6.01
-4.61
0.19
-34.67
Shares, basic (weighted)
3.94
4.75
4.85
4.88
5.11
5.34
5.34
6.51
7.57
8.46
Shares, diluted (weighted)
3.94
4.75
4.85
4.88
5.12
5.34
5.34
6.51
7.57
8.46
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
83
26.1
50.2
21.4
25.4
60.8
36.1
40.9
21.4
82.3
Short-term investments
102
37.8
24.4
Other current assets
0.8
1.3
1.92
1.18
1.98
1.35
0.85
0.99
0.81
0.7
Total current assets
83.9
130
90
47.1
27.4
62.2
40.2
42
22.3
83.1
Property, plant and equipment
0.01
0.05
0.03
0.02
0.02
0.01
0.01
0
Lease right-of-use assets
0.26
0.1
Goodwill
14.9
14.9
14.9
14.9
14.9
14.9
14.9
14.9
14.9
14.9
Intangible assets
34.2
34.2
34.2
15.2
15.2
Long-term investments
5.02
Other non-current assets
0.01
0.01
0.01
0.01
Total assets
133
184
139
77.5
57.6
77.1
55.1
56.9
37.1
98
Accounts payable
1.47
1.44
1.8
2.32
1
1.85
0.97
1.81
1.61
0.64
Total current liabilities
9.69
6.84
3.61
6.63
3.16
2.82
1.38
3.34
2.84
2.29
Long-term debt
3.84
Lease liabilities
0.11
Other non-current liabilities
0.03
0.03
Total liabilities
27
52.1
48.9
49.7
4.96
69.1
75.1
85.4
62.8
234
Paid-in capital
239
296
305
315
337
343
347
368
370
548
Retained earnings
-133
-164
-215
-287
-285
-335
-367
-397
-395
-689
Shareholders' equity
106
132
90.3
27.8
52.7
7.98
-20
-28.5
-25.7
-141
Total equity
106
132
90.3
27.8
52.7
7.98
-20
-28.5
-25.7
-141
Total liabilities and equity
133
184
139
77.5
57.6
77.1
55.1
56.9
37.1
98
Shares outstanding
4.38
4.85
4.87
4.89
5.35
5.34
5.34
6.99
6.99
43.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-31
-31.5
-50.2
-72.2
1.94
-49.9
-32.1
-30
1.44
-293
Depreciation and amortization
0.02
0.01
0.02
0.02
0.02
0.01
0.01
0.01
Stock-based compensation
3.57
5.03
8.18
9.17
9.7
5.22
4.11
1.97
1.33
1.33
Deferred income tax
-9.38
-2.25
-1.8
Change in payables
0.11
-0.03
0.36
0.52
-1.32
0.86
-0.88
0.84
-0.2
-1.06
Cash from operations
-25.7
3.09
-41.9
-43.4
-33.8
-24.6
-24.6
-14.8
-19.6
-13.5
Capital expenditures
-0.05
-0.02
Purchases of investments
-135
-40.7
-61.1
-3.87
Sales and maturities of investments
17.8
27.4
Cash from investing
17.8
-107
69.5
14.1
24.5
-0.02
0
0
0
Debt repaid
-1.57
-4.94
-4
Stock issued
0.08
1.13
0.66
0.52
1.14
Share buybacks
-0
Cash from financing
76.6
47.2
-3.34
0.52
13.2
60
-0
19.6
74.5
Net change in cash
-56.9
24.2
-28.8
3.94
35.4
-24.7
4.82
-19.6
60.9
Free cash flow
3.04
-24.7
Interest paid
0.69
0.44
0.09
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.40 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-414.7%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-20,493.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-18,347.0%
EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
163.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
21.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
11.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
11.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
16.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
10.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
20.1x
Current assets / current liabilities.
Quick ratio
19.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
19.0x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$0.33
Cash from operations / diluted weighted shares.
Book value per share
-$4.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
Earnings yield
-242.9%
Net income / market cap (the inverse of P/E).
Was Minerva Neurosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $293.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.