| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Total expenses | NaN | 4,981,589 | 10,121,381 | NaN |
| Loss from operations | NaN | -4,981,589 | -10,121,381 | NaN |
| Foreign exchange losses | NaN | -20,823 | -35,732 | NaN |
| Investment income | NaN | 546,523 | 401,599 | NaN |
| Loss on issuance of convertible preferred stock and warrants | NaN | 321,499,041 | NaN | NaN |
| Warrant issuance cost | NaN | 3,102,649 | NaN | NaN |
| Changes in fair value of the warrant liability | NaN | -45,389,916 | NaN | NaN |
| Net loss | -125,404,384 | -283,667,663 | -2,743,954 | -7,011,560 |
| Depreciation and amortization | NaN | 1,360 | 1,361 | 2,721 |
| Accretion of marketable securities | 136,741 | NaN | NaN | NaN |
| Stock-based compensation expense | 8,710,302 | 459,028 | 272,897 | 595,447 |
| Loss on issuance of convertible preferred stock and warrants | NaN | 321,499,041 | NaN | NaN |
| Amortization of capitalized software | NaN | NaN | NaN | 0 |
| Warrant issuance cost | NaN | 3,102,649 | NaN | NaN |
| Non-cash interest expense associated with the sale of future royalties | NaN | NaN | NaN | 0 |
| Changes in fair value of the warrant liability | 109,360,630 | -45,389,916 | NaN | NaN |
| Prepaid expenses and other current assets | 218,488 | 64,143 | 433,918 | -607,280 |
| Accounts payable | 1,465,073 | -275,228 | -72,739 | -711,045 |
| Accrued expenses and other current liabilities | 796,544 | -145,868 | 60,255 | 403,059 |
| Net cash used in operating activities | -5,427,064 | -4,480,740 | -2,916,098 | -6,114,098 |
| Purchase of marketable securities | 45,294,104 | NaN | NaN | NaN |
| Net cash used in investing activities | -45,294,104 | 0 | 0 | 0 |
| Proceeds from sales of common stock and warrants in private placement | NaN | 80,000,000 | NaN | NaN |
| Proceeds from exercise of tranche a warrants | 1,200,000 | NaN | NaN | NaN |
| Costs paid in connection with private placements | 90,875 | 5,348,145 | 45,166 | NaN |
| Payment of deferred offering costs | 30,000 | 155,948 | NaN | NaN |
| Net cash provided by financing activities | 1,079,125 | 74,495,907 | -45,166 | 0 |
| Net decrease in cash, cash equivalents and restricted cash | -49,642,043 | 70,015,167 | -2,961,264 | -6,114,098 |
| Beginning of period | 82,401,813 | 9,075,362 | 21,462,008 | NaN |
| End of period | 32,759,770 | 70,015,167 | 12,386,646 | NaN |
Minerva Neurosciences, Inc. (NERV)
Minerva Neurosciences, Inc. (NERV)