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Minerva Neurosciences

NERV on Nasdaq. Minerva Neurosciences makes a drug for schizophrenia and would sell it to patients and doctors. Market value $159m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$3.43 a share, 62% above its 1-year low

Over the past year the price has ranged from $2.12 to $12.46.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
-0.0
n/a
n/a
n/a
20212022202320242025
Revenue
$0$0$0$0n/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.05bn

Health checks

  • Free cash flow positive0 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 794% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $17 million, after a loss of $3 million a year ago.
  • 945% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$23m
December 2024-$4m
March 2025-$4m
June 2025-$3m
September 2025-$3m
December 2025-$284m
March 2026-$125m
June 2026$17m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 March 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

None of the long-term investors we follow own it. 60 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • Federated Hermes, Inc.
    Passive investor
    at least 17.2%−2.7 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • at least 10.0%0.0 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • Coastlands Capital Partners LP
    Passive investor
    at least 10.0%
    (filed with 3 related holders)
    Since 13 February 2026
  • Vivo Opportunity Fund Holdings, L.P.
    Passive investor
    at least 10.0%
    (filed with 3 related holders)
    Since 23 December 2025
  • 9.9%
    Since 31 March 2026
  • at least 9.9%
    (filed with 5 related holders)
    Since 23 December 2025
  • at least 9.7%−0.3 pts
    (filed with 26 related holders)
    Since 30 June 2026
  • Adage Capital Management, L.P.
    Passive investor
    at least 6.3%
    (filed with 2 related holders)
    Since 31 December 2025
  • Boehringer AG
    Passive investor
    at least 3.4%
    (filed with 1 related holder)
    Since 23 December 2025
    What they said

    There are no material updates to the Original Filing.

    Read the filing
  • Farallon Capital Partners, L.P.
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.