Analogy 1: An early-stage Vertex Pharmaceuticals, but focused on central nervous system disorders like schizophrenia and Parkinson's.

Analogy 2: A small, independent research division of a major pharmaceutical company like Biogen or Eli Lilly, solely dedicated to developing new drugs for schizophrenia and Parkinson's.

Analogy 3: An early-stage Moderna, but developing therapies for neurological conditions like schizophrenia and Parkinson's instead of infectious diseases.

• Roluperidone: A product candidate in development for the treatment of schizophrenia.
• MIN-301: A soluble recombinant form of neuregulin-1b1 protein for the treatment of Parkinson's disease and other neurodegenerative disorders.

Minerva Neurosciences (NERV) is a clinical-stage biopharmaceutical company. As such, it does not currently sell finished products directly to individuals or end-users like patients, pharmacies, or hospitals. Instead, its revenue is primarily generated through partnerships and licensing agreements for its product candidates.

Based on the provided information, Minerva Neurosciences, Inc. has a significant license agreement with:

• Mitsubishi Tanabe Pharma Corporation (TSE: 4508)

Under this agreement, Mitsubishi Tanabe Pharma Corporation has the rights to develop, sell, and import roluperidone globally, excluding Asia. Therefore, Mitsubishi Tanabe Pharma Corporation acts as a major customer for the licensing and commercialization rights of Minerva Neurosciences' lead product candidate.

Remy Luthringer, PhD Executive Chairman & Chief Executive Officer

Dr. Remy Luthringer has served as Chief Executive Officer of Minerva Neurosciences, Inc. since November 2014 and was named Executive Chairman of the Board in February 2018. He has been involved in the development of more than 150 active molecules for clinical trials in the central nervous system. Dr. Luthringer is an Advisor at Medicxi Ventures, formerly Index Ventures, a venture capital firm, and previously served as Chief Medical Officer for Index Ventures. He also headed the FORENAP Institute for Research in Neurosciences and Neuropsychiatry in France.

Frederick Ahlholm, CPA Senior VP, CFO & Secretary

Mr. Frederick Ahlholm joined Minerva as a consultant in January 2014, became Chief Accounting Officer in July 2014, Senior Vice President in May 2015, and was promoted to Chief Financial Officer in October 2021. Prior to Minerva, he was Vice President of Finance and Chief Accounting Officer for Amarin Corporation plc, where he contributed to the company's growth from a clinical-stage developer to a commercial enterprise. Mr. Ahlholm is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Geoff Race, FCMA, MBA President

Mr. Geoff Race is one of the founders of Minerva, having joined the company as a consultant in July 2010. He served as Executive Vice President and Chief Financial Officer since May 2014, Chief Business Officer since January 2016, and was promoted to President in October 2021. Previously, he was Chief Executive Officer of Funxional Therapeutics Ltd., where the lead program was acquired by Boehringer Ingelheim in 2012. He also served as Chief Financial Officer at PanGenetics B.V., whose lead program was acquired by Abbott Laboratories in 2009.

Michael Davidson, M.D. Chief Medical Officer

Dr. Michael Davidson possesses extensive experience in the research and development of drugs for central nervous system diseases. He has consulted for numerous pharmaceutical and biotechnology companies and serves as a board member and reviewer for several professional organizations and neuroscience and psychiatry publications.

Joseph Reilly Senior VP & COO

Mr. Joseph Reilly previously served as Vice President, Head of Commercial Strategy and Operations at Genzyme Corporation. During his more than a decade at Genzyme, he also held positions as Vice President of Global Business Operations, Vice President of Commercial Operations, and Vice President of Finance in the Rare Diseases Division.

The key risks for Minerva Neurosciences (NERV) primarily revolve around its lead product candidate, roluperidone, and the inherent challenges faced by clinical-stage biopharmaceutical companies.

1. Regulatory and Clinical Trial Failure for Roluperidone: Minerva Neurosciences faces significant risk regarding the successful approval and commercialization of its lead product candidate, roluperidone, for the treatment of negative symptoms in schizophrenia. The U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) in February 2024 for roluperidone's New Drug Application (NDA), citing several clinical deficiencies. These included insufficient evidence of efficacy from a single study, lack of data on concomitant antipsychotic use, inadequate demonstration of clinical meaningfulness of symptom changes, and insufficient long-term safety data at the proposed dose. As a result, Minerva is required to conduct an additional, costly confirmatory Phase 3 clinical trial (C19) to address these issues and resubmit the NDA. This new trial has a lengthy timeline, with topline efficacy data not expected until the second half of 2027 and relapse assessment data in the second half of 2028. The success of this single, pivotal trial is critical for the company's future, and significant execution risk is involved.

2. Significant Financial Losses and Need for Additional Capital: As a clinical-stage biopharmaceutical company without commercialized products, Minerva Neurosciences has consistently incurred substantial operating losses and negative cash flows. As of December 31, 2025, the company reported an accumulated deficit of $688.8 million and a net loss of $293.4 million for the year. The requirement for the new confirmatory study for roluperidone is a costly endeavor. While Minerva secured financing of up to $200 million in October 2025, with an initial upfront funding of $80 million, to support the confirmatory Phase 3 trial and NDA resubmission, the ongoing nature of drug development means that the company remains reliant on its ability to raise additional capital to fund its operations and future development activities. There is also a risk of significant shareholder dilution from preferred stock conversions and warrant exercises.

3. High Dependence on a Single Lead Asset: Minerva Neurosciences is largely a "single-asset CNS story," with its business highly dependent on the success of roluperidone. The company's other product candidate, MIN-301 for Parkinson's disease, is currently in preclinical development and its further development has been suspended. This concentration of its pipeline on roluperidone means that the company's prospects are almost entirely tied to its successful clinical development, regulatory approval, and eventual commercialization. Any further delays, clinical failures, or inability to secure approval for roluperidone would have a material adverse effect on the company's business, financial condition, and operational results.

The addressable markets for Minerva Neurosciences' main products are as follows:

Roluperidone (for the treatment of schizophrenia)

• The global schizophrenia drugs market size is estimated at USD 12.45 billion in 2026, with projections to reach USD 14.51 billion by 2031.
• The U.S. schizophrenia drugs market generated a revenue of USD 2,975.2 million in 2024 and is expected to reach USD 3,829.5 million by 2030.

MIN-301 (for the treatment of Parkinson's disease and other neurodegenerative disorders)

• For Parkinson's disease, the global treatment market size was estimated at USD 5.65 billion in 2024 and is expected to reach USD 7.58 billion by 2030.
• The Parkinson's disease market size in the U.S. was approximately USD 1,883 million in 2023.
• For the broader category of neurodegenerative diseases drugs, the global market size was valued at USD 58.22 billion in 2025, and is projected to grow to USD 93.09 billion by 2034.
• The North American neurodegenerative diseases drugs market (which includes the U.S.) held a market share of 48.53% in 2025, amounting to USD 28.25 billion in that year.

Minerva Neurosciences (NERV), a clinical-stage biopharmaceutical company, expects its future revenue growth over the next 2-3 years to be primarily driven by key clinical and regulatory milestones for its lead product candidate, roluperidone, and potential strategic outcomes.

The primary anticipated drivers are:

1. Successful completion and positive results from the Phase 3 confirmatory trial (C19) for roluperidone: Minerva Neurosciences plans to initiate a new 380-patient Phase 3 confirmatory trial (C19) for roluperidone in the second quarter of 2026, aiming to address deficiencies cited in the February 2024 Complete Response Letter from the FDA for the treatment of negative symptoms of schizophrenia. Topline efficacy data from this trial are expected in the second half of 2027. Positive results would be a critical precursor to regulatory approval and subsequent commercialization, potentially triggering future revenue streams.
2. Resubmission of the New Drug Application (NDA) for roluperidone: Following successful outcomes from the Phase 3 confirmatory trial, the company anticipates resubmitting its NDA for roluperidone. This resubmission, likely in late 2027 or 2028, would be a significant regulatory step toward potential market approval and the realization of product sales.
3. Potential milestone payments from partnerships related to roluperidone: Minerva has a license agreement with Mitsubishi Tanabe Pharma Corporation for roluperidone globally excluding Asia. Positive clinical and regulatory progress, such as successful Phase 3 trial results and NDA resubmission, could trigger milestone payments from this existing partnership or pave the way for new collaboration agreements, generating revenue for the company.
4. Outcomes from the strategic alternatives review: Facing financial constraints and the need for costly confirmatory studies for roluperidone, Minerva has initiated a strategic alternatives review. This review could lead to various outcomes, including new partnerships, a merger, or an acquisition, which could generate significant upfront payments or other forms of revenue within the 2-3 year timeframe.

Share Issuance

• In October 2025, Minerva Neurosciences completed a private placement that provided $80 million in upfront gross proceeds through the sale of Series A Convertible Preferred Stock.
• The October 2025 private placement also included Tranche A and Tranche B warrants, which, if fully exercised, could generate up to an additional $120 million in proceeds ($80 million from Tranche A warrants immediately exercisable for cash, and $40 million from Tranche B warrants contingent on achieving a Phase 3 milestone).
• As of March 2026, Minerva Neurosciences registered an at-the-market shelf offering, authorizing the company to offer and sell up to $200 million of various securities, including common stock, preferred stock, debt securities, and warrants, from time to time.

Inbound Investments

• In October 2025, Minerva Neurosciences secured an upfront investment of $80 million through a private placement with institutional investors, including Vivo Capital LLC, Janus Henderson Investors, Federated Hermes Kaufmann Funds, Farallon Capital Management, Coastlands Capital, and Balyasny Asset Management.
• In January 2021, Minerva Neurosciences sold its royalty interest in seltorexant to Royalty Pharma for an upfront payment of $60 million, with the potential to receive up to an additional $95 million in milestone payments. The proceeds from this transaction were intended to fund the continued development of roluperidone.

Capital Expenditures

• No specific dollar value for capital expenditures was reported in the available financial updates over the last 3-5 years. The company's primary investment in its business is reflected in its research and development (R&D) expenses, which were $5.8 million for the year ended December 31, 2025, and $11.9 million for the year ended December 31, 2024.