Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 27, 2026
Minerva Neurosciences, Inc. (NERV)
A forensic read on Minerva Neurosciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-17.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-0.2
P / E (ttm)
$259M
Market cap
0.00%
Dividend yield
0.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Minerva Neurosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -17.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-89.2%
FY2025
Return on invested capital.Return on invested capital is -89.2% in the latest fiscal year and rising from -113% — well below its ~10% cost of capital, and it has been across FY2014–FY2025, so reinvested dollars have not been earning their keep.
+16.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +58% over the last 3 years to FY2025 (+16.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2021, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~16.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~37%.
24% of rev
FY2020
Stock-based comp load.Stock-based compensation ran 24% of revenue in FY2020 — about $0.24 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 16.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$41.2M
Net Margin4.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Minerva Neurosciences, Inc.'s actual 10-K/10-Q/8-K filings?