Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 30, 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
-35.6
Altman Z-score
Watch
Earnings quality
2
Forensic signals
$253M
Market cap
Minerva Neurosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -35.6, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-89%Return on invested capital.Return on invested capital is -89% and rising from -113% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+19.5%/yrShare-count dilution.Diluted share count changed +58% over the last 3 years to FY2025 (+19.5%/yr). A reversal: the count shrank earlier (net -13.1%/yr since FY2019) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~19.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~58%.
Key fundamentals
Free Cash Flow$-13.5M
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Minerva Neurosciences, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NERV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown