0001193125-26-205182 | 10-Q | XBRL Viewer | Minerva Neurosciences INC

Nature of Operations and Liquidity	3 Months Ended
Mar. 31, 2026
Nature Of Operations And Liquidity Disclosure [Abstract]
Nature of Operations and Liquidity	NOTE 1 — NATURE OF OPERATIONS AND LIQUIDITY Nature of Operations Minerva Neurosciences, Inc. (“Minerva” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of certain proprietary product candidates to treat patients suffering from central nervous system (“CNS”) diseases. The Company’s lead product candidate, roluperidone, is in development for the treatment of negative symptoms in patients diagnosed with schizophrenia. In August 2022, the Company submitted a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for roluperidone for the treatment of negative symptoms in schizophrenia. On February 26, 2024, the FDA issued a Complete Response Letter (“CRL”) regarding the NDA for roluperidone. Subsequent to the CRL, the Company has had multiple interactions with the FDA to confirm the design of an additional Phase 3 confirmatory clinical trial to address the deficiencies cited in the CRL and resubmit the NDA. Consistent with the previous Phase 2b (C03) and Phase 3 (C07) clinical trials of roluperidone, the new Phase 3 confirmatory trial, which the Company refers to as the C19 trial, will include patients diagnosed with schizophrenia who present with stable impairing negative symptoms and stable positive symptoms for the six months prior to entering the trial. The Company agreed with the FDA that best efforts will be made to secure 25-30% of patients from the United States, subject to competitive recruitment. The FDA confirmed that roluperidone can be studied in monotherapy where patients will receive a double-blinded single daily 64 mg dose of roluperidone or placebo. The FDA advised that, to support a monotherapy indication, it would be necessary to assess relapses on an observational basis for at least 52 weeks, in patients treated in monotherapy with roluperidone, placebo or antipsychotics. The FDA also stated that it would consider a resubmission of the NDA that included a double-blind, placebo- or active-controlled trial of roluperidone with a duration of at least 52 weeks with the efficacy primary endpoint at week 12. On March 31, 2026, the Company announced that the first patient had been screened in the C19 trial. The trial is designed to enroll 380 patients, randomized on a 1:1 basis to receive either placebo or a double-blinded single daily 64 mg dose of roluperidone. The primary efficacy endpoint is expected to be the change from baseline in the PANSS Marder negative symptoms factor score (“NSFS”) at 12 weeks of treatment with roluperidone compared to placebo. Following the initial 12-week treatment period, patients are expected to enter a 40-week relapse assessment phase, during which patients will crossover to receive either a daily 64 mg dose of roluperidone or antipsychotics. The Company expects topline efficacy results in the second half of 2027 and relapse assessment data in the second half of 2028. In addition, the Company previously co-developed seltorexant with Janssen Pharmaceutica NV (“Janssen”), a subsidiary of Johnson & Johnson, for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). As a result of the Company’s collaboration with Janssen, it was entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, the Company sold its rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $60 million cash payment and up to an additional $95 million in potential future milestone payments, subject to completion of Phase 3 trials by Janssen and regulatory approvals. To the Company’s knowledge, Janssen is currently recruiting patients under a Phase 3 trial with seltorexant. Liquidity The accompanying interim condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of March 31, 2026, the Company had an accumulated deficit of approximately $814.2 million and net cash used in operating activities was approximately $5.4 million during the three months ended March 31, 2026. Management expects to continue to incur operating losses and negative cash flows from operations in the future. The Company has financed its operations to date from proceeds from the sale of convertible preferred stock, common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales. As of March 31, 2026, the Company had cash, cash equivalents, marketable securities and restricted cash of $78.2 million. The Company believes that this amount will be sufficient to meet the Company’s operating commitments for at least twelve months from the date that its interim condensed financial statements are issued. On October 23, 2025, the Company completed a private placement of preferred stock and warrants for up to $200 million in gross proceeds, before deducting placement agent fees and other expenses, through a private placement that included an initial upfront funding of $80 million in gross proceeds in exchange for 80,000 shares of the Company’s Series A convertible preferred stock, and up to an additional $80 million in gross proceeds if all 80,000 Tranche A warrants are exercised, subject to the terms and conditions specified therein. Additional proceeds of $40 million may be received in connection with cash exercise of all 40,000 Tranche B warrants upon the achievement of a milestone event. The net proceeds of this private placement is being used to finance the confirmatory Phase 3 trial of roluperidone, preparation and resubmission of its NDA, the readiness of the commercial launch of roluperidone in the U.S., if approved, and for working capital and general corporate purposes. The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs, the infrastructure to support a commercial enterprise, and the level of financial resources available. The Company can adjust its operating plan spending levels based on the timing of future clinical trials, which are predicated upon adequate funding to complete the trials. The Company routinely evaluates the status of its clinical development programs as well as potential strategic options.

Nature of Operations and Liquidity

3 Months Ended

Mar. 31, 2026

Nature Of Operations And Liquidity Disclosure [Abstract]

NOTE 1 — NATURE OF OPERATIONS AND LIQUIDITY

Nature of Operations

Minerva Neurosciences, Inc. (“Minerva” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of certain proprietary product candidates to treat patients suffering from central nervous system (“CNS”) diseases.

The Company’s lead product candidate, roluperidone, is in development for the treatment of negative symptoms in patients diagnosed with schizophrenia. In August 2022, the Company submitted a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for roluperidone for the treatment of negative symptoms in schizophrenia. On February 26, 2024, the FDA issued a Complete Response Letter (“CRL”) regarding the NDA for roluperidone. Subsequent to the CRL, the Company has had multiple interactions with the FDA to confirm the design of an additional Phase 3 confirmatory clinical trial to address the deficiencies cited in the CRL and resubmit the NDA.

Consistent with the previous Phase 2b (C03) and Phase 3 (C07) clinical trials of roluperidone, the new Phase 3 confirmatory trial, which the Company refers to as the C19 trial, will include patients diagnosed with schizophrenia who present with stable impairing negative symptoms and stable positive symptoms for the six months prior to entering the trial. The Company agreed with the FDA that best efforts will be made to secure 25-30% of patients from the United States, subject to competitive recruitment. The FDA confirmed that roluperidone can be studied in monotherapy where patients will receive a double-blinded single daily 64 mg dose of roluperidone or placebo. The FDA advised that, to support a monotherapy indication, it would be necessary to assess relapses on an observational basis for at least 52 weeks, in patients treated in monotherapy with roluperidone, placebo or antipsychotics. The FDA also stated that it would consider a resubmission of the NDA that included a double-blind, placebo- or active-controlled trial of roluperidone with a duration of at least 52 weeks with the efficacy primary endpoint at week 12.

On March 31, 2026, the Company announced that the first patient had been screened in the C19 trial. The trial is designed to enroll 380 patients, randomized on a 1:1 basis to receive either placebo or a double-blinded single daily 64 mg dose of roluperidone. The primary efficacy endpoint is expected to be the change from baseline in the PANSS Marder negative symptoms factor score (“NSFS”) at 12 weeks of treatment with roluperidone compared to placebo. Following the initial 12-week treatment period, patients are expected to enter a 40-week relapse assessment phase, during which patients will crossover to receive either a daily 64 mg dose of roluperidone or antipsychotics. The Company expects topline efficacy results in the second half of 2027 and relapse assessment data in the second half of 2028.

In addition, the Company previously co-developed seltorexant with Janssen Pharmaceutica NV (“Janssen”), a subsidiary of Johnson & Johnson, for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). As a result of the Company’s collaboration with Janssen, it was entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, the Company sold its rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $60 million cash payment and up to an additional $95 million in potential future milestone payments, subject to completion of Phase 3 trials by Janssen and regulatory approvals. To the Company’s knowledge, Janssen is currently recruiting patients under a Phase 3 trial with seltorexant.

Liquidity

The accompanying interim condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of March 31, 2026, the Company had an accumulated deficit of approximately $814.2 million and net cash used in operating activities was approximately $5.4 million during the three months ended March 31, 2026. Management expects to continue to incur operating losses and negative cash flows from operations in the future. The Company has financed its operations to date from proceeds from the sale of convertible preferred stock, common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales.

As of March 31, 2026, the Company had cash, cash equivalents, marketable securities and restricted cash of $78.2 million. The Company believes that this amount will be sufficient to meet the Company’s operating commitments for at least twelve months from the date that its interim condensed financial statements are issued. On October 23, 2025, the Company completed a private placement of preferred stock and warrants for up to $200 million in gross proceeds, before deducting placement agent fees and other expenses, through a private placement that included an initial upfront funding of $80 million in gross proceeds in exchange for 80,000 shares of the Company’s Series A convertible preferred stock, and up to an additional $80 million in gross proceeds if all 80,000 Tranche A warrants are exercised, subject to the terms and conditions specified therein. Additional proceeds of $40 million may be received in connection with cash exercise of all 40,000 Tranche B warrants upon the achievement of a milestone event.

The net proceeds of this private placement is being used to finance the confirmatory Phase 3 trial of roluperidone, preparation and resubmission of its NDA, the readiness of the commercial launch of roluperidone in the U.S., if approved, and for working capital and general corporate purposes.

The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs, the infrastructure to support a commercial enterprise, and the level of financial resources available. The Company can adjust its operating plan spending levels based on the timing of future clinical trials, which are predicated upon adequate funding to complete the trials. The Company routinely evaluates the status of its clinical development programs as well as potential strategic options.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Redeemable Preferred Stock and Stockholders' Deficit	3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]
Redeemable Preferred Stock and Stockholders' Deficit	NOTE 6 — REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT Private Placement of Series A Preferred Stock and Warrants On October 21, 2025, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement (the “Private Placement”), (i) 80,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (“Series A Preferred Stock”), at a purchase price of $1,000 per share, (ii) tranche A warrants (the “Preferred Tranche A Warrants”) to acquire shares of Series A Preferred Stock (the “Tranche A Warrant Shares”) and (iii) tranche B warrants (the “Preferred Tranche B Warrants,” together with the Preferred Tranche A Warrants, the “Preferred Warrants”) to acquire shares of Series A Preferred Stock for an aggregate offering price of up to $200 million. The Private Placement closed on October 23, 2025 (the “Closing Date”), pursuant to which the Company received aggregate gross proceeds of $80.0 million, before deducting placement agent fees, financial advisor fees, and other offering expenses. The Company incurred approximately $5.7 million in offering costs, including deferred issuance costs included within accounts payable as of March 31, 2026, resulting in net proceeds of approximately $74.3 million. $3.1 million of the offering costs were allocated to the Preferred Warrants, which are classified as liabilities, and expensed as incurred. $2.6 million of the offering costs attributable to the issuance of Series A Preferred Stock were recorded as a reduction of the carrying value of the Preferred Stock. On the Closing Date, the Company recorded a loss on issuance of convertible preferred stock and warrants of $321.5 million, reflecting the initial fair values of the Series A Preferred Stock of $184.6 million and the warrants of $216.9 million, offset by $80.0 million in gross proceeds received from investors. The value of the Series A Preferred Stock at issuance was determined based on the contractual conversion ratio multiplied by the closing price of the Company’s common stock on the Closing Date. See Note 7 for additional information regarding the warrant liability and related valuation assumptions. On December 23, 2025, following the announcement of the stockholders’ approval of the issuance of common stock issuable upon conversion of the Series A Preferred Stock, the Company issued an aggregate of 36,280,992 shares of common stock upon the automatic conversion of an aggregate of 76,704 shares of Series A Preferred Stock in accordance with the terms set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock (the “Certificate of Designation”). As of March 31, 2026, an aggregate of 3,296 shares of Series A Preferred Stock remain outstanding, which are convertible into an aggregate of 1,559,008 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation. Each share of Series A Preferred Stock automatically converted into the number of shares of common stock at the conversion price of $2.11 per share, rounded down to the nearest whole share, subject to the terms and limitations contained in the Certificate of Designation, including that shares of Series A Preferred Stock shall not be convertible if the conversion would result in a holder beneficially owning more than 9.99% (the “Beneficial Ownership Limitation”) of the Company’s outstanding shares of common stock as of the applicable conversion date. By written notice to the Company, the holder may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 19.99% specified in such notice; provided, that any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. Each Preferred Tranche A Warrant has an exercise price of $1,000 and may only be exercised for cash. The Preferred Tranche A Warrants are immediately exercisable upon issuance for an aggregate of 80,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $80 million until the tenth day following the date of the Company’s public announcement that it has achieved, on a statistically significant basis, the primary endpoint of its Phase 3 confirmatory trial of roluperidone in schizophrenia at the 12-week timepoint (the “Milestone Event”). As of March 31, 2026, an aggregate of 78,800 Preferred Tranche A Warrants remaining outstanding. Each Preferred Tranche B Warrant has an exercise price of $1,000 and may be exercised by a cashless exercise. The Preferred Tranche B Warrants are exercisable for an aggregate of 40,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $40 million commencing on the earlier of (i) the Company’s public announcement of the Milestone Event and (ii) the three year anniversary of the Closing Date. The Preferred Tranche B Warrants will expire on the four (4)-year anniversary of the Closing Date. As of March 31, 2026, an aggregate of 40,000 Preferred Tranche B Warrants remaining outstanding. The Preferred Warrants are subject to forfeiture in the event the applicable holder engages in any Short Sales (as defined in the Securities Purchase Agreement) involving the Company’s securities during the 48-months period following the Closing Date. In addition, the shares of common stock and/or Series A Preferred Stock, as applicable, underlying the Preferred Tranche B Warrants are subject to reduction if the applicable holder sells or transfers any shares of Series A Preferred Stock or shares of common stock received upon conversion of the Series A Preferred Stock before the Exercisability Date (as defined therein), except to affiliates for no consideration. Pursuant to the Certificate of Designation, no fractional shares or scrip representing fractional shares of common stock shall be issued upon the conversion of the Series A Preferred Stock. All fractional shares shall be rounded down to the nearest whole shares of common stock. Holders of Series A Preferred Stock are not entitled to receive any dividends except to the extent that dividends are paid on the Company’s common stock. If dividends are paid on shares of common stock, holders of Series A Preferred Stock are entitled to participate in such dividends on an as-converted basis. Upon the liquidation, dissolution, or winding up of the Company, each holder of Series A Preferred Stock will participate pari passu with any distribution of proceeds to holders of common stock. Holders of the Series A Preferred Stock are entitled to vote together with the holders of common stock on an as-if-converted basis on all matters submitted to a vote of stockholders. Pursuant to the Securities Purchase Agreement, the Company filed a registration statement on Form S-3 (File No. 333-292410), which was declared effective by the SEC on January 6, 2026, covering the resale of the Registrable Securities (as such term is defined in the Securities Purchase Agreement). The Company has agreed to take all steps necessary to keep such registration statement effective at all times until all Registrable Shares have been resold, or there remains no Registrable Shares. Series A Convertible Preferred Stock In accordance with ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging, the Series A Preferred Stock was classified as temporary equity. Pursuant to the Certificate of Designation, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, including a change of control transaction, or Deemed Liquidation Event (any such event, a “Liquidation”), the assets of the Company available for distribution to its stockholders shall be distributed among the holders of the shares of Series A Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all shares of Series A Preferred Stock as if they had been converted to Common Stock pursuant to the terms of the Certificate of Designation immediately prior to such Liquidation, without regard to any limitations on conversion set forth in the Certificate of Designation or otherwise. However, there will be no Liquidation Preference on the shares of Series A Preferred Stock. Warrant Exercises In March 2026, 1,200 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $1,200,000 to the Company. The warrants were converted into Series A Preferred Stock, which were immediately converted into 567,600 shares of the Company’s common stock. Following these exercises, 78,800 Preferred Tranche A Warrants remain outstanding. Preferred Stock The Company is authorized to issue 100,000,000 shares of preferred stock, $0.0001 par value per share, including 200,000 shares of Series A Preferred Stock, $0.0001 par value per share. No preferred shares were issued or outstanding as of March 31, 2026 and December 31, 2025, other than shares of the Series A Preferred Stock.

Redeemable Preferred Stock and Stockholders' Deficit

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Redeemable Preferred Stock and Stockholders' Deficit

NOTE 6 — REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Private Placement of Series A Preferred Stock and Warrants

On October 21, 2025, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement (the “Private Placement”), (i) 80,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (“Series A Preferred Stock”), at a purchase price

of $1,000 per share, (ii) tranche A warrants (the “Preferred Tranche A Warrants”) to acquire shares of Series A Preferred Stock (the “Tranche A Warrant Shares”) and (iii) tranche B warrants (the “Preferred Tranche B Warrants,” together with the Preferred Tranche A Warrants, the “Preferred Warrants”) to acquire shares of Series A Preferred Stock for an aggregate offering price of up to $200 million. The Private Placement closed on October 23, 2025 (the “Closing Date”), pursuant to which the Company received aggregate gross proceeds of $80.0 million, before deducting placement agent fees, financial advisor fees, and other offering expenses. The Company incurred approximately $5.7 million in offering costs, including deferred issuance costs included within accounts payable as of March 31, 2026, resulting in net proceeds of approximately $74.3 million. $3.1 million of the offering costs were allocated to the Preferred Warrants, which are classified as liabilities, and expensed as incurred. $2.6 million of the offering costs attributable to the issuance of Series A Preferred Stock were recorded as a reduction of the carrying value of the Preferred Stock. On the Closing Date, the Company recorded a loss on issuance of convertible preferred stock and warrants of $321.5 million, reflecting the initial fair values of the Series A Preferred Stock of $184.6 million and the warrants of $216.9 million, offset by $80.0 million in gross proceeds received from investors. The value of the Series A Preferred Stock at issuance was determined based on the contractual conversion ratio multiplied by the closing price of the Company’s common stock on the Closing Date. See Note 7 for additional information regarding the warrant liability and related valuation assumptions.

On December 23, 2025, following the announcement of the stockholders’ approval of the issuance of common stock issuable upon conversion of the Series A Preferred Stock, the Company issued an aggregate of 36,280,992 shares of common stock upon the automatic conversion of an aggregate of 76,704 shares of Series A Preferred Stock in accordance with the terms set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock (the “Certificate of Designation”). As of March 31, 2026, an aggregate of 3,296 shares of Series A Preferred Stock remain outstanding, which are convertible into an aggregate of 1,559,008 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation. Each share of Series A Preferred Stock automatically converted into the number of shares of common stock at the conversion price of $2.11 per share, rounded down to the nearest whole share, subject to the terms and limitations contained in the Certificate of Designation, including that shares of Series A Preferred Stock shall not be convertible if the conversion would result in a holder beneficially owning more than 9.99% (the “Beneficial Ownership Limitation”) of the Company’s outstanding shares of common stock as of the applicable conversion date. By written notice to the Company, the holder may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 19.99% specified in such notice; provided, that any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.

Each Preferred Tranche A Warrant has an exercise price of $1,000 and may only be exercised for cash. The Preferred Tranche A Warrants are immediately exercisable upon issuance for an aggregate of 80,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $80 million until the tenth day following the date of the Company’s public announcement that it has achieved, on a statistically significant basis, the primary endpoint of its Phase 3 confirmatory trial of roluperidone in schizophrenia at the 12-week timepoint (the “Milestone Event”). As of March 31, 2026, an aggregate of 78,800 Preferred Tranche A Warrants remaining outstanding.

Each Preferred Tranche B Warrant has an exercise price of $1,000 and may be exercised by a cashless exercise. The Preferred Tranche B Warrants are exercisable for an aggregate of 40,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $40 million commencing on the earlier of (i) the Company’s public announcement of the Milestone Event and (ii) the three year anniversary of the Closing Date. The Preferred Tranche B Warrants will expire on the four (4)-year anniversary of the Closing Date. As of March 31, 2026, an aggregate of 40,000 Preferred Tranche B Warrants remaining outstanding.

The Preferred Warrants are subject to forfeiture in the event the applicable holder engages in any Short Sales (as defined in the Securities Purchase Agreement) involving the Company’s securities during the 48-months period following the Closing Date. In addition, the shares of common stock and/or Series A Preferred Stock, as applicable, underlying the Preferred Tranche B Warrants are subject to reduction if the applicable holder sells or transfers any shares of Series A Preferred Stock or shares of common stock received upon conversion of the Series A Preferred Stock before the Exercisability Date (as defined therein), except to affiliates for no consideration.

Pursuant to the Certificate of Designation, no fractional shares or scrip representing fractional shares of common stock shall be issued upon the conversion of the Series A Preferred Stock. All fractional shares shall be rounded down to the nearest whole shares of common stock. Holders of Series A Preferred Stock are not entitled to receive any dividends except to the extent that dividends are paid on the Company’s common stock. If dividends are paid on shares of common stock, holders of Series A Preferred Stock are entitled to participate in such dividends on an as-converted basis. Upon the liquidation, dissolution, or winding up of the Company, each holder of Series A Preferred Stock will participate pari passu with any distribution of proceeds to holders of common stock. Holders of the Series A Preferred Stock are entitled to vote together with the holders of common stock on an as-if-converted basis on all matters submitted to a vote of stockholders.

Pursuant to the Securities Purchase Agreement, the Company filed a registration statement on Form S-3 (File No. 333-292410), which was declared effective by the SEC on January 6, 2026, covering the resale of the Registrable Securities (as such term is defined in the Securities Purchase Agreement). The Company has agreed to take all steps necessary to keep such registration statement effective at all times until all Registrable Shares have been resold, or there remains no Registrable Shares.

Series A Convertible Preferred Stock

In accordance with ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging, the Series A Preferred Stock was classified as temporary equity. Pursuant to the Certificate of Designation, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, including a change of control transaction, or Deemed Liquidation Event (any such event, a “Liquidation”), the assets of the Company available for distribution to its stockholders shall be distributed among the holders of the shares of Series A Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all shares of Series A Preferred Stock as if they had been converted to Common Stock pursuant to the terms of the Certificate of Designation immediately prior to such Liquidation, without regard to any limitations on conversion set forth in the Certificate of Designation or otherwise. However, there will be no Liquidation Preference on the shares of Series A Preferred Stock.

Warrant Exercises

In March 2026, 1,200 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $1,200,000 to the Company. The warrants were converted into Series A Preferred Stock, which were immediately converted into 567,600 shares of the Company’s common stock. Following these exercises, 78,800 Preferred Tranche A Warrants remain outstanding.

Preferred Stock

The Company is authorized to issue 100,000,000 shares of preferred stock, $0.0001 par value per share, including 200,000 shares of Series A Preferred Stock, $0.0001 par value per share. No preferred shares were issued or outstanding as of March 31, 2026 and December 31, 2025, other than shares of the Series A Preferred Stock.

- Definition

The entire disclosure for equity.

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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock Award Plan and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity for Employees and Non-Employees

Stock option activity for employees and non-employees for the three months ended March 31, 2026 is as follows:


	Shares Issuable Pursuant to Stock Options		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Terms (years)		Total Intrinsic Value (in thousands)
Outstanding January 1, 2026		8,173,509	$	4.73		9.5	$	1,270

Granted		812,169	$	6.37
Exercised		—	$	—
Cancelled/Forfeited		—	$	—
Expired		—	$	—
Outstanding March 31, 2026		8,985,678	$	4.87		8.2	$	16,270
Exercisable March 31, 2026		2,601,033	$	6.35		4.7	$	4,593
Available for future grant		5,044,631

Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options

The Company uses the Black-Scholes model to estimate the fair value of stock options granted. There were no stock options granted during the three months ended March 31, 2025. For stock options granted during the three months ended March 31, 2026, the Company utilized the following assumptions:


	Three Months Ended March 31, 2026
Expected term (years)	5.31 - 6.25
Risk free interest rate	3.75% - 4.03%
Volatility	130% - 133%
Dividend yield	0%
Weighted-average fair value of options granted during the period	$5.82

Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations

The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations, including $6.6 million recognized in connection with the modification of stock options granted to Mr. Race pursuant to the settlement agreement described in Note 10.


	Three Months Ended March 31,
	2026		2025
Research and development	$	737,937	$	99,699
General and administrative		7,972,365		197,530
Total	$	8,710,302	$	297,229

SIGNIFICANT ACCOUNTING POLICIES - Summarizes of Reportable Segment's Financial Information (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting Information [Line Items]

Research and development expenses

$ 5,254,966

$ 1,362,438

General and administrative expenses

11,416,586

2,540,446

Total expenses

16,671,552

3,902,884

Loss from operations

(16,671,552)

(3,902,884)

Reconciling items:

Foreign exchange (losses) gains

(1,804)

(8,376)

Investment income

629,602

158,288

Changes in fair value of the warrant liability

109,360,630

Net loss

(125,404,384)

(3,752,972)

Operating Segments

Segment Reporting Information [Line Items]

Total

14,833,694

2,500,271

Other segment expense, net

^[1]

1,837,858

1,402,613

Total expenses

16,671,552

3,902,884

Loss from operations

(16,671,552)

(3,902,884)

Reconciling items:

Foreign exchange (losses) gains

(1,804)

(8,376)

Investment income

629,602

158,288

Changes in fair value of the warrant liability

(109,360,630)

Net loss

(125,404,384)

(3,752,972)

Operating Segments | Staff Related Expenses

Segment Reporting Information [Line Items]

Research and development expenses

^[2]

510,229

465,991

General and administrative expenses

^[2]

1,677,888

942,631

Operating Segments | External Costs

Segment Reporting Information [Line Items]

Research and development expenses

^[3]

3,935,275

794,420

Operating Segments | Stock Compensation Expenses (Non-cash)

Segment Reporting Information [Line Items]

Research and development expenses

737,937

99,699

General and administrative expenses

$ 7,972,365

$ 197,530

[1]	Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, and membership fees.
[2]	Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits.
[3]	External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025.

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of options granted during the period	$ 4.22	$ 6.16
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
Weighted-average fair value of options granted during the period	$ 5.82
Employee Stock Option \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 3 months 21 days
Risk free interest rate	3.75%
Volatility	130.00%
Employee Stock Option \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 3 months
Risk free interest rate	4.03%
Volatility	133.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

NET LOSS PER SHARE OF COMMON STOCK - Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding	0	0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding	3,296
Conversion of stock converted	1,559,008
Series A Preferred Stock \| Tranche A Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock converted	37,272,400
Issuance of common stock	78,800
Series A Preferred Stock \| Tranche B Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock converted	18,920,000
Issuance of common stock	40,000

WARRANT LIABILITY - Summary of Warrant Liability Fair Value Estimates and Changes in Level 3 Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value of the warrant liability	$ 109,400,000	$ 0
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, beginning balance	171,464,575
Issuance of common stock upon exercise of warrants	(2,228,304)
Changes in fair value of the warrant liability	109,360,630
Fair value, ending balance	$ 278,596,901

REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - Private Placement of Series A Preferred Stock and Warrants Additional Information (Details) - USD ($)				3 Months Ended
	Dec. 23, 2025	Oct. 23, 2025	Oct. 21, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Common stock, shares outstanding				43,841,998	43,274,398
Preferred stock, shares outstanding				0	0
Offering costs				$ 90,875
Gross proceeds received from issuance of warrants and series A preferred stock		$ 80,000,000
Preferred stock, shares authorized				100,000,000
Preferred stock, par value (in dollars per share)				$ 0.0001
Preferred stock, shares issued				0	0
Series A Preferred Stock
Class of Warrant or Right [Line Items]
Temporary equity par value				$ 0.0001	$ 0.0001
Preferred stock		184,600,000
Shares authorized				200,000	200,000
Par value				$ 0.0001	$ 0.0001
Common Stock
Class of Warrant or Right [Line Items]
Common stock, shares outstanding				43,841,998	43,274,398	6,993,406	6,993,406
Warrant
Class of Warrant or Right [Line Items]
Loss on issuance of convertible preferred stock and warrants		321,500,000
Fair value of the warrants		$ 216,900,000
Private Placement
Class of Warrant or Right [Line Items]
Warrant exercise price								$ 9.99
Private Placement \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Sale of stock issue date			Oct. 21, 2025
Notice period to change beneficial ownership limitation	61 days
Maximum beneficial ownership limitation	19.99%
Gross proceeds from issuance of private placement			$ 80,000,000
Offering costs			5,700,000
Net proceeds from issuance of private placement			$ 74,300,000
Private Placement \| Series A Preferred Stock \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Common stock issued and sold	76,704
Temporary equity par value			$ 0.0001
Purchase price per share			$ 1,000
Aggregate offering price			$ 200,000,000
Preferred stock, shares outstanding		3,296
Conversion of stock converted	1,559,008
Conversion price	$ 2.11
Maximum percentage of stock beneficial ownership limitation	9.99%
Issuance of common stock	76,704
Offering costs			$ 2,600,000
Par value			$ 0.0001
Private Placement \| Series A Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares issued		80,000
Private Placement \| Series A Convertible Preferred Stock \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Common stock issued and sold			80,000
Issuance of common stock			80,000
Private Placement \| Common Stock \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Common stock issued and sold	36,280,992
Issuance of common stock	36,280,992
Private Placement \| Common Stock \| Series A Convertible Preferred Stock \| Investor
Class of Warrant or Right [Line Items]
Warrants exercisable shares				567,600
Private Placement \| Warrant \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Offering costs			$ 3,100,000
Private Placement \| Tranche A Warrants \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 1,000
Warrants exercisable shares	80,000			78,800
Aggregate cash exercise price	$ 80,000,000
Private Placement \| Tranche B Warrants \| Investor \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 1,000
Warrants exercisable shares	40,000			40,000
Aggregate cash exercise price	$ 40,000,000
October 2025 Private Placement \| Tranche A Warrants \| Investor
Class of Warrant or Right [Line Items]
Warrant exercise price				$ 1,000
Warrants exercisable shares				1,200
Aggregate cash exercise price				$ 1,200,000

Sale of Future Royalties - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 19, 2021	Jan. 31, 2021	Sep. 30, 2024
Sale Of Future Royalties [Line Items]
Liability related to the sale of future royalties	$ 60,000,000
Annual interest rate on interest expense	10.50%
Initial upfront payment received			$ 60,000,000
Non-cash other income			$ 26,600,000
Seltorexant \| Royalty Pharma
Sale Of Future Royalties [Line Items]
Upfront payment for royalty interest sold	$ 60,000,000	$ 60,000,000
Additional milestone payments	95,000,000
Initial upfront payment amortized interest expense potential milestone payments received	0
Potential future milestone payments received	$ 60,000,000

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting and the requirements of the Securities and Exchange Commission (“SEC”) in accordance with Regulation S-X, Rule 8-03. Under those rules, certain notes and financial information that are normally required for annual financial statements can be condensed or omitted. In the opinion of the Company’s management, the accompanying financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to present fairly the financial position as of March 31, 2026, the results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet as of December 31, 2025 was derived from the audited annual financial statements. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2026.

Consolidation

The accompanying consolidated financial statements include the results of the Company and its wholly-owned subsidiaries, Mind-NRG Sarl and Minerva Neurosciences Securities Corporation. Intercompany transactions have been eliminated.

Significant risks and uncertainties

The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital.

The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting intellectual property.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

Cash equivalents include short-term, highly-liquid instruments, consisting of money market accounts and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk.

Marketable securities

Marketable securities consists of U.S. treasury securities, commercial paper, and corporate debt securities maturing in eleven months or less. Based on the Company’s intentions regarding its marketable securities, all marketable securities are classified as held-to-maturity and are carried under the amortized cost approach. The Company’s investments in U.S. treasury securities are classified as Level 1 within the fair value hierarchy and it’s investments in commercial paper and corporate debt securities are classified as Level 2. As of March 31, 2026, remaining final maturities of marketable securities ranged from June 2026 to March 2027, with a weighted average remaining maturity of approximately seven months. The Company did not hold any marketable securities as of December 31, 2025. The following table provides the amortized cost basis, unrealized gains/(losses) and the fair value of investments in held-to-maturity securities as of March 31, 2026:


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
U.S. Treasury securities	$	2,007,391	$	—	$	(731	)	$	2,006,660
Commercial paper		40,933,295		—		(69,328	)		40,863,967
Corporate debt securities		2,464,440		—		(6,490	)		2,457,950
Marketable securities:	$	45,405,126	$	—	$	(76,549	)	$	45,328,577

Restricted cash

Cash accounts with any type of restriction are classified as restricted. The Company maintained restricted cash balances as collateral for corporate credit cards in the amount of $0.1 million at each of March 31, 2026 and December 31, 2025.

Deferred offering costs

Deferred offering costs consist of legal, accounting and other direct costs incurred in connection with the Company’s registration statement on Form S-3 (File No. 333-294203), which was declared effective by the SEC on March 19, 2026. These costs have been capitalized and will be offset against the proceeds of any future offering under the registration statement. If no offering is completed, such costs will be expensed.

Warrant liability

In conjunction with the issuance of Series A Preferred Stock and Preferred Tranche A and Tranche B Warrants, the Company established a warrant liability as of October 23, 2025, representing the fair value of the warrants issued, which was determined using a binomial valuation model. The Company accounts for these warrants as liabilities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity, due to the Fundamental Transaction provisions contained and defined in both the Tranche A and Tranche B Warrants, as such provisions do not distinguish between transactions that are within the Company’s control and those that are not. Specifically, if, at any time while the warrants are outstanding, the Company shall enter into or be party to a Fundamental Transaction, then the Company (or the successor entity) shall purchase all outstanding warrants from the holders by paying to the holders cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of each warrant on the effective date of such Fundamental Transaction. As such, the warrant liability was initially measured at fair value and is remeasured at fair value at each reporting date, with changes in fair value recognized in earnings. The warrant liability is measured using Level 3 inputs within the fair value hierarchy. See Note 7 for additional information regarding the warrant liability and related valuation assumptions.

Fair value of financial instruments

The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels:

Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 — Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data.

The following tables present information about the Company’s assets and liabilities as of March 31, 2026 and December 31, 2025, measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	24,701,228	$	24,701,228	$	—	$	—
U.S. Treasury securities	$	2,007,391	$	2,007,391	$	—	$	—
Commercial paper	$	40,933,295	$	—	$	40,933,295	$	—
Corporate debt securities	$	2,464,440	$	—	$	2,464,440	$	—
Liabilities:
Warrant liability	$	278,596,901	$	—	$	—	$	278,596,901

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	79,327,870	$	79,327,870	$	—	$	—
Liabilities:
Warrant liability	$	171,464,575	$	—	$	—	$	171,464,575

The Company’s financial instruments consist of cash and cash equivalents, marketable securities, restricted cash, accounts payable, accrued expenses, warrant liability and liabilities related to the sale of future royalties. The carrying amounts of cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximate fair value because of their short-term nature. See Note 7 for additional information regarding the warrant liability and related valuation assumptions.

Segment information

Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM evaluates performance of the segments based on net income (loss). The CODM also reviews operating results and previously forecasted financial information to make decisions about allocating resources and assessing performance for the entire Company.

The Company’s operations are organized into one operating and one reportable segment focused on the development and commercialization of roluperidone. The one operating segment is managed on a consolidated basis. The operating segment’s revenue would be generated from commercial sales or license agreements of roluperidone, however, roluperidone has not been approved for commercialization and the Company has not received any revenue in connection with the sale or license of roluperidone. Furthermore, except for most of Asia, the Company has global commercialization rights for roluperidone.

The CODM does not evaluate operating segments using asset or liability information and therefore it is not disclosed. The following table summarizes the reportable segment’s financial information:


	Three Months Ended March 31,
	2026			2025
Expenses
Research and development staff related expenses (1)	$	510,229		$	465,991
External research and development costs (2)		3,935,275			794,420
Research and development stock compensation expenses (non-cash)		737,937			99,699
General and administrative staff related expenses (1)		1,677,888			942,631
General and administrative stock compensation expenses (non-cash)		7,972,365			197,530
Total		14,833,694			2,500,271
Other segment expense, net (3)		1,837,858			1,402,613
Total expenses		16,671,552			3,902,884
Loss from operations		(16,671,552	)		(3,902,884	)
Reconciling items:
Foreign exchange (losses) gains		(1,804	)		(8,376	)
Investment income		629,602			158,288
Changes in fair value of the warrant liability		(109,360,630	)		—
Net loss	$	(125,404,384	)	$	(3,752,972	)

(1) Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits.

(2) External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025.

(3) Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, and membership fees.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective date.

Accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires public business entities to disclose detailed information about specific types of expenses that are relevant to certain line items on the income statement. This update is effective for us for annual periods beginning in our fiscal year ending December 31, 2027, and interim periods beginning in the first quarter of our fiscal year ending December 31, 2028. Early adoption is permitted. We are currently evaluating the impact that this update will have on our financial statement disclosures.

NET LOSS PER SHARE OF COMMON STOCK - Additional Information (Details) - Private Placement - $ / shares	1 Months Ended	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares of common stock to purchase by warrant	575,575	575,575	575,575
Common stock exercise price per share	$ 9.99
Exercise price of pre-funded warrants	$ 0.01
Pre-funded warrants issuable nominal consideration per share		$ 0.01	$ 0.01

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Apr. 28, 2023	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	Dec. 31, 2025	Aug. 06, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		43,841,998			43,274,398
Fair value of common stock on grant date (in dollars per share)		$ 4.22	$ 6.16
share based compensation expense		$ 8,710,302	$ 297,229
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock on grant date (in dollars per share)		$ 5.82
Total unrecognized compensation costs		$ 22,200,000
Weighted-average period over which unrecognized compensation costs is expected to be recognized		3 years 6 months
share based compensation expense		$ 6,600,000
Employee Stock Option \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercisable period		10 years
Employee Stock Option \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Employee Stock Option \| Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
PRSU'S vested		228,213
PRSU'S outstanding		217,495
PRSU'S cancelled				30,932
share based compensation expense		$ 200,000
Incremental Non-cash Compensation Cost	50.00%	50.00%
2013 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		14,578,917
Option Exchange Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued						953,980
Common stock exchanged for PRSUs						476,640

RELATED PARTY TRANSACTIONS - Additional Information (Details) - Mr. Geoffrey Race		3 Months Ended
	Mar. 30, 2026 GBP (£) h	Mar. 31, 2026
Settlement Agreement
Related Party Transaction [Line Items]
Settlement payment	£ 30,000
Terms and manner of settlement		In addition, in consideration of Mr. Race’s execution of a general release of claims and his compliance with the other terms of the Settlement Agreement, the Company agreed to provide Mr. Race with the following separation benefits: (x) a one-time severance payment of £30,000; (y) payments in lieu of 12-months’ private medical insurance contributions and life assurance contributions and (z) reimbursement of Mr. Race’s reasonable legal fees incurred in connection with obtaining advice on the termination of his employment and the terms of the Settlement Agreement, up to a maximum of £15,000 plus VAT.
Settlement Agreement \| Legal Fees
Related Party Transaction [Line Items]
Settlement payment	15,000
Settlement Agreement \| Consulting Fees
Related Party Transaction [Line Items]
Related party consulting fees	£ 333
Settlement Agreement \| Minimum
Related Party Transaction [Line Items]
Number of hours per month services provided \| h	35
Consulting Agreement \| Consulting Fees
Related Party Transaction [Line Items]
Description of transaction		Also on March 30, 2026, the Company entered into a consultancy agreement (the “Consultancy Agreement”) with Mr. Race. The Consultancy Agreement commenced on April 15, 2026 and continues until April 14, 2027 (the “Consulting Period”), unless earlier terminated by either party upon one month’s prior written notice, or by the Company upon the occurrence of certain termination events, including gross misconduct or material breach by Mr. Race. During the Consulting Period, Mr. Race is entitled to receive consulting fees in amounts of £333 per hour, for a minimum of 35 hours per month. At the discretion of the Company’s Compensation Committee, Mr. Race may be eligible to receive options to acquire shares of Common Stock under the 2013 Plan.

SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Cash Equivalents and Marketable Securities Measured on Recurring Basis and Determined by Valuation Techniques (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
U.S. Treasury Securities
Assets:
Assets, Fair Value	$ 2,007,391
Commercial Paper
Assets:
Assets, Fair Value	40,933,295
Corporate Debt Securities
Assets:
Assets, Fair Value	2,464,440
Cash and Cash Equivalents
Assets:
Assets, Fair Value	24,701,228	$ 79,327,870
Warrant Liability
Liabilities:
Liabilities, Fair Value	278,596,901	171,464,575
Level 1 \| U.S. Treasury Securities
Assets:
Assets, Fair Value	2,007,391
Level 1 \| Cash and Cash Equivalents
Assets:
Assets, Fair Value	24,701,228	79,327,870
Level 2 \| Commercial Paper
Assets:
Assets, Fair Value	40,933,295
Level 2 \| Corporate Debt Securities
Assets:
Assets, Fair Value	2,464,440
Level 3 \| Warrant Liability
Liabilities:
Liabilities, Fair Value	$ 278,596,901	$ 171,464,575

Warrant Liability (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Summary of Valuation Inputs

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at March 31, 2026:


	March 31, 2026
	Tranche A Warrants			Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		3.73	%		3.73	%
Time period between valuation date and Milestone Event		1.75			1.75
Risk-neutral probability of Milestone Event achievement		48.00	%		48.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	2,264.20		$	2,375.40
Scenario 2: Milestone Not Achieved
Discount rate		3.73	%		3.73	%
Time period between valuation date and Milestone Event		1.75			1.75
Risk-neutral probability of Milestone Event achievement		52.00	%		52.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	43.50		$	43.50
Fair Value of Series A Warrants	$	2,307.70		$	2,418.80

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at December 31, 2025:


	12/31/2025
	Tranche A Warrants			Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		3.52	%		3.52	%
Time period between valuation date and Milestone Event		2.00			2.00
Risk-neutral probability of Milestone Event achievement		49.00	%		49.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	1,360.60		$	1,500.60
Scenario 2: Milestone Not Achieved
Discount rate		3.52	%		3.52	%
Time period between valuation date and Milestone Event		2.00			2.00
Risk-neutral probability of Milestone Event achievement		51.00	%		51.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	21.60		$	21.60
Fair Value of Series A Warrants	$	1,382.20		$	1,522.20

The table below summarizes the valuation inputs used in the Black-Scholes Option Pricing Model for the Warrants at March 31, 2026 and December 31, 2025.


	March 31, 2026			December 31, 2025
Term to expiration		1.81			1.81
Risk-free interest rate		3.73	%		3.51	%
Volatility		117.50	%		117.50	%
Dividend yield		0.00	%		0.00	%

Summary of Warrant Liability Fair Value Estimates and Changes in Level 3 Fair Value Measurements

The following table provides a summary of the Company’s warrant liability fair value estimates as of March 31, 2026, and the changes in Level 3 fair value measurements during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
Fair value, January 1, 2026	$	171,464,575
Issuance of common stock upon exercise of warrants		(2,228,304	)
Changes in fair value of the warrant liability		109,360,630
Fair value, March 31, 2026	$	278,596,901

WARRANT LIABILITY - Summary of Valuation Inputs (Details) - Level 3 - Warrant	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Binomial Model \| Tranche A Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	$ 2,307.7	$ 1,382.2
Binomial Model \| Tranche B Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	$ 2,418.8	$ 1,522.2
Binomial Model \| Discount Rate \| Tranche A Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.73	3.52
Binomial Model \| Discount Rate \| Tranche A Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.73	3.52
Binomial Model \| Discount Rate \| Tranche B Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.73	3.52
Binomial Model \| Discount Rate \| Tranche B Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.73	3.52
Binomial Model \| Time Period Between Valuation Date and Milestone Event \| Tranche A Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.75	2
Binomial Model \| Time Period Between Valuation Date and Milestone Event \| Tranche A Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.75	2
Binomial Model \| Time Period Between Valuation Date and Milestone Event \| Tranche B Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.75	2
Binomial Model \| Time Period Between Valuation Date and Milestone Event \| Tranche B Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.75	2
Binomial Model \| Risk-Neutral Probability of Milestone Event Achievement \| Tranche A Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	48	49
Binomial Model \| Risk-Neutral Probability of Milestone Event Achievement \| Tranche A Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	52	51
Binomial Model \| Risk-Neutral Probability of Milestone Event Achievement \| Tranche B Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	48	49
Binomial Model \| Risk-Neutral Probability of Milestone Event Achievement \| Tranche B Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	52	51
Binomial Model \| Probability-Weighted Present Value of the Series A Preferred Warrants \| Tranche A Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	$ 2,264.2	$ 1,360.6
Binomial Model \| Probability-Weighted Present Value of the Series A Preferred Warrants \| Tranche A Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	43.5	21.6
Binomial Model \| Probability-Weighted Present Value of the Series A Preferred Warrants \| Tranche B Warrants \| Scenario 1: Milestone Successfully Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	2,375.4	1,500.6
Binomial Model \| Probability-Weighted Present Value of the Series A Preferred Warrants \| Tranche B Warrants \| Scenario 2: Milestone Not Achieved
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value of Series A Warrants	$ 43.5	$ 21.6
Black-Scholes Option Pricing Model \| Term to Expiration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.81	1.81
Black-Scholes Option Pricing Model \| Risk-Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.73	3.51
Black-Scholes Option Pricing Model \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	117.5	117.5
Black-Scholes Option Pricing Model \| Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of the Company’s business activities. The Company is not aware of any claim or litigation, the outcome of which, if determined adversely to the Company, would have a material effect on the Company’s financial position or results of operations.

Leases

On October 11, 2022, the Company entered into an office lease agreement with Regus to lease office space located at 1500 District Avenue, Burlington, MA 01803. In September 2025, the Company amended its month-to-month lease agreement to reduce the rentable office space. In January 2026, the Company renewed the month-to-month lease agreement commencing on February 1, 2026, with a monthly payment of $1,223. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less.

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 8,710,302	$ 297,229
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	737,937	99,699
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 7,972,365	$ 197,530

Stock Award Plan and Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Award Plan and Stock-Based Compensation

NOTE 8 — STOCK AWARD PLAN AND STOCK-BASED COMPENSATION

In December 2013, the Company adopted the 2013 Equity Incentive Plan (as subsequently amended and restated, the “Plan”), which provides for the issuance of options, stock appreciation rights, stock awards and stock units. As of March 31, 2026, the total shares authorized for issuance under the Plan were 14,578,917.

Stock Option Awards

Stock option activity for employees and non-employees for the three months ended March 31, 2026 is as follows:


	Shares Issuable Pursuant to Stock Options		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Terms (years)		Total Intrinsic Value (in thousands)
Outstanding January 1, 2026		8,173,509	$	4.73		9.5	$	1,270

Granted		812,169	$	6.37
Exercised		—	$	—
Cancelled/Forfeited		—	$	—
Expired		—	$	—
Outstanding March 31, 2026		8,985,678	$	4.87		8.2	$	16,270
Exercisable March 31, 2026		2,601,033	$	6.35		4.7	$	4,593
Available for future grant		5,044,631

The weighted average grant-date fair value of stock options outstanding on March 31, 2026 and 2025 was $4.22 per share and $6.16 per share, respectively. Total unrecognized compensation costs related to non-vested stock options at March 31, 2026 were approximately $22.2 million and are expected to be recognized within future operating results over a weighted-average period of 3.5 years. Generally, stock options are granted using exercise prices equal to the market price at the date of grant, vest over four years for employees and one year for directors, and are exercisable over a maximum period of 10 years from their grant dates.

The expected term of the employee-related options was estimated using the “simplified” method as defined by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment. The volatility assumption was determined by examining the historical volatility of the Company and volatilities for industry peer companies. The risk-free interest rate assumption is based on the U.S. Treasury instruments, the term of which was consistent with the expected term of the options. The dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has never paid dividends on its common stock and does not anticipate paying dividends on its common stock in the foreseeable future. Accordingly, the Company has assumed no dividend yield for the purposes of estimating the fair value of the options.


	Three Months Ended March 31, 2026
Expected term (years)	5.31 - 6.25
Risk free interest rate	3.75% - 4.03%
Volatility	130% - 133%
Dividend yield	0%
Weighted-average fair value of options granted during the period	$5.82

Performance-Based Restricted Stock Units

On August 6, 2021, options to purchase 953,980 shares of the Company’s common stock were exchanged for 476,640 PRSUs. Options surrendered in the one-time stock option exchange program (the “Exchange Program”) were cancelled and shares subject to the cancelled options again became available for issuance under the Plan. The Exchange Program was treated as a Type II modification (Probable-to improbable) under ASC 718.

The Company used the pre-modification stock options for determining the compensation cost related to the PRSUs as the vesting conditions remain uncertain for the outstanding PRSUs. All expense related to the non-vested pre-modification stock options was fully recognized as of December 31, 2023.

On April 28, 2023, the Compensation Committee of the Company’s board of directors certified the achievement of a performance condition occurring upon FDA acceptance of the NDA for roluperidone. As a result, 50% of the shares of common stock underlying the Company’s PRSUs vested and the Company recognized approximately $0.2 million in non-cash compensation expense, representing 50% of the incremental cost of the PRSUs granted under the Exchange Program. The incremental cost was measured as the excess of the fair value of each new PRSU, measured as of the date the new PRSUs were granted, over the fair value of the stock options surrendered in exchange for the new PRSU, measured immediately prior to the cancellation. The remaining PRSUs vest upon roluperidone receiving FDA marketing approval, provided that such approval occurs within five years after the August 6, 2021 grant date. As of March 31, 2026, 228,213 PRSUs have vested, 30,932 have been cancelled, and 217,495 remain outstanding.


	Three Months Ended March 31,
	2026		2025
Research and development	$	737,937	$	99,699
General and administrative		7,972,365		197,530
Total	$	8,710,302	$	297,229

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Entity Registrant Name	Minerva Neurosciences, Inc.
Entity Central Index Key	0001598646
Amendment Flag	false
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2026
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NERV
Entity Tax Identification Number	26-0784194
Entity File Number	001-36517
Entity Address, Address Line One	1500 District Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	01803
City Area Code	617
Local Phone Number	600-7373
Document Transition Report	false
Document Quarterly Report	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		46,588,709

Subsequent Event

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Event

NOTE 11 — SUBSEQUENT EVENT

None.

Net Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Computation of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted loss per share for common stockholders:


	Three Months Ended March 31,
	2026			2025
Net loss	$	(125,404,384	)	$	(3,752,972	)
Weighted average shares of common stock outstanding		43,900,426			7,568,981
Net loss per share of common stock – basic and diluted	$	(2.86	)	$	(0.50	)

Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive

The following securities outstanding at March 31, 2026 and 2025 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive:


	Three Months Ended March 31,
	2026		2025
Common stock options		8,985,678		1,486,297
Performance-based restricted stock units		217,495		228,209
Common stock warrants		—		5,099
Series A preferred stock (1)		1,559,008		—
Series A preferred stock warrants(2)		56,192,400		—

(1)

An aggregate of 3,296 shares of Series A Preferred Stock remain outstanding, which are convertible into an aggregate of 1,559,008 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock. Shares of the Series A Preferred Stock are classified as temporary equity and excluded from the calculation of weighted average shares outstanding.

(2)

As of March 31, 2026, there were outstanding (i) Preferred Tranche A Warrants to purchase an aggregate of 78,800 shares of the Company’s Series A Preferred Stock, which are convertible into 37,272,400 shares of its common stock and (ii) Preferred Tranche B Warrants to purchase an aggregate of 40,000 shares of the Company’s Series A Preferred Stock,

which are convertible into 18,920,000 shares of its common stock. Both the Tranche A Warrants and Tranche B Warrants are subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock and Warrants.

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Stock Option Activity for Employees and Non-Employees (Details) - Employees and Non-Employees Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Shares Issuable Pursuant to Stock Options
Outstanding at the beginning of period (in shares)	8,173,509
Granted (in shares)	812,169
Outstanding at the end of the period (in shares)	8,985,678	8,173,509
Exercisable at the end of the period (in shares)	2,601,033
Available for future grant (in shares)	5,044,631
Weighted-Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 4.73
Granted (in dollars per share)	6.37
Outstanding at the end of the period (in dollars per share)	4.87	$ 4.73
Exercisable at the end of the period (in dollars per share)	$ 6.35
Weighted-Average Remaining Contractual Term Outstanding (Years)	8 years 2 months 12 days	9 years 6 months
Weighted-Average Remaining Contractual Term Exercisable (Years)	4 years 8 months 12 days
Total Intrinsic Value Outstanding at the end of period	$ 16,270	$ 1,270
Total Intrinsic Value Exercisable	$ 4,593

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Regus - USD ($)		1 Months Ended
	Oct. 11, 2022	Jan. 31, 2026
Loss Contingencies [Line Items]
Lease description	In January 2026, the Company renewed the month-to-month lease agreement commencing on February 1, 2026, with a monthly payment of $1,223. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less.
Lease commencement date		Feb. 01, 2026
Monthly rental rate		$ 1,223

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Consolidation

Significant Risks and Uncertainties

Significant risks and uncertainties

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Marketable Securities

Marketable securities


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
U.S. Treasury securities	$	2,007,391	$	—	$	(731	)	$	2,006,660
Commercial paper		40,933,295		—		(69,328	)		40,863,967
Corporate debt securities		2,464,440		—		(6,490	)		2,457,950
Marketable securities:	$	45,405,126	$	—	$	(76,549	)	$	45,328,577

Restricted Cash

Restricted cash

Deferred Offering Costs

Deferred offering costs

Warrant Liability

Warrant liability

Fair Value of Financial Instruments

Fair value of financial instruments

Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	24,701,228	$	24,701,228	$	—	$	—
U.S. Treasury securities	$	2,007,391	$	2,007,391	$	—	$	—
Commercial paper	$	40,933,295	$	—	$	40,933,295	$	—
Corporate debt securities	$	2,464,440	$	—	$	2,464,440	$	—
Liabilities:
Warrant liability	$	278,596,901	$	—	$	—	$	278,596,901

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	79,327,870	$	79,327,870	$	—	$	—
Liabilities:
Warrant liability	$	171,464,575	$	—	$	—	$	171,464,575

Segment Information

Segment information

The CODM does not evaluate operating segments using asset or liability information and therefore it is not disclosed. The following table summarizes the reportable segment’s financial information:


	Three Months Ended March 31,
	2026			2025
Expenses
Research and development staff related expenses (1)	$	510,229		$	465,991
External research and development costs (2)		3,935,275			794,420
Research and development stock compensation expenses (non-cash)		737,937			99,699
General and administrative staff related expenses (1)		1,677,888			942,631
General and administrative stock compensation expenses (non-cash)		7,972,365			197,530
Total		14,833,694			2,500,271
Other segment expense, net (3)		1,837,858			1,402,613
Total expenses		16,671,552			3,902,884
Loss from operations		(16,671,552	)		(3,902,884	)
Reconciling items:
Foreign exchange (losses) gains		(1,804	)		(8,376	)
Investment income		629,602			158,288
Changes in fair value of the warrant liability		(109,360,630	)		—
Net loss	$	(125,404,384	)	$	(3,752,972	)

(1) Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits.

(2) External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025.

(3) Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, and membership fees.

Recent Accounting Pronouncements

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective date.

Accounting pronouncements not yet adopted

ACCRUED EXPENSES AND OTHER LIABILITIES - Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Research and development costs and other accrued expenses	$ 680,597	$ 1,013,200
Professional fees	504,777	637,566
Accrued settlement payment	782,115
Accrued bonus	355,729
Vacation pay	40,750
Accrued expenses and other current liabilities	$ 2,363,968	$ 1,650,766

Net Loss Per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share of Common Stock

NOTE 4 — NET LOSS PER SHARE OF COMMON STOCK

Diluted loss per share is the same as basic loss per share for all periods presented as the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Basic loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and warrants, but only to the extent that their inclusion is dilutive. Performance-based restricted stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been achieved on the basis of the assumption that the end of the reporting period was the end of the contingency period, if such issuable shares are dilutive.

In June 2023, in connection with a private placement, the Company issued and sold pre-funded warrants exercisable for an aggregate of 575,575 shares of common stock. The purchase price of the pre-funded warrants was $9.99 per share, which was paid to the Company upon issuance of the pre-funded warrants. The exercise price of the pre-funded warrants is $0.01 per share. The pre-funded warrants are exercisable by the holders at any time and do not expire. As the remaining shares underlying the pre-funded warrants are issuable for nominal consideration of $0.01 per share, 575,575 shares of common stock underlying the unexercised pre-funded warrants were considered outstanding for purposes of the calculation of loss per share as of March 31, 2026 and 2025.

The following table sets forth the computation of basic and diluted loss per share for common stockholders:


	Three Months Ended March 31,
	2026			2025
Net loss	$	(125,404,384	)	$	(3,752,972	)
Weighted average shares of common stock outstanding		43,900,426			7,568,981
Net loss per share of common stock – basic and diluted	$	(2.86	)	$	(0.50	)


	Three Months Ended March 31,
	2026		2025
Common stock options		8,985,678		1,486,297
Performance-based restricted stock units		217,495		228,209
Common stock warrants		—		5,099
Series A preferred stock (1)		1,559,008		—
Series A preferred stock warrants(2)		56,192,400		—

(1)

(2)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 32,659,770	$ 82,301,813
Marketable securities	45,405,126
Restricted cash	100,000	100,000
Prepaid expenses and other current assets	941,883	697,676
Total current assets	79,106,779	83,099,489
Goodwill	14,869,399	14,869,399
Deferred offering costs	50,978
Total assets	94,027,156	97,968,888
Current liabilities
Accounts payable	2,118,225	639,707
Accrued expenses and other current liabilities	2,363,968	1,650,766
Total current liabilities	4,482,193	2,290,473
Warrant Liability	278,596,901	171,464,575
Liability related to the sale of future royalties	60,000,000	60,000,000
Total liabilities	343,079,094	233,755,048
Commitments and contingencies (Note 9)
Stockholders' deficit
Common stock; $0.0001 par value; 250,000,000 shares authorized; 43,841,998 shares issued and outstanding as of March 31, 2026 and 43,274,398 shares issued and outstanding as of December 31, 2025	4,384	4,327
Additional paid-in capital	560,185,880	548,047,331
Accumulated deficit	(814,204,124)	(688,799,740)
Total stockholders' deficit	(254,013,860)	(140,748,082)
Total liabilities, redeemable preferred stock and stockholders' deficit	94,027,156	97,968,888
Series A Convertible Preferred Stock
Redeemable preferred stock
Series A convertible preferred stock; $0.0001 par value; 200,000 shares authorized; 3,296 issued and outstanding; liquidation preference of $0 as of March 31, 2026 and December 31, 2025	$ 4,961,922	$ 4,961,922

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Expenses
Research and development	$ 5,254,966	$ 1,362,438
General and administrative	11,416,586	2,540,446
Total expenses	16,671,552	3,902,884
Loss from operations	(16,671,552)	(3,902,884)
Foreign exchange losses	(1,804)	(8,376)
Investment income	629,602	158,288
Changes in fair value of the warrant liability	(109,360,630)
Net loss	$ (125,404,384)	$ (3,752,972)
Net loss per share, basic	$ (2.86)	$ (0.5)
Net loss per share, diluted	$ (2.86)	$ (0.5)
Weighted average shares outstanding, basic	43,900,426	7,568,981
Weighted average shares outstanding, diluted	43,900,426	7,568,981

Warrant Liability

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrant Liability

NOTE 7 — WARRANT LIABILITY

In conjunction with the issuance of Series A Preferred Stock and Preferred Tranche A and Tranche B Warrants (the “Warrants”) as described in Note 6, the Company established a warrant liability.

The Warrants meet the definition of freestanding instruments and are classified as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The Warrants were initially recognized at fair value and are subject to remeasurement at each balance sheet date after issuance. Any change in fair value is recognized as a component of other income (expense) in the statements of operations in the period of change. For the three months ended March 31, 2026 and 2025, the Company recognized a $109.4 million loss and no gain or loss, respectively, related to changes in the fair value of the warrant liability, which is included in other income (expense) in the statements of operations. In addition to the valuation inputs described below, there is an indirect relationship between the Company’s share price and the fair value of the warrant liability, whereby changes in the share price influence the valuation model used to determine fair value.

The fair value of the warrants is estimated using a binomial 2-node model in combination with the Black-Scholes Option Pricing Model using unobservable (Level 3) inputs that reflect the Company’s own assumptions, as described in Note 2. The significant unobservable inputs include the expected timing of the Milestone Event, the probability of the Milestone Event being successfully achieved, and the value of the Series A Preferred Stock upon the success or failure of the Milestone Event. Significant increases (decreases) in any of the inputs in isolation would result in a significantly higher (lower) fair value measurement.

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at March 31, 2026:


	March 31, 2026
	Tranche A Warrants			Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		3.73	%		3.73	%
Time period between valuation date and Milestone Event		1.75			1.75
Risk-neutral probability of Milestone Event achievement		48.00	%		48.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	2,264.20		$	2,375.40
Scenario 2: Milestone Not Achieved
Discount rate		3.73	%		3.73	%
Time period between valuation date and Milestone Event		1.75			1.75
Risk-neutral probability of Milestone Event achievement		52.00	%		52.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	43.50		$	43.50
Fair Value of Series A Warrants	$	2,307.70		$	2,418.80

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at December 31, 2025:


	12/31/2025
	Tranche A Warrants			Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		3.52	%		3.52	%
Time period between valuation date and Milestone Event		2.00			2.00
Risk-neutral probability of Milestone Event achievement		49.00	%		49.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	1,360.60		$	1,500.60
Scenario 2: Milestone Not Achieved
Discount rate		3.52	%		3.52	%
Time period between valuation date and Milestone Event		2.00			2.00
Risk-neutral probability of Milestone Event achievement		51.00	%		51.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	21.60		$	21.60
Fair Value of Series A Warrants	$	1,382.20		$	1,522.20

The table below summarizes the valuation inputs used in the Black-Scholes Option Pricing Model for the Warrants at March 31, 2026 and December 31, 2025.


	March 31, 2026			December 31, 2025
Term to expiration		1.81			1.81
Risk-free interest rate		3.73	%		3.51	%
Volatility		117.50	%		117.50	%
Dividend yield		0.00	%		0.00	%

The Company estimated the fair value of the Tranche A Warrants and Tranche B Warrants to be $181.8 million and $96.8 million, respectively, as of March 31, 2026, and $110.6 million and $60.9 million, respectively, as of December 31, 2025. The Company also recognized approximately $2.2 million of losses related to the exercise of Preferred Tranche A Warrants in 2026. These losses represent an additional non-cash expense included in changes in fair value of the warrant liability in the Company’s consolidated statements of operations. The following table provides a summary of the Company’s warrant liability fair value estimates as of March 31, 2026, and the changes in Level 3 fair value measurements during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
Fair value, January 1, 2026	$	171,464,575
Issuance of common stock upon exercise of warrants		(2,228,304	)
Changes in fair value of the warrant liability		109,360,630
Fair value, March 31, 2026	$	278,596,901

Sale of Future Royalties

3 Months Ended

Mar. 31, 2026

Sale Of Future Royalties [Abstract]

Sale of Future Royalties

NOTE 5 — SALE OF FUTURE ROYALTIES

The Company had previously co-developed seltorexant with Janssen for the treatment of insomnia disorder and adjunctive treatment of MDD. During 2020, the Company exercised its right to opt out of the co-development and license agreement (the “Janssen Agreement”) with Janssen for the future development of seltorexant and, as a result, the Company was entitled to collect royalties in the mid-single digits on potential future sales of seltorexant worldwide in certain indications, with no further financial obligations to Janssen.

On January 19, 2021, the Company entered into an agreement with Royalty Pharma under which Royalty Pharma acquired the Company’s royalty interest in seltorexant for an upfront payment of $60 million and up to an additional $95 million in potential milestone payments. These milestone payments are contingent upon the achievement of certain clinical, regulatory and commercial milestones for seltorexant by Janssen or any other party in the event that Janssen sells seltorexant. Under the terms of the agreement, Royalty Pharma has recourse against the Company relating to payments due from Janssen and therefore, the Company is deemed to have significant continuing involvement. The Company has applied the debt recognition guidance under ASC 470, Debt, and recorded the upfront payment of $60 million on the balance sheet as a liability related to the sale of future royalties (the “Royalty Obligation”) and will record any amortized interest expense and future milestone payments received from Royalty Pharma as well. No amounts received, including the initial upfront payment, amortized interest expense or potential milestone payments, are repayable to Royalty Pharma if Janssen discontinues the clinical development of seltorexant or ceases to pursue its commercialization at a future date for any reason. In accordance with ASC 470, the Company will account for any royalties received in the future as non-cash royalty revenue.

As royalties are remitted from Janssen to Royalty Pharma, the balance of the Royalty Obligation will be effectively repaid over the expected life of the Janssen Agreement. The $60 million payment received from Royalty Pharma and any potential future milestone payments from Royalty Pharma are recorded as part of the Royalty Obligation. The difference between the total expected royalties receivable from Janssen and the upfront and milestone payments potentially receivable from Royalty Pharma is being amortized as non-cash interest expense over the estimated remaining life of the Janssen Agreement. To determine the amount of non-cash interest to be amortized, the Company is required to make assumptions for the total amount of future royalty payments to be received from Janssen. At execution, the Company’s estimate of this total non-cash interest expense resulted in an effective annual interest rate of approximately 10.5%.

The Company regularly evaluates the assumptions supporting future royalty estimates and, during the third quarter of 2024, noted that Janssen announced on clinicaltrials.gov a further Phase 3 study with seltorexant (MDD3003) that had an estimated study completion date in November 2027, later updated to December 2026, which is a modification of the assumption used in the Company’s original estimates. Study MDD3001, which evaluated the efficacy and safety of seltorexant as an adjunctive treatment to baseline antidepressants in adult and elderly patients with MDD with insomnia symptoms, met all primary and secondary endpoints. MDD3002 was stopped based on the interim analysis results as recommended by the Independent Data Monitoring Committee. Janssen reported on September 22, 2025 that the MDD3005 study, in which seltorexant was evaluated against quetiapine, did not show statistical significance on the primary endpoint. MDD3003 is a study of adjunctive treatment with seltorexant in adult and elderly participants with MDD and insomnia symptoms and is currently recruiting.

As a result, the Company revised its estimates for the timing and amount of future royalty payments to be earned over the life of the Janssen Agreement, which is less than the original carrying value of the upfront payment received. Therefore, under the retrospective interest model, during the third quarter of 2024 the Company adjusted the Royalty Obligation to the initial upfront payment received of $60 million and recognized $26.6 million as a component of Other Income, representing the amount of amortized non-cash interest expense through June 30, 2024. In addition, the Company does not expect to recognize non-cash interest expense in the future related to the Royalty Obligation, as the effective annual interest rate is negative.

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:


	March 31, 2026		December 31, 2025
Research and development costs and other accrued expenses	$	680,597	$	1,013,200
Professional fees		504,777		637,566
Accrued settlement payment(1)		782,115		—
Accrued bonus		355,729		—
Vacation pay		40,750		—
Accrued expenses and other current liabilities	$	2,363,968	$	1,650,766

(1) Accrued payment related to Geoffrey Race’s settlement agreement. See Note 10 for additional information.

WARRANT LIABILITY - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Gain or loss related to changes in fair value of the warrant liability	$ 109,400,000	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Income
Fair Value Adjustment of Warrants	$ 109,360,630
Tranche A Warrants
Class of Warrant or Right [Line Items]
Estimated fair value of warrants	181,800,000		$ 110,600,000
Tranche B Warrants
Class of Warrant or Right [Line Items]
Estimated fair value of warrants	96,800,000		$ 60,900,000
Tranche A Warrants
Class of Warrant or Right [Line Items]
Fair Value Adjustment of Warrants	$ 2,200,000

NET LOSS PER SHARE OF COMMON STOCK - Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	8,985,678	1,486,297
Performance-based restricted stock units ("PRSUs")
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	217,495	228,209
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding		5,099
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	1,559,008
Series A Preferred Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	56,192,400

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

NOTE 3 — ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:


	March 31, 2026		December 31, 2025
Research and development costs and other accrued expenses	$	680,597	$	1,013,200
Professional fees		504,777		637,566
Accrued settlement payment(1)		782,115		—
Accrued bonus		355,729		—
Vacation pay		40,750		—
Accrued expenses and other current liabilities	$	2,363,968	$	1,650,766

(1) Accrued payment related to Geoffrey Race’s settlement agreement. See Note 10 for additional information.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (125,404,384)	$ (3,752,972)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (125,404,384)	$ (3,752,972)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,361
Accretion of marketable securities	(136,741)
Stock-based compensation expense	8,710,302	297,229
Changes in fair value of the warrant liability	109,360,630
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(218,488)	272,097
Accounts payable	1,465,073	(967,898)
Accrued expenses and other current liabilities	796,544	78,223
Net cash used in operating activities	(5,427,064)	(4,071,960)
Cash flows from investing activities:
Purchase of marketable securities	(45,294,104)
Net cash used in investing activities	(45,294,104)	0
Cash flows from financing activities:
Proceeds from exercise of Tranche A warrants	1,200,000
Costs paid in connection with private placements	(90,875)
Payment of deferred offering costs	(30,000)
Net cash provided by financing activities	1,079,125	0
Net decrease in cash, cash equivalents and restricted cash	(49,642,043)	(4,071,960)
Cash, cash equivalents and restricted cash
Beginning of period	82,401,813	21,462,008
End of period	32,759,770	17,390,048
Reconciliation of the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	32,659,770	17,290,048
Restricted cash	100,000	100,000
Total cash, cash equivalents and restricted cash	32,759,770	$ 17,390,048
Supplemental disclosure of non-cash financing activities
Deferred issuance costs included in accounts payable	104,320
Deferred Offering Costs Included In Accrued Expenses And Other Current Liabilities	20,978
Stock Issued	$ 2,228,304

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	43,841,998	43,274,398
Common stock, shares outstanding	43,841,998	43,274,398
Series A Preferred Stock [Member]
Par value	$ 0.0001	$ 0.0001
Shares authorized	200,000	200,000
Shares issued	3,296	3,296
Shares outstanding	3,296	3,296
Series A Convertible Preferred Stock
Liquidation preference	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Summary of Investments in Held-to-Maturity Securities (Details)	Mar. 31, 2026 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 45,405,126
Unrealized Gains	0
Unrealized Losses	(76,549)
Fair Value	45,328,577
U.S. Treasury Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	2,007,391
Unrealized Gains	0
Unrealized Losses	(731)
Fair Value	2,006,660
Commercial Paper
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	40,933,295
Unrealized Gains	0
Unrealized Losses	(69,328)
Fair Value	40,863,967
Corporate Debt Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	2,464,440
Unrealized Gains	0
Unrealized Losses	(6,490)
Fair Value	$ 2,457,950

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

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- Definition

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+ Details

NATURE OF OPERATIONS AND LIQUIDITY - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended
	Oct. 23, 2025	Jan. 19, 2021	Jan. 31, 2021	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Nature Of Operations And Liquidity [Line Items]
Accumulated deficit				$ 814,204,124		$ 688,799,740
Net cash used in operating activities				5,427,064	$ 4,071,960
Cash, cash equivalents, restricted cash and marketable securities				$ 78,200,000
Preferred stock, shares issued				0		0
Series A Convertible Preferred Stock \| Private Placement
Nature Of Operations And Liquidity [Line Items]
Proceeds from exchange of preferred stock	$ 80,000,000
Preferred stock, shares issued	80,000
Tranche A Warrants \| Private Placement
Nature Of Operations And Liquidity [Line Items]
Warrants exercised	80,000
Tranche B Warrants \| Private Placement
Nature Of Operations And Liquidity [Line Items]
Potential proceeds from excersie of warrants	$ 40,000,000
Warrants exercised	40,000
Maximum \| Private Placement
Nature Of Operations And Liquidity [Line Items]
Gross proceeds before deducting placement agent fees and other expenses	$ 200,000,000
Seltorexant
Nature Of Operations And Liquidity [Line Items]
Additional milestone payments			$ 80,000,000
Potential Future Milestone Payments			80,000,000
Seltorexant \| Royalty Pharma
Nature Of Operations And Liquidity [Line Items]
Up front payment		$ 60,000,000	60,000,000
Additional milestone payments			95,000,000
Potential Future Milestone Payments			$ 95,000,000

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

NOTE 10 — RELATED PARTY TRANSACTIONS

Settlement Agreement and Consulting Agreement with Geoffrey Race

On March 30, 2026, the Company, Mind-NRG SARL (“Mind-NRG”), and Mr. Geoffrey Race entered into the Settlement Agreement, pursuant to which Mr. Race resigned from his role as President of the Company and as a Director of Mind-NRG, effective March 31, 2026. Under the Settlement Agreement, the Company agreed to make a payment to Mr. Race, in lieu of the 12-month notice entitlement provided by Mr. Race’s Employment Agreement with Mind-NRG, dated as of August 1, 2016 (as amended by that certain First Amendment to Employment Agreement, effective October 11, 2020), which payment consists of (i) a one-time payment in the amount of his annual salary, (ii) 12-months’ pension contributions and (iii) a pro-rated portion of his 2026 bonus-entitlement. In addition, in consideration of Mr. Race’s execution of a general release of claims and his compliance with the other terms of the Settlement Agreement, the Company agreed to provide Mr. Race with the following separation benefits: (x) a one-time severance payment of £30,000; (y) payments in lieu of 12-months’ private medical insurance contributions and life assurance contributions and (z) reimbursement of Mr. Race’s reasonable legal fees incurred in connection with obtaining advice on the termination of his employment and the terms of the Settlement Agreement, up to a maximum of £15,000 plus VAT. With respect to Mr. Race’s outstanding stock options to purchase shares of Common Stock granted pursuant to the 2013 Plan, the Company agreed to treat all such options as fully vested effective as of March 31, 2026, and to extend the period during which Mr. Race may exercise such options until midnight U.S. Eastern Time on January 1, 2030, after which time the options will lapse and cease to be exercisable.

Also on March 30, 2026, the Company entered into a consultancy agreement (the “Consultancy Agreement”) with Mr. Race. The Consultancy Agreement commenced on April 15, 2026 and continues until April 14, 2027 (the “Consulting Period”), unless earlier terminated by either party upon one month’s prior written notice, or by the Company upon the occurrence of certain termination events, including gross misconduct or material breach by Mr. Race. During the Consulting Period, Mr. Race is entitled to receive consulting fees in amounts of £333 per hour, for a minimum of 35 hours per month. At the discretion of the Company’s Compensation Committee, Mr. Race may be eligible to receive options to acquire shares of Common Stock under the 2013 Plan.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) Segment	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Significant Accounting Policies [Line Items]
Marketable securities weighted average remaining maturity period	7 months
Marketable securities \| $		$ 0
Restricted cash balances as collateral for corporate credit cards \| $	$ 100,000	$ 100,000	$ 100,000
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) about which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM evaluates performance of the segments based on net income (loss). The CODM also reviews operating results and previously forecasted financial information to make decisions about allocating resources and assessing performance for the entire Company.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Maximum
Significant Accounting Policies [Line Items]
Marketable securities maturity period	11 months

Condensed Consolidated Statements of Redeemable Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($)	Total	Preferred Stock Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2024	$ (25,693,100)		$ 699	$ 369,682,764	$ (395,376,563)
Balance (in shares) at Dec. 31, 2024			6,993,406
Stock-based compensation	297,229			297,229
Net loss	(3,752,972)				(3,752,972)
Balance at Mar. 31, 2025	(29,148,843)		$ 699	369,979,993	(399,129,535)
Balance (in shares) at Mar. 31, 2025			6,993,406
Balance at Dec. 31, 2025	$ (140,748,082)	$ 4,961,922	$ 4,327	548,047,331	(688,799,740)
Balance (in shares) at Dec. 31, 2025	43,274,398	3,296	43,274,398
Stock-based compensation	$ 8,710,302			8,710,302
Exercise of tranche A warrants	3,428,304		$ 57	3,428,247
Exercise of tranche A warrants (in shares)			567,600
Net loss	(125,404,384)				(125,404,384)
Balance at Mar. 31, 2026	$ (254,013,860)	$ 4,961,922	$ 4,384	$ 560,185,880	$ (814,204,124)
Balance (in shares) at Mar. 31, 2026	43,841,998	3,296	43,841,998

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

NET LOSS PER SHARE OF COMMON STOCK - Computation of Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (125,404,384)	$ (3,752,972)
Weighted average shares of common stock outstanding - basic	43,900,426	7,568,981
Weighted average shares of common stock outstanding - diluted	43,900,426	7,568,981
Net loss per share of common stock - basic	$ (2.86)	$ (0.5)
Net loss per share of common stock - diluted	$ (2.86)	$ (0.5)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Investments in Held-to-Maturity Securities

The following table provides the amortized cost basis, unrealized gains/(losses) and the fair value of investments in held-to-maturity securities as of March 31, 2026:


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
U.S. Treasury securities	$	2,007,391	$	—	$	(731	)	$	2,006,660
Commercial paper		40,933,295		—		(69,328	)		40,863,967
Corporate debt securities		2,464,440		—		(6,490	)		2,457,950
Marketable securities:	$	45,405,126	$	—	$	(76,549	)	$	45,328,577

Fair Value of Cash Equivalents and Marketable Securities Measured on Recurring Basis and Determined by Valuation Techniques


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	24,701,228	$	24,701,228	$	—	$	—
U.S. Treasury securities	$	2,007,391	$	2,007,391	$	—	$	—
Commercial paper	$	40,933,295	$	—	$	40,933,295	$	—
Corporate debt securities	$	2,464,440	$	—	$	2,464,440	$	—
Liabilities:
Warrant liability	$	278,596,901	$	—	$	—	$	278,596,901

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	79,327,870	$	79,327,870	$	—	$	—
Liabilities:
Warrant liability	$	171,464,575	$	—	$	—	$	171,464,575

Summarizes of Reportable Segment's Financial Information

The following table summarizes the reportable segment’s financial information:


	Three Months Ended March 31,
	2026			2025
Expenses
Research and development staff related expenses (1)	$	510,229		$	465,991
External research and development costs (2)		3,935,275			794,420
Research and development stock compensation expenses (non-cash)		737,937			99,699
General and administrative staff related expenses (1)		1,677,888			942,631
General and administrative stock compensation expenses (non-cash)		7,972,365			197,530
Total		14,833,694			2,500,271
Other segment expense, net (3)		1,837,858			1,402,613
Total expenses		16,671,552			3,902,884
Loss from operations		(16,671,552	)		(3,902,884	)
Reconciling items:
Foreign exchange (losses) gains		(1,804	)		(8,376	)
Investment income		629,602			158,288
Changes in fair value of the warrant liability		(109,360,630	)		—
Net loss	$	(125,404,384	)	$	(3,752,972	)

(1) Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits.

(2) External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025.

(3) Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, and membership fees.

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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