Minerva Neurosciences, Inc. (NERV) Cash Flow Statement
Where NERV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$13.51B
- Capital expenditures
- $0
- Free cash flow
- −$13.51B
- Returned to shareholders
- —
- Change in cash
- $60.94B cash at year-end $82.40B
Cash from operations
−$13.51B
Shares issued
+$80.0M
Other financing
+$74.37B
Change in cash
$60.94B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NERV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NERV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$25.7M2016 | −$13.51B2025 | — | |
| Capital expenditures | $52,4002016 | $02025 | −100.0% | |
| Free cash flow | −$25.7M2016 | −$13.51B2025 | — | |
| Free cash flow margin | −105.5%2019 | −82.1%2020 | +23.3 pts | |
| Operating cash flow / net income | −17.432020 | −13.592024 | +3.84 | |
| Stock-based compensation | $3.6M2016 | $1.33B2025 | +93.0%/yr | |
| Dividends paid | $02016 | $10.5M2017 | — | |
| Share buybacks (net) | $02016 | $02020 | — | |
| Capex / revenue | 0.0%2019 | 0.0%2020 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NERV cash flow by activity
OperatingInvestingFinancingChange in cash
NERV net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NERV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$293.4M | $1.4M | −$30.0M | −$32.1M | −$49.9M | $1.9M | −$72.2M | −$50.2M | −$31.5M | −$31.0M |
| Depreciation & amortization | $5,442 | $22,469 | $30,982 | $8,513 | $101,786 | $176,177 | $161,507 | $17,467 | $11,094 | $16,530 |
| Stock-based compensation | $1.33B | $1.3M | $2.0M | $4.1M | $5.2M | $9.7M | $9.2M | $8.2M | $5.0M | $3.6M |
| Change in working capital | −$632,347 | −$320,603 | $4.9M | −$4.1M | $259,335 | −$45.6M | $3.4M | $110,960 | $38.9M | $1.3M |
| Other non-cash items | −$14.54B | −$22.0M | $8.3M | $7.4M | $19.7M | −$86,774 | $16.0M | −$81,574 | −$9.4M | $450,403 |
| Cash from operating activities | −$13.51B | −$19.6M | −$14.8M | −$24.6M | −$24.6M | −$33.8M | −$43.4M | −$41.9M | $3.1M | −$25.7M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$2 | −$16,326 | −$16,326 | −$16,326 | −$3 | $0 | −$52,400 | −$52,400 |
| Investments (net) | — | $0 | −$16,326 | −$16,326 | $0 | $24.5M | $14.1M | $69.5M | −$107.1M | $17.8M |
| Acquisitions & other investing | — | — | — | $16,326 | $0 | $16,326 | $3 | $0 | $0 | $52,400 |
| Cash from investing activities | — | — | — | −$16,326 | −$16,326 | $24.5M | $14.1M | $69.5M | −$107.2M | $17.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | −$10.5M | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $13.2M | $524,999 | $655,934 | −$389 | $20.6M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | −$4.0M | −$4.9M | −$1.6M |
| Shares issued | $80.0M | $0 | $20.0M | $0 | $0 | $12.6M | $0 | $0 | $0 | $0 |
| Other financing | $74.37B | $0 | −$396,293 | −$5 | $60.0M | −$12.6M | $0 | $0 | $62.6M | $57.5M |
| Cash from financing activities | $74.45B | $0 | $19.6M | −$5 | $60.0M | $13.2M | $524,999 | −$3.3M | $47.2M | $76.6M |
| Summary | ||||||||||
| Net change in cash | $60.94B | −$19.6M | $4.8M | −$24.7M | $35.4M | $3.9M | −$28.8M | $24.2M | −$56.9M | $68.7M |
| Cash at end of period | $82.40B | $21.5M | $41.0M | $36.2M | $60.9M | $25.5M | $21.5M | $50.3M | $26.1M | $83.0M |
| Free cash flow | −$13.51B | −$19.6M | −$14.8M | −$24.7M | −$24.6M | −$33.8M | −$43.4M | −$41.9M | $3.0M | −$25.7M |
| Free cash flow margin | — | — | — | — | — | −82.1% | −105.5% | — | — | — |
| Capex / revenue | — | — | — | — | — | 0.0% | 0.0% | — | — | — |
| Operating cash flow / net income | — | −13.59 | — | — | — | −17.43 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $17.47B | −$125.40B | −$283.7M | −$2.7M | −$3.3M | −$4.3M | −$4.3M | $22.5M | −$8.2M | −$8.6M | −$9.0M | −$7.8M |
| Depreciation & amortization | $0 | $0 | $1,360 | $1,361 | $1,360 | $1,360 | $1,360 | $5,618 | $7,746 | $7,745 | $7,746 | $7,745 |
| Stock-based compensation | $2.27B | $8.71B | $459,028 | $272,897 | $298,218 | $249,650 | $249,650 | $307,708 | $329,318 | $438,849 | $611,064 | $371,943 |
| Change in working capital | −$5.1M | $2.0M | −$485,239 | −$446,402 | $916,872 | −$1.1M | −$1.1M | −$599,693 | $1.6M | −$222,303 | $222,112 | $549,787 |
| Other non-cash items | −$33.08B | $111.26B | $279.2M | $0 | $0 | $0 | $0 | −$26.6M | $2.3M | $2.3M | $2.2M | $2.1M |
| Cash from operating activities | −$13.34B | −$5.43B | −$4.5M | −$2.9M | −$2.0M | −$5.2M | −$5.2M | −$4.4M | −$3.9M | −$6.1M | −$6.0M | −$4.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$2 | −$2 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$4.8M | −$45.3M | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$4.83B | −$45.25B | — | — | — | — | — | — | — | — | — | — |
| Cash from investing activities | −$4.83B | −$45.29B | — | — | — | — | — | — | — | — | — | — |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $10.17B | $1.08B | $74.5M | −$45,166 | $0 | $0 | $0 | $0 | — | — | $19.58B | −$86,691 |
| Cash from financing activities | $10.17B | $1.08B | $74.5M | −$45,166 | $0 | $0 | $0 | $0 | — | — | $19.58B | −$86,691 |
| Summary | ||||||||||||
| Net change in cash | −$8.01B | −$49.64B | $70.0M | −$3.0M | −$2.0M | −$5.2M | −$5.2M | −$4.4M | −$3.9M | −$6.1M | −$6.0M | −$4.9M |
| Cash at end of period | $24.75B | $32.76B | $82.4M | $12.4M | $15.3M | $21.5M | $21.5M | $26.6M | $31.0M | $34.9M | $41.0M | $47.0M |
| Free cash flow | −$13.34B | −$5.43B | −$4.5M | −$2.9M | −$2.0M | −$5.2M | −$5.2M | −$4.4M | −$3.9M | −$6.1M | −$6.0M | −$4.8M |
| Free cash flow margin | — | — | — | — | — | −12,238.3% | −12,238.3% | — | — | — | — | — |
| Capex / revenue | — | — | — | — | — | 0.0% | 0.0% | — | — | — | — | — |
| Operating cash flow / net income | −0.76 | — | — | — | — | — | — | −0.19 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NERV cash generation
In fiscal 2025 (ended December 31, 2025), Minerva Neurosciences generated -$13.5 billion of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$13.5 billion. Cash and equivalents rose by $60.9 billion over the year.
Related: NERV income statement, NERV balance sheet. See the NERV stock overview for the latest quote and news.
NERV cash flow FAQ
What is Minerva Neurosciences's free cash flow?
Minerva Neurosciences's free cash flow was -$13.5 billion in fiscal 2025: -$13.5 billion of operating cash flow minus $0 of capital expenditures It was -$19.6 million a year earlier..
How much cash does Minerva Neurosciences generate from operations?
Minerva Neurosciences generated -$13.5 billion of cash from operating activities in fiscal 2025.