Minerva Neurosciences is a clinical-stage biopharmaceutical company focused entirely on developing roluperidone, a drug candidate for treating negative symptoms of schizophrenia. Negative symptoms — including social withdrawal, loss of motivation, and blunted emotional expression — affect an estimated 69% of schizophrenia patients and have no FDA-approved treatment. Roluperidone works by blocking serotonin, sigma2, and adrenergic receptors in the brain, and is designed as a once-daily oral dose. Minerva holds global commercialization rights except in most of Asia, where rights belong to Tanabe Pharma. Roluperidone's regulatory path has been rocky: the FDA rejected Minerva's NDA in February 2024, citing insufficient evidence of efficacy from a single clean trial, no data on use alongside antipsychotics, and inadequate long-term safety data. Minerva is now designing a new Phase 3 confirmatory trial (C19), which is expected to begin in Q2 2026, with efficacy data expected in the second half of 2027 and full data in 2028. Minerva has no revenue and has accumulated a deficit of approximately $689M. If roluperidone is approved, Minerva would sell it through a focused sales force targeting psychiatrists or through a commercial partner, while owing Tanabe tiered royalties in the high single digits to low teens on net sales. Minerva also retains potential milestone payments tied to seltorexant, a drug developed with Janssen for insomnia and depression, though Minerva sold its royalty rights and has no ongoing involvement in that program.