Minerva Neurosciences (NERV) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
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	Q2
Document Period End Date	Jun. 30, 2022
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	2022
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		5,340,193

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 49,753,998	$ 60,755,080
Restricted cash	100,000	100,000
Prepaid expenses and other current assets	184,821	1,346,359
Total current assets	50,038,819	62,201,439
Capitalized software, net	51,080	51,080
Goodwill	14,869,399	14,869,399
Total assets	64,959,298	77,121,918
Current liabilities
Accounts payable	1,519,729	1,853,215
Accrued expenses and other current liabilities	1,889,199	965,739
Total current liabilities	3,408,928	2,818,954
Liability related to the sale of future royalties	69,932,614	66,327,321
Total liabilities	73,341,542	69,146,275
Commitments and contingencies (Note 8)
Stockholders' (deficit) equity
Preferred stock; $0.0001 par value; 100,000,000 shares authorized; none issued or outstanding as of March 31, 2022 and December 31, 2021, respectively
Common stock; $0.0001 par value; 125,000,000 shares authorized; 42,721,566 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	534	534
Additional paid-in capital	344,800,764	342,676,508
Accumulated deficit	(353,183,542)	(334,701,399)
Total stockholders' (deficit) equity	(8,382,244)	7,975,643
Total liabilities and stockholders' (deficit) equity	$ 64,959,298	$ 77,121,918

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	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	125,000,000	125,000,000
Common stock, shares issued	5,340,193	5,340,196
Common stock, shares outstanding	5,340,193	5,340,196

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Expenses
Research and development	$ 4,131,978	$ 5,520,928	$ 9,091,841	$ 8,779,635
General and administrative	2,833,211	3,442,365	5,862,606	7,691,179
Total expenses	6,965,189	8,963,293	14,954,447	16,470,814
Loss from operations	(6,965,189)	(8,963,293)	(14,954,447)	(16,470,814)
Foreign exchange gains (losses)	1,596	(18,997)	(2,198)	(23,853)
Investment income	72,378	4,566	79,795	8,666
Non-cash interest expense for the sale of future royalties	(1,826,499)	(1,611,439)	(3,605,293)	(2,907,895)
Net loss	$ (8,717,714)	$ (10,589,163)	$ (18,482,143)	$ (19,393,896)
Net loss per share, basic and diluted	$ (1.63)	$ (1.98)	$ (3.46)	$ (3.63)
Weighted average shares outstanding, basic and diluted	5,340,196	5,340,196	5,340,196	5,340,196

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2020	$ 52,662,601	$ 534	$ 337,457,514	$ (284,795,447)
Balance (in shares) at Dec. 31, 2020		5,340,196
Stock-based compensation	1,516,064		1,516,064
Net loss	(8,804,733)			(8,804,733)
Balance at Mar. 31, 2021	45,373,932	$ 534	338,973,578	(293,600,180)
Balance (in shares) at Mar. 31, 2021		5,340,196
Balance at Dec. 31, 2020	52,662,601	$ 534	337,457,514	(284,795,447)
Balance (in shares) at Dec. 31, 2020		5,340,196
Net loss	(19,393,896)
Balance at Jun. 30, 2021	36,168,829	$ 534	340,357,638	(304,189,343)
Balance (in shares) at Jun. 30, 2021		5,340,196
Balance at Mar. 31, 2021	45,373,932	$ 534	338,973,578	(293,600,180)
Balance (in shares) at Mar. 31, 2021		5,340,196
Stock-based compensation	1,384,060		1,384,060
Net loss	(10,589,163)			(10,589,163)
Balance at Jun. 30, 2021	36,168,829	$ 534	340,357,638	(304,189,343)
Balance (in shares) at Jun. 30, 2021		5,340,196
Balance at Dec. 31, 2021	$ 7,975,643	$ 534	342,676,508	(334,701,399)
Balance (in shares) at Dec. 31, 2021	5,340,196	5,340,196
Stock-based compensation	$ 1,052,656		1,052,656
Net loss	(9,764,429)			(9,764,429)
Balance at Mar. 31, 2022	(736,130)	$ 534	343,729,164	(344,465,828)
Balance (in shares) at Mar. 31, 2022		5,340,196
Balance at Dec. 31, 2021	$ 7,975,643	$ 534	342,676,508	(334,701,399)
Balance (in shares) at Dec. 31, 2021	5,340,196	5,340,196
Net loss	$ (18,482,143)
Balance at Jun. 30, 2022	$ (8,382,244)	$ 534	344,800,764	(353,183,542)
Balance (in shares) at Jun. 30, 2022	5,340,193	5,340,193
Balance at Mar. 31, 2022	$ (736,130)	$ 534	343,729,164	(344,465,828)
Balance (in shares) at Mar. 31, 2022		5,340,196
Stock-based compensation	1,071,605		1,071,605
Adjustments due to the rounding impact from the reverse stock split for fractional shares	(5)		(5)
Adjustments due to the rounding impact from the reverse stock split for fractional shares (in shares)		(3)
Net loss	(8,717,714)			(8,717,714)
Balance at Jun. 30, 2022	$ (8,382,244)	$ 534	$ 344,800,764	$ (353,183,542)
Balance (in shares) at Jun. 30, 2022	5,340,193	5,340,193

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended		17 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (18,482,143)	$ (19,393,896)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets		86,847
Stock-based compensation expense	2,124,261	2,900,124
Non-cash interest expense associated with the sale of future royalties	3,605,293	2,907,895	$ 9,932,614
Changes in operating assets and liabilities
Prepaid expenses and other current assets	1,161,538	1,072,687
Accounts payable	(333,486)	598,083
Accrued expenses and other current liabilities	923,460	781,016
Operating lease liabilities, current		(94,941)
Net cash used in operating activities	(11,001,077)	(11,142,185)
Cash flows from financing activities:
Fees paid in connection with the reverse stock split fractional shares	(5)
Proceeds from the sale of future royalties		60,000,000
Net cash (used in) provided by financing activities	(5)	60,000,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,001,082)	48,857,815
Cash, cash equivalents and restricted cash
Beginning of period	60,855,080	25,456,952
End of period	49,853,998	74,314,767	49,853,998
Reconciliation of the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	49,753,998	74,214,767	49,753,998
Restricted cash	100,000	100,000	100,000
Total cash, cash equivalents and restricted cash	$ 49,853,998	$ 74,314,767	$ 49,853,998

Nature of Operations and Liquid

Nature of Operations and Liquidity	6 Months Ended
	Jun. 30, 2022
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 product candidates to treat patients suffering from central nervous system (“CNS”) diseases. The Company’s lead product candidate is roluperidone (f/k/a MIN-101), a compound the Company is developing for the treatment of negative symptoms in patients with schizophrenia. The Company holds the license to roluperidone from Mitsubishi Tanabe Pharma Corporation (“MTPC”) with the rights to develop, sell and import roluperidone globally, excluding most of Asia. The Company also has exclusive rights to develop and commercialize MIN-301, a compound for the treatment of Parkinson’s disease. In addition, Minerva previously co-developed seltorexant (f/k/a MIN-202 or JNJ-42847922) with Janssen Pharmaceutica NV (“Janssen”) for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). During 2020 Minerva exercised its right to opt out of the joint development agreement with Janssen for the future development of seltorexant. As a result, the Company 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 further discussion of the joint development agreement with Janssen and the sale of future royalties, please refer to Note 5, Sale of Future Royalties. 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 June 30, 2022, the Company had an accumulated deficit of approximately $ 353.2 million and net cash used in operating activities was approximately $ 11.0 million during the six months ended June 30, 2022. 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 common stock, warrants, loans, convertible promissory notes, collaboration agreements and royalty sales. As of June 30, 2022, the Company had cash, cash equivalents, and restricted cash of $ 49.9 million. The Company believes that its existing cash, cash equivalents, and restricted cash will be sufficient to meet its cash commitments for at least the next 12 months after the date that the interim condensed consolidated financial statements are issued. The process of drug development can be costly and the timing and outcomes of clinical trials is 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 a number of 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, the cost of a commercial product launch, and the level of financial resources available. The Company has the ability to adjust its operating plan spending levels based on the timing of future clinical trials, which will be predicated upon adequate funding to complete the trials. The Company will need to raise additional capital in order to continue to fund operations and fully fund any potential later stage clinical development programs. The Company believes that it will be able to obtain additional working capital through equity financings or other arrangements to fund future operations; however, there can be no assurance that such additional financing, if available, can be obtained on terms acceptable to the Company. Further, as disclosed in Item 1A, Risk Factors, equity as reported in our Annual Report on Form 10-K for the year ended December 31, 2021 does not satisfy the Nasdaq Global Market continued listing requirement of $10 million as set forth in Nasdaq Stock Market Rule 5450(b)(1). If we fail to evidence compliance upon filing of our Quarterly Report on Form 10-Q for the period ending September 30, 2022, our common stock may be subject to delisting, which could impact our ability to complete additional equity financings on terms acceptable to the Company. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. Significant Risks and Uncertainties COVID-19 Pandemic The Company’s business could be adversely affected by the effects of the ongoing COVID-19 pandemic. Beginning in late 2019 and continuing into 2022, the outbreak of COVID-19 has resulted in the declaration of a global pandemic and adversely affected economic activity across virtually all sectors and industries on a local, national, and global scale. While global vaccination efforts are underway and certain jurisdictions, including Massachusetts, have reopened businesses and governmental agencies, we are unable to accurately predict the full impact that COVID-19 will have due to numerous uncertainties, including the duration of the outbreak, the result of vaccination efforts, resurgence of the virus, actions that may be taken by governmental authorities, the impact on our business including our clinical programs and timelines, and the impact to the business of our service providers and partners. While the COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, this disruption, if sustained or recurrent, together with rising interest rates, could have a material adverse effect on the Company’s operating results, its ability to raise capital needed to develop and commercialize products and the Company’s overall financial condition. In addition, a recession or market correction resulting from the spread of the coronavirus could materially affect the value of the Company’s common stock. The impact of the COVID-19 pandemic may also exacerbate other risks discussed in this Quarterly Report on Form 10-Q. Refer to Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for a complete description of the material risks that the Company currently faces.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, the results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet as of December 31, 2021 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, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022. Reverse Stock Split On June 17, 2022, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a one-for-eight (1-for-8) reverse stock split of its outstanding common stock. The Amendment became effective at 5:00 p.m. Eastern Time on June 17, 2022. A series of alternate amendments to effect a reverse stock split was approved by the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on June 10, 2022, and the specific one-for-eight (1-for-8) reverse stock split was subsequently approved by the Company’s board of directors on June 10, 2022. The Amendment provided that, at the effective time of the Amendment, every eight (8) shares of the Company’s issued and outstanding common stock automatically combined into one issued and outstanding share of common stock, without any change in par value per share. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the Amendment. As a result of the reverse stock split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options, restricted stock units and restricted stock awards issued by the Company and outstanding immediately prior to the effective time of the Amendment, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock units and restricted stock awards, and, in the case of stock options, a proportionate increase in the exercise price of all such stock options. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective time of the Amendment was reduced proportionately. The reverse stock split did not affect the number of shares of common stock authorized for issuance under the Company’s Amended and Restated Certificate of Incorporation, which remained at 125,000,000 shares. No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The reverse stock split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of the Company’s common stock (except to the extent that the reverse stock split results in any stockholder owning only a fractional share). As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of June 17, 2022 decreased from 42,721,566 (pre-split) shares to 5,340,193 (post-split) shares. All share and per share amounts in the accompanying financial statements, related footnotes, and management's discussion and analysis have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. The Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis when the market opened on June 21, 2022. 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. 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 June 30, 2022 and December 31, 2021 . Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB and are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the condensed consolidated financial statements or do not apply to the Company .

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2022
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: June 30, 2022 December 31, 2021 Research and development costs and other accrued expenses $ 876,058 $ 902,803 Accrued bonus 762,135 — Professional fees 185,285 62,936 Vacation pay 65,721 — Total $ 1,889,199 $ 965,739

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	6 Months Ended
	Jun. 30, 2022
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 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 shares underlying RSUs, but only to the extent that their inclusion is dilutive. The following table sets forth the computation of basic and diluted loss per share for common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ ( 8,717,714 ) $ ( 10,589,163 ) $ ( 18,482,143 ) $ ( 19,393,896 ) Weighted average shares of common stock outstanding 5,340,196 5,340,196 5,340,196 5,340,196 Net loss per share of common stock – basic and diluted $ ( 1.63 ) $ ( 1.98 ) $ ( 3.46 ) $ ( 3.63 ) The following securities outstanding at June 30, 2022 and 2021 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Common stock options 467,429 1,215,594 467,429 1,215,594 Performance-based restricted stock units 456,422 — 456,422 — Common stock warrants 5,099 5,099 5,099 5,099

Sale of Future Royalties

Sale of Future Royalties	6 Months Ended
	Jun. 30, 2022
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 joint development 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, the Company has significant continuing involvement as Royalty Pharma has recourse against the Company relating to the payments due from Janssen. As such, the Company applied the debt recognition guidance under ASC 470, Debt , and recorded the upfront payment of $ 60 million as a liability related to the sale of future royalties (“Royalty Obligation”), which will be amortized under the interest method over the estimated life of the agreement. Under the terms of the agreement, all payments from Royalty Pharma to the Company, including the initial upfront payment of $ 60 million as well as amortized interest expense and potential milestone payments, are not repayable to Royalty Pharma in the event that Janssen discontinues the clinical development of seltorexant or ceases to pursue its commercialization at a future date for any reason. In addition, in accordance with ASC 470, Debt, 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 life of the co-development and license agreement (the “Agreement”) with Janssen. In order to determine the amortization of the Royalty Obligation, the Company is required to estimate the total amount of future royalty payments to Royalty Pharma over the life of the Agreement. In addition to the $60 million upfront payment, up to an additional $95 million in potential milestone payments will also be recorded as a liability related to the sale of future royalties and amortized as interest expense over the estimated remaining life of the agreement. At execution, the Company’s estimate of this total interest expense resulted in an effective annual interest rate of approximately 10.5 %. As of June 30, 2022 , the Company estimated the effective annual interest rate to be approximately 10.7 %. This estimate contains significant assumptions, which are considered Level 3 fair value inputs, regarding the timing and amount of expected royalty and milestone payments that impact the interest expense that will be recognized over the royalty period. The Company will periodically assess the estimated royalty payments to Royalty Payments from Janssen and to the extent the amount or timing of such payments is materially different than the original estimates, an adjustment will be recorded prospectively to increase or decrease interest expense. There are a number of factors that could materially affect the amount and timing of royalty payments to Royalty Pharma from Janssen, and correspondingly, the amount of interest expense recorded by the Company, most of which are not within the Company’s control. Such factors include, but are not limited to, delays or discontinuation of development of seltorexant, regulatory approval, changing standards of care, the introduction of competing products, manufacturing or other delays, generic competition, intellectual property matters, adverse events that result in governmental health authority imposed restrictions on the use of the drug products, significant changes in foreign exchange rates as the royalties remitted to Royalty Pharma are made in U.S. dollars (“USD”) while the underlying sales of seltorexant will be made in currencies other than USD, the ongoing COVID-19 pandemic, and other events or circumstances that are not currently foreseen. Changes to any of these factors could result in increases or decreases to both royalty revenues and interest expense. The following table shows the activity of the Royalty Obligation since the transaction inception through June 30, 2022: June 30, 2022 Upfront payment from the sale of future royalties $ 60,000,000 Non-cash interest expense associated with the sale of future royalties 9,932,614 Liability related to the sale of future royalties $ 69,932,614

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders Equity Note [Abstract]
Stockholders' Equity	NOTE 6 — STOCKHOLDERS’ EQUITY At-the-Market Equity Offering Program On August 10, 2018 , the Company entered into the Sales Agreement with Jefferies pursuant to which the Company may offer and sell, from time to time, through Jefferies, up to $ 50.0 million in shares of the Company's common stock, by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. During the year ended December 31, 2020, the Company issued and sold 422,701 shares of the Company's common stock under the Sales Agreement. The shares were sold at an average price of $ 29.69 per share for aggregate net proceeds to the Company of approximately $ 12.1 million, after deducting sales commissions and offering costs payable by the Company. During the six months ended June 30, 2022 , no shares of our common stock were issued or sold under the Sales Agreement. Term Loan Warrants In connection with the Company’s former Loan and Security Agreement with Oxford Finance LLC and Silicon Valley Bank (the “Lenders”), which provided for term loans to the Company in an aggregate principal amount of up to $ 15 million in two tranches on January 15, 2016, the Company issued the Lenders warrants to purchase 5,099 shares of common stock at a per share exercise price of $ 44.13 . The warrants were immediately exercisable upon issuance, and other than in connection with certain mergers or acquisitions, will expire on the ten-year anniversary of the date of issuance. The fair value of the warrants was estimated at $ 0.2 million using a Black-Scholes model and assuming: (i) expected volatility of 100.8 %, (ii) risk free interest rate of 1.83 %, (iii) an expected life of 10 years and (iv) no dividend payments. The fair value of the warrants was included as a discount to the term loans drawn at such time and also as a component of additional paid-in capital and were amortized to interest expense over the term of the loan. Although the term loans were repaid in August 2018, all related warrants were outstanding and exercisable as of June 30, 2022 .

Stock Award Plan and Stock-Base

Stock Award Plan and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Award Plan and Stock-Based Compensation	NOTE 7 — 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. Option Exchange Program On June 11, 2021, the Company’s stockholders, upon recommendation of the board of directors of the Company, approved a one-time stock option exchange program (the “Exchange Program”) for certain employee option holders (including its named executive officers) (the “Eligible Participants”) who remained employed by the Company through the completion of the Exchange Program. The Exchange Program permitted Eligible Participants to surrender stock options issued and outstanding under the Plan granted before July 1, 2020, with a per-share exercise price of $ 35.76 or greater (the “Eligible Options”), in exchange for a grant of performance-based restricted stock units (“PRSUs”) that will settle in shares of the Company’s common stock upon vesting. 50 % of the new PRSUs will vest upon the U.S. Food and Drug Administration’s (“FDA”) acceptance of a new drug application for roluperidone, provided that such acceptance is not “over protest” and occurs within three years after the grant date. The remaining new PRSUs will vest upon roluperidone receiving FDA marketing approval provided that such approval occurs within five years after the grant date. On July 6, 2021, the Company filed with the SEC a Tender Offer Statement on Schedule TO disclosing the terms and conditions of the Exchange Program. The Exchange Program closed on August 3, 2021. 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 Exchange Program were cancelled and shares subject to the cancelled options again became available for issuance under the Plan. The non-cash incremental stock-based compensation cost associated with the Exchange Program was $ 0.5 million. This 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. This incremental compensation cost will be recognized when it is deemed probable that the two vesting conditions of the PRSUs will be achieved. Stock Option Awards Stock option activity for employees and non-employees for the six months ended June 30, 2022 is as follows: Shares Weighted- Weighted- Total Outstanding January 1, 2022 264,929 $ 34.10 7.9 $ — Granted 202,500 $ 6.11 Exercised — $ — Forfeited — $ — Outstanding June 30, 2022 467,429 $ 21.97 8.4 $ — Exercisable June 30, 2022 160,249 $ 41.98 6.6 $ — Available for future grant 352,166 The weighted average grant-date fair value of stock options outstanding on June 30, 2022 was $ 14.94 per share. Total unrecognized compensation costs related to non-vested stock options at June 30, 2022 were approximately $ 1.8 million and are expected to be recognized within future operating results over a weighted-average period of 2.1 years. The total intrinsic value of the options exercised during the six months ended June 30, 2022 and 2021 was zero . 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 volatilities for industry peer companies, as the Company did not have sufficient trading history for its common stock. 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 purposes of estimating the fair value of the options. The Company uses the Black-Scholes model to estimate the fair value of stock options granted. For stock options granted during the six months ended June 30, 2022 and 2021, the Company utilized the following assumptions: Six Months Ended June 30, 2022 June 30, 2021 Expected term (years) 5.50 - 6.25 5.50 Risk free interest rate 1.96 %- 3.25 % 0.86 % Volatility 76 %- 97 % 75 % Dividend yield 0 % 0 % Weighted average grant date fair value per share of common stock $ 4.78 $ 14.64 Performance-Based Restricted Stock Units On August 6, 2021, the Company granted 476,640 PRSUs through the Exchange Program. The Exchange Program was treated as a Type II modification (Probable-to improbable) under ASC 718. The total PRSUs outstanding at June 30, 2022 was 456,422 . The Company will recognize the unrecognized grant-date fair value of the pre-modification stock options as well as any incremental non-cash compensation cost of the PRSUs granted in the Exchange Program, if the vesting conditions of the PRSUs are achieved or if they become probable. The Company is using the pre-modification stock options for determining the compensation cost related to the PRSUs as the vesting conditions remain uncertain for the new PRSUs. The total unrecognized compensation costs related to non-vested stock options at June 30, 2022 were approximately $ 2.2 million and are expected to be recognized within future operating results over a weighted-average period of 1.1 years. As of June 30, 2022 , no PRSUs have vested and 20,218 have been cancelled. The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 514,806 $ 641,373 $ 1,015,979 $ 1,285,549 General and administrative 556,799 742,687 1,108,282 1,614,575 Total $ 1,071,605 $ 1,384,060 $ 2,124,261 $ 2,900,124

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8 — 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. At this time, the Company is not aware of any such legal proceedings or claims. 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 Please refer to Note 9 for the Company’s current lease commitments.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	NOTE 9 — LEASES Operating leases On May 5, 2021, the Company entered into an office lease agreement with BP Reservoir Place to lease approximately 5,923 rentable square feet of office space located at 1601 Trapelo Road, Waltham, MA 02451. The term of the lease agreement began on August 1, 2021 and expired on July 31, 2022 , with an annual rate of $ 239,881.50 payable in equal monthly installments. 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 . The total operating lease costs during the six months ended June 30, 2022 were $ 119,941 . Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows: Six Months Ended Future Operating Lease Payments June 30, 2022 2022 $ 19,990 Thereafter — Total operating lease liabilities at June 30, 2022 $ 19,990 On May 26, 2022, the Company entered into an office lease agreement with Regus to lease office space located at 1500 District Avenue Burlington, MA 01803. The term of the lease agreement began on July 15, 2022 and will expire on January 31, 2023 , with a monthly rate of $ 7,533.00 . 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. The total operating lease costs during the six months ended June 30, 2022 were $ 0 . Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows: Six Months Ended Future Operating Lease Payments June 30, 2022 2022 $ 41,796 2023 7,533 Thereafter — Total operating lease liabilities at June 30, 2022 $ 49,329

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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 June 30, 2022, the results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet as of December 31, 2021 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, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022.
Reverse Stock Split	Reverse Stock Split On June 17, 2022, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a one-for-eight (1-for-8) reverse stock split of its outstanding common stock. The Amendment became effective at 5:00 p.m. Eastern Time on June 17, 2022. A series of alternate amendments to effect a reverse stock split was approved by the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on June 10, 2022, and the specific one-for-eight (1-for-8) reverse stock split was subsequently approved by the Company’s board of directors on June 10, 2022. The Amendment provided that, at the effective time of the Amendment, every eight (8) shares of the Company’s issued and outstanding common stock automatically combined into one issued and outstanding share of common stock, without any change in par value per share. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the Amendment. As a result of the reverse stock split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options, restricted stock units and restricted stock awards issued by the Company and outstanding immediately prior to the effective time of the Amendment, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock units and restricted stock awards, and, in the case of stock options, a proportionate increase in the exercise price of all such stock options. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective time of the Amendment was reduced proportionately. The reverse stock split did not affect the number of shares of common stock authorized for issuance under the Company’s Amended and Restated Certificate of Incorporation, which remained at 125,000,000 shares. No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The reverse stock split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of the Company’s common stock (except to the extent that the reverse stock split results in any stockholder owning only a fractional share). As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of June 17, 2022 decreased from 42,721,566 (pre-split) shares to 5,340,193 (post-split) shares. All share and per share amounts in the accompanying financial statements, related footnotes, and management's discussion and analysis have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. The Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis when the market opened on June 21, 2022.
Consolidation	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	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	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 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.
Restricted Cash	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 June 30, 2022 and December 31, 2021 .
Recent Accounting Pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB and are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the condensed consolidated financial statements or do not apply to the Company

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: June 30, 2022 December 31, 2021 Research and development costs and other accrued expenses $ 876,058 $ 902,803 Accrued bonus 762,135 — Professional fees 185,285 62,936 Vacation pay 65,721 — Total $ 1,889,199 $ 965,739

Net Loss Per Share of Common _2

Net Loss Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ ( 8,717,714 ) $ ( 10,589,163 ) $ ( 18,482,143 ) $ ( 19,393,896 ) Weighted average shares of common stock outstanding 5,340,196 5,340,196 5,340,196 5,340,196 Net loss per share of common stock – basic and diluted $ ( 1.63 ) $ ( 1.98 ) $ ( 3.46 ) $ ( 3.63 )
Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive	The following securities outstanding at June 30, 2022 and 2021 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Common stock options 467,429 1,215,594 467,429 1,215,594 Performance-based restricted stock units 456,422 — 456,422 — Common stock warrants 5,099 5,099 5,099 5,099

Sale of Future Royalties (Table

Sale of Future Royalties (Tables)	6 Months Ended
	Jun. 30, 2022
Sale Of Future Royalties [Abstract]
Summary of Activity of the Royalty Obligation	The following table shows the activity of the Royalty Obligation since the transaction inception through June 30, 2022: June 30, 2022 Upfront payment from the sale of future royalties $ 60,000,000 Non-cash interest expense associated with the sale of future royalties 9,932,614 Liability related to the sale of future royalties $ 69,932,614

Stock Award Plan and Stock-Ba_2

Stock Award Plan and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity for Employees and Non-Employees	Stock option activity for employees and non-employees for the six months ended June 30, 2022 is as follows: Shares Weighted- Weighted- Total Outstanding January 1, 2022 264,929 $ 34.10 7.9 $ — Granted 202,500 $ 6.11 Exercised — $ — Forfeited — $ — Outstanding June 30, 2022 467,429 $ 21.97 8.4 $ — Exercisable June 30, 2022 160,249 $ 41.98 6.6 $ — Available for future grant 352,166
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. For stock options granted during the six months ended June 30, 2022 and 2021, the Company utilized the following assumptions: Six Months Ended June 30, 2022 June 30, 2021 Expected term (years) 5.50 - 6.25 5.50 Risk free interest rate 1.96 %- 3.25 % 0.86 % Volatility 76 %- 97 % 75 % Dividend yield 0 % 0 % Weighted average grant date fair value per share of common stock $ 4.78 $ 14.64
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: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 514,806 $ 641,373 $ 1,015,979 $ 1,285,549 General and administrative 556,799 742,687 1,108,282 1,614,575 Total $ 1,071,605 $ 1,384,060 $ 2,124,261 $ 2,900,124

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
BP Reservoir
Lessee Lease Description [Line Items]
Future Minimum Sublease Payments Under Non-cancelable Operating Sublease	Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows: Six Months Ended Future Operating Lease Payments June 30, 2022 2022 $ 19,990 Thereafter — Total operating lease liabilities at June 30, 2022 $ 19,990
Regus
Lessee Lease Description [Line Items]
Future Minimum Sublease Payments Under Non-cancelable Operating Sublease	Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows: Six Months Ended Future Operating Lease Payments June 30, 2022 2022 $ 41,796 2023 7,533 Thereafter — Total operating lease liabilities at June 30, 2022 $ 49,329

NATURE OF OPERATIONS AND LIQU_2

NATURE OF OPERATIONS AND LIQUIDITY - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Nature Of Operations And Liquidity [Line Items]
Accumulated deficit	$ 353,183,542		$ 334,701,399
Net cash used in operating activities	11,001,077	$ 11,142,185
Cash, cash equivalents, restricted cash and marketable securities	$ 49,900,000

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)			6 Months Ended
	Jun. 17, 2022	Jun. 16, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Number of shares of common stock authorized	125,000,000		125,000,000	125,000,000
Outstanding shares of common stock reverse stock splits	5,340,193	42,721,566
Restricted cash balances as collateral for corporate credit cards			$ 100,000	$ 100,000	$ 100,000
Reverse stock split			The Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis when the market opened on June 21, 2022.

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Accrued Expenses and Other Liabilities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Research and development costs and other accrued expenses	$ 876,058	$ 902,803
Accrued bonus	762,135
Professional fees	185,285	62,936
Vacation pay	65,721
Total	$ 1,889,199	$ 965,739

NET LOSS PER SHARE OF COMMON _3

NET LOSS PER SHARE OF COMMON STOCK - Computation of Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (8,717,714)	$ (9,764,429)	$ (10,589,163)	$ (8,804,733)	$ (18,482,143)	$ (19,393,896)
Weighted average shares of common stock outstanding	5,340,196		5,340,196		5,340,196	5,340,196
Net loss per share of common stock – basic and diluted	$ (1.63)		$ (1.98)		$ (3.46)	$ (3.63)

NET LOSS PER SHARE OF COMMON _4

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	467,429	1,215,594	467,429	1,215,594
Performance-based restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	456,422		456,422
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	5,099	5,099	5,099

Sale of Future Royalties - Addi

Sale of Future Royalties - Additional Information (Details) - USD ($)	Jan. 19, 2021	Jun. 30, 2022
Sale Of Future Royalties [Line Items]
Liability related to the sale of future royalties	$ 60,000,000	$ 69,932,614
Annual interest rate on interest expense	10.50%	10.70%
Seltorexant | Royalty Pharma
Sale Of Future Royalties [Line Items]
Upfront payment for royalty interest sold	$ 60,000,000
Additional milestone payments	$ 95,000,000

Sale of Future Royalties - Summ

Sale of Future Royalties - Summary of Activity of the Royalty Obligation (Details) - USD ($)	6 Months Ended		17 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jan. 19, 2021
Sale Of Future Royalties [Abstract]
Upfront payment from the sale of future royalties			$ 60,000,000
Non-cash interest expense associated with the sale of future royalties	$ 3,605,293	$ 2,907,895	9,932,614
Liability related to the sale of future royalties	$ 69,932,614		$ 69,932,614	$ 60,000,000

STOCKHOLDERS' EQUITY - At-the-M

STOCKHOLDERS' EQUITY - At-the-Market Equity Offering Program - Additional Information (Details) - Sales Agreement - USD ($) $ / shares in Units, $ in Millions		6 Months Ended	12 Months Ended
	Aug. 10, 2018	Jun. 30, 2022	Dec. 31, 2020
Class Of Warrant Or Right [Line Items]
Sale of stock issue date			Aug. 10, 2018
Common Stock
Class Of Warrant Or Right [Line Items]
Sales of common stock, value	$ 50
Common stock issued and sold		0	422,701
Common stock, average price per share			$ 29.69
Net proceeds after deducting sales commissions and offering costs payable			$ 12.1

STOCKHOLDERS' EQUITY - Term Loa

STOCKHOLDERS' EQUITY - Term Loan Warrants - Additional Information (Details)	Jan. 15, 2016 USD ($) Tranche $ / shares shares
Class Of Warrant Or Right [Line Items]
Fair value of warrants estimated | $	$ 200,000
Warrant
Class Of Warrant Or Right [Line Items]
Expiration anniversary date of issuance	10 years
Warrant | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility
Class Of Warrant Or Right [Line Items]
Alternative investment, measurement input	100.8
Warrant | Valuation Technique, Option Pricing Model | Measurement Input, Risk Free Interest Rate
Class Of Warrant Or Right [Line Items]
Alternative investment, measurement input	1.83
Warrant | Valuation Technique, Option Pricing Model | Measurement Input, Expected Term
Class Of Warrant Or Right [Line Items]
Expected life	10 years
Warrant | Valuation Technique, Option Pricing Model | Measurement Input, Expected Dividend Payment
Class Of Warrant Or Right [Line Items]
Expected dividend | $ / shares	$ 0
Term Loan | Term A Loans
Class Of Warrant Or Right [Line Items]
Shares of common stock to purchase by warrant | shares	5,099
Common stock exercise price per share | $ / shares	$ 44.13
Loan and Security Agreement | Term Loan
Class Of Warrant Or Right [Line Items]
Aggregate principal amount | $	$ 15,000,000
Number of tranches | Tranche	2

STOCK AWARD PLAN AND STOCK-BA_3

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Aug. 06, 2021	Jun. 11, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued			5,340,193		5,340,196
Fair value of common stock on grant date (in dollars per share)			$ 14.94
Total intrinsic value of the stock options exercised			$ 0	$ 0
Dividend yield (as a percent)			0%
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)			$ 4.78	$ 14.64
Total unrecognized compensation costs			$ 1.8
Weighted-average period over which unrecognized compensation costs is expected to be recognized			2 years 1 month 6 days
Dividend yield (as a percent)			0%	0%
Performance-based restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	476,640
Total unrecognized compensation costs			$ 2.2
Weighted-average period over which unrecognized compensation costs is expected to be recognized			1 year 1 month 6 days
Granted (in shares)	476,640
PRSU'S outstanding			456,422
PRSU'S cancelled			20,218
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
Non-cash incremental stock-based compensation cost			$ 0.5
Option Exchange Program [Member] | Performance-based restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price per unit		$ 35.76
Vesting percentage		50%
Option Exchange Program [Member] | Performance-based restricted stock units | U S Food and Drug Administration [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of PRSUs after acceptance		3 years
Option Exchange Program [Member] | Performance-based restricted stock units | U S Food and Drug Administration [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of PRSUs after acceptance		5 years

STOCK AWARD PLAN AND STOCK-BA_4

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Stock Option Activity for Employees and Non-Employees (Details) - Employees and Non-Employees Stock Option - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares Issuable Pursuant to Stock Options
Outstanding at the beginning of period (in shares)	264,929
Granted (in shares)	202,500
Outstanding at the end of the period (in shares)	467,429	264,929
Exercisable at the end of the period (in shares)	160,249
Available for future grant (in shares)	352,166
Weighted-Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 34.10
Granted (in dollars per share)	6.11
Outstanding at the end of the period (in dollars per share)	21.97	$ 34.10
Exercisable at the end of the period (in dollars per share)	$ 41.98
Weighted-Average Remaining Contractual Term Outstanding (Years)	8 years 4 months 24 days	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term Exercisable (Years)	6 years 7 months 6 days

STOCK AWARD PLAN AND STOCK-BA_5

STOCK AWARD PLAN AND STOCK-BASED COMPENSATION - Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0%
Weighted average grant date fair value per share of common stock	$ 14.94
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)		5 years 6 months
Risk free interest rate		0.86%
Volatility		75%
Dividend yield	0%	0%
Weighted average grant date fair value per share of common stock	$ 4.78	$ 14.64
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	3.25%
Volatility	97%
Employee Stock Option | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months
Risk free interest rate	1.96%
Volatility	76%

STOCK AWARD PLAN AND STOCK-BA_6

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 1,071,605	$ 1,384,060	$ 2,124,261	$ 2,900,124
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	514,806	641,373	1,015,979	1,285,549
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 556,799	$ 742,687	$ 1,108,282	$ 1,614,575

LEASES - Additional Information

LEASES - Additional Information (Details)			6 Months Ended
	May 26, 2022 USD ($)	May 05, 2021 USD ($) ft²	Jun. 30, 2022 USD ($)
BP Reservoir
Lessee Lease Description [Line Items]
Lease rentable square feet | ft²		5,923
Lease description		The term of the lease agreement began on August 1, 2021 and expired on July 31, 2022, with an annual rate of $239,881.50 payable in equal monthly installments. 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		Aug. 01, 2021
Lease expire date		Jul. 31, 2022
Monthly rental rate		$ 239,881.50
Operating lease, cost			$ 119,941
Regus
Lessee Lease Description [Line Items]
Lease description	The term of the lease agreement began on July 15, 2022 and will expire on January 31, 2023, with a monthly rate of $7,533.00. 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	Jul. 15, 2022
Lease expire date	Jan. 31, 2023
Monthly rental rate	$ 7,533
Operating lease, cost			$ 0

LEASES - Future Minimum Subleas

LEASES - Future Minimum Sublease Payments Under Non-cancelable Operating Sublease (Details) - Office Sublease Agreement	Jun. 30, 2022 USD ($)
BP Reservoir
Lessee Lease Description [Line Items]
2022	$ 19,990
Total operating lease liabilities at June 30, 2022	19,990
Regus
Lessee Lease Description [Line Items]
2022	41,796
2023	7,533
Total operating lease liabilities at June 30, 2022	$ 49,329