Minerva Neurosciences (NERV) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Document Entity Information [Abstract]
Entity Registrant Name	Minerva Neurosciences, Inc.
Entity Central Index Key	1,598,646
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		27,942,145
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	NERV

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 34,822,042	$ 14,284,054
Marketable securities	9,817,812	17,920,632
Restricted cash	80,000	80,000
Prepaid expenses and other current assets	617,780	1,196,136
Total current assets	45,337,634	33,480,822
Equipment, net	21,850	26,170
In-process research and development	34,200,000	34,200,000
Goodwill	14,869,399	14,869,399
Total assets	94,428,883	82,576,391
Current liabilities
Notes payable - current portion	2,643,626	1,434,756
Accounts payable	1,223,959	1,360,569
Accrued expenses and other current liabilities	3,101,876	2,524,638
Total current liabilities	6,969,461	5,319,963
Notes payable - noncurrent	7,376,213	8,503,111
Deferred taxes	13,433,760	13,433,760
Total liabilities	$ 27,779,434	$ 27,256,834
Commitments and contingencies
Stockholders’ equity
Preferred stock; $0.0001 par value; 100,000,000 shares authorized; none issued or outstanding as of March 31, 2016 and December 31, 2015, respectively
Common stock; $0.0001 par value; 125,000,000 shares authorized; 27,942,145 and 24,721,143 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	$ 2,794	$ 2,472
Additional paid-in capital	176,463,927	157,129,947
Accumulated deficit	(109,817,272)	(101,812,862)
Total stockholders’ equity	66,649,449	55,319,557
Total liabilities and stockholders’ equity	$ 94,428,883	$ 82,576,391

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	27,942,145	24,721,143
Common stock, shares outstanding	27,942,145	24,721,143

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expenses
Research and development	$ 5,374,864	$ 3,961,205
General and administrative	2,382,042	1,917,293
Total expenses	7,756,906	5,878,498
Loss from operations	(7,756,906)	(5,878,498)
Foreign exchange (losses) gains	(9,512)	15,960
Investment income	32,364
Interest expense	(270,356)	(230,709)
Net loss	$ (8,004,410)	$ (6,093,247)
Net loss per share, basic and diluted	$ (0.29)	$ (0.31)
Weighted average shares outstanding, basic and diluted	27,202,710	19,416,629

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2015	$ 55,319,557	$ 2,472	$ 157,129,947	$ (101,812,862)
Balance (in shares) at Dec. 31, 2015	24,721,143	24,721,143
Exercise of common stock warrants	$ 17,544,075	$ 304	17,543,771
Exercise of common stock warrants (in shares)		3,039,514
Issuance of common stock	999,999	$ 18	999,981
Issuance of common stock (in shares)		181,488
Stock-based compensation	790,228		790,228
Net loss	(8,004,410)			(8,004,410)
Balance at Mar. 31, 2016	$ 66,649,449	$ 2,794	$ 176,463,927	$ (109,817,272)
Balance (in shares) at Mar. 31, 2016	27,942,145	27,942,145

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (8,004,410)	$ (6,093,247)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,320	9,711
Amortization of debt discount recorded as interest expense	94,116	67,124
Amortization of marketable securities premium	59,820
Stock-based compensation expense	790,228	336,368
Changes in operating assets and liabilities
Prepaid expenses	566,212	253,662
Accounts payable	(136,610)	254,529
Accrued expenses and other current liabilities	577,238	26,181
Accrued collaborative expenses		238,922
Other noncurrent liabilities		(2,565)
Net cash used in operating activities	(6,049,086)	(4,909,315)
Cash flows from investing activities:
Proceeds from the maturity and redemption of marketable securities	8,043,000
Restricted cash		(4,986)
Net cash provided by (used in) investing activities	8,043,000	(4,986)
Cash flows from financing activities:
Proceeds from exercise of common stock warrants	17,544,075
Proceeds from notes payable		10,000,000
Costs paid in connection with notes payable		(195,656)
Proceeds from sale of common stock in private placement	999,999	30,999,999
Costs paid in connection with private placement		(2,234,759)
Net cash provided by financing activities	18,544,074	38,569,584
Net increase in cash and cash equivalents	20,537,988	33,655,283
Cash and cash equivalents
Beginning of period	14,284,054	18,545,702
End of period	34,822,042	52,200,985
Supplemental disclosures
Cash paid for interest	$ 176,250	88,125
Incurred but unpaid private placement costs		$ 238,430

Nature of Operations and Liquid

Nature of Operations and Liquidity	3 Months Ended
	Mar. 31, 2016
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 a portfolio of product candidates to treat patients suffering from central nervous system (“CNS”), diseases. The Company has acquired or in-licensed four development-stage proprietary compounds that it believes have innovative mechanisms of action with potentially positive therapeutic profiles. The Company’s lead product candidate is MIN-101, a compound for the treatment of patients with schizophrenia. In addition, the Company’s portfolio includes MIN-202 (also known as JNJ-42847922), a compound the Company is co-developing with Janssen Pharmaceutica NV (“Janssen”), for the treatment of patients suffering from primary and comorbid insomnia; MIN-117, a compound the Company is developing for the treatment of patients suffering from major depressive disorder (“MDD”); and MIN-301, a compound the Company is developing for the treatment of patients suffering from Parkinson’s disease. In November 2013, the Company merged with Sonkei Pharmaceuticals Inc. (“Sonkei”), a clinical-stage biopharmaceutical company and, in February 2014, the Company acquired Mind-NRG, a pre-clinical-stage biopharmaceutical company. The Company refers to these transactions as the Sonkei Merger and Mind-NRG Acquisition, respectively. The Company holds licenses to MIN-101 and MIN-117 from Mitsubishi Tanabe Pharma Corporation (“MTPC”) with the rights to develop, sell and import MIN-101 and MIN-117 globally, excluding most of Asia. With the acquisition of Mind-NRG, the Company obtained exclusive rights to develop and commercialize MIN-301. The Company has also entered into a co-development and license agreement with Janssen, for the exclusive rights to develop and commercialize MIN-202 in the European Union, subject to royalty payments to Janssen, and royalty rights for any sales outside the European Union. Going Concern The Company has limited capital resources and has incurred recurring operating losses and negative cash flows from operations since inception. As of March 31, 2016, the Company has an accumulated deficit of approximately $109.8 million. Management expects to continue to incur operating losses and negative cash flows from operations. The Company has financed its operations to date from proceeds from the sale of common stock, warrants, loans and convertible promissory notes. The Company believes that its cash on hand at March 31, 2016 will be sufficient to fund the Company’s operations into the second quarter of 2017. The Company has the ability to adjust its operating plan spending levels based on future trial results and the timing of future fund raising and partnering activities. The Company will need to raise additional capital in order to continue to fund operations and fully fund 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. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. The accompanying 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 financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 10-01. 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, 2016 and the results of operations for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results to be expected for the full year. When preparing financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure 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. The consolidated balance sheet as of December 31, 2015 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 financial statements for the years ended December 31, 2015 and 2014 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on March 14, 2016. 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; however, these deposits may be redeemed upon demand and, therefore, bear minimal 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 $80,000 at March 31, 2016 and December 31, 2015. Marketable securities Marketable securities consist of corporate debt securities maturing in twelve 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 at amortized cost. The Company’s investments in marketable securities are classified as Level 2 within the fair value hierarchy. As of March 31, 2016, remaining final maturities of marketable securities ranged from May 2016 to October 2016, with a weighted average remaining maturity of approximately 4 months. The following table provides the amortized cost basis, aggregate fair value, unrealized losses (there were no unrealized gains) and the net carrying value of investments in held-to-maturity securities as of March 31, 2016: March 31, 2016 Amortized Aggregate Unrealized Net Carrying Cost Fair Value Losses Value Marketable securities: Corporate bonds - current $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812 Marketable securities $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812 Research and development costs Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company and costs related to salaries, benefits, bonuses and stock-based compensation granted to employees in research and development functions. The Company determines expenses related to clinical studies based on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical studies on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual is adjusted accordingly. The expenses for some trials may be recognized on a straight-line basis if the expected costs are expected to be incurred ratably during the period. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued expenses. In July 2014, the Company entered into a co-development and license agreement. The Company accounts for the co-development and license agreement as a joint risk-sharing collaboration in accordance with ASC 808, Collaboration Arrangements In-process research and development (“IPR&D”) assets represent capitalized incomplete research projects that the Company acquired through business combinations. Such assets are initially measured at their acquisition date fair values. The initial fair value of the research projects are recorded as intangible assets on the balance sheet, rather than expensed, regardless of whether these assets have an alternative future use. The amounts capitalized are being accounted for as indefinite-lived intangible assets, subject to impairment testing, until completion or abandonment of research and development efforts associated with the project. An IPR&D asset is considered abandoned when it ceases to be used (that is, research and development efforts associated with the asset have ceased, and there are no plans to sell or license the asset or derive defensive value from the asset). At that point, the asset is considered to be disposed of and is written off. Upon successful completion of each project, the Company will make a determination about the then remaining useful life of the intangible asset and begin amortization. The Company tests its indefinite-lived intangibles, IPR&D assets, for impairment annually on November 30 and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. When testing indefinite-lived intangibles for impairment, the Company may assess qualitative factors for its indefinite-lived intangibles to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the asset is impaired. Alternatively, the Company may bypass this qualitative assessment for some or all of its indefinite-lived intangibles and perform the quantitative impairment test that compares the fair value of the indefinite- lived intangible asset with the asset’s carrying amount. There was no impairment of IPR&D for the three months ended March 31, 2016 or 2015. Stock-based compensation The Company recognizes compensation cost relating to stock-based payment transactions using a fair-value measurement method, which requires all stock-based payments to employees, including grants of employee stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield, expected forfeiture rate and expected life of the options. The date of expense recognition for grants to non-employees is the earlier of the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or the date at which the counterparty’s performance is complete. The Company determines the fair value of stock-based awards granted to non-employees similar to the way fair value of awards are determined for employees except that certain assumptions used in the Black-Scholes option-pricing model, such as expected life of the option, may be different and the fair value of each unvested award is adjusted at the end of each period for any change in fair value from the previous valuation until the award vests. Foreign currency transactions The Company’s functional currency is the US dollar. The Company pays certain vendor invoices in the respective foreign currency. The Company records an expense in US dollars at the time the liability is incurred. Changes in the applicable foreign currency rate between the date an expense is recorded and the payment date is recorded as a foreign currency gain or loss. Loss per share Basic loss per share excludes dilution and is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the entity. The Company had a net loss in all periods presented, thus the inclusion of stock options and warrants would be anti-dilutive to net loss per share. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of corporate bonds, with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings. Long-lived assets The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Company compares the estimated undiscounted future net cash flows to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value, which is based either on discounted cash flows or appraised values in the period the impairment becomes known. The Company believes that all long-lived assets are recoverable, and no impairment was deemed necessary at March 31, 2016 and 2015. Goodwill The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgments in the future and require an adjustment to the recorded balances. The Company tested its goodwill for impairment as of November 30. There was no impairment of goodwill for the three months ended March 31, 2016 and 2015. 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 in deciding how to allocate resources and in assessing performance. The Company’s chief decision maker, who is the Chief Executive Officer, reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. Comprehensive Loss The Company had no items of comprehensive loss other than its net loss for each period presented. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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 position, condensed consolidated results of operations, and condensed consolidated cash flows, or do not apply to the Company. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In March 2016, the FASB issued Accounting Standards Update No 2016-09, Compensation – Stock Compensation (Topic 718)

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Payables And Accruals [Abstract]
Accrued Expenses	NOTE 3 — ACCRUED EXPENSES Accrued expenses and other liabilities consist of the following: March 31, 2016 December 31, 2015 Research and development costs and other accrued expenses $ 2,824,807 $ 1,740,871 Accrued bonus 190,571 725,017 Interest payable 58,750 58,750 Vacation pay 27,748 - $ 3,101,876 $ 2,524,638

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	3 Months Ended
	Mar. 31, 2016
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 issuances 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 common shares outstanding. The following table sets forth the computation of basic and diluted loss per share for common stockholders: Three Months Ended March 31, 2016 2015 Net loss $ (8,004,410 ) $ (6,093,247 ) Weighted average shares of common stock outstanding 27,202,710 19,416,629 Net loss per share of common stock – basic and diluted $ (0.29 ) $ (0.31 ) The following securities outstanding at March 31, 2016 and 2015 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive: March 31, 2016 2015 Common stock options 3,388,698 2,081,558 Warrants 3,282,937 6,322,451

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	NOTE 5 — DEBT Loan and Security Agreement On January 16, 2015, the Company entered into a Loan and Security Agreement (as amended, the “Loan Agreement”) with Oxford Finance LLC (“Oxford”) and Silicon Valley Bank (“SVB” and, together with Oxford, the “Lenders”), providing for term loans to the Company in an aggregate principal amount of up to $15 million, in two tranches. The Company drew down the initial term loans in the aggregate principal amount of $10 million (the “Term A Loans”), on January 16, 2015. The Term A Loans bear interest at a fixed rate of 7.05% per annum. On or prior to June 30, 2016, the Company may borrow additional term loans or Term B Loans, together with the Term A Loans, (the “Term Loans”), in the aggregate principal amount up to $5 million, subject to the satisfaction of certain borrowing conditions, including its achievement of primary endpoints on its Phase IIa trials for its MIN-117 and MIN-202 programs. The Term B Loans will bear interest at a fixed rate per annum of the greater of (i) 7.05% or (ii) the sum of (a) the prime rate reported in The Wall Street Journal three (3) business days prior to the funding date of the Term B Loans, plus (b) 3.80%. In August 2015, the Lenders and the Company entered into a First Amendment to the Loan Agreement, amending certain milestones related to the six month extension of the interest-only repayment period. By raising at least $30.0 million in gross capital (including at least $20.0 million from the sale of equity securities) and completing the first dosing of its Phase I/II clinical trial for MIN-117 prior to December 31, 2015, the six months and reduce the repayment term by six months. Through August 1, 2016, the Company is obligated only to make monthly interest payments on the outstanding principal balance on the Term A Loans, followed by 24 months of equal principal and interest payments. In February 2016, the Company entered into a Second Amendment to the Loan and Security Agreement with the Lenders extending the deadline for meeting the clinical milestones required to draw down the Term B Loans from March 31, 2016 to June 30, 2016. The Company paid a facility fee of $75,000 for access to the Term Loans and will be required to pay a final payment of 5.1% of the total amount borrowed, which has been included as a component of the debt discount and is amortized to interest expense over the term of the loans. The Term A Loans and debt discount are as follows: March 31, 2016 Term A Loans $ 10,000,000 Less: debt discount and financing costs (202,226 ) Less: current portion (2,643,626 ) Accrued portion of final payment 222,065 Long-term portion $ 7,376,213 For the three months ended March 31, 2016 and 2015, the Company recognized interest expense of $0.3 million and $0.2 million, respectively, including $0.1 million and $0.1 million, respect The Term Loans mature on August 1, 2018. The Company may prepay all, but not less than all, of the loaned amount upon 30 days’ advance notice to the Lenders, provided that the Company will be obligated to pay a prepayment fee equal to (i) 3% of the outstanding balance, if the loan is prepaid within 24 months of the funding date, (ii) 2% of the outstanding balance, if the loan is prepaid between 24 and 36 months of the funding date and (iii) 1% of the outstanding balance, if the loan is prepaid thereafter (each, a “Prepayment Fee”). 2016 $ 1,570,583 2017 4,938,713 2018 3,490,704 Total Term A Loans $ 10,000,000 The Company’s obligations under the Loan Agreement are secured by a first priority security interest in substantially all of its assets, other than its intellectual property. The Company has also agreed not to pledge or otherwise encumber its intellectual property assets, except that it may grant certain exclusive and non-exclusive licenses of its intellectual property as set forth in the Loan Agreement. In addition, the Company pledged all of its equity interests in Minerva Neurosciences Securities Corporation and 65% of its equity interests in Mind-NRG, Sarl as security for its obligations under the Loan Agreement. Upon the occurrence of certain events, including but not limited to the Company’s failure to satisfy its payment obligations under the Loan Agreement, the breach of certain of its other covenants under the Loan Agreement, or the occurrence of a material adverse change, the Lenders will have the right, among other remedies, to declare all principal and interest immediately due and payable, and will have the right to receive the final payment fee and, if the payment of principal and interest is due prior to maturity, the applicable Prepayment Fee.

Co-Development and License Agre

Co-Development and License Agreement	3 Months Ended
	Mar. 31, 2016
Co Development And License Agreement Disclosure [Abstract]
Co-Development and License Agreement	NOTE 6 — CO-DEVELOPMENT AND LICENSE AGREEMENT On February 12, 2014, the Company signed a co-development and license agreement with Janssen, subject to the completion of an initial public offering and the payment of a $22.0 million license fee. Under the agreement, the licensor granted the Company an exclusive license, with the right to sublicense, in the European Union, Switzerland, Liechtenstein, Iceland and Norway, referred to as the Minerva Territory, under (i) certain patent and patent applications to sell products containing any orexin 2 compound, controlled by the licensor and claimed in a licensor patent right as an active ingredient and (ii) MIN-202 for any use in humans. In addition, upon regulatory approval in the Minerva Territory (and earlier if certain default events occur), the Company will have rights to manufacture MIN-202, also known as JNJ-42847922. The Company has granted to the licensor an exclusive license, with the right to sublicense, under all patent rights and know-how controlled by the Company related to MIN-202 to sell MIN-202 outside the Minerva Territory. In consideration of the licenses granted on July 7, 2014, the Company made a license fee payment of $22.0 million, which was included as a component of research and development expense in 2014. The Company will pay a quarterly royalty percentage in the high single digits on aggregate net sales for MIN-202 products sold by the Company, its affiliates and sublicensees in the European Union. The licensor will pay a quarterly royalty percentage to the Company in the high single digits on aggregate net sales for MIN-202 products sold by the licensor outside the European Union. The Company accounts for the co-development and license agreement as a joint risk-sharing collaboration in accordance with ASC 808, Collaboration Arrangements

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders Equity Note [Abstract]
Stockholders' Equity	NOTE 7 — STOCKHOLDERS’ EQUITY Private Placement of Common Stock On March 17, 2016, the Company entered into a common stock purchase agreement with a member of the Board of Directors, pursuant to which the Company, in a private placement, sold to the director an aggregate of 181,488 shares of the Company’s common stock, at a price per share of $5.51, for gross proceeds of approximately $1 million. Warrant Exercises In January and February 2016, certain investors in the Company’s March 2015 private placement exercised their warrants at an exercise price of $5.772 per share and received an aggregate of 3,039,514 shares of the Company’s common stock. The Company received gross proceeds of approximately $17.5 million from the exercise of these warrants. Private Placement of Common Stock and Warrants On March 18, 2015, pursuant to a securities purchase agreement with certain accredited investors dated March 13, 2015, the Company sold in a private placement 6,281,661 shares of the Company’s common stock at a price per share of $4.81 and warrants to purchase up to an aggregate of 6,281,661 shares of common stock at a purchase price of $0.125 per warrant share, with an initial exercise price of $5.772 per share, resulting in gross proceeds of approximately $31.0 million. The warrants expire on March 18, 2017, two years after the date on which they were initially issued In connection with the private placement, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”), dated March 13, 2015 with certain accredited investors. Pursuant to the terms of the Registration Rights Agreement, the Company was obligated to prepare and file with the SEC a registration statement to register for resale the 6,281,661 shares of its common stock issued in the private placement and the 6,281,661 shares of its common stock issuable upon exercise of the warrants on or prior to May 2, 2015. The Company filed a resale registration statement on Form S-1 (File No. 333-203737), which was declared effective by the SEC on May 11, 2015. The Company filed a post-effective amendment to the Form S-1 to convert the filing to a Form S-3 on July 2, 2015. If registration statements are not maintained effective, the Company could be subject to penalties of up to of proceeds received in the private placement. Term Loan Warrants In connection with the Loan Agreement, the Company issued the Lenders warrants to purchase shares of its common stock upon its draw of each tranche of the Term Loans. The aggregate number of shares of common stock issuable upon exercise of the warrants is equal to 2.25% of the amount drawn of such tranche, divided by the average closing price per share of the Company’s common stock reported on the NASDAQ Global Market for the 10 consecutive trading days prior to the applicable draw. Upon the draw of the Term A Loans, the Company issued the Lenders warrants to purchase 40,790 shares of common stock at a per share exercise price of $5.516. The warrants are 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 A Loans and also as a component of additional paid-in capital and will be amortized to interest expense over the term of the loan. All such warrants were outstanding as of March 31, 2016.

Stock Option Plan

Stock Option Plan	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Plan	NOTE 8 — STOCK OPTION PLAN The Company adopted the 2013 Equity Incentive Plan (the “Plan”) in December 2013, which provides for the issuance of options, stock appreciation rights, stock awards and stock units. On January 1, 2016, in accordance with the terms of the , Shares Issuable Pursuant to Stock Options Weighted-Average Exercise Price Outstanding January 1, 2016 3,388,698 $ 5.59 Granted - $ - Forfeited - $ - Outstanding March 31, 2016 3,388,698 $ 5.59 Exercisable March 31, 2016 1,130,231 $ 6.21 Available for future grant 1,642,635 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, 2016. For stock options granted during the three months ended March 31, 2015, the Company utilized the following assumptions: March 31, 2015 Expected term (years) 5.5-6.25 Risk free interest rate 1.27-1.8% Volatility 74-110% Dividend yield 0% Weighted average grant date fair value per share of common stock $ 3.68 The Company recognized stock-based compensation expense for the three months ended March 31, 2016 and 2015 of $0.8 million and $0.3 million, respectively. The weighted average grant-date fair value of stock options outstanding on March 31, 2016 was $4.49 per share. Total unrecognized compensation costs related to non-vested awards at March 31, 2016 was approximately $7.9 million and is expected to be recognized within future operating results over a period of 3.0 years. At March 31, 2016, the weighted average contractual term of the options outstanding is approximately 8.8 years. The intrinsic value of outstanding stock options at March 31, 2016 was $2.2 million. The expected term of the employee-related options was estimated using the “simplified” method as defined by the Securities and Exchange Commission’s Staff Accounting Bulletin No. 107, Share-Based Payment

Commitments

Commitments	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments	NOTE 9 — COMMITMENTS In September 2014, the Company entered into a lease agreement for 4,043 square feet of office space in Waltham, MA. The term of the lease is approximately 2 years, and the Company is required to make monthly rental payments commencing December 2014. Estimated annual rent payable under this operating lease is approximately $0.1 million per year in each of the two years. In April 2016, the Company entered into an agreement to extend the term of the lease through March 31, 2018. Estimated annual rent payable under this agreement is approximately $0.1 million per year.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 10 — RELATED PARTY TRANSACTIONS In January 2016 the Company entered into a services agreement with V-Watch SA (“V-Watch”), for approximately $105,000 for the use of V-Watch’s SomnoArt device for monitoring sleep in the MIN-101 Phase IIb and MIN-117 Phase IIa trials. The Company’s Chief Executive Officer is the chairman of the board of directors of V-Watch and funds affiliated with stockholder Index Ventures hold greater than 10% of the outstanding capital stock of V-Watch. Also refer to Note 6 – Co-Development and License agreement and Note 7 – Stockholder’s Equity for additional related party transactions.

Significant Accounting Polici17

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 10-01. 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, 2016 and the results of operations for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results to be expected for the full year. When preparing financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure 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. The consolidated balance sheet as of December 31, 2015 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 financial statements for the years ended December 31, 2015 and 2014 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on March 14, 2016.
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; however, these deposits may be redeemed upon demand and, therefore, bear minimal 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 $80,000 at March 31, 2016 and December 31, 2015.
Marketable Securities	Marketable securities Marketable securities consist of corporate debt securities maturing in twelve 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 at amortized cost. The Company’s investments in marketable securities are classified as Level 2 within the fair value hierarchy. As of March 31, 2016, remaining final maturities of marketable securities ranged from May 2016 to October 2016, with a weighted average remaining maturity of approximately 4 months. The following table provides the amortized cost basis, aggregate fair value, unrealized losses (there were no unrealized gains) and the net carrying value of investments in held-to-maturity securities as of March 31, 2016: March 31, 2016 Amortized Aggregate Unrealized Net Carrying Cost Fair Value Losses Value Marketable securities: Corporate bonds - current $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812 Marketable securities $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812
Research and Development Costs	Research and development costs Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company and costs related to salaries, benefits, bonuses and stock-based compensation granted to employees in research and development functions. The Company determines expenses related to clinical studies based on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical studies on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual is adjusted accordingly. The expenses for some trials may be recognized on a straight-line basis if the expected costs are expected to be incurred ratably during the period. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued expenses. In July 2014, the Company entered into a co-development and license agreement. The Company accounts for the co-development and license agreement as a joint risk-sharing collaboration in accordance with ASC 808, Collaboration Arrangements In-process research and development (“IPR&D”) assets represent capitalized incomplete research projects that the Company acquired through business combinations. Such assets are initially measured at their acquisition date fair values. The initial fair value of the research projects are recorded as intangible assets on the balance sheet, rather than expensed, regardless of whether these assets have an alternative future use. The amounts capitalized are being accounted for as indefinite-lived intangible assets, subject to impairment testing, until completion or abandonment of research and development efforts associated with the project. An IPR&D asset is considered abandoned when it ceases to be used (that is, research and development efforts associated with the asset have ceased, and there are no plans to sell or license the asset or derive defensive value from the asset). At that point, the asset is considered to be disposed of and is written off. Upon successful completion of each project, the Company will make a determination about the then remaining useful life of the intangible asset and begin amortization. The Company tests its indefinite-lived intangibles, IPR&D assets, for impairment annually on November 30 and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. When testing indefinite-lived intangibles for impairment, the Company may assess qualitative factors for its indefinite-lived intangibles to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the asset is impaired. Alternatively, the Company may bypass this qualitative assessment for some or all of its indefinite-lived intangibles and perform the quantitative impairment test that compares the fair value of the indefinite- lived intangible asset with the asset’s carrying amount. There was no impairment of IPR&D for the three months ended March 31, 2016 or 2015.
Stock-Based Compensation	Stock-based compensation The Company recognizes compensation cost relating to stock-based payment transactions using a fair-value measurement method, which requires all stock-based payments to employees, including grants of employee stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield, expected forfeiture rate and expected life of the options. The date of expense recognition for grants to non-employees is the earlier of the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or the date at which the counterparty’s performance is complete. The Company determines the fair value of stock-based awards granted to non-employees similar to the way fair value of awards are determined for employees except that certain assumptions used in the Black-Scholes option-pricing model, such as expected life of the option, may be different and the fair value of each unvested award is adjusted at the end of each period for any change in fair value from the previous valuation until the award vests.
Foreign Currency Transactions	Foreign currency transactions The Company’s functional currency is the US dollar. The Company pays certain vendor invoices in the respective foreign currency. The Company records an expense in US dollars at the time the liability is incurred. Changes in the applicable foreign currency rate between the date an expense is recorded and the payment date is recorded as a foreign currency gain or loss.
Loss Per Share	Loss per share Basic loss per share excludes dilution and is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the entity. The Company had a net loss in all periods presented, thus the inclusion of stock options and warrants would be anti-dilutive to net loss per share.
Concentration of Credit Risk	Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of corporate bonds, with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.
Long-Lived Assets	Long-lived assets The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Company compares the estimated undiscounted future net cash flows to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value, which is based either on discounted cash flows or appraised values in the period the impairment becomes known. The Company believes that all long-lived assets are recoverable, and no impairment was deemed necessary at March 31, 2016 and 2015.
Goodwill	Goodwill The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgments in the future and require an adjustment to the recorded balances. The Company tested its goodwill for impairment as of November 30. There was no impairment of goodwill for the three months ended March 31, 2016 and 2015.
Segment Information	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 in deciding how to allocate resources and in assessing performance. The Company’s chief decision maker, who is the Chief Executive Officer, reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment.
Comprehensive Loss	Comprehensive Loss The Company had no items of comprehensive loss other than its net loss for each period presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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 position, condensed consolidated results of operations, and condensed consolidated cash flows, or do not apply to the Company. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In March 2016, the FASB issued Accounting Standards Update No 2016-09, Compensation – Stock Compensation (Topic 718)

Significant Accounting Polici18

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Amortized Cost Basis, Aggregate Fair Value, Unrealized Losses and Net Carrying Value of Investments in Held-to-Maturity Securities	The following table provides the amortized cost basis, aggregate fair value, unrealized losses (there were no unrealized gains) and the net carrying value of investments in held-to-maturity securities as of March 31, 2016: March 31, 2016 Amortized Aggregate Unrealized Net Carrying Cost Fair Value Losses Value Marketable securities: Corporate bonds - current $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812 Marketable securities $ 9,817,812 $ 9,810,252 $ 7,560 $ 9,817,812

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: March 31, 2016 December 31, 2015 Research and development costs and other accrued expenses $ 2,824,807 $ 1,740,871 Accrued bonus 190,571 725,017 Interest payable 58,750 58,750 Vacation pay 27,748 - $ 3,101,876 $ 2,524,638

Net Loss Per Share of Common 20

Net Loss Per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 2015 Net loss $ (8,004,410 ) $ (6,093,247 ) Weighted average shares of common stock outstanding 27,202,710 19,416,629 Net loss per share of common stock – basic and diluted $ (0.29 ) $ (0.31 )
Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive	The following securities outstanding at March 31, 2016 and 2015 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive: March 31, 2016 2015 Common stock options 3,388,698 2,081,558 Warrants 3,282,937 6,322,451

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Term A Loans and Debt Discount	The Term A Loans and debt discount are as follows: March 31, 2016 Term A Loans $ 10,000,000 Less: debt discount and financing costs (202,226 ) Less: current portion (2,643,626 ) Accrued portion of final payment 222,065 Long-term portion $ 7,376,213
Expected Repayment of Term A Loan Principal	The expected repayment of the $10.0 million Term A loan principal is as follows: 2016 $ 1,570,583 2017 4,938,713 2018 3,490,704 Total Term A Loans $ 10,000,000

Stock Option Plan (Tables)

Stock Option Plan (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity	Stock option activity under the Plan is as follows: Shares Issuable Pursuant to Stock Options Weighted-Average Exercise Price Outstanding January 1, 2016 3,388,698 $ 5.59 Granted - $ - Forfeited - $ - Outstanding March 31, 2016 3,388,698 $ 5.59 Exercisable March 31, 2016 1,130,231 $ 6.21 Available for future grant 1,642,635
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, 2016. For stock options granted during the three months ended March 31, 2015, the Company utilized the following assumptions: March 31, 2015 Expected term (years) 5.5-6.25 Risk free interest rate 1.27-1.8% Volatility 74-110% Dividend yield 0% Weighted average grant date fair value per share of common stock $ 3.68

NATURE OF OPERATIONS AND LIQU23

NATURE OF OPERATIONS AND LIQUIDITY - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)License	Dec. 31, 2015USD ($)
Nature Of Operations And Liquidity [Line Items]
Accumulated deficit | $	$ (109,817,272)	$ (101,812,862)
Development-stage Proprietary Compounds
Nature Of Operations And Liquidity [Line Items]
Number of licenses acquired | License	4

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Restricted cash balances as collateral for corporate credit cards	$ 80,000		$ 80,000
Marketable securities, weighted average remaining maturity	4 months
Marketable securities, unrealized gains	$ 0
Impairment of Long-Lived Assets	0	$ 0
Impairment of goodwill	0	0
In-Process Research and Development
Significant Accounting Policies [Line Items]
Asset impairment charges	0	$ 0
Janssen and JJDC | Co-development and License Agreement | MIN-202
Significant Accounting Policies [Line Items]
Prepaid expenses and other current assets	$ 100,000

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES - Amortized Cost Basis, Aggregate Fair Value, Unrealized Losses and Net Carrying Value of Investments in Held-to-Maturity Securities (Details)	Mar. 31, 2016USD ($)
Schedule Of Held To Maturity Securities [Line Items]
Marketable securities, Amortized Cost	$ 9,817,812
Marketable securities, Aggregate Fair Value	9,810,252
Marketable securities, Unrealized Losses	7,560
Marketable securities, Net Carrying Value	9,817,812
Corporate Bonds - Current
Schedule Of Held To Maturity Securities [Line Items]
Marketable securities, Amortized Cost	9,817,812
Marketable securities, Aggregate Fair Value	9,810,252
Marketable securities, Unrealized Losses	7,560
Marketable securities, Net Carrying Value	$ 9,817,812

ACCRUED EXPENSES - Accrued Expe

ACCRUED EXPENSES - Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Research and development costs and other accrued expenses	$ 2,824,807	$ 1,740,871
Accrued bonus	190,571	725,017
Interest payable	58,750	58,750
Vacation pay	27,748
Accrued expenses and other liabilities	$ 3,101,876	$ 2,524,638

NET LOSS PER SHARE OF COMMON 27

NET LOSS PER SHARE OF COMMON STOCK - Computation of Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net loss	$ (8,004,410)	$ (6,093,247)
Weighted average shares of common stock outstanding	27,202,710	19,416,629
Net loss per share, basic and diluted	$ (0.29)	$ (0.31)

NET LOSS PER SHARE OF COMMON 28

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, 2016	Mar. 31, 2015
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	3,388,698	2,081,558
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from the calculation of weighted average shares outstanding	3,282,937	6,322,451

DEBT - Additional Information (

DEBT - Additional Information (Details)	Jun. 30, 2016USD ($)	Aug. 31, 2015USD ($)	Jan. 16, 2015USD ($)Tranche	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Amortization of debt discount recorded as interest expense				$ 94,116	$ 67,124
Loan and Security Agreement | Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 15,000,000
Number of tranches | Tranche			2
Minimum capital requirement		$ 30,000,000
Sale of equity securities		$ 20,000,000
Extended interest period for debt instrument				6 months
Reduced repayment period for debt instrument				6 months
Facility fee payment			$ 75,000
Final payment of term loan			5.10%
Amortization of debt discount recorded as interest expense				$ 100,000	100,000
Term loans maturity date				Aug. 1, 2018
Advance notice period to the lenders				30 days
Term loan prepayment fee terms				(i) 3% of the outstanding balance, if the loan is prepaid within 24 months of the funding date, (ii) 2% of the outstanding balance, if the loan is prepaid between 24 and 36 months of the funding date and (iii) 1% of the outstanding balance, if the loan is prepaid thereafter (each, a “Prepayment Fee”).
Loan and Security Agreement | Term Loan | Mind-NRG, Sarl
Debt Instrument [Line Items]
Percentage of equity interests				65.00%
Loan and Security Agreement | Term Loan | 24 months
Debt Instrument [Line Items]
Proportion of prepayment fees on outstanding balance				3.00%
Loan and Security Agreement | Term Loan | Between 24 and 36 months
Debt Instrument [Line Items]
Proportion of prepayment fees on outstanding balance				2.00%
Loan and Security Agreement | Term Loan | Prepaid Thereafter
Debt Instrument [Line Items]
Proportion of prepayment fees on outstanding balance				1.00%
Loan and Security Agreement | Term Loan | Term A Loans
Debt Instrument [Line Items]
Amount drew dawn during period			$ 10,000,000
Interest rate (as a percent)			7.05%
Number of installments period				24 months
Interest expense				$ 300,000	$ 200,000
Loan and Security Agreement | Term Loan | Term B Loans
Debt Instrument [Line Items]
Term loan, interest rate term				The Term B Loans will bear interest at a fixed rate per annum of the greater of (i) 7.05% or (ii) the sum of (a) the prime rate reported in The Wall Street Journal three (3) business days prior to the funding date of the Term B Loans, plus (b) 3.80%.
Loan and Security Agreement | Term Loan | Term B Loans | Scenario, Forecast
Debt Instrument [Line Items]
Aggregate principal amount	$ 5,000,000
Minimum percentage of interest rate on loan	7.05%
Percentage of interest rate on loan	3.80%

DEBT - Summary of Term A Loans

DEBT - Summary of Term A Loans and Debt Discount (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Term A Loans	$ 10,000,000
Less: current portion	(2,643,626)	$ (1,434,756)
Long-term portion	7,376,213	$ 8,503,111
Term Loan | Term A Loans
Debt Instrument [Line Items]
Term A Loans	10,000,000
Less: debt discount and financing costs	(202,226)
Less: current portion	(2,643,626)
Accrued portion of final payment	222,065
Long-term portion	$ 7,376,213

DEBT - Expected Repayment of Te

DEBT - Expected Repayment of Term A Loan Principal (Details)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Total Term A Loans	$ 10,000,000
Term Loan | Term A Loans
Debt Instrument [Line Items]
2,016	1,570,583
2,017	4,938,713
2,018	3,490,704
Total Term A Loans	$ 10,000,000

CO-DEVELOPMENT AND LICENSE AG32

CO-DEVELOPMENT AND LICENSE AGREEMENT - Additional Information (Details) - MIN-202 - Co-development and License Agreement - USD ($)	Jul. 07, 2014	Feb. 12, 2014	Mar. 31, 2016	Mar. 31, 2015
Phase Ib Clinical Trials | Maximum
Co-development and license agreement
Share of aggregate development cost following completion of Phase Ib clinical trials and animal toxicology studies		$ 5,000,000
Phase II Clinical Trials | Maximum
Co-development and license agreement
Share of aggregate development cost following completion of Phase Ib clinical trials and animal toxicology studies		$ 24,000,000
Janssen
Co-development and license agreement
Payment of license fee	$ 22,000,000
Percentage of development costs related to joint development of products		40.00%
Period within which agreement is terminated related to Phase Ib clinical trials milestone		45 days
Termination fee related to Phase Ib clinical trial milestone		$ 3,000,000
Payment of development costs			$ 0	$ 1,200,000
Janssen | Other Current Assets
Co-development and license agreement
Reimbursable collaborative expense incurred			$ 100,000

STOCKHOLDERS' EQUITY - Private

STOCKHOLDERS' EQUITY - Private Placement of Common Stock - Additional Information (Details) - USD ($)	Mar. 17, 2016	Mar. 18, 2015	Mar. 31, 2016	Mar. 31, 2015
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock and warrants	$ 1,000,000	$ 31,000,000	$ 999,999	$ 30,999,999
Private Placement
Class Of Stock [Line Items]
Sale of common stock, price per share	$ 5.51	$ 4.81
Common Stock
Class Of Stock [Line Items]
Shares of common stock issued			181,488
Common Stock | Private Placement
Class Of Stock [Line Items]
Shares of common stock issued	181,488	6,281,661

STOCKHOLDERS' EQUITY - Warrants

STOCKHOLDERS' EQUITY - Warrants Exercises - Additional Information (Details) - USD ($)	2 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 18, 2015
Class Of Warrant Or Right [Line Items]
Proceeds from exercise of warrants		$ 17,544,075
Private Placement
Class Of Warrant Or Right [Line Items]
Common stock exercise price per share			$ 5.772
Private Placement | Warrants
Class Of Warrant Or Right [Line Items]
Shares of common stock to purchase by warrant	3,039,514
Common stock exercise price per share	$ 5.772
Proceeds from exercise of warrants	$ 17,500,000

STOCKHOLDERS' EQUITY - Privat35

STOCKHOLDERS' EQUITY - Private Placement of Common Stock and Warrants - Additional Information (Details) - USD ($)	Mar. 17, 2016	Mar. 18, 2015	Mar. 31, 2016	Mar. 31, 2015
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock and warrants	$ 1,000,000	$ 31,000,000	$ 999,999	$ 30,999,999
Net proceeds from issuance of common stock and warrants			$ 999,999
Private Placement
Class Of Stock [Line Items]
Sale of common stock, price per share	$ 5.51	$ 4.81
Warrants price per share		0.125
Common stock exercise price per share		$ 5.772
Warrants expiration date		Mar. 18, 2017
Warrants to purchase shares of common stock outstanding			3,242,147
Placement agent fees and transaction costs		$ 2,500,000
Net proceeds from issuance of common stock and warrants		$ 28,500,000
Registration rights agreement date			Mar. 13, 2015
Registration rights agreement term			Pursuant to the terms of the Registration Rights Agreement, the Company was obligated to prepare and file with the SEC a registration statement to register for resale the 6,281,661 shares of its common stock issued in the private placement and the 6,281,661 shares of its common stock issuable upon exercise of the warrants on or prior to May 2, 2015.
Penalty percentage for not meeting the registration agreement			10.00%
Common Stock
Class Of Stock [Line Items]
Shares of common stock issued			181,488
Net proceeds from issuance of common stock and warrants			$ 18
Common Stock | Private Placement
Class Of Stock [Line Items]
Shares of common stock issued	181,488	6,281,661
Shares of common stock to purchase by warrant		6,281,661

STOCKHOLDERS' EQUITY - Term Loa

STOCKHOLDERS' EQUITY - Term Loan Warrants - Additional Information (Details) $ / shares in Units, $ in Millions	Jan. 16, 2015USD ($)$ / sharesshares
Class Of Warrant Or Right [Line Items]
Fair value of warrants estimated | $	$ 0.2
Warrant
Class Of Warrant Or Right [Line Items]
Expiration anniversary date of issuance	10 years
Expected stock price volatility (as a percent)	100.80%
Risk-free interest rate (as a percent)	1.83%
Expected life	10 years
Expected dividend	$ 0
Term Loan
Class Of Warrant Or Right [Line Items]
Aggregate number of shares of Common Stock issuable	2.25%
Consecutive trading days	10 days
Term Loan | Term A Loans
Class Of Warrant Or Right [Line Items]
Shares of common stock to purchase by warrant | shares	40,790
Common stock exercise price per share	$ 5.516

STOCK OPTION PLAN - Additional

STOCK OPTION PLAN - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 02, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jan. 01, 2016
Stock Option Plan
Stock options granted		0
Fair value of common stock on grant date (in dollars per share)			$ 3.68
Stock-based compensation expense		$ 0.8	$ 0.3
Total unrecognized compensation costs related to non-vested awards (in dollars)		$ 7.9
Period over which unrecognized compensation costs related to non-vested awards is expected to be recognized		3 years
Weighted average contractual term of the options outstanding		8 years 9 months 18 days
Intrinsic value of outstanding stock options (in dollars)		$ 2.2
Dividend yield (as a percent)		0.00%	0.00%
Employee Stock Option
Stock Option Plan
Fair value of common stock on grant date (in dollars per share)		$ 4.49
2013 Equity Incentive Plan
Stock Option Plan
Increase in number of shares authorized for issuance				750,000
Shares authorized for issuance under the plan					5,031,333
Additional shares authorized for issuance under the plan as percentage of total shares outstanding		4.00%
Maximum | 2013 Equity Incentive Plan | Employee Stock Option
Stock Option Plan
Term of share-based award	10 years

STOCK OPTION PLAN - Stock Optio

STOCK OPTION PLAN - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Shares Issuable Pursuant to Stock Options
Outstanding at the beginning of period (in shares)	3,388,698
Granted (in shares)	0
Forfeited (in shares)	0
Outstanding at the end of the period (in shares)	3,388,698
Exercisable at the end of the period (in shares)	1,130,231
Available for future grant (in shares)	1,642,635
Weighted-Average Exercise Price
Outstanding at the beginning of period (in dollars per share) | $ / shares	$ 5.59
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	5.59
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 6.21

STOCK OPTION PLAN - Summary of

STOCK OPTION PLAN - Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Option Plan
Dividend yield	0.00%	0.00%
Weighted average grant date fair value per share of common stock		$ 3.68
Minimum
Stock Option Plan
Expected term (years)		5 years 6 months
Risk free interest rate		1.27%
Volatility		74.00%
Maximum
Stock Option Plan
Expected term (years)		6 years 3 months
Risk free interest rate		1.80%
Volatility		110.00%

COMMITMENTS - Additional Inform

COMMITMENTS - Additional Information (Details)	1 Months Ended
	Apr. 30, 2016USD ($)	Sep. 30, 2014USD ($)ft²
Other Commitments [Line Items]
Area of office space | ft²		4,043
Estimated annual rent payable		$ 100,000
Lease term		2 years
Subsequent Event
Other Commitments [Line Items]
Estimated annual rent payable	$ 100,000
Extended lease agreement date	Mar. 31, 2018

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - V - Watch SA	1 Months Ended
	Jan. 31, 2016USD ($)
Related Party Transaction [Line Items]
Services agreement	$ 105,000
Minimum
Related Party Transaction [Line Items]
Percentage of outstanding capital stock	10.00%