WALTHAM, MA – Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company, announced the results of its Annual Meeting of Stockholders, which took place on Thursday. The meeting saw the election of two directors and the approval of executive compensation and the company’s independent auditor.
The stockholders elected Hans Peter Hasler and Dr. Remy Luthringer to the company's Board of Directors. They will serve until the 2027 annual meeting of stockholders. Hasler received 3,384,409 votes for, 353,053 withheld, and there were 1,624,748 broker non-votes. Dr. Luthringer was elected with 3,705,617 votes for, 31,845 withheld, and the same number of broker non-votes.
In an advisory vote, the compensation of Minerva's named executive officers was approved with 3,631,040 votes for, 101,614 against, and 4,808 abstentions. There were 1,624,748 broker non-votes regarding this proposal.
Additionally, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. The accounting firm received 5,134,745 votes for, 160,496 against, and 66,969 abstentions.
These results reflect the company's compliance with corporate governance standards and the stockholders' support for the management's direction. Minerva Neurosciences specializes in developing therapies for the treatment of central nervous system disorders.
While the company maintains strong liquidity with a current ratio of 6.23, InvestingPro analysis reveals challenges ahead, with analysts not expecting profitability this year.
The company's focus is on compounds that may offer new treatment options for psychiatric and neurological conditions. Investors seeking deeper insights into Minerva's financial health and growth prospects can access additional analysis and 6 more exclusive ProTips through InvestingPro.
The information disclosed is based on a press release statement from a SEC filing.
In other recent news, Minerva Neurosciences is facing potential delisting from The Nasdaq Capital Market due to non-compliance with the minimum Market Value of Listed Securities requirement. The company has requested a hearing before a Nasdaq Hearings Panel to delay any delisting actions. In other developments, Minerva has set the date for its annual stockholders meeting on December 5, 2024, a significant shift from the previous year's meeting schedule.
Additionally, the FDA has requested additional data for Minerva's New Drug Application for roluperidone, a schizophrenia treatment. This request necessitates further study and has led to a revised outlook from H.C. Wainwright, reducing its price target for Minerva's shares from $7.00 to $5.00, while maintaining a neutral rating.
Minerva reported having $31 million in cash at the end of the second quarter, a figure of significance as the company may need additional capital to fund the required study for roluperidone. These developments are recent and provide insight into Minerva's current operations and future plans.
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