SCHEDULE: Federated Hermes Shifts Minerva Neurosciences Stake to Passive

Federated Hermes and related entities have reclassified their nearly 20% stake in Minerva Neurosciences, Inc. from active influence to a passive investment.

Summary

• Federated Hermes, Inc., along with the Voting Shares Irrevocable Trust and its trustees (Thomas R. Donahue, Ann C. Donahue, and J. Christopher Donahue), collectively report beneficial ownership of 9,392,275 shares of Minerva Neurosciences, Inc. common stock.
• This aggregate amount represents 19.86% of the issuer's class of securities.
• The reporting persons have transitioned their filing status from a Schedule 13D to a Schedule 13G, indicating they no longer hold the securities with the purpose or effect of changing or influencing control of the Issuer.
• This change in intent occurred following the conclusion of the Issuer's stockholder meeting on December 22, 2025.
• Previously, on October 28, 2025, a Schedule 13D was filed after participation in a private placement and execution of a support agreement to vote in favor of proposals at the stockholder meeting.

Sentiment

Score: 5

Explanation: Neutral, as it is a factual disclosure of beneficial ownership and a change in filing status from active to passive intent, rather than an operational or financial performance update.

Positives

• A significant institutional investor, Federated Hermes, Inc., maintains a substantial 19.86% ownership stake in Minerva Neurosciences, Inc., signaling continued confidence in the company's long-term value.

Negatives

• The shift from a Schedule 13D to a Schedule 13G indicates that Federated Hermes and its affiliates no longer intend to actively influence or seek control of Minerva Neurosciences, Inc., which may remove a potential catalyst for strategic changes or improved corporate governance that an activist investor might bring.

Future Outlook

NA

Management Comments

• Federated Hermes, Inc.; the Voting Shares Irrevocable Trust; Thomas R. Donahue; Ann C. Donahue; and J. Christopher Donahue declare that this report should not be construed as an admission that any of them is the beneficial owner of the securities held by any of the Managed Funds, and each expressly disclaims beneficial ownership of such securities.

Industry Context

NA

Stakeholder Impact

• Shareholders: The shift from an active (13D) to a passive (13G) investment stance by a major institutional holder may alter perceptions regarding potential future corporate governance changes or strategic direction, as the investor is no longer seeking to influence control.

Key Dates

Recommendation

The filing indicates a significant institutional investor is shifting from an active, control-influencing stance (13D) to a passive investment (13G) in Minerva Neurosciences. While the substantial ownership (19.86%) remains, the change in intent suggests a reduced likelihood of direct shareholder activism or strategic intervention from this party. This reclassification is a factual disclosure of ownership intent rather than a reflection of the company's operational performance or future prospects, thus a 'hold' recommendation is appropriate as it doesn't provide new fundamental information to warrant a buy or sell decision based solely on this filing.

Keywords

Minerva Neurosciences, Federated Hermes, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Stock, Passive Investment, SEC Filing