SAN DIEGO, Feb. 6, 2014 /PRNewswire/ -- Neurocrine
Biosciences, Inc. (NASDAQ: NBIX) today announced its financial
results for the quarter and year ended December 31, 2013.
For the fourth quarter of 2013, the Company reported a net loss
of $10.6 million, or $0.16 loss per share, compared to net income of
$9.5 million, or income of
$0.14 per fully diluted share, for
the same period in 2012. For the year ended December 31, 2013, the Company reported a net
loss of $46.1 million, or
$0.69 loss per share, as compared to
net income of $5.0 million, or income
of $0.08 per fully diluted share, for
2012. The change in operating results from 2012 to 2013 is due to
the successful completion of the sponsored research and development
phases of the Company's license agreements with both AbbVie and
Boehringer Ingelheim during 2012, as scheduled.
The Company's balance sheet at December
31, 2013 reflected total assets of $154.7 million, including cash, investments and
receivables of $146.8 million
compared with balances at December 31,
2012 of $196.0 million and
$188.3 million, respectively.
"During the last twelve months we have made great progress
across our clinical pipeline. Our VMAT2 program has recently
successfully completed Phase II and we are now looking forward to
an End-of-Phase II meeting with the FDA, while our partner AbbVie
initiated the second of two Phase III trials of elagolix in
endometriosis as well as a Phase IIb uterine fibroids study," said
Kevin C. Gorman, President and CEO
of Neurocrine Biosciences. "Looking forward to 2014 we see another
year of significant growth with important data points for our two
lead clinical programs as well as several promising compounds that
have the potential to further strengthen our clinical
pipeline."
Revenues for the fourth quarter of 2013 were $0.7 million, compared to $21.9 million for the same period in 2012.
Revenues for the year ended December 31,
2013 were $2.9 million,
compared with $53.1 million for the
year ended December 31, 2012. The
decrease in revenue is due to the successful and timely completion
of the sponsored research and development phases of the Company's
license agreements during 2012.
Research and development expenses decreased to $8.9 million during the fourth quarter of 2013,
compared with $9.1 million for the
same period in 2012. For the year ended December 31, 2013, research and development
expenses were $39.2 million, compared
to $37.2 million for 2012. The
year-over-year increase in research and development expenses was
primarily driven by Phase IIb development expenses for the VMAT2
program, coupled with increased compensation related costs,
primarily due to share-based compensation.
2014 Financial Guidance
The Company expects to have a net cash burn of approximately
$43 million to $47 million in 2014.
Expenses for 2014 should approximate $60
million to $64 million. The anticipated increase in expenses
over 2013 levels is primarily due to an increase in research and
development efforts as well as higher share-based compensation
expense. Net loss for 2014 is expected to be $56 million to $61 million, or $0.82 to $0.90 loss per share based on 68 million
basic shares outstanding. The Company expects to end 2014 with
approximately $100 million in cash,
investments and receivables.
Pipeline Highlights
Elagolix Update
AbbVie is currently conducting the Violet Petal Study, a Phase
III study of elagolix for endometriosis. The study is a 24-week,
multinational, randomized, double-blind, placebo-controlled study
designed to evaluate the safety and efficacy of elagolix in 875
women, age 18 to 49, with moderate to severe
endometriosis-associated pain. Approximately 160 sites in
the United States, Puerto Rico and Canada are conducting this study.
AbbVie has also initiated the second Phase III study of elagolix
for endometriosis. This study is similar in design to the Violet
Petal Study and will assess 788 women, age 18 to 49, with moderate
to severe endometriosis-associated pain at more than 200 sites
globally.
AbbVie is also currently conducting a Phase IIb study of
elagolix in uterine fibroids. This study is assessing uterine blood
loss in 520 women with heavy uterine bleeding due to uterine
fibroids.
VMAT2 Update
The Company is utilizing the Kinect and Kinect 2 datasets to
compile the End-of-Phase II briefing package along with a proposed
Phase III protocol for submission to the FDA in the second quarter
of 2014.
The Company also anticipates the End-of-Phase-II meeting for
NBI-98854 in tardive dyskinesia to be held with the FDA in the
second quarter of 2014. Upon completion of this meeting, the
Company anticipates initiating the pivotal Phase III program of
NBI-98854 during the second half of 2014.
Additionally, the Company is conducting appropriate preclinical
studies to support the advancement of NBI-98854 into clinical
trials for individuals suffering from Tourette syndrome, and
expects to open the investigational new drug application for
Tourette syndrome in 2014.
Conference Call and Webcast Today at 5:00 PM Eastern Time
Neurocrine will hold
a live conference call and webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants can access
the live conference call by dialing 800-862-9098 (US) or
785-424-1051 (International) using the conference ID: NBIX. The
call can also be accessed via the webcast through the Company's
website at http://www.neurocrine.com.
If you are unable to attend the webcast and would like further
information on this announcement please contact the Investor
Relations Department at Neurocrine Biosciences at (858) 617-7600. A
replay of the conference call will be available approximately one
hour after the conclusion of the call by dialing 800-723-8184 (US)
or 402-220-2668 (International) using the conference ID: NBIX. The
call will be archived for two weeks.
Neurocrine Biosciences, Inc. discovers and develops innovative
and life-changing pharmaceuticals, in diseases with high unmet
medical needs, through its novel R&D platform, focused on
neurological and endocrine based diseases and disorders. The
Company's two lead late-stage clinical programs are elagolix, a
gonadotropin-releasing hormone antagonist for women's health that
is partnered with AbbVie Inc., and a wholly owned vesicular
monoamine transporter 2 inhibitor for the treatment of movement
disorders. Neurocrine intends to maintain certain commercial rights
to its VMAT2 inhibitor for evolution into a fully-integrated
pharmaceutical company.
Neurocrine Biosciences, Inc. news releases are available through
the Company's website via the internet at
http://www.neurocrine.com.
In addition to historical facts, this press release may
contain forward-looking statements that involve a number of risks
and uncertainties. Among the factors that could cause actual
results to differ materially from those indicated in the
forward-looking statements are risks and uncertainties associated
with Neurocrine's business and finances in general, as well as
risks and uncertainties associated with the Company's R & D
pipeline and the Company overall. Specifically, the risks and
uncertainties the Company faces with respect to the Company's R
& D pipeline include risk that elagolix, the company's lead
clinical program, will fail to demonstrate that elagolix is safe
and effective; risk that elagolix Phase III clinical trials will be
delayed for regulatory or other reasons; and risks associated with
the Company's dependence on corporate collaborators for Phase III
development, commercial manufacturing and marketing and sales
activities. Similarly, the Company faces risk that the clinical
studies for NBI-98854, the company's VMAT2 inhibitor candidate,
will fail to demonstrate that NBI-98854 is safe and effective and
risk that NBI-98854 will not proceed to later stage clinical
trials. In addition, the Company faces risks and uncertainties with
respect to the rest of the Company's R & D pipeline including
risk that the Company's clinical candidates will not be found to be
safe and effective; and risk that the Company's research programs
will not identify pre-clinical candidates for further development.
With respect to the Company overall, the Company faces risk that it
will be unable to raise additional funding required to complete
development of all of its product candidates; risk relating to the
Company's dependence on contract manufacturers for clinical drug
supply; risk associated with the Company's dependence on corporate
collaborators for commercial manufacturing and marketing and sales
activities; uncertainties relating to patent protection and
intellectual property rights of third parties; risk and
uncertainties relating to competitive products and technological
changes that may limit demand for the Company's products; and the
other risks described in the Company's annual report on Form 10-K
for the year ended December 31, 2012
and quarterly reports on Form 10-Q for the quarters ended
March 31, 2013, June 30, 2013 and September 30, 2013. Neurocrine undertakes no
obligation to update the statements contained in this press release
after the date hereof.
NEUROCRINE
BIOSCIENCES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
Year
Ended
December
31,
|
|
2013
|
2012
|
2013
|
2012
|
Revenues:
|
|
|
|
|
Sponsored research
and development
|
$
-
|
$
13,959
|
$
-
|
$
18,897
|
Milestones and
license fees
|
730
|
7,988
|
2,919
|
34,243
|
|
|
|
|
|
Total
revenues
|
730
|
21,947
|
2,919
|
53,140
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
8,918
|
9,097
|
39,248
|
37,163
|
General and
administrative
|
3,342
|
3,311
|
13,349
|
13,437
|
Cease-use
expense
|
-
|
957
|
-
|
1,092
|
|
|
|
|
|
Total operating
expenses
|
12,260
|
13,365
|
52,597
|
51,692
|
|
|
|
|
|
(Loss) income from
operations
|
(11,530)
|
8,582
|
(49,678)
|
1,448
|
Other
income:
|
|
|
|
|
(Loss) gain on
sale/disposal of assets
|
(1)
|
7
|
37
|
32
|
Deferred gain on real
estate
|
789
|
766
|
3,133
|
3,042
|
Investment income,
net
|
85
|
130
|
402
|
489
|
Other income,
net
|
15
|
5
|
16
|
14
|
|
|
|
|
|
Total other
income
|
888
|
908
|
3,588
|
3,577
|
|
|
|
|
|
Net (loss)
income
|
$
(10,642)
|
$
9,490
|
$
(46,090)
|
$
5,025
|
|
|
|
|
|
Net (loss) income per
common share:
|
|
|
|
|
Basic
|
$
(0.16)
|
$
0.14
|
$
(0.69)
|
$
0.08
|
|
|
|
|
|
Diluted
|
$
(0.16)
|
$
0.14
|
$
(0.69)
|
$
0.08
|
|
|
|
|
|
Shares used in the
calculation of net (loss) income per common share:
|
|
|
|
|
Basic
|
67,346
|
66,406
|
66,989
|
65,619
|
|
|
|
|
|
Diluted
|
67,346
|
67,720
|
66,989
|
66,946
|
|
|
|
|
|
NEUROCRINE
BIOSCIENCES, INC
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
December 31,
2013
|
December 31,
2012
|
Cash, cash
equivalents and short-term marketable securities
|
$
145,739
|
$
173,013
|
Other current
assets
|
2,723
|
16,251
|
|
|
|
Total current
assets
|
148,462
|
189,264
|
Property and
equipment, net
|
1,771
|
1,900
|
Long-term
investments
|
-
|
480
|
Restricted
cash
|
4,443
|
4,335
|
|
|
|
Total
assets
|
$
154,676
|
$
195,979
|
|
|
|
|
|
|
Current
liabilities
|
$
11,699
|
$
15,646
|
Long-term
liabilities
|
22,567
|
25,961
|
Stockholders'
equity
|
120,410
|
154,372
|
|
|
|
Total liabilities and
stockholders' equity
|
$
154,676
|
$
195,979
|
|
|
|
SOURCE Neurocrine Biosciences, Inc.