By a News Reporter-Staff News Editor at Clinical Trials Week -- Neurocrine Biosciences, Inc. (NASDAQ:NBIX) announced its financial results for the quarter ended June 30, 2014. For the second quarter of 2014, the Company reported a net loss of $13.4 million, or $0.18 loss per share, compared to a net loss of $12.2 million, or $0.18 loss per share, for the same period in 2013. For the six months ended June 30, 2014, the Company reported a net loss of $25.2 million, or $0.35 loss per share, as compared to net loss of $24.3 million, or $0.36 loss per share, for the first half of last year (see also Neurocrine Biosciences, Inc.).
The Company's balance sheet at June 30, 2014 reflected total assets of $269.5 million, including cash, cash equivalents, investments and receivables of $261.5 million.
"We are very pleased with our recent interactions with the FDA concerning our VMAT2 inhibitor NBI-98854 and the path forward to an NDA filing in tardive dyskinesia," said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "Based on the results of the End-of-Phase II meeting, we will conduct a single placebo-controlled Phase III trial (Kinect 3). We look forward to initiating the Kinect 3 pivotal trial later this year."
Research and development expenses were $10.2 million during the second quarter of 2014 compared to $10.5 million for the same period in 2013.For the six months ended June 30, 2014, research and development expenses were $18.7 million, compared to $20.8 million for the same period last year.This decrease was due to lower external clinical development expense related to the Company's VMAT2 inhibitor, NBI-98854, which substantially completed Phase II development in late 2013 and is currently in preparation for Phase III development. This decrease was offset by higher research and development personnel costs primarily related to higher share-based compensation expense.
General and administrative expenses increased from $3.4 million for the second quarter of 2013 to $4.2 million for the second quarter of 2014. For the six months ended June 30, 2014 general and administrative expenses were $8.4 million, compared to $6.8 million for the first half of 2013. The increase in general and administrative expense is primarily due to higher share-based compensation expense.
Keywords for this news article include: Neurocrine Biosciences Inc.
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