Neurocrine Reports Q1 ResultsThursday, May 1, 2014
Neurocrine Biosciences Inc. has swelled its balance sheet in the first quarter of 2014. The biotech’s balance sheet for the quarter ended March 31, was $272.3 million, compared with $146.8 million for the quarter ended December 31, 2013.
This is thanks to the Neurocrine Biosciences’ (Nasdaq: NBIX) $133 million secondary offering of 8 million shares of common stock in February, and will help it advance a Tourette syndrome treatment into clinical trials, the company said.
Neurocrine Biosciences is also preparing for phase 3 trials for its drug that treats tardive dyskinesia, a movement disorder that causes facial spasms.
Research and development expenses decreased to $8.6 million during the first quarter of 2014 from $10.3 million during the same period in 2013. The company incrementally narrowed its net loss from $12.1 million in the first quarter 2013 to $11.8 million in this most recent reporting period.