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.