On November 1, 2023, Cerevel Therapeutics Holdings Inc (CERE, Financial), a company dedicated to treating neuroscience diseases, reported its financial results for the third quarter ended September 30, 2023. The company also provided key pipeline and business updates.
Financial Highlights
As of September 30, 2023, Cerevel's cash, cash equivalents, and marketable securities totaled $758.2 million. In October 2023, the company completed a follow-on public offering of its common stock, raising approximately $498.7 million in aggregate net proceeds. These funds are expected to support all planned data readouts in 2024 and fund operations into 2026.
For the third quarter of 2023, Cerevel reported a net loss of $96.4 million, compared to a net loss of $99.9 million for the same period in 2022. The company's research and development (R&D) expenses for the third quarter of 2023 were $85.3 million, up from $71.4 million in the same period last year. The increase in R&D expenses was primarily due to the continued advancement of the company's emraclidine and tavapadon programs, as well as an increase in personnel costs.
General and administrative expenses for the third quarter of 2023 were $26.1 million, compared to $23.7 million for the same period in 2022. The increase was primarily driven by higher personnel costs, partially offset by a reduction in spend associated with professional fees.
Business Updates
Cerevel is advancing its broad and diverse pipeline of novel neuroscience product candidates. The company's lead programs include emraclidine, darigabat, and tavapadon. Data readouts for these programs are expected in 2024.
The company will host an investor webcast on December 11, 2023, focused on the tavapadon program in Parkinson’s disease. Cerevel's president and CEO, Ron Renaud, stated that the company is well-capitalized, with a runway into 2026, and has a strong team in place to advance its late-stage pipeline of potential new treatments for schizophrenia, epilepsy, and Parkinson’s disease.
Looking Ahead
With a strong financial position and a robust pipeline of potential treatments for neuroscience diseases, Cerevel Therapeutics Holdings Inc (CERE, Financial) is well-positioned for future growth. The company's focus on execution and novel approaches to treating challenging diseases, along with its broad neuroscience pipeline, make it a company to watch in the industry.
Explore the complete 8-K earnings release (here) from Cerevel Therapeutics Holdings Inc for further details.
