Neurocrine Biosciences Inc. (NBIX, Financial) filed Quarterly Report for the period ended 2009-03-31.
Neurocrine Biosciences is a neuroscience-based company focused on the discovery and development of novel therapeutics for neuropsychiatric neuroinflammatory and neurodegenerative diseases and disorders. The company's neuroscience endocrine and immunology disciplines provide a unique biological understanding of the molecular interaction between central nervous immune and endocrine systems for the development of therapeutic interventions for anxiety depression insomnia stroke malignant brain tumors multiple sclerosis obesity and diabetes. Neurocrine Biosciences Inc. has a market cap of $128 million; its shares were traded at around $3.31 with and P/S ratio of 32.3. Neurocrine Biosciences Inc. had an annual average earning growth of 21.7% over the past 5 years.
Research and development expenses decreased to $10.8 million for the first quarter of 2009 compared with $14.2 million for the respective period in 2008. Laboratory costs decreased by $0.3 million in the first quarter of 2009 compared to the same period in 2008 and external development costs decreased by $2.1 million compared to last year. External development spending in our elagolix program decreased from $3.7 million in the first quarter of 2008 to $1.9 million in the first quarter of 2009. In addition, depreciation expense decreased by $0.8 million in the first quarter of 2009 compared with the same period last year as a result of the termination of our right to repurchase any portion of our facility or real property in the fourth quarter of 2008.
Other expense increased from $0.3 million during the first quarter of 2008 to $0.5 million for the first quarter of 2009. The increase resulted primarily from rental payments made during the first quarter of 2008 under our sale-leaseback agreement which were previously recorded as interest expense under sale-leaseback accounting rules. These rental payments are components of operating expenses during 2009. Additionally, investment income for the first quarter of 2009 decreased by $1.4 million from the prior year period, primarily due to lower cash balances coupled with lower overall interest rates, as well as a $1.5 million recognized loss on an other-than-temporary impairment of our auction rate securities and a $0.3 million realized loss on deferred compensation investments.
Net loss for the first quarter of 2009 was $19.7 million, or $0.51 per share, compared to $21.1 million, or $0.55 per share, for the same period in 2008. This decrease in net loss was primarily due to severance costs incurred in the first quarter of 2008 and expense management efforts during the first quarter of 2009.
At March 31, 2009, our cash, cash equivalents, and investments totaled $86.0 million compared with $101.5 million at December 31, 2008. The decrease in cash and investment balances at March 31, 2009 resulted primarily from our net loss of $19.7 million, which includes various non-cash expenditures.
Net cash used in operating activities during the first three months of 2009 was $14.4 million compared with $28.2 million during the same period last year. Net loss for the first three months of 2009 was $19.7 million compared to $21.1 million for the same period in 2008. This decrease in net loss was primarily due to severance costs incurred in the first quarter of 2008 and expense management efforts during the first quarter of 2009.
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Neurocrine Biosciences is a neuroscience-based company focused on the discovery and development of novel therapeutics for neuropsychiatric neuroinflammatory and neurodegenerative diseases and disorders. The company's neuroscience endocrine and immunology disciplines provide a unique biological understanding of the molecular interaction between central nervous immune and endocrine systems for the development of therapeutic interventions for anxiety depression insomnia stroke malignant brain tumors multiple sclerosis obesity and diabetes. Neurocrine Biosciences Inc. has a market cap of $128 million; its shares were traded at around $3.31 with and P/S ratio of 32.3. Neurocrine Biosciences Inc. had an annual average earning growth of 21.7% over the past 5 years.
Highlight of Business Operations:
Revenues were $0.7 million for the first quarter of 2009 compared with $1.8 million for the respective period last year. The decrease in revenues for the three months ended March 31, 2009, compared with the respective period in 2008, is primarily from revenues recognized in 2008 under our collaboration agreement with GlaxoSmithKline (GSK). During the first quarter of 2008, we recognized $1.0 million in milestone revenue from GSK. Additionally, during the first quarters of both of 2009 and 2008, we recognized $0.7 million in revenue under our collaboration agreement with Dainippon Sumitomo Pharma Co. Ltd (DSP) from amortization of up-front licensing fees.Research and development expenses decreased to $10.8 million for the first quarter of 2009 compared with $14.2 million for the respective period in 2008. Laboratory costs decreased by $0.3 million in the first quarter of 2009 compared to the same period in 2008 and external development costs decreased by $2.1 million compared to last year. External development spending in our elagolix program decreased from $3.7 million in the first quarter of 2008 to $1.9 million in the first quarter of 2009. In addition, depreciation expense decreased by $0.8 million in the first quarter of 2009 compared with the same period last year as a result of the termination of our right to repurchase any portion of our facility or real property in the fourth quarter of 2008.
Other expense increased from $0.3 million during the first quarter of 2008 to $0.5 million for the first quarter of 2009. The increase resulted primarily from rental payments made during the first quarter of 2008 under our sale-leaseback agreement which were previously recorded as interest expense under sale-leaseback accounting rules. These rental payments are components of operating expenses during 2009. Additionally, investment income for the first quarter of 2009 decreased by $1.4 million from the prior year period, primarily due to lower cash balances coupled with lower overall interest rates, as well as a $1.5 million recognized loss on an other-than-temporary impairment of our auction rate securities and a $0.3 million realized loss on deferred compensation investments.
Net loss for the first quarter of 2009 was $19.7 million, or $0.51 per share, compared to $21.1 million, or $0.55 per share, for the same period in 2008. This decrease in net loss was primarily due to severance costs incurred in the first quarter of 2008 and expense management efforts during the first quarter of 2009.
At March 31, 2009, our cash, cash equivalents, and investments totaled $86.0 million compared with $101.5 million at December 31, 2008. The decrease in cash and investment balances at March 31, 2009 resulted primarily from our net loss of $19.7 million, which includes various non-cash expenditures.
Net cash used in operating activities during the first three months of 2009 was $14.4 million compared with $28.2 million during the same period last year. Net loss for the first three months of 2009 was $19.7 million compared to $21.1 million for the same period in 2008. This decrease in net loss was primarily due to severance costs incurred in the first quarter of 2008 and expense management efforts during the first quarter of 2009.
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