Neurocrine Biosciences Inc. (NBIX, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $132.4 million; its shares were traded at around $3.39 with and P/S ratio of 33.3. Neurocrine Biosciences Inc. had an annual average earning growth of 21.7% over the past 5 years.
Other income (expense) was $(0.9) million during the second quarter of 2008 compared to $0.6 million for the second quarter of 2009. The change resulted primarily from rental payments made during the second quarter of 2008 under our sale-leaseback agreement which were recorded as interest expense under sale-leaseback accounting rules. These rental payments are components of operating expense during 2009. Additionally, we recognized $0.7 million in deferred gains on real estate and $0.2 million in gains on our auction rate securities in the second quarter of 2009.
Research and development expenses decreased to $21.7 million for the first half of 2009 compared with $30.4 million for the respective period in 2008. This decrease in research and development expenses is primarily due to cost savings related to our recent restructurings. The decrease in staff levels reduced personnel costs in the first six months of 2009 which were essentially offset by severance costs of $2.2 million during the first six months of 2009. Additionally, laboratory costs decreased by $0.8 million in the first half of 2009 compared to the same period in 2008. External development costs decreased by $6.6 million to $4.4 million in the first half of 2009 compared to $11.0 million in the same period last year. External development spending in our elagolix and pro drug programs decreased by $5.3 million and $1.1 million, respectively, in the first six months of 2009 compared to the same period in 2008. Other non-personnel cost management efforts have resulted in approximately $1.0 million of year to date savings over the prior six month period.
General and administrative expenses were $9.0 million for the six months ended June 30, 2009 compared with $13.0 million during the same period last year. We incurred a $2.2 million restructuring charge in the first half of 2008 compared to a $0.7 million charge in the first half of 2009. Additionally, other non-personnel cost reductions resulted in savings of approximately $1.2 million compared with the prior year period.
Net loss for the first half of 2009 was $34.9 million, or $0.90 per share, compared to $42.0 million, or $1.10 per share, for the same period in 2008. This decrease in net loss was primarily due to a reduction in expenses as a result of our restructuring programs implemented in the fourth quarter of 2007 and second quarter of 2009.
Net cash used in operating activities during the first half of 2009 was $28.0 million compared with $43.2 million during the same period last year. Net loss for the first six months of 2009 was $34.9 million compared to $42.0 million for the same period in 2008. This decrease in net loss was primarily due to a reduction in expenses as a result of our restructuring programs and expense management efforts.
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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 $132.4 million; its shares were traded at around $3.39 with and P/S ratio of 33.3. Neurocrine Biosciences Inc. had an annual average earning growth of 21.7% over the past 5 years.
Highlight of Business Operations:
Research and development expenses decreased to $10.8 million for the second quarter of 2009 compared with $16.2 million for the respective period in 2008. Laboratory costs decreased by $0.6 million in the second quarter of 2009 compared to the same period in 2008 and external development costs decreased by $4.5 million compared to the same period last year. External development spending in our elagolix and pro drug programs decreased by $3.5 million and $1.1 million, respectively, in the second quarter of 2009 compared with the same period in 2008. Research and development expenses for the second quarter of 2009 also included severance expenses of $2.2 million, which were offset entirely by other personnel cost reductions during the quarter.Other income (expense) was $(0.9) million during the second quarter of 2008 compared to $0.6 million for the second quarter of 2009. The change resulted primarily from rental payments made during the second quarter of 2008 under our sale-leaseback agreement which were recorded as interest expense under sale-leaseback accounting rules. These rental payments are components of operating expense during 2009. Additionally, we recognized $0.7 million in deferred gains on real estate and $0.2 million in gains on our auction rate securities in the second quarter of 2009.
Research and development expenses decreased to $21.7 million for the first half of 2009 compared with $30.4 million for the respective period in 2008. This decrease in research and development expenses is primarily due to cost savings related to our recent restructurings. The decrease in staff levels reduced personnel costs in the first six months of 2009 which were essentially offset by severance costs of $2.2 million during the first six months of 2009. Additionally, laboratory costs decreased by $0.8 million in the first half of 2009 compared to the same period in 2008. External development costs decreased by $6.6 million to $4.4 million in the first half of 2009 compared to $11.0 million in the same period last year. External development spending in our elagolix and pro drug programs decreased by $5.3 million and $1.1 million, respectively, in the first six months of 2009 compared to the same period in 2008. Other non-personnel cost management efforts have resulted in approximately $1.0 million of year to date savings over the prior six month period.
General and administrative expenses were $9.0 million for the six months ended June 30, 2009 compared with $13.0 million during the same period last year. We incurred a $2.2 million restructuring charge in the first half of 2008 compared to a $0.7 million charge in the first half of 2009. Additionally, other non-personnel cost reductions resulted in savings of approximately $1.2 million compared with the prior year period.
Net loss for the first half of 2009 was $34.9 million, or $0.90 per share, compared to $42.0 million, or $1.10 per share, for the same period in 2008. This decrease in net loss was primarily due to a reduction in expenses as a result of our restructuring programs implemented in the fourth quarter of 2007 and second quarter of 2009.
Net cash used in operating activities during the first half of 2009 was $28.0 million compared with $43.2 million during the same period last year. Net loss for the first six months of 2009 was $34.9 million compared to $42.0 million for the same period in 2008. This decrease in net loss was primarily due to a reduction in expenses as a result of our restructuring programs and expense management efforts.
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