Neurocrine Biosciences Reports Financial Results For Fourth Quarter and Year-End 2000
SAN DIEGO, Jan. 30 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the fourth quarter ended December 31, 2000. The Company reported a net loss of $6.5 million, or $0.29 per share for the fourth quarter 2000 as compared to a net loss of $3.7 million, or $0.19 per share for the same period 1ast year. For the year ending December 31, 2000, the Company reported a loss of $28.8 million, or $1.30 per share as compared to a net loss of $16.8 million, or $0.88 per share in 1999.
Revenues for the fourth quarter of 2000 were $6.4 million compared with $4.2 million for the same period in 1999. Revenues for the year ended December 31, 2000 were $14.6 million compared with $16.8 million for the year ended December 31, 1999. The decline in annual revenues, resulted primarily from the conclusion of the Novartis collaboration in January 2000 and the sponsored research portion of the Eli Lilly collaboration in October 1999, which were partially offset by $7.1 million in revenues received pursuant to the collaborative agreement with Taisho Pharmaceuticals, signed in July 2000. In addition, the Company received $3.0 million in revenues under its agreement with Janssen during 2000, compared to $2.4 million received during 1999.
Research and development expenses increased to $11.8 million for the fourth quarter of 2000 compared with $7.3 million for the same period last year. For the twelve months ended December 31, 2000, research and development expenses totaled $40.2 million compared to $29.2 million in 1999. The increase in expenses primarily reflects higher costs associated with expanding clinical and pre-clinical testing as the Company continues the development of its drug candidates.
General and administrative expenses increased to $3.0 million for the fourth quarter of 2000 compared with $1.9 million for the same period last year. For the year ended December 31, 2000, general and administrative expenses totaled $10.0 million compared to $7.5 million for the year ended 1999. The increase in annual expenses resulted primarily from business development consulting expense of $976,000 in 2000 and non-cash charges associated with the employee stock purchase program and options granted to consultants of $1.1 million in 2000, compared to $167,000 in 1999.
The Company's balance sheet on December 31, 2000 reflected total assets of $186.0 million, including cash, cash equivalents, marketable securities and current receivables of $171.8 million compared with balances at December 31, 1999 of $109.2 million and $94.5 million, respectively. The increase in cash, cash equivalents, marketable securities and current receivables represents additional funding received from a public offering in December 2000, offset by funding of clinical and pre-clinical development projects throughout the year. Net proceeds received from the offering totaled $ 90.3 million.
Neurocrine Conference Call and Webcast
Neurocrine will hold a conference call and live webcast on Friday, February 2nd at 8:00 AM Pacific Time. Gary Lyons, President and CEO, Paul Hawran, Executive Vice President and CFO, and Bruce Campbell, Senior Vice President Development, will discuss the Company's year-end earnings, its 2001 financial expectations, and clinical programs. To access the call, please go to http://www.videonewswire.com/NEUROCRINE/020201/ approximately 15 minutes prior to the call to register and install any necessary software. In you are unable to participate in the live webcast, the call will be archived on the Company's website at www.neurocrine.com.
Neurocrine Biosciences is a leading neuroscience 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. news releases are available through the Company's website via the Internet at http://www.neurocrine.com.
In addition to historical facts, this press release contains
forward-looking statements that involve a number of risks and uncertainties.
A more complete description of these risks can be found in the Company's Form
10K for the year ended December 31, 2000, as amended, the current form 10Q and
its most recent registration statement, as filed with the Securities and
Exchange Commission, each of which should be read before making any investment
in Neurocrine common stock. Neurocrine undertakes no obligation to update the
statements contained in this press release after the date hereof.
NEUROCRINE BIOSCIENCES, INC.
Statement of Operations
(unaudited; in thousands except for loss per share data)
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000* 1999
Revenues:
Sponsored research and development $1,938 $2,411 $6,881 $12,171
Sponsored research and development
from related party -- (10) -- 491
License and option fees 192 -- 2,345 --
Milestones 4,000 1,500 4,000 3,000
Grant income and other revenues 312 298 1,362 1,129
Total revenues 6,442 4,199 14,588 16,791
Operating expenses:
Research and development 11,823 7,276 40,227 29,169
General and administrative 3,032 1,889 9,962 7,476
Total operating expenses 14,855 9,165 50,189 36,645
Loss from operations (8,413) (4,966) (35,601) (19,854)
Other income and (expenses):
Interest and other income, net 1,755 811 6,048 2,851
Other income and expenses, net 121 466 1,047 181
Loss before taxes (6,537) (3,689) (28,506) (16,822)
Income taxes $ -- -- $302 --
Net loss $(6,537) $(3,689) $(28,808) $(16,822)
Loss per common share:
Basic and diluted $(0.29) $(0.19) $(1.30) $(0.88)
Shares used in the calculation of
loss per common share:
Basic and diluted 22,789 19,361 22,124 19,072
Balance Sheet
(in thousands)
December 31, December 31,
2000 1999
(unaudited)
Cash, cash equivalents and marketable
securities $164,670 $91,098
Other current assets 7,735 3,715
Total current assets 172,405 94,813
Property and equipment, net 11,300 11,181
Other assets 2,257 3,228
Total assets $185,962 $109,222
Current liabilities $17,849 $8,645
Long-term liabilities 4,905 4,223
Stockholders' equity 163,208 96,354
Total liabilities and stockholders'
equity $185,962 $109,222
* During the fourth quarter of 2000, the Company adopted SEC Staff
Accounting Bulletin 101 (SAB 101), Revenue Recognition in Financial
Statements. SAB 101 provides, among other revenue items, guidance in
the recognition of nonrefundable up-front fees received in conjunction
with a research and development arrangement. The result of the
adoption of SAB 101 was to reduce recognition of previously reported
license fee revenues by $2.7 million. These revenues were deferred and
will be recognized as income, ratably over the estimated lives of the
respective agreements. The adoption of SAB 101 did not require an
adjustment for revenues recorded prior to December 31, 1999.
SOURCE Neurocrine Biosciences, Inc.
Web site: http: //www.neurocrine.com
Company News On-Call: http: //www.prnewswire.com/comp/604138.html or fax, 800-758-5804, ext. 604138
CONTACT: Claudia Jones, or Paul Hawran, both of Neurocrine Biosciences, 858-658-7600