0000914475-23-000044 | 10-Q | XBRL Viewer | Neurocrine Biosciences INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	0-22705
Entity Registrant Name	NEUROCRINE BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0525145
Entity Address, Address Line One	12780 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	(858)
Local Phone Number	617-7600
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	NBIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,574,838
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000914475
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 103.8	$ 262.9
Debt securities available-for-sale	790.8	726.4
Accounts receivable	391.6	350.0
Inventories	33.4	35.1
Other current assets	113.2	79.1
Total current assets	1,432.8	1,453.5
Deferred tax assets	337.4	305.9
Debt securities available-for-sale	244.6	299.4
Right-of-use assets	84.4	87.0
Equity security investments	135.7	102.1
Property and equipment, net	62.8	58.6
Intangible assets, net	37.2	37.2
Other assets	24.9	25.0
Total assets	2,359.8	2,368.7
Current liabilities:
Accounts payable and accrued liabilities	355.7	347.6
Convertible senior notes	0.0	169.4
Other current liabilities	18.4	20.7
Total current liabilities	374.1	537.7
Convertible senior notes	169.5	0.0
Noncurrent operating lease liabilities	90.4	93.5
Other long-term liabilities	41.3	29.7
Total liabilities	675.3	660.9
Stockholders’ equity:
Preferred stock, $0.001 par value; 5.0 million shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 220.0 million shares authorized; 97.5 million and 96.5 million shares issued and outstanding, respectively	0.1	0.1
Additional paid-in capital	2,170.5	2,122.4
Accumulated other comprehensive loss	(2.7)	(7.9)
Accumulated deficit	(483.4)	(406.8)
Total stockholders’ equity	1,684.5	1,707.8
Total liabilities and stockholders’ equity	$ 2,359.8	$ 2,368.7

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5.0	5.0
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	220.0	220.0
Common stock, shares issued (in shares)	97.5	96.5
Common stock, shares outstanding (in shares)	97.5	96.5

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 420.4	$ 310.6
Operating expenses:
Cost of revenues	8.5	4.6
Research and development	139.5	102.2
Acquired in-process research and development	143.9	0.0
Selling, general and administrative	242.7	200.7
Total operating expenses	534.6	307.5
Operating (loss) income	(114.2)	3.1
Other income (expense):
Interest expense	(1.1)	(2.6)
Unrealized gain on equity security investments	2.2	19.9
Investment income and other, net	9.8	1.0
Total other income, net	10.9	18.3
(Loss) income before (benefit from) provision for income taxes	(103.3)	21.4
(Benefit from) provision for income taxes	(26.7)	7.5
Net (loss) income	(76.6)	13.9
Foreign currency translation adjustments, net of tax	1.2	0.0
Unrealized gain (loss) on debt securities available-for-sale, net of tax	4.0	(7.6)
Comprehensive (loss) income	$ (71.4)	$ 6.3
(Loss) earnings per share:
Basic (in USD per share)	$ (0.79)	$ 0.15
Diluted (in USD per share)	$ (0.79)	$ 0.14
Weighted-average shares outstanding:
Basic (in shares)	97.1	95.3
Diluted (in shares)	97.1	97.6
Net product sales
Revenues:
Revenues	$ 415.3	$ 305.0
Collaboration revenues
Revenues:
Revenues	$ 5.1	$ 5.6

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Dec. 31, 2021			94.9
Beginning Balance at Dec. 31, 2021	$ 1,374.0	$ (32.3)	$ 0.1	$ 2,011.4	$ (106.8)	$ (1.7)	$ (635.8)	$ 74.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	13.9						13.9
Other comprehensive income (loss), net of tax	(7.6)					(7.6)
Stock-based compensation expense	37.0			37.0
Issuances of common stock under stock plans (in shares)			0.6
Issuances of common stock under stock plans	6.1			6.1
Ending Balance (in shares) at Mar. 31, 2022			95.5
Ending Balance at Mar. 31, 2022	1,391.1		$ 0.1	1,947.7		(9.3)	(547.4)
Beginning Balance (in shares) at Dec. 31, 2022			96.5
Beginning Balance at Dec. 31, 2022	1,707.8		$ 0.1	2,122.4		(7.9)	(406.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(76.6)						(76.6)
Other comprehensive income (loss), net of tax	5.2					5.2
Stock-based compensation expense	39.9			39.9
Issuances of common stock under stock plans (in shares)			1.0
Issuances of common stock under stock plans	8.2			8.2
Ending Balance (in shares) at Mar. 31, 2023			97.5
Ending Balance at Mar. 31, 2023	$ 1,684.5		$ 0.1	$ 2,170.5		$ (2.7)	$ (483.4)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (76.6)	$ 13.9
Adjustments to reconcile net (loss) income to net cash from operating activities:
Stock-based compensation expense	39.9	37.0
Depreciation	4.1	3.3
Amortization of debt issuance costs	0.2	0.4
Amortization of intangible assets	0.9	0.0
Changes in fair value of equity security investments	(2.2)	(19.9)
Deferred income taxes	(31.6)	(0.3)
Other	(2.4)	0.8
Change in operating assets and liabilities:
Accounts receivable	(41.7)	(78.0)
Inventories	1.8	1.5
Accounts payable and accrued liabilities	6.7	11.5
Other assets and liabilities, net	(24.3)	(10.7)
Cash flows from operating activities	(125.2)	(40.5)
Cash flows from investing activities:
Purchases of debt securities available-for-sale	(206.2)	(192.8)
Sales and maturities of debt securities available-for-sale	203.9	176.5
Purchases of equity security investments	(31.3)	(7.7)
Capital expenditures	(8.5)	(7.6)
Cash flows from investing activities	(42.1)	(31.6)
Cash flows from financing activities:
Issuances of common stock under benefit plans	8.2	6.1
Cash flows from financing activities	8.2	6.1
Change in cash, cash equivalents and restricted cash	(159.1)	(66.0)
Cash, cash equivalents and restricted cash at beginning of period	270.7	344.0
Cash, cash equivalents and restricted cash at end of period	111.6	278.0
Supplemental disclosures:
Non-cash capital expenditures	0.6	2.8
Cash paid for income taxes	$ 0.2	$ 0.0

Organization and Significant Accounting Policies	3 Months Ended
Organization and Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions of the Securities and Exchange Commission, or SEC, on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, included in our Annual Report on Form 10-K, or the 2022 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. There were no significant changes to our significant accounting policies as disclosed in the 2022 Form 10-K, except as set forth below. Strategic investments. We account for certain equity investments subject to the equity method of accounting, or through which we have the ability to exercise significant influence (but not control) over the operating and financial policies of an investee, under the fair value option. In assessing whether we exercise significant influence, we consider the nature and magnitude of such an investment, the voting and protective rights we hold, any participation in the governance of the investee and other relevant factors, such as the presence of a collaborative or other business relationship. Such investments are classified within Level 1 of the fair value hierarchy and carried at fair value, with any changes in the fair value of such investments recognized in earnings. Recently Adopted Accounting Pronouncements. ASU 2022-03. In June 2022, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and introduces certain disclosure requirements for equity securities subject to such restrictions. The amendments in ASU 2022-03 should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. We adopted ASU 2022-03 on January 1, 2023 with no significant impact on our condensed consolidated financial statements.

Collaboration and License Agreements	3 Months Ended
Collaboration and License Agreements	Mar. 31, 2023
Business Combinations [Abstract]
Collaboration and License Agreements	Collaboration and License AgreementsHeptares Therapeutics Limited, or Heptares. We entered into a collaboration and license agreement with Heptares, which became effective in December 2021, to develop and commercialize certain compounds containing sub-type selective muscarinic M1, M4, or dual M1/M4 receptor agonists, for which we have the exclusive rights to develop, manufacture and commercialize worldwide, excluding in Japan, where Heptares retains the rights to develop, manufacture, and commercialize all compounds comprised of M1 receptor agonists, subject to certain exceptions. With respect to such rights retained by Heptares, we retain the rights to opt in to profit sharing arrangements, pursuant to which we and Heptares will equally share in the operating profits and losses for such compounds in Japan. Subject to specified conditions, we may elect to exercise such opt-in rights with respect to each such compound either before initiation of the first proof of concept Phase II clinical trial for such compound or following our receipt from Heptares of the top-line data from such clinical trial for such compound. We are responsible for all development, manufacturing and commercialization costs of any collaboration product. In connection with the agreement, we paid Heptares $100.0 million upfront, which, including certain transaction-related costs, was expensed as in-process research and development, or IPR&D, in 2021. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. In connection with the United States Food and Drug Administration's, or FDA's, acceptance of our investigational new drug application for NBI-1117568 for the treatment of schizophrenia in June 2022, we paid Heptares a milestone of $30.0 million, which was expensed as research and development, or R&D, in the second quarter of 2022. Under the terms of the agreement, Heptares may be entitled to receive potential future payments of up to $2.6 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which the royalty term for such licensed product has expired in such country. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a licensed product and terminate on the later of (i) the expiration of the last patent covering such licensed product in such country, (ii) a number of years from the first commercial sale of such licensed product in such country and (iii) the expiration of regulatory exclusivity for such licensed product in such country. We may terminate the agreement in its entirety or with respect to one or more targets upon 180 days’ written notice to Heptares during the research collaboration term and upon 90 days’ written notice to Heptares following the expiration of the research collaboration term. Following the expiration of the research collaboration term, Heptares may terminate the agreement on a target-by-target basis in the event that we do not conduct any material development activities outside of Japan with respect to a certain compound or licensed product within the applicable target class for a continuous period of not less than 365 days and do not commence any such activities within 120 days of receiving written notice. Either party may terminate the agreement, subject to specified conditions, (i) in the event of material breach by the other party, subject to a cure period, (ii) if the other party challenges the validity or enforceability of certain intellectual property rights, subject to a cure period, or (iii) if the other party becomes insolvent or takes certain actions related to insolvency. Takeda Pharmaceutical Company Limited, or Takeda. In 2020, we entered into an exclusive license agreement with Takeda, pursuant to which we acquired the exclusive rights to develop and commercialize certain early to mid-stage psychiatry compounds, including luvadaxistat, NBI-1065845, NBI-1065846 and four non-clinical stage compounds. Luvadaxistat and the 4 non-clinical stage compounds have each been designated as a royalty-bearing product. NBI-1065845 and NBI-1065846 are currently each designated as a profit-share product. We are responsible for all manufacturing, development and commercialization costs of any royalty-bearing product. With respect to NBI-1065845 and NBI-1065846, we and Takeda will equally share in the operating profits and losses. Takeda retains the rights to opt-out of the profit-sharing arrangements, pursuant to which Takeda would be entitled to receive potential future payments upon the achievement of certain event-based milestones with respect to such compounds and receive royalties on the future net sales of such compounds (in lieu of equally sharing in the operating profits and losses). Takeda may elect to exercise such opt-out right for such compound immediately following the completion of a second Phase II clinical trial for such compound, or, under certain circumstances related to the development and commercialization activities to be performed by us, before the initiation of a Phase III clinical trial for such compound. In connection with the agreement, we paid Takeda $120.0 million upfront, which, including certain transaction-related costs, was expensed as IPR&D in 2020. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. In connection with the approval of our clinical trial application for NBI-1070770 for the treatment of major depressive disorder in July 2022, we paid Takeda a milestone of $5.0 million, which was expensed as R&D in the third quarter of 2022. Under the terms of the agreement, Takeda may be entitled to receive potential future payments of up to $1.9 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any royalty-bearing product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which, (i) for any royalty-bearing product, the royalty term has expired in such country; and (ii) for any profit-share product, for so long as we continue to develop, manufacture, or commercialize such licensed product. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a royalty-bearing product and terminate on the later of (i) the expiration of the last patent covering such royalty-bearing product in such country, (ii) a number of years from the first commercial sale of such royalty-bearing product in such country and (iii) the expiration of regulatory exclusivity for such royalty-bearing product in such country. We may terminate the agreement in its entirety or in one or more (but not all) of the United States, Japan, the European Union and the United Kingdom, or, collectively, the major markets, upon six months’ written notice to Takeda (i) with respect to all licensed products prior to the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes, as defined in the agreement, prior to the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. We may terminate the agreement in its entirety or in one or more (but not all) of the major markets upon 12 months’ written notice to Takeda (i) with respect to all licensed products following the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes following the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. Takeda may terminate the agreement, subject to specified conditions, (i) if we challenge the validity or enforceability of certain Takeda intellectual property rights or (ii) on a target class-by-target class basis, in the event that we do not conduct any material development or commercialization activities with respect to any licensed product within such target class for a specified continuous period. Subject to a cure period, either party may terminate the agreement in the event of any material breach, solely with respect to the target class of a licensed product to which such material breach relates, or in its entirety in the event of any material breach that relates to all licensed products. Idorsia Pharmaceuticals Ltd., or Idorsia. In 2020, we entered into a collaboration and license agreement with Idorsia, pursuant to which we acquired the global rights to NBI-827104, a potent, selective, orally active and brain penetrating T-type calcium channel blocker in clinical development for the treatment of a rare pediatric epilepsy and other potential indications, including essential tremor. We are responsible for all manufacturing, development and commercialization costs of any collaboration product. In connection with the agreement, we paid Idorsia $45.0 million upfront, which was expensed as IPR&D in 2020. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. Under the terms of the agreement, Idorsia may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. We may terminate the agreement, in its entirety or with respect to a particular compound or development candidate, upon 90 days’ written notice to Idorsia. Further, in the event a party commits a material breach and fails to cure such material breach within 90 days after receiving written notice thereof, the non-breaching party may terminate the agreement in its entirety immediately upon written notice to the breaching party. Xenon Pharmaceuticals Inc., or Xenon. In 2019, we entered into a collaboration and license agreement with Xenon to identify, research and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates, which compounds we have the exclusive rights to develop and commercialize. We are responsible for all development and manufacturing costs of any collaboration product, subject to certain exceptions. In connection with the agreement, we paid Xenon $50.0 million upfront, including a purchase of approximately 1.4 million shares of Xenon common stock (at $14.196 per share). We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. The purchased shares were recorded at a fair value of $14.1 million after considering Xenon’s stock price on the measurement date and certain transfer restrictions applicable to the shares. The remaining $36.2 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in 2019. In connection with the European Union’s approval of our clinical trial application for NBI-921352 for the treatment of focal onset seizures in adults in September 2021, we paid Xenon a regulatory milestone of $10.0 million, including a purchase of approximately 0.3 million shares of Xenon common stock (at $19.9755 per share). The purchased shares were recorded at a fair value of $4.6 million after considering Xenon’s stock price on the measurement date and certain transfer restrictions that were applicable to the shares. The remaining $5.4 million of the milestone payment was expensed as R&D in 2021. In connection with the FDA's acceptance of our amended KAYAKTM study protocol in January 2022, we paid Xenon a regulatory milestone of $15.0 million, including a purchase of approximately 0.3 million shares of Xenon common stock (at $31.855 per share). The purchased shares were recorded at a fair value of $7.7 million after considering Xenon’s stock price on the measurement date. The remaining $7.3 million of the milestone payment was expensed as R&D in the first quarter of 2022. Under the terms of the agreement, Xenon may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Xenon retains the right to elect to co-develop one product in a major indication, pursuant to which Xenon would receive a mid-single digit percentage increase in royalties earned on the future net sales of such product in the United States and we and Xenon would equally share in the development costs of such product in the applicable indication, except where such development costs relate solely to the regulatory approval of such product outside the United States. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the expiration of the royalty term for such product in such country. Upon the expiration of the royalty term for a particular licensed product and country, the license obtained by us with respect to such product and country will become fully paid, royalty free, perpetual and irrevocable. We may terminate the agreement upon 90 days’ written notice to Xenon, provided that such unilateral termination will not be effective for certain products until we have used commercially reasonable efforts to complete certain specified clinical studies. Either party may terminate the agreement in the event of a material breach in whole or in part, subject to specified conditions. Voyager Therapeutics, Inc., or Voyager. 2019 Voyager Agreement. In 2019, we entered into a collaboration and license agreement with Voyager, or the 2019 Voyager Agreement, pursuant to which we retain certain rights to develop and commercialize the Friedreich’s ataxia program and two undisclosed programs. We are responsible for all development and commercialization costs of any collaboration product under the 2019 Voyager Agreement, subject to certain co-development and co-commercialization rights retained by Voyager. In connection with the 2019 Voyager Agreement, we paid Voyager $165.0 million upfront, including a purchase of approximately 4.2 million shares of Voyager common stock (at $11.9625 per share), or the 2019 Purchased Shares, which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement (defined below). We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. The 2019 Purchased Shares were recorded at a fair value of $54.7 million after considering Voyager’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. The remaining $113.1 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in 2019. In addition, we paid Voyager $5.0 million upfront, which was expensed as IPR&D in 2019, to acquire the rights outside the United States to the Friedreich’s ataxia program. Under the terms of the 2019 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $1.3 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2019 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2019 Voyager Agreement. We may terminate the 2019 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2019 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2019 Voyager Agreement. 2023 Voyager Agreement. In the first quarter of 2023, we entered into a collaboration and license agreement with Voyager, or the 2023 Voyager Agreement, pursuant to which we acquired the global rights to the gene therapy products directed to the gene that encodes glucosylceramidase beta 1, or GBA1, for the treatment of Parkinson's disease and other diseases associated with GBA1, or the GBA1 Program, and three gene therapy programs directed to rare central nervous system, or CNS, targets, each enabled by Voyager's next-generation TRACERTM capsids. With respect to collaboration products subject to the GBA1 Program, we are responsible for all development and commercialization costs of any such products, including in the United States, where Voyager retains certain co-development and co-commercialization rights. Voyager may elect to exercise such rights, pursuant to which we and Voyager would equally share in the operating profits and losses of such products in the United States (in lieu of Voyager being entitled to receive potential future payments of certain event-based milestones upon their achievement in the United States and receive royalties on the future net sales of such products in the United States), following Voyager’s receipt of the top-line data from a first Phase I clinical trial for each such product. Irrespective of Voyager’s election to exercise such rights, Voyager may be entitled to receive potential future payments upon the achievement of certain event-based milestones outside the United States and would be entitled to receive royalties on the future net sales of any such product outside the United States. With respect to collaboration products subject to the three gene therapy programs directed to rare CNS targets, we are responsible for all development and commercialization costs for any such products. In connection with the 2023 Voyager Agreement, we paid Voyager $175.0 million upfront, including a purchase of approximately 4.4 million shares of Voyager common stock (at $8.88 per share), or the 2023 Purchased Shares, which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement. In addition, as part of the collaboration, Jude Onyia, Ph.D., Chief Scientific Officer of Neurocrine, was appointed to Voyager's board of directors with an initial term expiring in 2024. Mr. Onyia (or another individual designated by us) will be nominated for election to Voyager's board of directors annually for a maximum duration of 10 years from the effective date of the 2023 Voyager Agreement. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. Our strategic investment in Voyager became subject to the equity method of accounting following our purchase of the 2023 Purchased Shares, after which, together with the 2019 Purchased Shares, we owned approximately 19.9% of the voting stock of Voyager. We elected the fair value option to account for our strategic investment in Voyager as we believe it creates greater transparency regarding the investment's fair value at future reporting dates. The 2023 Purchased Shares were recorded at a fair value of $31.3 million after considering Voyager’s stock price on the measurement date. The remaining $143.9 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in the first quarter of 2023 as the license had no foreseeable alternative future use. We recognized an unrealized gain of $9.3 million on our strategic investment in Voyager for the first quarter of 2023. As of March 31, 2023, the fair value (Level 1) of our strategic investment in Voyager was $66.1 million. Under the terms of the 2023 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $6.1 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2023 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the 2023 Voyager Agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2023 Voyager Agreement. We may terminate the 2023 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2023 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2023 Voyager Agreement. BIAL – Portela & Ca, S.A., or BIAL. In 2017, we received from BIAL a license to commercialize and market ONGENTYS® (opicapone) in the United States and Canada. We launched ONGENTYS in the United States in September 2020 as an FDA-approved add-on treatment to levodopa/carbidopa in patients with Parkinson's disease experiencing motor fluctuations. In the first quarter of 2023, we provided BIAL with written notice of termination of the license agreement to commercialize and market ONGENTYS in the United States and Canada. The termination is anticipated to be effective in December 2023. Subject to certain conditions set forth in the license agreement, we may be required to continue to fulfill orders of ONGENTYS for a certain period of time following the date of notice of termination, or provide BIAL with the right to purchase our remaining inventory of ONGENTYS. At BIAL’s discretion, for licensed products sold by us or our affiliates after the effective date of termination, we shall continue to make payments to BIAL in accordance with the terms and conditions of the agreement. To the extent that BIAL does not intend to purchase such inventory, we will have the ability to sell such inventory subject to certain conditions set forth in the license agreement. Mitsubishi Tanabe Pharma Corporation, or MTPC. We out-licensed the rights to valbenazine in Japan and other select Asian markets to MTPC in 2015. In December 2020, we entered into a commercial supply agreement with MTPC, pursuant to which we supply MTPC with valbenazine drug product for commercial use in such markets. MTPC is responsible for all development, manufacturing and commercialization costs of valbenazine in such markets. In June 2022, MTPC launched DYSVAL® (valbenazine) in Japan for the treatment of tardive dyskinesia. In connection with MTPC's first commercial sale of DYSVAL in Japan, we recognized milestone revenue of $20.0 million in the second quarter of 2022. In addition, we receive royalties at tiered percentage rates on MTPC net sales of DYSVAL. Under the terms of our license agreement with MTPC, we may be entitled to receive potential future payments of up to $30.0 million upon the achievement of certain sales-based milestones and are entitled to receive royalties at tiered percentage rates on future MTPC net sales of valbenazine for the longer of 10 years or the life of the related patent rights. MTPC may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us. AbbVie Inc., or AbbVie. We out-licensed the global rights to elagolix to AbbVie in 2010. AbbVie is responsible for all development and commercialization costs of elagolix. In August 2018, AbbVie launched ORILISSA® (elagolix tablets) in the United States for the treatment of moderate to severe pain associated with endometriosis. In June 2020, AbbVie launched ORIAHNN® (elagolix, estradiol and norethindrone acetate capsules and elagolix capsules) in the United States for the treatment of heavy menstrual bleeding related to uterine fibroids in premenopausal women. We receive royalties at tiered percentage rates on AbbVie net sales of elagolix and recognized elagolix royalty revenue of $3.7 million and $4.2 million, respectively, for the three months ended March 31, 2023 and 2022. Under the terms of our license agreement with AbbVie, we may be entitled to receive potential future payments of up to $366.0 million upon the achievement of certain event-based milestones and are entitled to receive royalties at tiered percentage rates on future AbbVie net sales of elagolix for the longer of 10 years or the life of the related patent rights. AbbVie may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us.

Debt Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The following table presents the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive income (loss) and fair value of debt securities available-for-sale, aggregated by major security type and contractual maturity.


		March 31, 2023								December 31, 2022
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	211.3	$	—	$	(0.1)	$	211.2	$	156.2	$	—	$	(0.2)	$	156.0
Corporate debt securities	0 to 1 years	308.4		—		(3.5)		304.9		296.2		—		(3.2)		293.0
Securities of government-sponsored entities	0 to 1 years	278.3		0.1		(3.7)		274.7		283.4		—		(6.0)		277.4
		$	798.0	$	0.1	$	(7.3)	$	790.8	$	735.8	$	—	$	(9.4)	$	726.4

Corporate debt securities	1 to 3 years	$	208.1	$	0.5	$	(2.1)	$	206.5	$	259.5	$	0.2	$	(4.3)	$	255.4
Securities of government-sponsored entities	1 to 3 years	38.7		0.1		(0.7)		38.1		45.0		—		(1.0)		44.0
		$	246.8	$	0.6	$	(2.8)	$	244.6	$	304.5	$	0.2	$	(5.3)	$	299.4

As of March 31, 2023, our security portfolio consisted of 251 debt securities available-for-sale, including 177 such securities that were in an unrealized loss position but of high credit quality. Unrealized losses on these investments were primarily due to changes in interest rates. We do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recognized as of March 31, 2023 or December 31, 2022.

The following table presents debt securities available-for-sale that were in an unrealized loss position as of March 31, 2023, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	49.5	$	(0.1)	$	—	$	—	$	49.5	$	(0.1)
Corporate debt securities	$	125.4	$	(1.1)	$	307.5	$	(4.5)	$	432.9	$	(5.6)
Securities of government-sponsored entities	$	34.3	$	(0.2)	$	199.5	$	(4.2)	$	233.8	$	(4.4)

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2022, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	32.1	$	(0.2)	$	—	$	—	$	32.1	$	(0.2)
Corporate debt securities	$	199.5	$	(1.9)	$	299.1	$	(5.6)	$	498.6	$	(7.5)
Securities of government-sponsored entities	$	107.7	$	(2.5)	$	198.4	$	(4.5)	$	306.1	$	(7.0)

Accrued interest receivables on debt securities available-for-sale totaled $4.4 million and $4.7 million, respectively, as of March 31, 2023 and December 31, 2022. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the debt security. Uncollectible accrued interest receivables associated with an impaired debt security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the three months ended March 31, 2023 or 2022.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The fair value hierarchy consists of the following three levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

The following table presents a summary of investments, which were measured at fair value on a recurring basis.


	March 31, 2023								December 31, 2022
	Fair Value		Leveling						Fair Value		Leveling
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Cash and money market funds	$	103.8	$	103.8	$	—	$	—	$	262.9	$	262.9	$	—	$	—
Restricted cash	7.8		7.8		—		—		7.8		7.8		—		—
Commercial paper	211.2		—		211.2		—		156.0		—		156.0		—
Corporate debt securities	511.4		—		511.4		—		548.4		—		548.4		—
Securities of government-sponsored entities	312.8		—		312.8		—		321.4		—		321.4		—
Equity security investments	135.7		135.7		—		—		102.1		102.1		—		—
	$	1,282.7	$	247.3	$	1,035.4	$	—	$	1,398.6	$	372.8	$	1,025.8	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in millions)	March 31, 2023		December 31, 2022
Raw materials	$	6.7	$	12.0
Work in process	8.7		5.6
Finished goods	18.0		17.5
Total inventories	$	33.4	$	35.1

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill.


(in millions)	Amount
Balance as of December 31, 2022	$	5.4
Foreign currency translation adjustments	0.2
Balance as of March 31, 2023	$	5.6

Intangible Assets

The following table presents information relating to our recognized intangible assets as of March 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.1	$	1.4	$	33.7
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	37.2

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of March 31, 2023.


(in millions)	Amount
2023 (9 months remaining)	$	2.6
2024	$	3.4
2025	$	3.4
2026	$	3.4
2027	$	3.4
Thereafter	$	16.7

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2023

Restricted Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


(in millions)	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	103.8	$	270.2
Restricted cash included in other assets	7.8		7.8
Total cash, cash equivalents and restricted cash	$	111.6	$	278.0

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Our operating leases that have commenced have terms that expire beginning 2024 through 2031 and consist of office space and research and development laboratories, including our corporate headquarters. Certain of these lease agreements contain clauses for renewal at our option. As we were not reasonably certain to exercise any of these renewal options at commencement of the associated leases, no such options were recognized as part of our operating lease right-of-use, or ROU, assets or operating lease liabilities.

On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, pursuant to which we also secured a six-year option for the construction of a fifth building and an option to purchase the entire campus facility, which will consist of office space and research and development laboratories, in the future. Upon completion of construction, we expect to utilize the campus facility as our new corporate headquarters. This lease has not commenced for accounting purposes. Under the terms of the lease, on a building-by-building basis, base rent will be subject to a 10-month rent abatement period following the respective lease commencement date, which dates will be determined in the future based upon achievement of substantial completion of construction with respect to each such building in the condition suitable for the installation of our furniture, fixtures, and equipment, and on which date we will record a lease liability, corresponding right-of-use asset, and begin lease expense recognition with respect to each such building. After the rent abatement period, monthly base rent will be $6 per square foot, subject to annual escalations of 3% during the initial 13.6-year lease term, which term we have the option to renew for two additional terms of five years each.

In connection with our operating leases, in lieu of a cash security deposits, Wells Fargo Bank, N.A. issued letters of credit on our behalf, which are secured by deposits totaling $7.8 million.

The following table presents supplemental operating lease information for operating leases that have commenced.


	Three Months Ended March 31,
(in millions, except weighted average data)	2023			2022
Operating lease cost	$	4.1		$	4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$	4.4		$	4.0

	March 31, 2023			March 31, 2022
Weighted average remaining lease term	7.7 years			8.5 years
Weighted average discount rate	5.3		%	5.2		%

The following table presents approximate non-cancelable future minimum lease payments under operating leases as of March 31, 2023.


(in millions)	Amount (1)
2023 (9 months remaining)	$	13.5
2024	17.4
2025	15.9
2026	15.7
2027	16.0
Thereafter	54.4
Total operating lease payments	132.9
Less accreted interest	24.9
Total operating lease liabilities	108.0
Less current operating lease liabilities included in other current liabilities	17.6
Noncurrent operating lease liabilities	$	90.4

_________________________

(1) Amounts presented in the table above exclude $17.2 million for 2024, $33.3 million for 2025, $41.9 million for 2026, and $479.7 million thereafter of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.

Convertible Senior Notes

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Convertible Senior Notes

On May 2, 2017, we completed a private placement of $517.5 million in aggregate principal amount of 2.25% fixed-rate convertible senior notes due May 15, 2024, or the 2024 Notes, and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes is due semi-annually on May 15 and November 15 of each year.

In 2020, we repurchased $136.2 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $186.9 million in cash. In 2022, we repurchased $210.8 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $279.0 million in cash.

The following table presents a summary of the 2024 Notes as of March 31, 2023.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(0.9)	$	169.5	$	229.5	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2022.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(1.0)	$	169.4	$	268.0	Level 2

The following table presents a summary of the interest expense of the 2024 Notes.


	Three Months Ended March 31,
(in millions)	2023		2022
Coupon interest	$	0.9	$	2.2
Amortization of debt discount and issuance costs	0.2		0.4
Total interest expense	$	1.1	$	2.6

The initial conversion rate for the 2024 Notes, which is subject to adjustment in some events (as provided for in the 2017 Indenture), is 13.1711 shares of common stock per $1,000 principal amount and equivalent to an initial conversion price of approximately $75.92 per share, reflecting a conversion premium of approximately 42.5% above the closing price of $53.28 per share of our common stock on April 26, 2017.

We may redeem for cash all or part of the 2024 Notes if the last reported sale price (as defined in the 2017 Indenture) of our common stock has been at least 130% of the conversion price then in effect (equal to $98.70 as of March 31, 2023) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period ending on, and including, the trading day immediately before the date which we provide notice of redemption.

Holders of the 2024 Notes may convert the 2024 Notes at any time prior to the close of business on the business day immediately preceding May 15, 2024, only under the following circumstances:

(i)during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price (equal to $98.70 as of March 31, 2023) on each applicable trading day;

(ii)during the five business-day period immediately after any five consecutive trading-day period (the measurement period) in which the trading price (as defined in the 2017 Indenture) per $1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;

(iii)upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of our assets; or

(iv)if we call the 2024 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

On or after January 15, 2024, until the close of business on the scheduled trading day immediately preceding May 15, 2024, holders of the 2024 Notes may convert the 2024 Notes at any time.

Upon conversion, holders will receive the principal amount of their 2024 Notes in cash and any conversion premium, calculated based on the per share volume-weighted average price for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture), in either cash or shares of our common stock.

If we undergo a fundamental change (as defined in the 2017 Indenture), subject to certain conditions, holders of the 2024 Notes may require us to repurchase for cash all or part of their 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a make-whole fundamental change (as defined in the 2017 Indenture) occurs prior to January 15, 2024, we would, in certain circumstances, increase the conversion rate for a holder who elects to convert their notes in connection with the make-whole fundamental change.

The 2024 Notes are our general unsecured obligations that rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2024 Notes, and equal in right of payment to our unsecured indebtedness. The 2024 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by us. The 2017 Indenture contains customary events of default with respect to the 2024 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2024 Notes will automatically become due and payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

(Loss) Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

(Loss) Earnings per Share

(Loss) earnings per share was calculated as follows:


	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Net (loss) income - basic and diluted	$	(76.6)	$	13.9
Weighted-average shares outstanding:
Basic	97.1		95.3
Effect of dilutive securities:
Stock options	—		1.5
Restricted stock	—		0.3
2024 Notes	—		0.5
Diluted	97.1		97.6

(Loss) earnings per share, basic	$	(0.79)	$	0.15
(Loss) earnings per share, diluted	$	(0.79)	$	0.14

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	15.5		6.0

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions of the Securities and Exchange Commission, or SEC, on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, included in our Annual Report on Form 10-K, or the 2022 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.
Strategic investments	Strategic investments. We account for certain equity investments subject to the equity method of accounting, or through which we have the ability to exercise significant influence (but not control) over the operating and financial policies of an investee, under the fair value option. In assessing whether we exercise significant influence, we consider the nature and magnitude of such an investment, the voting and protective rights we hold, any participation in the governance of the investee and other relevant factors, such as the presence of a collaborative or other business relationship. Such investments are classified within Level 1 of the fair value hierarchy and carried at fair value, with any changes in the fair value of such investments recognized in earnings.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements. ASU 2022-03. In June 2022, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and introduces certain disclosure requirements for equity securities subject to such restrictions. The amendments in ASU 2022-03 should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. We adopted ASU 2022-03 on January 1, 2023 with no significant impact on our condensed consolidated financial statements.
Fair Value Measurements	The fair value hierarchy consists of the following three levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

Debt Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale


		March 31, 2023								December 31, 2022
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	211.3	$	—	$	(0.1)	$	211.2	$	156.2	$	—	$	(0.2)	$	156.0
Corporate debt securities	0 to 1 years	308.4		—		(3.5)		304.9		296.2		—		(3.2)		293.0
Securities of government-sponsored entities	0 to 1 years	278.3		0.1		(3.7)		274.7		283.4		—		(6.0)		277.4
		$	798.0	$	0.1	$	(7.3)	$	790.8	$	735.8	$	—	$	(9.4)	$	726.4

Corporate debt securities	1 to 3 years	$	208.1	$	0.5	$	(2.1)	$	206.5	$	259.5	$	0.2	$	(4.3)	$	255.4
Securities of government-sponsored entities	1 to 3 years	38.7		0.1		(0.7)		38.1		45.0		—		(1.0)		44.0
		$	246.8	$	0.6	$	(2.8)	$	244.6	$	304.5	$	0.2	$	(5.3)	$	299.4

Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	49.5	$	(0.1)	$	—	$	—	$	49.5	$	(0.1)
Corporate debt securities	$	125.4	$	(1.1)	$	307.5	$	(4.5)	$	432.9	$	(5.6)
Securities of government-sponsored entities	$	34.3	$	(0.2)	$	199.5	$	(4.2)	$	233.8	$	(4.4)


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	32.1	$	(0.2)	$	—	$	—	$	32.1	$	(0.2)
Corporate debt securities	$	199.5	$	(1.9)	$	299.1	$	(5.6)	$	498.6	$	(7.5)
Securities of government-sponsored entities	$	107.7	$	(2.5)	$	198.4	$	(4.5)	$	306.1	$	(7.0)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Investments Measured at Fair Value on Recurring Basis

The following table presents a summary of investments, which were measured at fair value on a recurring basis.


	March 31, 2023								December 31, 2022
	Fair Value		Leveling						Fair Value		Leveling
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Cash and money market funds	$	103.8	$	103.8	$	—	$	—	$	262.9	$	262.9	$	—	$	—
Restricted cash	7.8		7.8		—		—		7.8		7.8		—		—
Commercial paper	211.2		—		211.2		—		156.0		—		156.0		—
Corporate debt securities	511.4		—		511.4		—		548.4		—		548.4		—
Securities of government-sponsored entities	312.8		—		312.8		—		321.4		—		321.4		—
Equity security investments	135.7		135.7		—		—		102.1		102.1		—		—
	$	1,282.7	$	247.3	$	1,035.4	$	—	$	1,398.6	$	372.8	$	1,025.8	$	—

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


(in millions)	March 31, 2023		December 31, 2022
Raw materials	$	6.7	$	12.0
Work in process	8.7		5.6
Finished goods	18.0		17.5
Total inventories	$	33.4	$	35.1

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill.


(in millions)	Amount
Balance as of December 31, 2022	$	5.4
Foreign currency translation adjustments	0.2
Balance as of March 31, 2023	$	5.6

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of March 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.1	$	1.4	$	33.7
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	37.2

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of March 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.1	$	1.4	$	33.7
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	37.2

Schedule of Estimated Annual Amortization Expense for our Finite-Lived Intangible Assets

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of March 31, 2023.


(in millions)	Amount
2023 (9 months remaining)	$	2.6
2024	$	3.4
2025	$	3.4
2026	$	3.4
2027	$	3.4
Thereafter	$	16.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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+ Details

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2023

Restricted Cash and Cash Equivalents [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash


(in millions)	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	103.8	$	270.2
Restricted cash included in other assets	7.8		7.8
Total cash, cash equivalents and restricted cash	$	111.6	$	278.0

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Description of Operating Lease

The following table presents supplemental operating lease information for operating leases that have commenced.


	Three Months Ended March 31,
(in millions, except weighted average data)	2023			2022
Operating lease cost	$	4.1		$	4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$	4.4		$	4.0

	March 31, 2023			March 31, 2022
Weighted average remaining lease term	7.7 years			8.5 years
Weighted average discount rate	5.3		%	5.2		%

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table presents approximate non-cancelable future minimum lease payments under operating leases as of March 31, 2023.


(in millions)	Amount (1)
2023 (9 months remaining)	$	13.5
2024	17.4
2025	15.9
2026	15.7
2027	16.0
Thereafter	54.4
Total operating lease payments	132.9
Less accreted interest	24.9
Total operating lease liabilities	108.0
Less current operating lease liabilities included in other current liabilities	17.6
Noncurrent operating lease liabilities	$	90.4

_________________________

Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Notes Net of Discount and Deferred Financing Costs

The following table presents a summary of the 2024 Notes as of March 31, 2023.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(0.9)	$	169.5	$	229.5	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2022.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(1.0)	$	169.4	$	268.0	Level 2

The following table presents a summary of the interest expense of the 2024 Notes.


	Three Months Ended March 31,
(in millions)	2023		2022
Coupon interest	$	0.9	$	2.2
Amortization of debt discount and issuance costs	0.2		0.4
Total interest expense	$	1.1	$	2.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

(Loss) Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of (Loss) Earnings per Share

(Loss) earnings per share was calculated as follows:


	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Net (loss) income - basic and diluted	$	(76.6)	$	13.9
Weighted-average shares outstanding:
Basic	97.1		95.3
Effect of dilutive securities:
Stock options	—		1.5
Restricted stock	—		0.3
2024 Notes	—		0.5
Diluted	97.1		97.6

(Loss) earnings per share, basic	$	(0.79)	$	0.15
(Loss) earnings per share, diluted	$	(0.79)	$	0.14

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	15.5		6.0

Collaboration and License Agreements - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						12 Months Ended
	Mar. 31, 2023 USD ($) geneTherapyProgram $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) non-clinicalStageCompounds	Dec. 31, 2019 USD ($) preclinicalCandidates undisclosedProgram $ / shares shares	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 143.9			$ 0.0
Unrealized gain on equity security investments	2.2			19.9
Equity securities fair value (Level 1)	135.7									$ 102.1
Revenues	$ 420.4			310.6
Collaborative Arrangement \| 2023 Voyager Agreement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Beneficial ownership percentage	19.90%
Collaborative Arrangement \| Heptares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development							$ 100.0
Research and development			$ 30.0
Potential milestone payments	$ 2,600.0
Agreement termination, minimal contractual time							180 days
Agreement termination, contractual time threshold							90 days
Agreement termination by counterparty, contractual time threshold							365 days
Agreement termination by counterparty, minimal contractual time							120 days
Collaborative Arrangement \| Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development								$ 120.0
Research and development		$ 5.0
Potential milestone payments	1,900.0
Agreement termination, minimal contractual time								6 months
Agreement termination, contractual time threshold								12 months
Number of non-clinical stage compounds \| non-clinicalStageCompounds								4
Collaborative Arrangement \| Idorsia
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development								$ 45.0
Potential milestone payments	1,700.0
Agreement termination, minimal contractual time								90 days
Agreement termination, due to material breach								90 days
Collaborative Arrangement \| Xenon
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development									$ 36.2
Research and development				$ 7.3			$ 5.4
Potential milestone payments	1,700.0
Agreement termination, contractual time threshold									90 days
Number of preclinical candidates \| preclinicalCandidates									3
Upfront payment									$ 50.0
Share price (in USD per share) \| $ / shares				$ 31.855			$ 19.9755		$ 14.196
Equity securities fair value (Level 3)							$ 4.6		$ 14.1
Milestone payment				$ 15.0			$ 10.0
Equity securities fair value (Level 1)				$ 7.7
Collaborative Arrangement \| Xenon \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares				0.3			0.3		1.4
Collaborative Arrangement \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of undisclosed programs \| undisclosedProgram									2
Unrealized gain on equity security investments	9.3
Equity securities fair value (Level 1)	66.1
Collaborative Arrangement \| 2019 Voyager Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development					$ 5.0	$ 113.1
Potential milestone payments	1,300.0
Agreement termination, minimal contractual time									180 days
Agreement termination, contractual time threshold									1 year
Upfront payment						$ 165.0
Share price (in USD per share) \| $ / shares						$ 11.9625
Equity securities fair value (Level 3)						$ 54.7
Voting restriction period						3 years
Collaborative Arrangement \| 2019 Voyager Agreement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares						4.2
Collaborative Arrangement \| 2023 Voyager Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	143.9
Potential milestone payments	$ 6,100.0
Agreement termination, minimal contractual time	180 days
Agreement termination, contractual time threshold	1 year
Upfront payment	$ 175.0
Share price (in USD per share) \| $ / shares	$ 8.88
Equity securities fair value (Level 1)	$ 31.3
Voting restriction period						3 years
Number of gene therapy programs \| geneTherapyProgram	3
Board of directors maximum duration term	10 years
Collaborative Arrangement \| 2023 Voyager Agreement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares	4.4
Collaborative Arrangement \| MTPC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold	180 days
Revenues			$ 20.0
Potential milestone payment receipts	$ 30.0
Collaborative Arrangement \| MTPC \| Patents \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term	10 years
Collaborative Arrangement \| AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold	180 days
Potential milestone payment receipts	$ 366.0
Collaborative Arrangement \| AbbVie \| Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 3.7			$ 4.2
Collaborative Arrangement \| AbbVie \| Patents \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term	10 years

Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	$ 798.0	$ 735.8
Unrealized gain, current	0.1	0.0
Unrealized loss, current	(7.3)	(9.4)
Fair value, current	790.8	726.4
Amortized cost, noncurrent	246.8	304.5
Unrealized gain, noncurrent	0.6	0.2
Unrealized loss, noncurrent	(2.8)	(5.3)
Fair value, noncurrent	244.6	299.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	211.3	156.2
Unrealized gain, current	0.0	0.0
Unrealized loss, current	(0.1)	(0.2)
Fair value, current	211.2	156.0
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	308.4	296.2
Unrealized gain, current	0.0	0.0
Unrealized loss, current	(3.5)	(3.2)
Fair value, current	304.9	293.0
Amortized cost, noncurrent	208.1	259.5
Unrealized gain, noncurrent	0.5	0.2
Unrealized loss, noncurrent	(2.1)	(4.3)
Fair value, noncurrent	206.5	255.4
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	278.3	283.4
Unrealized gain, current	0.1	0.0
Unrealized loss, current	(3.7)	(6.0)
Fair value, current	274.7	277.4
Amortized cost, noncurrent	38.7	45.0
Unrealized gain, noncurrent	0.1	0.0
Unrealized loss, noncurrent	(0.7)	(1.0)
Fair value, noncurrent	$ 38.1	$ 44.0

Debt Securities - Additional Information (Details)	3 Months Ended
Debt Securities - Additional Information (Details)	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of debt securities available for sale \| security	251
Number of debt securities available for sale in unrealized loss position \| security	177
Accrued interest receivables \| $	$ 4,400,000		$ 4,700,000
Accrued interest receivables write-off \| $	$ 0	$ 0

Debt Securities - Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 49.5	$ 32.1
Less Than 12 Months, Unrealized Loss	(0.1)	(0.2)
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Unrealized Loss	0.0	0.0
Total, Fair Value	49.5	32.1
Total, Unrealized Loss	(0.1)	(0.2)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	125.4	199.5
Less Than 12 Months, Unrealized Loss	(1.1)	(1.9)
12 Months or Longer, Fair Value	307.5	299.1
12 Months or Longer, Unrealized Loss	(4.5)	(5.6)
Total, Fair Value	432.9	498.6
Total, Unrealized Loss	(5.6)	(7.5)
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	34.3	107.7
Less Than 12 Months, Unrealized Loss	(0.2)	(2.5)
12 Months or Longer, Fair Value	199.5	198.4
12 Months or Longer, Unrealized Loss	(4.2)	(4.5)
Total, Fair Value	233.8	306.1
Total, Unrealized Loss	$ (4.4)	$ (7.0)

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 6.7	$ 12.0
Work in process	8.7	5.6
Finished goods	18.0	17.5
Total inventories	$ 33.4	$ 35.1

Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, at beginning period	$ 5.4
Foreign currency translation adjustments	0.2
Goodwill, at ending period	$ 5.6

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Intangible Assets Amortized Over Estimated Useful Lives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Net Carrying Amount	$ 37.2	$ 37.2
Acquired IPR&D
Goodwill [Line Items]
Net Carrying Amount	$ 3.5
Developed product rights
Goodwill [Line Items]
Useful Life	10 years
Gross Carrying Amount	$ 35.1
Accumulated Amortization	1.4
Net Carrying Amount	$ 33.7

Goodwill and Intangible Assets - Estimated Annual Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (9 months remaining)	$ 2.6
2024	3.4
2025	3.4
2026	3.4
2027	3.4
Thereafter	$ 16.7

Cash, Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 103.8	$ 262.9	$ 270.2
Restricted cash included in other assets	7.8		7.8
Total cash, cash equivalents and restricted cash	$ 111.6		$ 278.0

Leases - Narrative Information (Details)	Feb. 08, 2022 USD ($) renewalOption	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Leases [Abstract]
New campus lease lessee option term for construction of fifth building	6 years
New campus rent abatement period	10 months
New campus lease monthly base rent per square foot	$ 6
New campus lease annual rent escalation percentage	3.00%
New campus lease term	13 years 7 months
New campus lease number of renewal options \| renewalOption	2
New campus lease renewal term	5 years
Restricted cash in connection with operating leases		$ 7,800,000	$ 7,800,000

Leases - Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 4.1	$ 4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4.4	$ 4.0
Weighted average remaining lease term	7 years 8 months 12 days	8 years 6 months
Weighted average discount rate	5.30%	5.20%

Leases - Liability, Payment, Due (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (9 months remaining)	$ 13.5
2024	17.4
2025	15.9
2026	15.7
2027	16.0
Thereafter	54.4
Total operating lease payments	132.9
Less accreted interest	24.9
Total operating lease liabilities	108.0
Less current operating lease liabilities included in other current liabilities	17.6
Noncurrent operating lease liabilities	90.4	$ 93.5
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2024	17.2
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2025	33.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2026	41.9
Non-cancelable future minimum lease payments under operating leases not yet commenced for thereafter	$ 479.7

Convertible Senior Notes - Additional Information (Details) - 2.25% Convertible senior notes due 2024		3 Months Ended	12 Months Ended
	May 02, 2017 USD ($) d $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 517,500,000	$ 170,400,000	$ 170,400,000
Interest rate percentage	2.25%
Aggregate principal amount repurchased			210,800,000	$ 136,200,000
Aggregate repurchase price paid in cash			$ 279,000,000	$ 186,900,000
Convertible senior notes convertible in to shares	0.0131711
Convertible senior notes conversion price (in USD per share) \| $ / shares	$ 75.92
Convertible senior notes premium	42.50%
Market price of common stock (in USD per share) \| $ / shares	$ 53.28
Convertible senior notes redemption rate	100.00%
Conversion Period One
Debt Instrument [Line Items]
Threshold percentage of common stock price trigger	130.00%
Common stock price trigger (in USD per share) \| $ / shares		$ 98.70
Threshold common stock trading days \| d	20
Threshold consecutive common stock trading days \| d	30
Conversion Period Two
Debt Instrument [Line Items]
Principal amount on conversion rate	$ 1,000
Threshold common stock trading days \| d	5
Minimum percentage of common stock price trigger	98.00%

Convertible Senior Notes - 2024 Notes (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	May 02, 2017
Debt Instrument [Line Items]
Net Carrying Amount	$ 169,500,000	$ 0
Net Carrying Amount	0	169,400,000
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Principal Amount	170,400,000	170,400,000	$ 517,500,000
Unamortized Issuance Costs	(900,000)	(1,000,000.0)
Net Carrying Amount	169,500,000
Net Carrying Amount		169,400,000
Fair Value, Amount	$ 229,500,000	$ 268,000,000.0

Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Coupon interest	$ 0.9	$ 2.2
Amortization of debt discount and issuance costs	0.2	0.4
Total interest expense	$ 1.1	$ 2.6

(Loss) Earnings per Share - Schedule of (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Net (loss) income - basic	$ (76.6)	$ 13.9
Net (loss) income - diluted	$ (76.6)	$ 13.9
Weighted-average shares outstanding:
Basic (in shares)	97.1	95.3
Effect of dilutive securities:
Diluted (in shares)	97.1	97.6
(Loss) earnings per share, basic (in USD per share)	$ (0.79)	$ 0.15
(Loss) earnings per share, diluted (in USD per share)	$ (0.79)	$ 0.14
Shares excluded from diluted per share amounts because their effect would have been anti-dilutive (in shares)	15.5	6.0
2024 Notes
Effect of dilutive securities:
2024 Notes (in shares)	0.0	0.5
Stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.0	1.5
Restricted stock
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.0	0.3

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Fair Value Measurements - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,282.7	$ 1,398.6
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	247.3	372.8
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,035.4	1,025.8
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	511.4	548.4
Corporate debt securities \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Corporate debt securities \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	511.4	548.4
Corporate debt securities \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	312.8	321.4
Securities of government-sponsored entities \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Securities of government-sponsored entities \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	312.8	321.4
Securities of government-sponsored entities \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Equity security investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	135.7	102.1
Equity security investments \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	135.7	102.1
Equity security investments \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Equity security investments \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	103.8	262.9
Cash and money market funds \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	103.8	262.9
Cash and money market funds \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Cash and money market funds \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7.8	7.8
Restricted cash \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	7.8	7.8
Restricted cash \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Restricted cash \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	211.2	156.0
Commercial paper \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	211.2	156.0
Commercial paper \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 0.0	$ 0.0