SAN DIEGO, July 29 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the quarter ended June 30, 2009. For the second quarter of 2009, the Company reported a net loss of $15.3 million, or $0.39 per share, compared with a net loss of $21.0 million, or $0.55 per share, for the same period in 2008. For the six months ended June 30, 2009, the Company reported a net loss of $34.9 million, or $0.90 per share, as compared to $42.0 million, or $1.10 per share, for the same period last year.
Revenues for the second quarter of 2009 and 2008 were $0.7 million. Revenues for the six months ended June 30, 2009 were $1.5 million, compared with $2.5 million for the same period in 2008. The decrease in revenues is primarily due to milestones recognized in 2008 under our collaboration agreement with GlaxoSmithKline (GSK) related to the clinical advancements of our CRF program. During both six month periods ended June 30, 2009 and 2008, we recognized $1.5 million in revenue under our collaboration agreement for indiplon with Dainippon Sumitomo Pharma Co. Ltd. (DSP) from amortization of up-front licensing fees.
Research and development expenses decreased to $10.8 million during the second quarter of 2009 compared with $16.2 million for the same period in 2008. For the six months ended June 30, 2009, research and development expenses were $21.7 million, compared to $30.4 million for the same period last year. The decrease in research and development expenses is primarily due to expense management efforts and decreasing external clinical development expenses related to the elagolix program.
General and administrative expenses were $4.8 million for the second quarter of 2009 and $4.7 million during the same period last year. For the six months ended June 30, 2009, general and administrative expenses were $9.0 million, compared to $13.0 million for the first half of 2008. We incurred a $2.2 million restructuring charge in the first half of 2008 compared to a $0.7 million charge in the first half of 2009. Additionally, other non-personnel cost savings have resulted in six month over six month savings of approximately $1.2 million.
The Company's balance sheet on June 30, 2009 reflected total assets of $86.9 million, including cash and investments of $74.0 million compared with balances at December 31, 2008 of $118.2 million and $101.5 million, respectively.
"We are in a very good financial position with our burn well controlled and within the guidance we gave at the beginning of the year," said Kevin C. Gorman, President and Chief Executive Officer. "At the same time, we are moving forward with our clinical programs, the most advanced of which is elagolix, and have just put another compound, VMAT2 inhibitor into Phase I trials. We also continue to make progress on several preclinical projects."
Pipeline Highlights
Elagolix Update
The Week 24 results of the recently completed Lilac Petal Study (0702) were released earlier today. This study assessed elagolix in subjects with confirmed endometriosis over a six-month period. The first three months of the study included three arms; elagolix 150 mg, elagolix 250 mg, and placebo. After the initial three months, the placebo arm was re-randomized into one of the two elagolix arms. These 24 Week results of the Lilac Petal Study again confirmed that elagolix has clinically meaningful efficacy coupled with a favorable safety profile.
The Tulip Petal Study (0703) has completed subject randomization in Central Eastern Europe (n=174). This study is designed as a randomized, double-blind, placebo and active controlled trial with four treatment arms; elagolix 150 mg, elagolix 250 mg, leuprolide depot, and placebo. We expect top-line data (first three months of placebo and active controlled treatment) to be available in the fourth quarter of this year.
Petal Study (0603) bone data were presented at the Endocrine Society meeting in Washington, D.C.
