Neurocrine Biosciences, Inc. (NASDAQ: NBIX) saw its shares pop late Thursday, after the company reported strong results for its third quarter.
In three months ending in September, the San Diego-based company net product sales of $45.8 million. No similar net product sales were reported for the comparable periods of 2016. INGREZZA®(valbenazine) capsules were made available for commercial distribution on May 1, 2017, and the Company recognizes revenue using a sell-in methodology when products are delivered to select pharmacies or distributors.
For the third quarter of 2017, the Company reported a net loss of $11.1 million, or $0.13 loss per share, compared to a net loss of $36.9 million, or $0.43 loss per share, for the same period in 2016.
Research and development (R&D) expenses were $22.5 million during the third quarter of 2017 compared to $20.9 million for the same period in 2016.
The increase in R&D expense is principally due to increased headcount in R&D.
Sales, general and administrative expenses increased to $43.9 million for the third quarter of 2017 from $17.5 million for the third quarter of 2016.
The Company's balance sheet at September 30, 2017, reflected total assets of $772.5 million, including cash, investments and receivables of $754.0 million, compared with total asset balances at December 31, 2016 of $365.1 million.
Shares rose in the final hour of trading Wednesday by $11.82, or 19.4%, to $72.75.
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