Neurocrine Biosciences, Inc. (NBIX) saw its loss widen to $78.33 million, or $0.90 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.26 million, or $0.22 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $15 million for the previous year period.
Operating loss for the quarter was $79.93 million, compared with an operating loss of $20.86 million in the previous year period.
"2016 was a very successful year for Neurocrine and we have carried this momentum fully into 2017 with the approval and launch of INGREZZA in tardive dyskinesia," said Kevin Gorman, Ph.D., chief executive officer of Neurocrine Biosciences. "On the commercial front, we accelerated the on-boarding of our sales force and we began calling on prescribers on May 1st. While we are focused on the launch of INGREZZA, we also continue to advance our pipeline. We will have data with INGREZZA in pediatric patients with Tourette syndrome later this month. Our partner, AbbVie, remains on track to submit the NDA for elagolix in endometriosis during the third quarter of this year. Together with our partner BIAL, we are progressing with our technology transfer activities in order to initiate discussions with the FDA on opicapone in Parkinson's disease in the second half of the year."
Working capital drops significantly
Neurocrine Biosciences, Inc. has witnessed a decline in the working capital over the last year. It stood at $215.89 million as at Mar. 31, 2017, down 42.84 percent or $161.82 million from $377.71 million on Mar. 31, 2016. Current ratio was at 10.16 as on Mar. 31, 2017, down from 17.23 on Mar. 31, 2016.
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