Intra-Cellular Therapies, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $175.4 million for the three months ended September 30, 2024, a notable increase from $126.2 million in the same period of 2023. Product sales specifically rose to $175.2 million, up 39% year-over-year, while for the nine-month period, total revenues reached $481.6 million, compared to $332.3 million in 2023, marking a 45% increase.
Despite the revenue growth, the company reported a net loss of $26.3 million for the third quarter of 2024, slightly higher than the $24.3 million loss in the same quarter of the previous year. For the nine-month period, the net loss improved to $57.8 million from $111.1 million in 2023. The increase in operating expenses, which totaled $214.2 million for the third quarter, up from $155.9 million in 2023, contributed to the ongoing losses. Research and development expenses surged by 61% to $66.8 million in Q3 2024, driven by increased clinical trial activities.
The company’s total current assets rose significantly to $1.27 billion as of September 30, 2024, compared to $667.8 million at the end of 2023. Cash and cash equivalents also saw a substantial increase, reaching $464.3 million, up from $147.8 million at the end of the previous year. This growth was bolstered by a public offering in April 2024, which generated net proceeds of approximately $543.1 million.
Intra-Cellular Therapies continues to focus on its key product, CAPLYTA® (lumateperone), which has been approved for schizophrenia and bipolar depression. The company is actively engaged in multiple clinical trials for lumateperone, including studies for major depressive disorder and a pediatric program. However, the company is currently facing challenges from generic competitors, having received notices from several ANDA filers regarding potential generic versions of CAPLYTA. In response, Intra-Cellular has initiated legal action to protect its intellectual property.
As of September 30, 2024, the company held investment securities valued at approximately $565.5 million and reported a total stockholders' equity of $1.14 billion, reflecting a significant increase from $591.4 million at the end of 2023. The company’s financial position appears robust, with a total of approximately $1 billion in cash, cash equivalents, investment securities, and restricted cash, positioning it well for future operational needs.
About Intra-Cellular Therapies, Inc.
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