Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical
company focused on the development and commercialization of
therapeutics for central nervous system (CNS) disorders, today
announced its financial results for the second quarter ended June
30, 2021 and provided a corporate update.
“We are pleased with our strong results in the second quarter.
Our sNDAs for bipolar depression are under review by the FDA and
our CAPLYTA strategy continues to make substantial progress with
our commercialization in schizophrenia, along with our preparations
for a potential label expansion into bipolar depression. We have
initiated patient enrollment in our Phase 3 program in MDD and
continue our programs studying other depressive disorders,” said
Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies.
Second Quarter Financial Highlights
- Total revenues were $20.0 million
for the second quarter of 2021, compared to $1.9 million of total
revenues for the second quarter of 2020. Net product revenues of
CAPLYTA were $19.0 million for the second quarter of 2021, compared
to $1.9 million in net product revenues of CAPLYTA for the same
period in 2020. Net product revenues of CAPLYTA increased 22% from
$15.6 million in the prior quarter.
- Cost of product sales were $2.0
million in the second quarter of 2021 compared to $0.1 million for
the second quarter of 2020.
- Research and development (R&D)
expenses for the second quarter of 2021 were $17.3 million,
compared to $25.2 million for the second quarter of 2020.
This decrease is due primarily to a decrease in lumateperone
clinical trial costs.
- Selling, general and administrative
(SG&A) expenses were $69.9 million for the second quarter of
2021, compared to $41.4 million for the same period in 2020. This
increase is primarily due to an increase in commercialization and
marketing costs.
- Net loss for the second quarter of
2021 was $68.7 million compared to a net loss of $63.7 million for
the second quarter of 2020.
- Cash, cash equivalents, restricted
cash and investment securities totaled $556.2 million at June 30,
2021, compared to $658.8 million at December 31, 2020.
COMMERCIAL HIGHLIGHTS
- Our hybrid commercialization model
and our digital marketing initiatives continued to deliver
consistent revenue and prescription growth despite COVID-19
disruptions.
- Second quarter CAPLYTA results
reflect continued prescription growth, increasing total
prescriptions by 22% versus the first quarter of 2021.
- CAPLYTA market access coverage is
strong with greater than 95% of covered lives in both Medicare Part
D and State Medicaid, the major payer channels in schizophrenia.
Our LytaLink program continues to be highly competitive and
effective in supporting prescribing physicians and eligible
patients’ access to CAPLYTA.
- Our bipolar depression launch
preparations are on track.
CLINICAL HIGHLIGHTS
Lumateperone:
- Bipolar Depression Program: The
lumateperone sNDAs for the treatment of depressive episodes
associated with bipolar I or II disorder (bipolar depression) as
monotherapy and as adjunctive therapy with lithium or valproate are
under review by the U.S. Food and Drug Administration (FDA). The
Prescription Drug User Fee Act (PDUFA) target action date is
December 17, 2021 for these applications.
- Adjunctive MDD program: Patient
enrollment has commenced for Study ‘501, our Phase 3 clinical trial
evaluating lumateperone 42 mg as an adjunctive therapy to
antidepressants for the treatment of MDD. Patient enrollment in a
second Phase 3 trial, Study ‘502, is anticipated to begin
shortly.
- Mixed Features program: Clinical
conduct continues in Study ‘403 evaluating lumateperone 42 mg in
patients with MDD and in patients with bipolar depression who
exhibit mixed features.
- Lumateperone Long Acting Injectable
(LLAI) formulation: Study ITI-007-025, a Phase 1 single ascending
dose study of LLAI, a formulation designed to be administered
subcutaneously and to maintain therapeutic levels of lumateperone
for at least one month, is ongoing. Initial results from this study
are anticipated in the second half of 2021.
- Presentations: In the second quarter
of 2021, presented at the American Psychiatric Association (APA)
Meeting, the International Conference for Bipolar Disorders (ISBD)
Annual Meeting, and the American Society of Clinical
Psychopharmacology. The presentations included results from Study
‘402, a Phase 3 clinical trial evaluating lumateperone as
adjunctive therapy in bipolar depression, analyses from Study ‘404
describing the efficacy results of patients with bipolar depression
who exhibit mixed features, and the overall safety and tolerability
profile of the bipolar depression monotherapy program. We also
presented analyses from Study ‘303, our long-term safety
schizophrenia study, evaluating the antidepressant effects of
CAPLYTA in patients with schizophrenia with co-morbid
depression.
Other Programs:
- ITI-1284 program: We plan to
initiate our program for the development of ITI-1284-ODT-SL
for the treatment of behavioral disturbances in
dementia in the second half of 2021, and plan additional studies in
dementia-related psychosis and certain depressive disorders in the
elderly in 2022.
- Phosphodiesterase type I inhibitor (PDE1) program: Our PDE1
inhibitor program is focused on investigating the therapeutic
potential of this mechanism of action across a variety of diseases,
including neurological and cardiovascular diseases, as well as
cancer.
- A Phase 2 study
evaluating lenrispodun (ITI-214) in Parkinson’s disease is expected
to commence in the second half of 2021.
- Presented
preclinical data describing the antitumor effects of PDE1
inhibitors when administered in conjunction with checkpoint
inhibitor immunotherapy at the American Association for Cancer
Research (AACR) Annual Meeting. We are currently evaluating
our PDE1 inhibitors in other cancer models and developing potential
biomarkers that may assist in the translation of these data to the
treatment of human cancers.
- ITI-333 program in opioid use
disorder: Study ITI-333-001, a Phase 1 single ascending dose study
evaluating the safety, tolerability and pharmacokinetics of ITI-333
in healthy volunteers, is ongoing. Results from this study are
anticipated in the second half of 2021.
- R&D day: The Company plans to
host a virtual research and development (R&D) day focusing on
our key pipeline programs later this year.
Conference Call and Webcast Details
The Company will host a live conference call and webcast today
at 8:30 AM Eastern Time to discuss the Company’s
financial results and provide a corporate update. The live webcast
and subsequent replay may be accessed by visiting the Company’s
website at www.intracellulartherapies.com. Please connect to
the Company’s website at least 5-10 minutes prior to the live
webcast to ensure adequate time for any necessary software
download. Alternatively, please call 1-(844) 835-6563 (U.S.) or
1-(970) 315-3916 (international) to listen to the live conference
call. The conference ID number for the live call is 8494665. Please
dial in approximately 10 minutes prior to the call.
CAPLYTA® (lumateperone) is indicated for the treatment of
schizophrenia in adults. CAPLYTA is available in 42 mg
capsules.
Important Safety Information
Boxed Warning: Elderly patients with dementia-related
psychosis treated with antipsychotic drugs are at an increased risk
of death. CAPLYTA is not approved for the treatment of patients
with dementia-related psychosis.
Contraindications: CAPLYTA is contraindicated
in patients with known hypersensitivity to lumateperone or any
components of CAPLYTA. Reactions have included pruritus, rash
(e.g., allergic dermatitis, papular rash, and generalized rash),
and urticaria.
Warnings & Precautions: Antipsychotic drugs
have been reported to cause:
- Cerebrovascular Adverse Reactions in Elderly Patients
with Dementia-Related Psychosis, including stroke and
transient ischemic attack. See Boxed Warning above.
- Neuroleptic Malignant Syndrome (NMS), which is
a potentially fatal reaction. Signs and symptoms include: high
fever, stiff muscles, confusion, changes in breathing, heart rate,
and blood pressure, elevated creatinine phosphokinase,
myoglobinuria (and/or rhabdomyolysis), and acute renal failure.
Patients who experience signs and symptoms of NMS should
immediately contact their doctor or go to the emergency room.
- Tardive Dyskinesia, a syndrome of uncontrolled
body movements in the face, tongue, or other body parts, which may
increase with duration of treatment and total cumulative dose. TD
may not go away, even if CAPLYTA is discontinued. It can also occur
after CAPLYTA is discontinued.
- Metabolic Changes, including hyperglycemia,
diabetes mellitus, dyslipidemia, and weight gain. Hyperglycemia, in
some cases extreme and associated with ketoacidosis, hyperosmolar
coma or death, has been reported in patients treated with
antipsychotics. Measure weight and assess fasting plasma glucose
and lipids when initiating CAPLYTA and monitor periodically during
long-term treatment.
- Leukopenia, Neutropenia, and Agranulocytosis (including
fatal cases). Complete blood counts should be performed in
patients with pre-existing low white blood cell count (WBC) or
history of leukopenia or neutropenia. CAPLYTA should be
discontinued if clinically significant decline in WBC occurs in
absence of other causative factors.
- Decreased Blood Pressure & Dizziness.
Patients may feel lightheaded, dizzy or faint when they rise too
quickly from a sitting or lying position (orthostatic hypotension).
Heart rate and blood pressure should be monitored and patients
should be warned with known cardiovascular or cerebrovascular
disease. Orthostatic vital signs should be monitored in patients
who are vulnerable to hypotension.
- Falls. CAPLYTA may cause sleepiness or
dizziness and can slow thinking and motor skills, which may lead to
falls and, consequently, fractures and other injuries. Patients
should be assessed for risk when using CAPLYTA.
- Seizures. CAPLYTA should be used cautiously in
patients with a history of seizures or with conditions that lower
seizure threshold.
- Sleepiness and Trouble Concentrating. Patients
should use caution when operating machinery or motor vehicles until
they know how CAPLYTA affects them.
- Body Temperature Dysregulation. CAPLYTA should
be used with caution in patients who may experience conditions that
may increase core body temperature such as strenuous exercise,
extreme heat, dehydration, or concomitant anticholinergics.
- Dysphagia. CAPLYTA should be used with caution
in patients at risk for aspiration.
Drug Interactions: CAPLYTA should not be used
with CYP3A4 inducers, moderate or strong CYP3A4 inhibitors and UGT
inhibitors.
Special Populations: Newborn infants exposed to
antipsychotic drugs during the third trimester of pregnancy are at
risk for extrapyramidal and/or withdrawal symptoms following
delivery. Breastfeeding is not recommended. Use of CAPLYTA should
be avoided in patients with moderate or severe liver problems.
Adverse Reactions: The most common adverse
reactions in clinical trials with CAPLYTA vs. placebo were
somnolence/sedation (24% vs. 10%) and dry mouth (6% vs. 2%).Please
click here to see full Prescribing Information
including Boxed Warning.
About CAPLYTA (lumateperone)
CAPLYTA 42mg/day is an oral, once daily atypical antipsychotic
approved for the treatment of schizophrenia of adults. While the
mechanism of action of CAPLYTA in the treatment of schizophrenia is
unknown, the efficacy of CAPLYTA could be mediated through a
combination of antagonist activity at central serotonin 5-HT2A
receptors and postsynaptic antagonist activity at central dopamine
D2 receptors.
Lumateperone is being investigated for the treatment of bipolar
depression, depression and other neuropsychiatric and neurological
disorders. CAPLYTA is not FDA approved for these disorders.
About Intra-Cellular Therapies
Intra-Cellular Therapies is a biopharmaceutical company
founded on Nobel prize-winning research that allows us to
understand how therapies affect the inner-workings of cells in the
body. The company leverages this intracellular approach to develop
innovative treatments for people living with complex psychiatric
and neurologic diseases. For more information, please
visit www.intracellulartherapies.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties that could cause actual
results to be materially different from historical results or from
any future results expressed or implied by such forward-looking
statements. Such forward-looking statements include statements
regarding, among other things, our expectations regarding the
commercialization of CAPLYTA; our expectations regarding the sNDAs,
including the adequacy of the data contained in the sNDAs to serve
as the basis for approval of lumateperone for the treatment of
depressive episodes associated with bipolar I or II disorder both
as monotherapy and as adjunctive therapy in adults; the potential
approval by the FDA of the sNDAs for lumateperone for the treatment
of bipolar depression; the potential timing of review and action by
the FDA with respect to the sNDAs; our plans and expected timing to
initiate Study ‘502, our second lumateperone Phase 3 clinical study
in major depressive disorder; our plans and expected timing for
results from our lumateperone long-acting injectable clinical
trial; our plans and expected timing for results from our ITI-333
clinical trial; our development plans for our PDE program,
including ITI-214, and the potential benefits of PDE1 inhibition;
our plans and expected timing for initiation of our ITI-1284
programs; our beliefs about the potential utility of our product
candidates; and development efforts and plans under the caption
“About Intra-Cellular Therapies.” All such forward-looking
statements are based on management’s present expectations and are
subject to certain factors, risks and uncertainties that may cause
actual results, outcome of events, timing and performance to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include, but are not limited to, the
following: whether the preclinical and clinical results of the
lumateperone studies will meet the regulatory requirements for
approval by the FDA for the proposed indications; whether
the sNDAs will be approved by the FDA and whether the FDA will
complete its review within its target timelines, including its
target action date; whether the FDA will require additional
information, whether we will be able to provide in a timely manner
any additional information that the FDA requests, and whether such
additional information will be satisfactory to the FDA; there are
no guarantees that CAPLYTA will be commercially successful; we may
encounter issues, delays or other challenges in commercializing
CAPLYTA; the COVID-19 pandemic may negatively impact our commercial
plans and sales for CAPLYTA; the COVID-19 pandemic may negatively
impact the conduct of, and the timing of enrollment, completion and
reporting with respect to, our clinical trials; whether CAPLYTA
receives adequate reimbursement from third-party payors; the degree
to which CAPLYTA receives acceptance from patients and physicians
for its approved indication; challenges associated with execution
of our sales activities, which in each case could limit the
potential of our product; results achieved in CAPLYTA in the
treatment of schizophrenia following commercial launch of the
product may be different than observed in clinical trials, and may
vary among patients; any other impacts on our business as a result
of or related to the COVID-19 pandemic; risks associated with our
current and planned clinical trials; we may encounter unexpected
safety or tolerability issues with CAPLYTA following commercial
launch for the treatment of schizophrenia or in ongoing or future
trials and other development activities; our other product
candidates may not be successful or may take longer and be more
costly than anticipated; product candidates that appeared promising
in earlier research and clinical trials may not demonstrate safety
and/or efficacy in larger-scale or later clinical trials or in
clinical trials for other indications; our proposals with respect
to the regulatory path for our product candidates may not be
acceptable to the FDA; our reliance on collaborative partners and
other third parties for development of our product candidates; and
the other risk factors detailed in our public filings with
the Securities and Exchange Commission. All statements
contained in this press release are made only as of the date of
this press release, and we do not intend to update this information
unless required by law.
Contact:
Intra-Cellular Therapies, Inc.Juan Sanchez, M.D. Vice President,
Corporate Communications and Investor Relations646-440-9333
Burns McClellan, Inc.Lisa
Burnsjgrimaldi@burnsmc.com212-213-0006
MEDIA INQUIRIES:
Ana FullmerCorporate Media Relations
W2Owcgafullmer@wcgworld.com202-507-0130
INTRA-CELLULAR THERAPIES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues |
|
|
|
|
Product sales, net |
$ |
19,006,780 |
|
$ |
1,875,889 |
|
$ |
34,585,685 |
|
$ |
2,758,405 |
|
Grant revenue |
|
1,039,781 |
|
|
30,747 |
|
|
1,339,205 |
|
|
231,710 |
|
Total revenues |
|
20,046,561 |
|
|
1,906,636 |
|
|
35,924,890 |
|
|
2,990,115 |
|
Operating expenses: |
|
|
Cost of product sales |
|
2,040,031 |
|
|
128,539 |
|
|
3,495,246 |
|
|
197,850 |
|
Research and development |
|
17,296,420 |
|
|
25,204,857 |
|
|
32,354,588 |
|
|
41,208,183 |
|
Selling, general and administrative |
|
69,851,164 |
|
|
41,445,557 |
|
|
122,434,803 |
|
|
75,541,923 |
|
Total operating expenses |
|
89,187,615 |
|
|
66,778,953 |
|
|
158,284,637 |
|
|
116,947,956 |
|
Loss from operations |
|
(69,141,054 |
) |
|
(64,872,317 |
) |
|
(122,359,747 |
) |
|
(113,957,841 |
) |
Interest income |
|
421,028 |
|
|
1,160,059 |
|
|
904,778 |
|
|
2,838,262 |
|
Loss before provision for
income taxes |
|
(68,720,026 |
) |
|
(63,712,258 |
) |
|
(121,454,969 |
) |
|
(111,119,579 |
) |
Income tax expense |
|
23,756 |
|
|
— |
|
|
28,756 |
|
|
3,281 |
|
Net loss |
$ |
(68,743,782 |
) |
$ |
(63,712,258 |
) |
$ |
(121,483,725 |
) |
$ |
(111,122,860 |
) |
Net loss per common share: |
|
|
Basic & Diluted |
$ |
(0.85 |
) |
$ |
(0.96 |
) |
$ |
(1.50 |
) |
$ |
(1.69 |
) |
Weighted average number of common
shares: |
|
|
Basic & Diluted |
|
81,229,788 |
|
|
66,429,371 |
|
|
81,088,900 |
|
|
65,767,737 |
|
|
|
|
|
|
The condensed consolidated statements of operations for the
three and six months ended June 30, 2021 and 2020 have been derived
from the financial statements but do not include all of the
information and footnotes required by accounting principles
generally accepted in the United States for complete financial
statements.
INTRA-CELLULAR THERAPIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
June 30,2021 |
December 31,2020 |
|
(Unaudited) |
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
121,030,152 |
|
$ |
60,045,933 |
|
Investment securities, available-for-sale |
|
433,727,230 |
|
|
597,402,126 |
|
Restricted cash |
|
1,400,000 |
|
|
1,400,000 |
|
Accounts receivable, net of $120,000 allowance at June 30, 2021 and
December 31, 2020 |
|
15,187,814 |
|
|
10,764,583 |
|
Inventory |
|
7,768,848 |
|
|
7,056,385 |
|
Prepaid expenses and other current assets |
|
22,189,200 |
|
|
14,235,455 |
|
Total current assets |
|
601,303,244 |
|
|
690,904,482 |
|
Property and equipment, net |
|
1,761,001 |
|
|
1,998,346 |
|
Right of use assets, net |
|
22,546,333 |
|
|
24,324,762 |
|
Other assets |
|
86,084 |
|
|
86,084 |
|
Total assets |
$ |
625,696,662 |
|
$ |
717,313,674 |
|
Liabilities and
stockholders’ equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
15,940,756 |
|
$ |
5,501,825 |
|
Accrued and other current liabilities |
|
14,054,009 |
|
|
10,902,117 |
|
Lease liabilities, short-term |
|
5,595,057 |
|
|
5,541,802 |
|
Accrued employee benefits |
|
14,832,115 |
|
|
14,907,479 |
|
Total current liabilities |
|
50,421,937 |
|
|
36,853,223 |
|
Lease liabilities |
|
21,688,851 |
|
|
23,600,347 |
|
Total liabilities |
|
72,110,788 |
|
|
60,453,570 |
|
Stockholders’ equity: |
|
|
Common stock, $0.0001 par value: 175,000,000 and 100,000,000 shares
authorized at June 30, 2021 and December 31, 2020,
respectively; 81,311,878 and 80,463,089
shares issued and outstanding at June 30, 2021 and
December 31, 2020, respectively |
|
8,132 |
|
|
8,046 |
|
Additional paid-in capital |
|
1,611,989,381 |
|
|
1,593,475,506 |
|
Accumulated deficit |
|
(1,058,587,757 |
) |
|
(937,104,032 |
) |
Accumulated comprehensive income |
|
176,118 |
|
|
480,584 |
|
Total stockholders’ equity |
|
553,585,874 |
|
|
656,860,104 |
|
Total liabilities and
stockholders’ equity |
$ |
625,696,662 |
|
$ |
717,313,674 |
|
(1) The condensed consolidated balance sheets
at June 30, 2021 and December 31, 2020 have been derived from the
financial statements but do not include all of the information and
footnotes required by accounting principles generally accepted
in the United States for complete financial
statements.
Intra Cellular Therapies (NASDAQ:ITCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intra Cellular Therapies (NASDAQ:ITCI)
Historical Stock Chart
From Apr 2023 to Apr 2024