Intra-Cellular Therapies Reports First Quarter 2018 Financial Results and Provides Corporate Update
First Quarter 2018 Financial Results
Research and development (R&D) expenses for the first quarter of 2018 were
General and administrative (G&A) expenses were
Cash, cash equivalents and investment securities totaled
The Company expects that its cash, cash equivalents and investment securities of
“We are pleased with our progress in preparing our NDA submission for lumateperone for the treatment of schizophrenia. We remain on track and expect to complete our submission in mid-2018. We also continue to advance pre-commercial activities for lumateperone as well as our programs in bipolar depression and agitation in patients with dementia,” said Dr.
- We had a pre-New Drug Application (NDA) meeting with the
U.S. Food and Drug Administration( FDA) in late Q1 2018 and reached agreement on the timing and content of a rolling NDA submission for lumateperone for the treatment of schizophrenia. We expect to complete the NDA submission in mid-2018.
- We presented data on lumateperone at the
Schizophrenia International Research Societymeeting (SIRS); our presentations included additional data from our open-label safety switching study for lumateperone in patients with stable schizophrenia and a review of our lumateperone schizophrenia program. We also presented supporting data for our lumateperone program in agitation in patients with dementia at the Advances in Alzheimer’s and Parkinson’s Therapies Focus Meeting.
- We will present additional data on lumateperone and other development programs at several upcoming scientific and medical conferences, including the
American Psychiatric Association(APA), the Society of Biological Psychiatry(SOBP), the American Society of Clinical Psychopharmacology(ASCP), and the International College of Neuropsychopharmacology(CINP).
- We continue to progress our lumateperone bipolar depression Phase 3 clinical program. This program consists of two monotherapy studies and one adjunctive study. We anticipate top-line results from the first monotherapy study (Study 401, which is being conducted in
the United States) will be available in 2H 2018 and the top-line results from our global monotherapy study (Study 404) will be available in 2019. Subject to the outcomes of these trials, we expect to submit an NDA for bipolar depression in 2H 2019. Our adjunctive study (Study 402), which is being conducted globally, is ongoing.
- Our lumateperone program in agitation associated with dementia, including Alzheimer’s disease, currently consists of one Phase 3 clinical trial and clinical conduct is ongoing. Subject to timely patient enrollment, we expect that the outcome of the interim analysis for this trial will be available in 2H 2018.
- We plan to initiate our late stage clinical program of lumateperone in depressive disorders in 2018.
ITI-214 (PDE1 inhibitor) Programs
- In 2017, we initiated a Phase 1/2 randomized, double-blind, placebo-controlled, multiple rising dose clinical trial to evaluate ITI-214, our PDE1 inhibitor, in patients with PD. The primary objective is to evaluate the safety and tolerability of ITI-214 in patients with mild to moderate PD who are maintained on stable PD therapy. Secondary objectives are to evaluate the pharmacokinetic profile of ITI-214 and explore its potential utility to control motor fluctuations and to evaluate treatment of non-motor symptoms (daytime sleepiness, dysautonomia) associated with PD. Biomarkers of disease progression (inflammation) will be assessed. Clinical conduct has been completed for the first three cohorts (1, 3, and 10 mg). At these doses, ITI-214 was safe and generally well tolerated. Based on this favorable safety and tolerability profile, the study has been expanded to include a 30 mg dose cohort and clinical conduct is ongoing. We anticipate top-line results from this trial will be available in 2H 2018.
- We presented preclinical and Phase I clinical data supporting the clinical development of ITI-214 in PD, including preclinical data showing ITI-214’s anti-neuroinflammatory and neuroprotective effects at the Advances in Alzheimer’s and Parkinson’s Therapies Focus Meeting and recently at the Annual Meeting of the
American Academy of Neurology.
- In Q1 of 2018, the Investigational New Drug (IND) application went into effect for ITI-214 for the treatment of heart failure. Preparations are underway to initiate clinical conduct of the first clinical study in this program, a randomized, double-blind, placebo-controlled study of escalating single doses of ITI-214 to evaluate safety and hemodynamic effects in patients with systolic heart failure.
- ITI-333, our novel, oral modulator of serotonin, dopamine, and mu opiate receptors continues to advance in preclinical development. We plan to develop ITI-333 for the treatment of opioid and other substance use disorders, pain, and mood disorders. We expect to initiate clinical trials in 2019.
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 expected use of our cash, cash equivalents and investment securities; our beliefs about the extent to which the results of our clinical trials to date support an NDA submission for lumateperone for the treatment of schizophrenia and our expectations about the timing of such NDA submission; our plans and the expected timing for the availability of data from our ongoing Phase 3 trials in bipolar depression and agitation associated with dementia, including Alzheimer’s disease, and our expectations about the timing of our NDA submission for bipolar depression; our plans and the expected timing to initiate a late stage program in depression; our expectations about presenting additional data at upcoming scientific and medical conferences; our development plans for our PDE program, including ITI-214, including the anticipated timing for the availability of data from our ongoing Phase 1/2 trial of ITI-214 and the expected timing of the initiation of a trial of ITI-214 in patients with systolic heart failure; our development plans for our ITI-333 program and our expected timing of the initiation of clinical trials for ITI-333 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: our current and planned clinical trials, other studies for lumateperone, and 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; our proposals with respect to the regulatory path for our product candidates may not be acceptable to the
Vice President, Corporate Communications and Investor Relations
|INTRA-CELLULAR THERAPIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended March 31,|
|2018 (1)||2017 (1)|
|Costs and expenses:|
|Research and development||30,702,998||21,538,958|
|General and administrative||6,381,228||6,310,486|
|Total costs and expenses||37,084,226||27,849,444|
|Loss from operations||(37,084,226||)||(27,754,157||)|
|Loss before provision for income taxes||(35,480,078||)||(26,931,982||)|
|Income tax expense||—||1,600|
|Net loss per common share:|
|Basic & Diluted||$||(0.65||)||$||(0.62||)|
|Weighted average number of common shares:|
|Basic & Diluted||54,676,175||43,385,605|
|(1) The condensed consolidated statements of operations for the quarters ended March 31, 2018 and 2017 have not been audited and 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|
|Cash and cash equivalents||$||74,421,386||$||37,790,114|
|Investment securities, available-for-sale||362,584,126||426,540,921|
|Prepaid expenses and other current assets||6,148,067||4,884,293|
|Total current assets||443,153,579||469,215,328|
|Property and equipment, net||1,349,765||1,137,171|
|Long term deferred tax asset, net||1,058,435||1,058,435|
|Liabilities and stockholders’ equity|
|Accrued and other current liabilities||7,355,955||6,424,221|
|Accrued employee benefits||2,257,963||1,611,846|
|Total current liabilities||19,652,768||14,209,606|
|Long-term deferred rent||2,797,349||2,840,132|
|Common stock, $.0001 par value: 100,000,000 shares authorized;
54,694,718 and 54,597,679 shares issued and outstanding at
March 31, 2018 and December 31, 2017, respectively
|Additional paid-in capital||867,152,094||862,479,505|
|Accumulated comprehensive loss||(1,239,750||)||(799,224||)|
|Total stockholders’ equity||423,188,955||454,436,961|
|Total liabilities and stockholders’ equity||$||445,639,072||$||471,486,699|
|(1) The condensed consolidated balance sheets at March 31, 2018 and December 31, 2017 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.|
Source: Intra-Cellular Therapies Inc.