Intra-Cellular Therapies(ITCI) - 2024 Q1 - Quarterly Results

Financial Performance - CAPLYTA Q1 2024 net product sales were $144.8 million, a 53% increase from $94.7 million in Q1 2023[1] - Total revenues for Q1 2024 were $144.9 million, compared to $95.3 million for the same period in 2023[2] - Net loss for Q1 2024 was $15.2 million, significantly improved from a net loss of $44.1 million in Q1 2023[2] - Total revenues for Q1 2024 reached $144.866 million, a 52% increase from $95.306 million in Q1 2023[30] - Product sales, net for Q1 2024 were $144.843 million, compared to $94.731 million in the same period last year, reflecting a significant growth[30] - The net loss for Q1 2024 was $15.247 million, a decrease from a net loss of $44.053 million in Q1 2023, indicating improved financial performance[30] - Basic and diluted net loss per common share for Q1 2024 was $0.16, compared to $0.46 in Q1 2023[30] Expenses - Selling, general and administrative (SG&A) expenses were $113.1 million in Q1 2024, up from $98.9 million in Q1 2023[4] - Research and development (R&D) expenses were $42.8 million in Q1 2024, compared to $38.0 million in Q1 2023[4] - Operating expenses for Q1 2024 totaled $165.818 million, up from $143.698 million in Q1 2023, primarily driven by increased selling, general and administrative expenses[30] - Full year 2024 SG&A expense guidance is set at $450 to $480 million, and R&D expense guidance is $215 to $240 million[4] Sales and Market Activity - CAPLYTA total prescriptions increased by 39% in Q1 2024 compared to the same period in 2023[1] - CAPLYTA 2024 net product sales guidance is reiterated at $645 - $675 million[1] Clinical Trials and Research - Positive Phase 3 results from Study 501 showed lumateperone significantly reduced depression scores compared to placebo (4.9 point reduction, p<0.0001)[3] - The company is focused on the commercialization of CAPLYTA and plans to conduct further clinical trials, with expectations of future revenues and expenses tied to these developments[26] Financial Position - Cash and cash equivalents as of March 31, 2024, were $139.819 million, down from $147.767 million at the end of 2023[32] - Total assets increased to $747.036 million as of March 31, 2024, compared to $728.295 million at the end of 2023[32] - The company reported an increase in accounts receivable, net, to $131.157 million from $114.018 million, indicating higher sales activity[32] - The accumulated deficit as of March 31, 2024, was $1.632 billion, up from $1.617 billion at the end of 2023[32] Capital Raising - The company completed a public offering resulting in net proceeds of approximately $543 million in April 2024[4]