Intra-Cellular Therapies Reports First Quarter 2017 Financial Results And Provides Corporate Update
NEW YORK, May 10, 2017 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), a biopharmaceutical company focused on the development of therapeutics for central nervous system (CNS) disorders, today announced its financial results for the first quarter ended March 31, 2017, and provided a corporate update.
First Quarter 2017 Financial Results
Intra-Cellular Therapies (the Company or ITCI) reported a net loss of $26.9 million, or $0.62 per share (basic and diluted), for the first quarter of 2017 compared to a net loss of $27.8 million, or $0.64 per share (basic and diluted), for the first quarter of 2016.
Research and development (R&D) expenses for the first quarter of 2017 were $21.5 million, compared to $23.4 million for the first quarter of 2016. The decrease for the first quarter of 2017 is primarily due to lower costs associated with outside clinical and non-clinical costs. In the first quarter of 2016, outside costs were incurred primarily for the second Phase 3 clinical trial of lumateperone in patients with schizophrenia, which was completed in 2016. In the first quarter of 2017, outside costs were incurred for the Phase 3 clinical trials of lumateperone in patients with bipolar depression and dementia and other lumateperone related trials.
First Quarter 2017 Financial Results
Intra-Cellular Therapies (the Company or ITCI) reported a net loss of $26.9 million, or $0.62 per share (basic and diluted), for the first quarter of 2017 compared to a net loss of $27.8 million, or $0.64 per share (basic and diluted), for the first quarter of 2016.
Research and development (R&D) expenses for the first quarter of 2017 were $21.5 million, compared to $23.4 million for the first quarter of 2016. The decrease for the first quarter of 2017 is primarily due to lower costs associated with outside clinical and non-clinical costs. In the first quarter of 2016, outside costs were incurred primarily for the second Phase 3 clinical trial of lumateperone in patients with schizophrenia, which was completed in 2016. In the first quarter of 2017, outside costs were incurred for the Phase 3 clinical trials of lumateperone in patients with bipolar depression and dementia and other lumateperone related trials.