10-Q Filing

NEUROCRINE BIOSCIENCES INC CIK: 914475 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000914475-22-000022`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	nbix-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 38 Cash Flow Statement 56 Stockholders Equity 16

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$352.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$270.20M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$340.80M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Debt securities available-for-sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$370.50M	USD	Point-in-time
Debt securities available-for-sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$394.70M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$185.50M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$263.50M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	220.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	220.00M	shares	Point-in-time
Inventories	`InventoryNet`	$29.00M	USD	Point-in-time
Inventories	`InventoryNet`	$30.50M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	94.90M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	95.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$60.80M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$45.50M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	95.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$972.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	94.90M	shares	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$315.10M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$325.30M	USD	Point-in-time
Debt securities available-for-sale	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$560.70M	USD	Point-in-time
Debt securities available-for-sale	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$541.00M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$97.20M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$94.70M	USD	Point-in-time
Equity securities	`EquitySecuritiesFvNiCurrentAndNoncurrent`	$91.30M	USD	Point-in-time
Equity securities	`EquitySecuritiesFvNiCurrentAndNoncurrent`	$63.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$63.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.40M	USD	Point-in-time
Total assets	`Assets`	$2.14B	USD	Point-in-time
Total assets	`Assets`	$2.07B	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$235.90M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$225.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$17.60M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$20.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$253.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$245.80M	USD	Point-in-time
Convertible senior notes	`ConvertibleDebtNoncurrent`	$377.70M	USD	Point-in-time
Convertible senior notes	`ConvertibleDebtNoncurrent`	$335.10M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$105.30M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$102.50M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$19.70M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$753.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$698.50M	USD	Point-in-time
Preferred stock, $0.001 par value; 5.0 million shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5.0 million shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 220.0 million shares authorized; issued and outstanding shares were 95.5 million at March 31, 2022 and 94.9 million at December 31, 2021	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, $0.001 par value; 220.0 million shares authorized; issued and outstanding shares were 95.5 million at March 31, 2022 and 94.9 million at December 31, 2021	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.01B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.95B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-547.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-635.80M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.13B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.39B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.21B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.14B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$310.60M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$236.60M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$4.60M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$2.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$73.20M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$102.20M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$200.70M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$129.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$205.10M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$307.50M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.60M	USD	1 Quarter
Unrealized gain on equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$700.00K	USD	1 Quarter
Unrealized gain on equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$19.90M	USD	1 Quarter
Investment income and other, net	`InvestmentIncomeAndOtherNet`	$1.40M	USD	1 Quarter
Investment income and other, net	`InvestmentIncomeAndOtherNet`	$1.00M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$18.30M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-4.30M	USD	1 Quarter
Income before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.20M	USD	1 Quarter
Income before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.40M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-4.90M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$7.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.10M	USD	1 Quarter
Unrealized loss on debt securities available-for-sale, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-800.00K	USD	1 Quarter
Unrealized loss on debt securities available-for-sale, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-7.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$31.30M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	95.30M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	94.20M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.20M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	97.60M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$13.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.10M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$37.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$32.90M	USD	1 Quarter
Depreciation	`Depreciation`	$2.50M	USD	1 Quarter
Depreciation	`Depreciation`	$3.30M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$3.90M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$400.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$300.00K	USD	1 Quarter
Change in fair value of equity security investments	`EquitySecuritiesFvNiUnrealizedGainLoss`	$700.00K	USD	1 Quarter
Change in fair value of equity security investments	`EquitySecuritiesFvNiUnrealizedGainLoss`	$19.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-6.20M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-300.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$2.60M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$800.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$78.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.10M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.50M	USD	1 Quarter
Other assets and liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.70M	USD	1 Quarter
Other assets and liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$10.70M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-40.50M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$87.30M	USD	1 Quarter
Purchases of debt securities available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$93.70M	USD	1 Quarter
Purchases of debt securities available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$192.80M	USD	1 Quarter
Sales and maturities of debt securities available-for-sale	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$176.50M	USD	1 Quarter
Sales and maturities of debt securities available-for-sale	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$161.30M	USD	1 Quarter
Purchases of equity securities	`PaymentsToAcquireEquitySecuritiesFvNi`	$7.70M	USD	1 Quarter
Purchases of equity securities	`PaymentsToAcquireEquitySecuritiesFvNi`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.50M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.60M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.60M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$63.10M	USD	1 Quarter
Issuances of common stock under benefit plans	`ProceedsFromIssuanceOfCommonStock`	$15.20M	USD	1 Quarter
Issuances of common stock under benefit plans	`ProceedsFromIssuanceOfCommonStock`	$6.10M	USD	1 Quarter
Partial repurchase of convertible senior notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Partial repurchase of convertible senior notes	`RepaymentsOfConvertibleDebt`	$100.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.10M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.10M	USD	1 Quarter
Change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$165.50M	USD	1 Quarter
Change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-66.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$344.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$344.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.00M	USD	Point-in-time
Non-cash capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$100.00K	USD	1 Quarter
Non-cash capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.80M	USD	1 Quarter
Right-of-use assets acquired through operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$16.00M	USD	1 Quarter
Right-of-use assets acquired through operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$1.13B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.39B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.37B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.21B	USD	Point-in-time
Net income	`NetIncomeLoss`	$13.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.10M	USD	1 Quarter
Unrealized gain (loss) on debt securities available-for-sale, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-7.60M	USD	1 Quarter
Unrealized gain (loss) on debt securities available-for-sale, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-800.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$37.00M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$32.90M	USD	1 Quarter
Issuances of common stock under stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.20M	USD	1 Quarter
Issuances of common stock under stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$6.10M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$1.13B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.39B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.37B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.21B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.