Intra-Cellular Therapies, Inc. (ITCI) Bundle
A Brief History of Intra-Cellular Therapies, Inc.
Intra-Cellular Therapies, Inc. (ITCI) was founded in 2002, focusing on developing innovative therapies for neuropsychiatric disorders. The company is headquartered in New York City and is publicly traded on the NASDAQ under the ticker symbol ITCI. ITCI aims to address unmet medical needs in psychiatric and neurological disorders.
Key Milestones
- 2019: ITCI received FDA approval for its lead product, CAPLYTA (lumateperone), for the treatment of schizophrenia.
- 2021: The company expanded its clinical trials for lumateperone to include bipolar depression.
- 2024: ITCI launched its commercial sales of CAPLYTA, achieving significant revenue growth.
Financial Performance as of 2024
As of September 30, 2024, ITCI reported the following key financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Product Sales, Net | $175.2 million | $125.8 million | 39% |
| Total Revenues | $175.4 million | $126.2 million | 39% |
| Net Loss | $(26.3) million | $(24.3) million | 8% |
| Research and Development Expenses | $66.8 million | $41.6 million | 61% |
| Selling, General and Administrative Expenses | $132.1 million | $105.2 million | 26% |
Stock Performance
As of September 30, 2024, ITCI's stock performance reflected its growth trajectory:
- Shares Outstanding: 105,998,786
- Market Capitalization: Approximately $2.9 billion
- Stock Price (as of September 30, 2024): $27.27
Research and Development Focus
ITCI has been increasing its investment in research and development, particularly for lumateperone:
| R&D Expenses | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total R&D Expenses | $66.8 million | $41.6 million | 61% |
| Lumateperone Costs | $40.6 million | $23.1 million | 76% |
Liquidity Position
As of September 30, 2024, ITCI maintained a strong liquidity position:
- Cash and Cash Equivalents: $464.3 million
- Investment Securities: $542.3 million
- Restricted Cash: $1.8 million
Overall, ITCI's financial health and growth trajectory position it as a significant player in the neuropsychiatric treatment market, with ongoing efforts to expand its product offerings and clinical indications.
A Who Owns Intra-Cellular Therapies, Inc. (ITCI)
Major Shareholders
As of 2024, the ownership structure of Intra-Cellular Therapies, Inc. (ITCI) is characterized by a mix of institutional and retail investors. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| BlackRock, Inc. | 12.5% | 13,247,000 |
| Vanguard Group, Inc. | 10.3% | 10,689,000 |
| State Street Corporation | 8.7% | 9,059,000 |
| FMR LLC (Fidelity) | 7.5% | 7,880,000 |
| Intra-Cellular Therapies, Inc. (Insider Holdings) | 5.1% | 5,300,000 |
| Other Institutional Investors | 32.4% | 33,850,000 |
| Retail Investors | 23.5% | 24,700,000 |
Stock Performance
The stock performance of Intra-Cellular Therapies, Inc. has shown significant fluctuations throughout 2024. Below is a summary of relevant stock data:
| Date | Opening Price | Closing Price | Market Capitalization |
|---|---|---|---|
| January 2024 | $55.00 | $60.00 | $5.8 billion |
| April 2024 | $70.00 | $73.00 | $6.2 billion |
| July 2024 | $68.00 | $66.00 | $6.0 billion |
| September 2024 | $65.00 | $62.00 | $6.1 billion |
Recent Financial Highlights
Intra-Cellular Therapies, Inc. reported the following financial highlights for the nine-month period ended September 30, 2024:
| Financial Metric | Amount (in thousands) |
|---|---|
| Total Revenues | $481,629 |
| Net Loss | ($57,791) |
| Cash and Cash Equivalents | $466,062 |
| Total Assets | $1,324,445 |
| Total Stockholders' Equity | $1,144,826 |
Recent Developments
In April 2024, Intra-Cellular Therapies completed a public offering of common stock, selling 7,876,713 shares at a price of $73.00 per share, resulting in net proceeds of approximately $543.1 million.
Ownership Structure Overview
The overall ownership structure of Intra-Cellular Therapies, Inc. reflects a strong presence of institutional investors, holding approximately 68% of total shares. Retail investors account for around 23.5%, indicating a healthy distribution of ownership among various stakeholders.
Intra-Cellular Therapies, Inc. (ITCI) Mission Statement
Company Overview
Intra-Cellular Therapies, Inc. (ITCI) is focused on the development of innovative therapies for neuropsychiatric diseases. The company's mission is to improve the lives of people living with serious mental illnesses through the discovery and development of new medicines. The primary product, CAPLYTA (lumateperone), is used for the treatment of schizophrenia and bipolar depression.
Financial Performance
As of the third quarter of 2024, ITCI has demonstrated significant growth in its financial performance:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Product Sales | $175.2 million | $125.8 million | 39% |
| Research and Development Expenses | $66.8 million | $41.6 million | 61% |
| Selling, General and Administrative Expenses | $132.1 million | $105.2 million | 26% |
| Net Loss | $(26.3) million | $(24.3) million | 8% |
Product Sales and Growth
ITCI's product sales are primarily driven by CAPLYTA, which has seen growing demand due to increased prescriptions:
- Net product sales for the nine-month period ended September 30, 2024, were $481.3 million, compared to $330.7 million in the same period in 2023, reflecting a 46% increase.
- Sales volume growth is attributed to both schizophrenia and bipolar depression treatment indications.
Research and Development
The company has committed substantial resources to R&D, reflecting its mission to innovate within the neuropsychiatric treatment space:
| R&D Expense Category | Q3 2024 | Q3 2023 |
|---|---|---|
| External Service Costs | $53.2 million | $29.1 million |
| Internal Costs | $13.6 million | $12.4 million |
| Total R&D Expenses | $66.8 million | $41.6 million |
Operational Highlights
As of September 30, 2024, ITCI's liquidity position is robust, with total cash and cash equivalents, along with investment securities, amounting to approximately $1.0 billion. This financial strength supports ongoing operational needs and future growth initiatives.
Stockholder Equity and Market Performance
ITCI has also seen changes in its stockholder equity:
| Item | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | $1,144.8 million | $591.4 million |
| Accumulated Deficit | $(1,674.9) million | $(1,617.2) million |
| Additional Paid-in Capital | $2,818.1 million | $2,208.5 million |
Conclusion of Financials
Intra-Cellular Therapies, Inc. continues to advance its mission with a strong focus on innovation and growth in the neuropsychiatric sector, underscored by significant financial metrics and strategic investments in research and development.
How Intra-Cellular Therapies, Inc. (ITCI) Works
Company Overview
Intra-Cellular Therapies, Inc. (ITCI) is a biopharmaceutical company focused on developing innovative therapies for psychiatric and neurological disorders. The company's primary product is CAPLYTA (lumateperone), which is approved for the treatment of schizophrenia and bipolar depression.
Financial Performance
As of September 30, 2024, ITCI reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenues | $175,375,000 | $126,173,000 | $481,629,000 | $332,271,000 |
| Cost of Product Sales | $15,304,000 | $9,129,000 | $36,558,000 | $23,043,000 |
| Selling, General and Administrative | $132,101,000 | $105,207,000 | $366,760,000 | $305,144,000 |
| Research and Development | $66,819,000 | $41,550,000 | $165,835,000 | $129,368,000 |
| Net Loss | $(26,324,000) | $(24,258,000) | $(57,791,000) | $(111,095,000) |
Product Sales
Net product sales for CAPLYTA reached $175.2 million in Q3 2024, up 39% from $125.8 million in Q3 2023. For the nine-month period, sales increased by 46% from $330.7 million to $481.3 million.
Research and Development Expenses
Research and development expenses totaled $165.8 million for the nine-month period ending September 30, 2024, compared to $129.4 million in the same period of 2023, reflecting a 28% increase.
| R&D Expense Category | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| External Service Costs | $53,188,000 | $29,123,000 | $126,029,000 | $94,579,000 |
| Internal and Other Costs | $13,631,000 | $12,427,000 | $39,806,000 | $34,789,000 |
Liquidity and Capital Resources
As of September 30, 2024, ITCI had approximately $1.0 billion in cash, cash equivalents, and investment securities. The company raised $543.1 million from a public offering of common stock in April 2024, selling 7,876,713 shares at a price of $73.00 per share.
Stockholder Equity
ITCI's stockholder equity as of September 30, 2024, was reported as follows:
| Equity Component | Amount |
|---|---|
| Common Stock | $11,000 |
| Additional Paid-in Capital | $2,818,137,000 |
| Accumulated Deficit | $(1,674,951,000) |
| Accumulated Comprehensive Income | $1,629,000 |
| Total Stockholders’ Equity | $1,144,826,000 |
Market Position and Strategy
ITCI focuses on expanding its sales force, which grew by approximately 150 representatives in Q3 2024. The company’s marketing strategy emphasizes the promotion of CAPLYTA in primary care settings, which is expected to drive future growth.
Clinical Trials and Future Developments
The company continues to invest heavily in clinical trials for lumateperone and other product candidates, indicating a commitment to expanding its portfolio in psychiatric and neurological treatments.
How Intra-Cellular Therapies, Inc. (ITCI) Makes Money
Revenue Streams
Intra-Cellular Therapies, Inc. primarily generates revenue through the sales of its commercial product, CAPLYTA (lumateperone), which is approved for the treatment of schizophrenia and bipolar depression. As of September 30, 2024, the company reported net product sales of $175.2 million for the three-month period and $481.3 million for the nine-month period, representing significant growth compared to $125.8 million and $330.7 million for the same periods in 2023, respectively.
| Period | Net Product Sales (in millions) | Growth Rate |
|---|---|---|
| Q3 2024 | $175.2 | 39% |
| YTD Q3 2024 | $481.3 | 46% |
| Q3 2023 | $125.8 | - |
| YTD Q3 2023 | $330.7 | - |
Cost of Product Sales
The cost of product sales for ITCI has also increased, amounting to $15.3 million for the three months ended September 30, 2024, and $36.6 million for the nine-month period, compared to $9.1 million and $23.0 million for the same periods in 2023. This increase in costs is attributed to higher sales volume and associated royalty fees.
| Period | Cost of Product Sales (in millions) | Growth Rate |
|---|---|---|
| Q3 2024 | $15.3 | 68% |
| YTD Q3 2024 | $36.6 | 59% |
| Q3 2023 | $9.1 | - |
| YTD Q3 2023 | $23.0 | - |
Operating Expenses
ITCI's operating expenses include selling, general and administrative (SG&A) costs, as well as research and development (R&D) expenses. For the three-month period ended September 30, 2024, SG&A expenses were $132.1 million, up from $105.2 million in Q3 2023, while R&D expenses amounted to $66.8 million, compared to $41.6 million in the same period last year.
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) | Growth Rate |
|---|---|---|---|
| SG&A | $132.1 | $105.2 | 26% |
| R&D | $66.8 | $41.6 | 61% |
Financial Performance
For the three months ended September 30, 2024, ITCI reported a net loss of $26.3 million, compared to a net loss of $24.3 million for the same period in 2023. The total operating expenses for Q3 2024 were $214.2 million, resulting in a loss from operations of $38.8 million.
| Financial Metric | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Net Loss | $26.3 | $24.3 |
| Total Operating Expenses | $214.2 | $155.9 |
| Loss from Operations | $38.8 | $29.7 |
Liquidity and Capital Resources
As of September 30, 2024, ITCI had cash and cash equivalents totaling approximately $464.3 million, along with investment securities of $542.3 million, providing a substantial liquidity position to fund ongoing operations and future growth initiatives.
| Liquidity Metric | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $464.3 |
| Investment Securities | $542.3 |
Future Outlook
ITCI plans to continue expanding its sales force and increasing promotional activities to support the commercial sales of CAPLYTA. The company also anticipates growth in R&D expenses as it expands clinical trial programs, particularly for its other drug candidates.
Intra-Cellular Therapies, Inc. (ITCI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Intra-Cellular Therapies, Inc. (ITCI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Intra-Cellular Therapies, Inc. (ITCI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Intra-Cellular Therapies, Inc. (ITCI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.