Intra-Cellular Therapies, Inc. reported significant financial growth in its latest 10-K filing, with net product sales of CAPLYTA reaching approximately $680.5 million for the year ended December 31, 2024, a 47% increase from $462.2 million in 2023. The company attributed this growth primarily to increased prescription volume for the treatment of schizophrenia and bipolar depression. Despite this revenue increase, the company reported a net loss of $74.7 million, an improvement from a loss of $139.7 million in the previous year, reflecting a continued focus on expanding its commercial operations and clinical development programs.
The filing also highlighted a strategic development, as Intra-Cellular announced a definitive agreement with Johnson & Johnson on January 10, 2025, for an acquisition valued at approximately $14.6 billion, or $132 per share. This transaction is expected to close within the year, pending stockholder approval and regulatory clearances. The merger is anticipated to enhance Intra-Cellular's capabilities in commercializing its products and expanding its pipeline.
Operationally, the company has expanded its sales force by approximately 150 representatives in 2024, with plans for further expansion in 2025 to support the potential approval of CAPLYTA for major depressive disorder (MDD) as adjunctive therapy to antidepressants. As of February 1, 2025, Intra-Cellular employed 860 full-time staff, reflecting its growth in personnel to support its commercialization efforts. The company is also actively pursuing additional clinical trials for lumateperone, including studies for MDD and pediatric indications.
Intra-Cellular's research and development expenses increased to $236.1 million in 2024, up from $180.1 million in 2023, driven by costs associated with ongoing clinical trials and the expansion of its product pipeline. The company is currently conducting multiple Phase 3 studies for lumateperone and has submitted a supplemental new drug application (sNDA) for MDD, which the FDA accepted for review in early 2025. The company’s outlook remains focused on advancing its clinical programs and achieving regulatory approvals for its product candidates.
Looking ahead, Intra-Cellular anticipates continued investment in its commercialization and development efforts, with a strong emphasis on expanding the market presence of CAPLYTA and advancing its pipeline of psychiatric and neurological therapies. The company’s financial position, bolstered by its cash reserves of approximately $1 billion as of December 31, 2024, positions it well to navigate the upcoming challenges and opportunities in the biopharmaceutical landscape.
About Intra-Cellular Therapies, Inc.
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