Neurocrine at Canaccord Conference: Strategic Growth and Innovation

Neurocrine Biosciences (NASDAQ:NBIX) presented at Canaccord Genuity’s 45th Annual Growth Conference on Wednesday, 13 August 2025, offering a comprehensive strategic overview. The company highlighted strong commercial performance and pipeline developments, while acknowledging potential challenges such as increased access costs and the impact of the Inflation Reduction Act (IRA). CEO Kyle and Head of Investor Relations Todd emphasized the company’s commitment to innovation and sustainable growth.

Key Takeaways

• Successful launch of KRONESSE, exceeding expectations with proactive disease state education
• INGREZZA achieved record new patient starts and prescription volume, with a 15% increase in Q2 revenue
• Ongoing pipeline developments with multiple Phase 1 and Phase 3 trials
• Focus on diversifying revenue streams and advancing innovative therapies
• Monitoring the potential impact of the Inflation Reduction Act on the competitive landscape

Financial Results

• INGREZZA Q2 revenue reached $624 million, marking a 15% increase from the previous quarter and an 8% increase year-over-year
• 2025 revenue guidance narrowed to between $2.5 billion and $2.55 billion
• KRONESSE achieved a 76% reimbursement rate in Q2
• INGREZZA’s access improved from 45% to 70% of covered TD and HD Medicare beneficiaries from 2024 to Q3 2025
• Double-digit growth projected for INGREZZA in 2025, with pricing stability expected from the second half of 2025 into 2026

Operational Updates

• The KRONESSE launch exceeded expectations, focusing on patient identification and awareness in the CAH space
• INGREZZA saw record new patient starts and prescription volume in Q2
• Pipeline developments included three new Phase 1 programs and ongoing Phase 3 trials for osimepitor in major depressive disorder (MDD) and dereclidine in schizophrenia
• Exploration of new indications beyond schizophrenia, such as bipolar mania and Alzheimer’s disease psychosis

Future Outlook

• Strategic priorities include innovation, patient-centricity, and sustainable growth
• Efforts to diversify revenue streams beyond INGREZZA
• Aiming for four new Phase 1 starts and two new Phase 2 starts annually, with a goal of introducing one new medicine every other year
• Preparing for the IRA’s price negotiation in 2027 and implementation in 2029
• Anticipated Phase 2 data for NBI-seven 70 in MDD later this year

Q&A Highlights

• Emphasis on patient identification and awareness to maintain KRONESSE momentum
• Encouraging 76% reimbursement rate for KRONESSE in Q2
• Robust TD market with significant growth potential for INGREZZA
• Lead muscarinic program (dereclidine) in replicate Phase 3 trials for schizophrenia
• NBI-seven 70 is a signal-seeking study in MDD, with data expected later this year

In conclusion, Neurocrine Biosciences remains focused on executing its strategic priorities and delivering innovative therapies. For further details, readers are encouraged to refer to the full transcript below.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: Good morning, everyone. I’m Sumant Kulkarni, a Senior Biotechnology Analyst here at Canaccord Genuity. It’s my pleasure to kick off the second day with Neurocrine Biosciences. Thanks for making the trip. I know you’ve come from a really nice place.

So thank you for joining us. Neurocrine is a company that has been really good at commercializing its products and also has a robust pipeline. They’re in neuro and endocrine, as you can tell from the name. But like I said, very successful on their commercialization efforts. And they have a burgeoning pipeline, a lot more of which we’ll hear on their R and D Day that’s coming up in December.

Then I’ll turn it over to Kyle and Todd. Kyle is the CEO. He’s been around for about a year now as CEO, but at the company for much longer than that. And Todd is he knows everything about the company. He’s the Head of the Investor I’m up about six

Todd, Head of Investor, Neurocrine Biosciences: years in September.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So with that, I’ll turn it over to Kyle and Todd to make a few opening remarks and then we’ll go straight to Q and A. If you have any questions, please feel free to raise your hands. I’ll get a mic over to you.

Kyle, CEO, Neurocrine Biosciences: Thanks, Ahmad. Maybe just to start off here this morning, I appreciate Canaccord for inviting us here and having opportunity to reflect a bit on where we started 2025. And you probably heard us talk a lot about the evolution and focus on evolution execution on the company this year. It’s important for me to have that view and focus stepping into this role about October 2024. And we’re making good progress along those lines of evolution and execution.

On the evolution side of the business, it really is at the top of the chain in terms of looking at our commercial portfolio. We added an additional product in December ’4 and we’ve launched that now two quarters in 2025 and the launch is meeting our expectation that has to do with chronicity in a rare endocrine disease called congenital adrenal hyperplasia. The medicine is important to us in several ways and this is part of that evolution. It adds a second leg of revenue growth for the company and also diversifies our revenue away from INGREZZA. And those two pieces are very important for Neurocrine, for myself when we think about those pillars that you need to be a high growth company continuing down that path that started with INGREZZA eight years ago.

So that revenue growth diversification to those pillars, the other one that I hope that we can talk a little bit about today is the sustainability of the pipeline and we have elements of that ongoing now at the company. So we have that on the commercial side. On the research side, it’s been a dedication to being a more productive resource organization relative to our history, which means the right focus in new areas for us, so having the right balance of internally discovered programs as well as externally sourced programs, moving away from small molecules exclusively to multi modality molecules, having the right mix and balance of validated to unvalidated targets across the portfolio. And by validated, I mean clinically or genetically. And you bring those things together and you really start talking about a research organization that is able to match the right modality to a given target.

And when you bring those two pieces together, get increases in productivity. And that’s why we’ve seen and heard out there from our colleagues, myself, Todd, others on the management team, this idea that at steady state we hope to have four new Phase one starts per year, two new Phase two starts per year, any given moment three Phase three programs and this would afford us one new medicine every other year. So high standards for high bar here at Neurocrine, but that evolution is already in flight. I mentioned Frenesti. We started three Phase one programs this year.

So we’re well on our way for achieving our milestones on Phase one starts. And on the execution side, just for a quick update, we have all of our Phase three programs up and running for osimepitor and MDD. Those are three Phase three trials and two Phase three studies for dereclidine in schizophrenia. So very excited about the progress we’ve made around that path of evolution and execution And there’s still a few more months left for the year, so excited to see what we can do.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: I’ll switch the script a little bit here. I’ll start with Kinesset and Greza. You’ve had a really solid start. You mentioned that it beat your own expectations. What do you think the Street or you guys were missing in terms of your ability to estimate so easily on this ramp?

Kyle, CEO, Neurocrine Biosciences: First of all, I wouldn’t have the Street beat itself up too much. We’re beating our own internal expectations in terms of the launch. I guess what I’d probably start with and just double down on, remind people is that we started disease state education well in advance of the approval of KRONESSE. I think that’s a big part of the success that we’ve had to date because it really engaged activated physicians across the three different groups, what you’re talking about physicians at centers of excellence, you know, the 1,000 pediatric endocrinologists that are out there or the 8,000 community endocrinologists. Being out there in advance of KRINESTY talking about the disease state really put CH, congenital adrenal hyperplasia, top of mind.

So when KRINESTY was available, I think they could begin talking to their patients out of the gate. And I think that’s been a nice surprise for us to see that we’ve had good uptake in terms of KRINESTY across those three different HCP segments. You mentioned those segments. What do

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: you think the key variable is to keep the momentum going on KRINESTY?

Kyle, CEO, Neurocrine Biosciences: Well, think that’s, you know, what I would say here on this is something that’s not unique to Chronicity but to all medicines and that’s patient identification. And when you’re thinking about a disease like CH, it’s a rare endocrine disease where for all intents and purposes there’s been no medicine specifically designed and developed for the disease. What you often see is over the course of a patient’s life is they become a bit apathetic about the treatment of their disease. They stop asking about new opportunities to better care for their symptoms over the years. And it’s really engaging those patients to start asking those questions about what might be available as they go from a pediatric patient to an adult patient that can help them over time.

So it’s breaking through that barrier identifying those patients over time and making sure that all the patients in this rare orphan disease have the opportunity to learn about KRONESTIN and see if it’s right for them. And hopefully they’ll try KRONESTIN and stay on KRONESTIN. That’s the new patient starts that you would talk about over time. But it starts with just a simple goal is making sure that patients are aware that there’s a medicine for their disease and then allowing them to go down that education journey.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: And how is real world usage of steroids by patients with classic congenital adrenal hyperplasia affected by use of chronicity? And do you think reimbursers might set up some bar after certain periods of time to see how that steroid usage is tracked?

Kyle, CEO, Neurocrine Biosciences: I think on the GC reduction piece, right now it’s still early days and where we are relative to launch to start hearing some of the feedback from physicians that are out there. I think what we see is that it’s that the experience of using Credencedy at this point of the launch is occurring in basically three phases. One is, is they are laying Credencedy on their background GC dose and they are very keen, the physicians that is to understand safety and tolerability of Cranesiti in the patient population. Safety and tolerability is what wins the day here with patients. After some time, if they see that the patients are doing well from that perspective, then they’re really interested in looking at how is how is KRONESTA is able to reduce their ACTH and androgens and control those different elements.

And if that looks good, then the third piece is let’s start lowering their GC dose. And really it’s with the mindset of looking at how we perform the Phase three clinical program and reducing that GC dose to below that eleven milligrams per meter square per day kind of threshold. So we’re just moving through that now and we’ll learn more about this a bit more over time.

Todd, Head of Investor, Neurocrine Biosciences: Yeah, on payer front, a couple of points. One, of the many surprising facets of this launch is the high level of reimbursement that we’ve gotten out of the gate and Q2 was 76%. So that has been really great. Point two is most of this is commercial versus INGREZZA is mostly Medicare. So it’s nice way to diversify the payer mix.

And then in terms of coverage determination or requirements where there are, it’s right in line with the label. The patient needs to have classic CAH, need to be four years or older and needs to be on concomitant steroids. So, so far so great, we like to say.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So on that note, from a competition standpoint, how are you thinking about what potential competition could come in over the years on Conessity?

Kyle, CEO, Neurocrine Biosciences: From a competitive standpoint, I think where we are with Cranesiti relative to other companies that are in the space is probably not fair to talk too much about competition at this point. The datasets are so different across the companies that are here. I will say generally competition is a good thing. It’s good for patients. It gives them options.

I think even for the companies that are working in this space, it brings out the best of us in terms of delivering on innovation for patients. What I hope people can understand and appreciate about Neurocrine is that we have a history of being first in a variety of disease states and we shine a light on diseases that are underserved by current medicines. And if that’s what we end up doing here for CH, that’s a pretty good spot to be. I will say, as I mentioned, how we’re seeing physicians use KRINESTY today does come back to safety and tolerability. Efficacy gets your foot in the door, but safety and tolerability is what really wins the day here.

And we really like our approach of controlling the HP access upstream and having us have the ability to control all the downstream hormones and other aspects of the disease that are important for CH.

Todd, Head of Investor, Neurocrine Biosciences: Yeah. We have right now an FDA approved clean label with unsurpassed efficacy and unsurpassed safety and unsurpassed tolerability.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: That’s a lot of unsurpassed. So, how what’s the excitement factor around ex U. S. Plans for this product and what would that mean for Neurocrine as an organization?

Kyle, CEO, Neurocrine Biosciences: Yeah. If you recall a bit about the history on KRINESTY in particular in 2024, we filed the NDA in Q2. I’ll give you a little bit of history on the response that I’ll be giving you here. So, we anticipated a standard one year We’re all hoping for priority review, but none of that’s guaranteed.

And certainly, we did get an accelerated review from the agency with PDUFA dates that were at the very 2024. So the team, whether it was from a clinical perspective or commercial perspective, was really on an accelerated path to prepare for the launch of KRONESTY. We actually got approval a couple of weeks before PDUFA dates and it really just has added to a lot of focus of the teams to make sure that we’re doing all that we could to successfully launch KRONESTIDA in The U. S. Market.

We’re still working through that now and we think that we’ve made the right choice to focus on The U. S. Market right now. So we’re evaluating what the opportunity is and plan ex U. S.

But right now, I wouldn’t say anything is eminent there from a filing perspective or commercial perspective. Right now, the focus is on The U. S. Market.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: All right. We’ll switch now to INGREZZA, which is a multi blockbuster product. You narrowed your sales outlook for the product this year. What needs to happen for you to meet or beat that number comfortably? Well,

Kyle, CEO, Neurocrine Biosciences: Q2 was a very productive quarter for us with INGREZZA. Just to recap, we saw $624,000,000 in revenue. That was 15% quarter to quarter growth and 8% year over year. Those kind of high level numbers that we’ve shared are really just the tip of the iceberg of what has gotten us excited about Q2. It really is a reflection on what we’re doing at the prescription volume level, the number of patients that were coming into the mix.

And we saw a second quarter of record new patient starts. We saw a record quarter for TRx. And what this translated to was increases in market share in new to brand as well as total prescriptions relative to our competitor in this space. All those are very encouraging. In fact, I would go the extra mile and say that being eight years in the launch and seeing us succeed like we did on those different aspects doesn’t happen by chance.

It’s because we have a strong fundamental business that’s attached to INGREZZA and a very robust TD market in particular out there where nine in ten patients still are on a VMAT2 inhibitor. The other piece that came into play here was we did improve our access quite significantly from 2024 to Q3 of this year. In fact, when we began the year, we had about forty five percent of all covered TD and HD Medicare beneficiaries. That was where we stood from an access standpoint and we improved it from 45% to 70%. The access improvements spanned Q2 and Q3 this year in terms of when these different expansions occurred, improvements in access.

That does come out of cost. So when we think about guidance then and the variables that play into that, in particular for the quarter, we narrowed our guidance to 2,500,000,000.0 to $2,550,000,000 for the year. It goes back to the cadence of NRx, persistency compliance of TRx and where certain marketing and market investments come into play throughout the course of the year. And we did have those access pieces come online in two different quarters, Q2 and Q3. So the guidance we’ve given you, we will give you because we believe we have a good shot of meeting that for this year.

And all the measurements that we have out there in particular on new patient starts and overall volume, we’re tracking right where we should be. We’re looking at an expectation of double digit growth for this year. It gives us a lot of momentum towards the end of this year and heading into 2026 for a very robust year.

Todd, Head of Investor, Neurocrine Biosciences: Yes. And I’ll just add for 2026, a lot of the contracting for 2026 is locked up. So there’ll be pricing stability from the second half of this year into ’twenty six.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So you paved the way for the tardive dyskinesia market with your product. Now you have a competitor, Teva, with AUSTEDO and AUSTEDO XR. How do you expect the competition to play out once Teva’s AUSTEDO and AUSTEDO XR are subject to the Inflation Reduction Act or IRE?

Kyle, CEO, Neurocrine Biosciences: Well, I think we acknowledge that we know all the answers here when it comes to the IRA, whether you’re talking about unattended consequences of brands that don’t go through a negotiated price versus those that have a negotiated price in a given year in our own IRA environment, which happens starting with the negotiation in 2027 and implementation in 2029. There are things that we do know though. One is the TD market is incredibly robust. You just heard a quote from me on nine in ten patients still not on a VMAT2 inhibitor. And just to add a little bit more to that, they are one hundred thousand patients out

S. With TD. So the fact that nine in ten patients are still not on a vMAT2 inhibitor tells you the growth that still remains. That would be point number one. And then number two kind of goes back to what Todd just mentioned.

We have a pretty good handle on our business through the 2026, both from the perspective of our marketing initiatives is where we are from a market access standpoint. And the third one is, when we think about INGREZZA, when patients start INGREZZA, they tend to stay on INGREZZA. It’s a very good medicine. At the end of the day, patients don’t switch a lot in this category. So, fast forward to 2027 when our competitor goes through a price negotiation moment on their own, it really is a story about new patient starts, not switching that goes on in different disease states.

And we’ll look at different ways to improve our access over that timeframe as we have this past year. And we know and have shown over time that we can grow the business through an exemptions process. So, we’re excited still for the business moving forward, a lot of room to grow. There are things that we know and don’t know, but ultimately comes down to growing the business in all facets, not just with INGREZZA, with Cranesity, the pipeline, and it will be the combination that makes the company stronger and resilient as we move in.

Todd, Head of Investor, Neurocrine Biosciences: And you got a long tail on INGREZZA as well because we have IP out to 02/1938. So you got thirteen more years.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So just staying on the IRA topic, what examples are you watching to give yourself insight into how a competitor product might behave if a product if your product might behave, if a competitor’s product is for the same indication as IRA?

Kyle, CEO, Neurocrine Biosciences: I think we’re we’ll be actively listening in a lot of different ways. You know, the first round of 10 medicines were negotiated already and we’ll see their prices being implemented next year. So we’ll start listening to what companies are saying that are in those categories that is they were medicines that were not negotiated, but they’re in categories where there is a brand that was negotiated. So we’ll start following what they’re saying and what they’re seeing out there for their particular medicines. And we’ll be doing the same from the perspective of PBMs because these medicines that are negotiated represent a loss in their revenue.

So they may be talking about that as well, either publicly or maybe in our own conversations with them as every company has conversations with PBMs over time. And if there are learnings that come from that, certainly, we’ll be looking at applying those to INGREZZA as we move on.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So we have a few minutes, and I definitely want

Todd, Head of Investor, Neurocrine Biosciences: to go

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: into the pipeline because you have a lot of products in there. This is probably a sneak preview of what’s going to come on December 16. So on NBI-five 68, what are your latest thoughts on selective M4 agonists versus the M1M4 approach and M4 positive allosteric modulator approach?

Kyle, CEO, Neurocrine Biosciences: Well, I think maybe I’ll start with the last one, positive allosteric modulator. Completely It’s different mechanism than what we’re trying to employ with our muscarinic that are agonist, which are orthosteric agonist. They don’t require anything else to come together to drive efficacy. So let’s put the PAM aside for a moment because it’s hard to compare apples to oranges there. In terms of our own programs, just a high level overview, our lead muscarinic program is a selective M4 agonist and it’s formally called MBI-five sixty eight.

We actually have a generic name now, dereclidine. And it’s in replicate Phase III trials right now for schizophrenia. And we also hope to move it forward later this year in a bipolar mania trial that will be your typical Phase II type of study. So, that’s our selective M4 program. Just behind that, we have a dual M1, M4 molecule called MBI-five 70 and that’s something that we’ll be moving forward later this year in a Phase two trial in schizophrenia as well.

No one has the portfolio of agonists that we have that range from M1 selected to M4 selected and different flavors in between. So, we have a wealth of different types of programs that we can actually study in similar patient populations and compare and contrast things like efficacy, safety and tolerability. So, you’re seeing a bit of that play out now between dereclidine and MBI-five seventy. We hear and appreciate the interest in understanding what is the benefit of adding M1 to M4. And we hear that from the perspective of a competitor in the space, Cobenthi, which Bristol Myers Squibb commercializes for schizophrenia, which is a different type of approach where they have to add back peripheral antagonists to attenuate safety and tolerability.

We don’t have that issue or that challenge with our own dual. It has a selectivity on just the subtypes that we’re interested in. But we would like to understand if there is differential efficacy versus doraclidine that’s in Phase III now, and we’ll be able to have that data relatively over the same timeframe as our Phase III readout.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: To your credit, as an organization, you’ve always run classical dose finding Phase II studies. Now, we kind of know what happened with this product in the Phase II. You went with a twenty mg dose. Could you go with an even lower dose?

Kyle, CEO, Neurocrine Biosciences: I think if you look back at all the data that we’ve collected over time, and this range from preclinical models of disease through our Phase one biomarker work, the twenty milligram dose that we’re taking forward in Phase three was always the one that outperformed lower and even higher doses. And because of that, we think we’ve got a good dose that we have in Phase three. We really haven’t seen anything beyond that from other exposures that we’ve studied historically. And in the Phase two trial that we ran, that was an ambitious study design that we undertook for Phase two. And it was done for a number of reasons.

One is, at a high level, we needed to catch up to other companies in the space and give us an opportunity to learn enough from that study that we can move into Phase three. So that means that meant at the time that we had to understand what the efficacy profile of M4 agonist was in the schizophrenia patient population. Up to that point, we’d only been in healthy volunteers. We need to understand if we’re leaving any more efficacy on the table as it relates to that twenty milligram dose. We hadn’t studied higher doses.

And then last but not least, it was really trying to pick out a dose and dosing regimen for Phase three. And we were able to achieve all those from the study. Ultimately, the twenty milligram dose outperformed with an 18.1 total PANSS improvement, 7.5 improvement on PANSS placebo corrected effect size above 0.61. And the other aspects that were positive about the Phase II trial is the dose that we selected has all the same features of what’s made INGREZZA so important in this patient population successful. It’s once a day, no food effect, no titration, and these are all things that we want to take forward and hopefully replicate in Phase III.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: So, on your muscarinic agonist portfolio, are there any predictions on what you might think might be the highest value indication? And do you have any early thoughts on how your portfolio might work in older patients?

Kyle, CEO, Neurocrine Biosciences: Obviously, schizophrenia, we know in the antipsychotic space that schizophrenia as an indication is the smaller opportunity relative to others that we’ve seen. And the antipsychotics that are approved today have indications that range from bipolar disorder, bipolar depression, MTD, the list goes on and on. So, that’s one of the reasons why we’re moving into bipolar mania later this year is to expand on the patient population that we can potentially have a medicine and they can benefit from that goes beyond schizophrenia. No one’s studied this yet, so we think it’s an important disease to go after and there’s a lot of biological rationale that will work there. On the other side of the coin, if you want to think about opportunities beyond that in the elderly, there’s been a lot of conversation around Alzheimer’s disease psychosis that is an interest of ours as well.

And with the benefit of having multiple molecules in the muscarinic space, we’re looking at all the Phase I data that we’ve collected across these molecules that have M4 activity. And we’re looking at which one might be the best one to take forward in ADP. It’s an elderly population. Safety and tolerability is very important. So, we’ll have more on that, I think, later this year when we come together at our R and D Day in December.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: A few seconds, but I do want to touch upon the major depressive disorder market. You have a Phase II coming for July. We’ve seen what’s happened with the Novartis program with their similar approach with the NR2B NAM to discontinue it after Phase two. You have Behringer’s product also in Phase two. Can you characterize how you view your product in light of those two competitors?

And also moving to your Phase three for osavampatore, how would you characterize success in that?

Kyle, CEO, Neurocrine Biosciences: So first on the NNDA, NR2B NAM program, this is MBI-seven 70. You’re right, it’s in a Phase two trial right now. I’d say it’s more of a signal seeking study. Three doses of active versus placebo has an N of about 70 subjects and we’ll have data later this year. It works through the ketamine pathway on an MDA, so it’s a validated biological pathway.

I think we’re also looking at a fast onset of efficacy here that’s based on the hypothesis that when you antagonize the NMDA receptor, you can get a transient hyperglutaminergic state. And that’s what floods the neuron and activates the AMPA receptor downstream. Being a little bit more selective than ketamine, however, we expect that the glutaminergic state that we’re invoking here is much less severe or high as ketamine and the associated effects that are attached to ketamine would be attenuated. That’s the promise. That’s been the hope of NR2B NAMS.

We’ll see what our data looks like. The primary endpoint for our study is the madras at Day five. So, we’ll see what the data looks like and we’ll go from there. As it relates to the Novartis or Boehringer compound, I don’t have a lot of information on those here today. I think on the Novartis compound, we know that it’s IV administered.

Ours would be an oral medication that we’d be taking just as any other type of antidepressant patients might be used to. And then ocevampoort, just quickly, it’s in three Phase three studies now, replicate studies and we’ll be looking at replicating really what we saw in Phase two, which was a MADRS score at month two of about 7.5 points with an exact size of 0.75, really good safety, tolerability. I think the only thing that we saw that stood out from placebo was headache there. But really like that profile of potentially being a first in class medicine for patients with depression.

Todd, Head of Investor, Neurocrine Biosciences: We look forward to replicating the totality of the data. Well said, Todd.

Sumant Kulkarni, Senior Biotechnology Analyst, Canaccord Genuity: Yes. It’s a good way to say it. With that, we’re out of time. Thanks again. And I’ll save the business development question

Todd, Head of Investor, Neurocrine Biosciences: All right. Okay.

Kyle, CEO, Neurocrine Biosciences: Thank you. Thanks, Samad. Thanks,

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