$ITCI
Intra-Cellular Therapies, Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024035386 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $175.4M $161.4M $110.8M
YoY Change 39.0% 45.67% 99.34%
Cost Of Revenue $15.30M $11.35M $7.163M
YoY Change 68.18% 58.51% 54.04%
Gross Profit $160.1M $150.0M $103.6M
YoY Change 36.81% 44.78% 103.48%
Gross Profit Margin 91.27% 92.96% 93.53%
Selling, General & Admin $132.1M $121.6M $101.0M
YoY Change 25.57% 20.35% 0.7%
% of Gross Profit 82.53% 81.03% 97.48%
Research & Development $66.82M $56.18M $49.79M
YoY Change 60.82% 12.83% 29.21%
% of Gross Profit 41.74% 37.45% 48.05%
Depreciation & Amortization $138.0K $129.0K $123.0K
YoY Change 6.15% 4.88% -28.49%
% of Gross Profit 0.09% 0.09% 0.12%
Operating Expenses $214.2M $189.1M $150.8M
YoY Change 37.42% 25.4% 5.09%
Operating Profit -$38.85M -$27.72M -$47.18M
YoY Change 30.75% -41.24% -46.34%
Interest Expense $12.90M $11.56M $4.530M
YoY Change 134.53% 155.19% 243.18%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$25.95M -$16.16M -$42.65M
YoY Change 7.16% -62.1% -50.75%
Income Tax $374.0K $57.00K $135.0K
% Of Pretax Income
Net Earnings -$26.32M -$16.22M -$42.78M
YoY Change 8.52% -62.09% -50.6%
Net Earnings / Revenue -15.01% -10.05% -38.62%
Basic Earnings Per Share -$0.25 -$0.16 -$0.45
Diluted Earnings Per Share -$0.25 -$0.16 -$0.45
COMMON SHARES
Basic Shares Outstanding 105.7M shares 105.6M shares 95.93M shares
Diluted Shares Outstanding 105.8M shares 103.7M shares 95.95M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.007B $1.023B $512.9M
YoY Change 104.16% 99.45% -24.45%
Cash & Equivalents $464.3M $693.3M $142.3M
Short-Term Investments $542.3M $329.6M $370.6M
Other Short-Term Assets $96.02M $75.55M $47.36M
YoY Change 50.5% 59.52% 20.27%
Inventory $23.54M $20.08M $41.90M
Prepaid Expenses
Receivables $145.6M $145.7M $95.96M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.272B $1.264B $698.1M
YoY Change 81.05% 81.11% -11.55%
LONG-TERM ASSETS
Property, Plant & Equipment $2.005M $1.445M $15.44M
YoY Change 12.07% -90.64% 622.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.219M $7.739M $86.00K
YoY Change 7131.4% 8898.84% 0.0%
Total Long-Term Assets $52.71M $56.25M $15.53M
YoY Change 245.92% 262.24% -31.59%
TOTAL ASSETS
Total Short-Term Assets $1.272B $1.264B $698.1M
Total Long-Term Assets $52.71M $56.25M $15.53M
Total Assets $1.324B $1.321B $713.6M
YoY Change 84.55% 85.05% -12.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.34M $17.55M $7.733M
YoY Change -2.59% 126.92% -28.06%
Accrued Expenses $155.8M $144.2M $84.35M
YoY Change 68.41% 70.99% 40.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $166.1M $161.8M $92.08M
YoY Change 61.13% 75.69% 30.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.51M $14.12M $14.43M
YoY Change -2.83% -2.18% -24.34%
Total Long-Term Liabilities $13.51M $14.12M $14.43M
YoY Change -2.83% -2.18% -24.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $166.1M $161.8M $92.08M
Total Long-Term Liabilities $13.51M $14.12M $14.43M
Total Liabilities $179.6M $175.9M $106.5M
YoY Change 53.54% 65.14% 18.73%
SHAREHOLDERS EQUITY
Retained Earnings -$1.675B -$1.649B -$1.564B
YoY Change 5.44% 5.39% 13.36%
Common Stock $2.818B $2.794B $2.174B
YoY Change 28.65% 28.53% 3.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.145B $1.145B $607.1M
YoY Change
Total Liabilities & Shareholders Equity $1.324B $1.321B $713.6M
YoY Change 84.55% 85.05% -12.11%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$26.32M -$16.22M -$42.78M
YoY Change 8.52% -62.09% -50.6%
Depreciation, Depletion And Amortization $138.0K $129.0K $123.0K
YoY Change 6.15% 4.88% -28.49%
Cash From Operating Activities -$26.53M $542.0K -$36.80M
YoY Change 4.97% -101.47% -61.18%
INVESTING ACTIVITIES
Capital Expenditures $696.0K $53.00K $0.00
YoY Change 157.78% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$208.5M $7.819M $94.75M
YoY Change 947.77% -91.75% 153.66%
Cash From Investing Activities -$209.2M $7.766M $94.75M
YoY Change 937.2% -91.8% 154.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.734M 545.2M 8.585M
YoY Change 161.01% 6250.37% 55.98%
NET CHANGE
Cash From Operating Activities -26.53M 542.0K -36.80M
Cash From Investing Activities -209.2M 7.766M 94.75M
Cash From Financing Activities 6.734M 545.2M 8.585M
Net Change In Cash -229.0M 553.5M 66.53M
YoY Change 434.28% 731.92% -227.8%
FREE CASH FLOW
Cash From Operating Activities -$26.53M $542.0K -$36.80M
Capital Expenditures $696.0K $53.00K $0.00
Free Cash Flow -$27.22M $489.0K -$36.80M
YoY Change 6.58% -101.33% -61.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates </span></div>The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments which potentially subject the Company to concentrations of credit risk consist of accounts receivable, net from customers and cash, cash equivalents and investments held at financial institutions. For the six-month period ended June 30, 2024, 97% of product sales were generated from three major industry wholesalers. </span></div>Three individual customers accounted for approximately 35%, 26%, and 36% as well as 37%, 30%, and 29% of product sales for the six-month periods ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company continues to believe that such customers are of high credit quality.
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724000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1216000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
599000 usd
us-gaap Lease Cost
LeaseCost
4034000 usd
us-gaap Lease Cost
LeaseCost
3326000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2165000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4436000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4513000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4573000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4707000 usd
CY2024Q2 itci Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2351000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22745000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4457000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
18288000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4171000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14117000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
16370000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
13226000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
30213000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
23665000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4239982 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.22
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
17288 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
574301 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
9347 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3673622 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.38
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3673622 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
29.38
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3320956 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.94
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M12D
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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