NEUROCRINE BIOSCIENCES INC
NBIX evidence brief
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What it means
What to watch
Prepared research question
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Traceable citations · Unknowns marked
BioSniper AI · NBIX
Neurocrine Biosciences is a neuroscience-focused biopharmaceutical company with approved products INGREZZA and VYKAT XR, a deep pipeline of mid-to-late-stage candidates, and a strong balance sheet, though it faces significant clinical and commercial execution risks.
Key risk: Clinical trial failure or delay
BioSniper Score
Based on 6 of 6 signals
Market Cap
$15.66B
Cash Runway
—
Lead Asset
crinecerfont (Phase 3)Next Catalyst
Phase3_Topline · Jul 1, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 29 clinical trials · 12 catalysts · 4 FDA decisions for NEUROCRINE BIOSCIENCES INC.
Neurocrine Biosciences is a neuroscience-focused biopharmaceutical company with approved products INGREZZA and VYKAT XR, a deep pipeline of mid-to-late-stage candidates, and a strong balance sheet, though it faces significant clinical and commercial execution risks.
- As of June 30, 2026, Neurocrine reported cash & equivalents of $338.9M, total revenue of $959.0M, and net income of $144.4M [sec].
- Net product sales of INGREZZA are driven by volume growth in total prescriptions and record new prescriptions on strong patient demand [sec_mda · as of 2026-07-31].
- In May 2026, Neurocrine completed the acquisition of Soleno for approximately $2.9 billion, adding VYKAT XR, the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome, to its rare disease portfolio [sec_mda · as of 2026-07-31].
- The company has multiple Phase 3 topline readouts scheduled from mid-2027 through 2030, covering candidates such as NBI-106584, crinecer, and valbenazine for Huntington disease chorea [upcoming catalysts].
- Neurocrine entered into a $1.0 billion senior secured revolving credit facility in May 2026, with $1.0 billion of available borrowing capacity as of June 30, 2026 [sec_mda · as of 2026-07-07].
What works
- Strong commercial performance of INGREZZA, with record new prescriptions and volume growth, provides a stable revenue base [sec_mda · as of 2026-07-31].
- The addition of VYKAT XR via the Soleno acquisition expands the rare disease portfolio with a first-in-class approved therapy for Prader-Willi syndrome [sec_mda · as of 2026-07-31].
- A robust pipeline with multiple Phase 3 catalysts over the next several years offers potential for future growth and diversification [upcoming catalysts].
- A solid balance sheet with $338.9M cash and access to a $1.0B credit facility provides financial flexibility to fund operations and R&D [sec] [sec_mda · as of 2026-07-31].
What to weigh
- The company faces substantial capital requirements and uncertainties in R&D spending, which could strain resources if clinical or commercial setbacks occur [sec_mda · as of 2026-05-05].
- Dependence on INGREZZA for the majority of revenue exposes the company to concentration risk if competition or pricing pressures emerge [sec_mda · as of 2026-02-11].
- The $2.9 billion Soleno acquisition adds integration risk and significant debt-like obligations (via the credit facility) that must be managed [sec_mda · as of 2026-07-31].
- Clinical trial failures or delays in any of the numerous Phase 3 programs could materially impact the pipeline and investor sentiment [sec_mda · as of 2026-07-31].
From the filings
Quoted directly from source documents.
Net product sales of INGREZZA are driven by volume growth and record new prescriptions.
“net product sales of INGREZZA, driven by volume growth in total prescriptions and record new prescriptions on strong patient demand”
SEC MD&A · July 31, 2026
Neurocrine completed the acquisition of Soleno in May 2026 for approximately $2.9 billion.
“On May 18, 2026, we completed our acquisition of Soleno in an all-cash transaction representing a total equity value of approximately $2.9 billion”
SEC MD&A · July 31, 2026
The company has a $1.0 billion senior secured revolving credit facility with $1.0 billion available borrowing capacity as of June 30, 2026.
“As of June 30, 2026, we had $1.0 billion of available borrowing capacity under the 2026 Credit Facility”
SEC MD&A · July 31, 2026
The funding necessary to execute business strategies is subject to numerous uncertainties.
“The funding necessary to execute our business strategies is subject to numerous uncertainties and we may be required to make substantial expenditures if unforeseen difficulties arise in certain areas of our business.”
SEC MD&A · May 5, 2026
Catalyst timeline
- 2027-07-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-Blind, Placebo-Controlled Study to Assess the Efficacy and Safety of NBI-106584 — Topline data from a pivotal study of NBI-106584 as adjunctive treatment; outcome will inform regulatory path.
- 2027-08-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-Blind, Placebo-Controlled Study to Evaluate the Safety and Efficacy of Crinecer — Topline data from a pivotal study of crinecer; results will determine next steps for this candidate.
- 2027-10-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-Blind, Placebo-Controlled Study to Assess the Efficacy, S — Topline data from another Phase 3 study; details of the indication are not fully specified in the catalyst block.
- 2027-11-01 · Phase3_Topline — Phase 3 Topline: A Global, Phase 3, Multicenter, Randomized, Double-Blind, Placebo-Controlled Study to Assess the Eff — Topline data from a global Phase 3 study; specific indication not detailed in the catalyst block.
- 2028-04-01 · Phase3_Topline · valbenazine — Phase 3 Topline: Open-Label Study of Valbenazine for the Treatment of Chorea Associated With Huntington Disease in Ca — Topline data from an open-label study of valbenazine for Huntington disease chorea; will inform potential label expansion.
- 2028-07-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-Blind, Placebo-Controlled Study to Evaluate the Maintenance of Effect of NBI-10 — Topline data from a maintenance-of-effect study for an NBI candidate; results will clarify durability of benefit.
- 2029-07-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Double-Blind, Placebo-Controlled, Randomized Withdrawal Study to Assess the — Topline data from a randomized withdrawal study; will assess efficacy and safety upon treatment discontinuation.
- 2030-05-01 · Phase3_Topline — Phase 3 Topline: A Long-Term, Open-Label Study to Assess the Safety and Tolerability of NBI-1065845 as Adjunctive Tre — Topline data from a long-term safety study of NBI-1065845; will provide extended safety and tolerability data.
Risks & what to watch (4)›
Key risks
- Clinical trial failure or delay — Multiple Phase 3 readouts from 2027-2030; failure of any key candidate could impair pipeline value [sec_mda · as of 2026-07-31].
- INGREZZA revenue concentration — Heavy reliance on INGREZZA for revenue; competitive or pricing pressures could materially impact financials [sec_mda · as of 2026-02-11].
- Integration and debt from Soleno acquisition — $2.9B acquisition adds integration risk and $1.0B credit facility obligations that must be managed [sec_mda · as of 2026-07-31].
- R&D spending uncertainty — Substantial capital required for R&D; unforeseen difficulties could lead to significant expenditures [sec_mda · as of 2026-05-05].
What to watch
- Phase 3 topline results for NBI-106584 (adjunctive treatment) expected around July 2027 [upcoming catalysts].
- Phase 3 topline results for crinecer expected around August 2027 [upcoming catalysts].
- Phase 3 topline results for valbenazine in Huntington disease chorea expected around April 2028 [upcoming catalysts].
- Commercial performance of VYKAT XR following the Soleno acquisition and its contribution to revenue [sec_mda · as of 2026-07-31].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.45 · 3% dilution
Lead: Approved
2 candidates
12 upcoming, next in ~305d
0 buys · 27 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
691
Total value held
$12.84B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 13,385,607 | $1.76B |
| vanguard capital management llc | 9,023,808 | $1.19B |
| dodge & cox | 5,461,037 | $719.4M |
| aqr capital management llc | 4,938,967 | $650.7M |
| vanguard portfolio management llc | 4,726,344 | $622.6M |
| state street corp | 4,354,526 | $573.7M |
| two sigma investments, lp | 3,060,570 | $403.2M |
| renaissance technologies llc | 2,418,897 | $318.7M |
| geode capital management, llc | 2,136,672 | $280.8M |
| bnp paribas asset management holding s.a. | 1,493,813 | $196.8M |
Showing top 10 of 691 institutional holders of NEUROCRINE BIOSCIENCES INC. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 7.8%
- Days to cover
- 5.1
- Shares short
- 5,992,527
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NBIX short interestGovernance
Frequently asked questions
What is the AI investment thesis for NEUROCRINE BIOSCIENCES INC?
Neurocrine Biosciences is a neuroscience-focused biopharmaceutical company with approved products INGREZZA and VYKAT XR, a deep pipeline of mid-to-late-stage candidates, and a strong balance sheet, though it faces significant clinical and commercial execution risks.
What is NEUROCRINE BIOSCIENCES INC's lead drug candidate?
NEUROCRINE BIOSCIENCES INC's most advanced tracked candidate is crinecerfont (Phase 3) for Congenital Adrenal Hyperplasia.
What is NEUROCRINE BIOSCIENCES INC's next catalyst?
NEUROCRINE BIOSCIENCES INC's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Randomized, Double-Blind, Placebo-Controlled Study to Assess the Efficacy and Safety of NBI-106584" — expected July 1, 2027.
Who is the CEO of NEUROCRINE BIOSCIENCES INC?
Mr. Kyle W. Gano Ph.D. is the chief executive officer of NEUROCRINE BIOSCIENCES INC (NBIX).
Where is NEUROCRINE BIOSCIENCES INC headquartered?
NEUROCRINE BIOSCIENCES INC (NBIX) is headquartered in San Diego, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.