Neurocrine Biosciences balances robust 39% revenue growth and positive clinical data for INGREZZA against a tightened balance sheet following its $2.9 billion acquisition of Soleno Therapeutics.
Positive KINECT-PRO efficacy data and raised INGREZZA guidance support growth, but cash depletion and reliance on one drug temper the bullish case.
Soleno Therapeutics was acquired by Neurocrine for $53.00 per share in a $2.9 billion cash deal that closed in May, now part of Neurocrine's operations.
Neurocrine Biosciences reported a 39% year-over-year revenue increase to $959 million, bolstered by strong INGREZZA sales and positive KINECT-PRO Phase 4 data. While the company is expanding its portfolio through the $2.9 billion acquisition of Soleno Therapeutics, the significant cash drawdown and heavy reliance on its flagship drug remain key points of investor scrutiny.
The $2.9 billion cash acquisition significantly reduced Neurocrine's cash and marketable securities from $2.5 billion at the end of 2025 to $482 million by June 30, prompting the company to secure a $1 billion revolving credit facility.
The study demonstrates that INGREZZA provides clinically meaningful improvements in tardive dyskinesia symptoms across a broad range of patient severities, with benefits appearing as early as Week 4.