NBIX Stock — Neurocrine Biosciences Inc.: Cash, EV, Pipeline

What they do

We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders. Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency (CAH), and endometriosis and uterine fibroids in collaboration with AbbVie Inc.

Source: 10-K FY2025 via SEC EDGAR

Share price

$164.63

Market cap

$16,663.6M

Cash

$789.7M

Enterprise value

$15,873.9M

Balance sheet

Cash	$789.7M
Debt	$0.0M
Net cash	$789.7M
Enterprise value	$15,873.9M
Basic shares	101.2M shares
Fully diluted shares	115.0M shares
Fully diluted market cap	$18,935.5M
Cash per share	$7.80
Quarterly burn	+$136.4M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

101.2M

Pre-funded warrants

0.0M

Options

9.8M

RSUs

3.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.0M

FDSO

115.0M

Cap table as of 2025-12-31.

Price history

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Next catalyst

NBI-1065890 · Mar 15 - Apr 26 in 4 mo · Phase 2 · Tardive Dyskinesia

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 15 - Apr 26 in 4 mo	NBI-1065890	Phase 2	Tardive Dyskinesia	—
GUIDEDEst. Jul 2, 2027 in 8 wks guidance midpoint	Direclidine Phase 3 studies in schizophrenia	Phase 3	schizophrenia	2027
Aug 12 - Sep 23 in 9 mo	NBI-1065845	Phase 3	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Aug 12 - Sep 23 in 9 mo	NBI-1065845	Phase 3	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Aug 12 - Sep 23 in 9 mo	NBI-1065845	Phase 3	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Sep 12 - Oct 24 in 10 mo	NBI-1117570	Phase 2	Schizophrenia	—
Nov 12 - Dec 24 in 12 mo	NBI-1117568	Phase 3	Schizophrenia	—
Dec 13, 2027 - Jan 24, 2028 in 13 mo	NBI-1117568	Phase 3	Schizophrenia	—
Mar 14 - Apr 25 in 16 mo	NBI-1117568	Phase 2	Bipolar I Disorder; Mania	—
Apr 12 - May 24 in 17 mo	Crinecerfont	Phase 2	Congenital Adrenal Hyperplasia	—
May 13 - Jun 24 in 18 mo	Valbenazine	Phase 3	Chorea, Huntington	—
Aug 12 - Sep 23 in 21 mo	NBI-1065845	Phase 3	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Jun 12 - Jul 24 in 32 mo	NBI-1065845	Phase 3	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Aug 12 - Sep 23 in 34 mo	NBI-1117568	Phase 3	Schizophrenia	—
Oct 18 - Nov 29 in 36 mo	Crinecerfont	Phase 2	Congenital Adrenal Hyperplasia	—
Jan 12 - Feb 23 in 63 mo	NBI-1117568	Phase 3	Schizophrenia	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

INGREZZA

Approved · Active Modality: small molecule

Aliases Valbenazine

Target VMAT2

Partnerships Tanabe Pharma Corporation (formerly Mitsubishi Tanabe Pharma): royalties on net sales of valbenazine

Indications

Tardive dyskinesia (TD) (Approved)
Chorea associated with Huntington's disease (Approved)

Status note First FDA-approved drug for TD (launched May 2017) and for chorea associated with Huntington's disease (August 2023). Wholly-owned commercial product; facing ANDA generic challenge (Zydus FZE filed ANDA March 2025) and a DOJ civil investigative demand on INGREZZA sales/marketing (August 2025).

CRENESSITY

Approved · Active Modality: small molecule

Aliases Crinecerfont

Target CRF-1

Indications

Classic congenital adrenal hyperplasia (CAH) (Approved)
CAH in children aged 3 months to under 4 years (Phase 2)

Status note Launched in the U.S. as a first-in-class FDA-approved treatment for classic CAH; driving product sales growth. Phase 2 clinical study initiated to assess safety and tolerability in children aged 3 months to under 4 years with CAH.

VYKAT XR

Approved · Active Modality: small molecule

Target KATP channel

Partnerships Soleno Therapeutics: acquired May 2026 (VYKAT XR source)

Indications

Hyperphagia associated with Prader-Willi syndrome (Approved)

Status note Commercial product named alongside INGREZZA and CRENESSITY; indication not stated in the excerpts.

NBI-1117570

Phase 2 · Active Modality: small molecule

Target muscarinic M1/M4

Partnerships Nxera (formerly Sosei Heptares): 2021 collaboration and license agreement to develop and commercialize sub-type selective muscarinic M1/M4 compounds

Indications

Schizophrenia (Phase 2)

Status note Dual M1/M4 selective agonist in adults with schizophrenia; first patients dosed in a Phase 2 clinical study.

NBIP-2118

Phase 1 · Active

Target CRFR2

Status note Investigational corticotropin-releasing factor 2 receptor (CRFR2) agent; Phase 1 first-in-human clinical study initiated to evaluate safety and tolerability in adult participants. Indication not stated.

NBI-921352

Stage not disclosed · Active Modality: small molecule

Target Nav1.2/Nav1.6

Partnerships Xenon: 2019 collaboration and license agreement to identify, research, and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates

Indications

Epilepsy (Stage not disclosed)

Status note Investigational, selective inhibitor of voltage-gated sodium channels Nav1.2 and Nav1.6 in development as a potential treatment of certain types of epilepsy. Clinical stage not stated.

Elagolix

Approved · Active Modality: small molecule

Target GnRH receptor

Partnerships AbbVie Inc.: Neurocrine earns royalties on AbbVie net sales of elagolix

Indications

Endometriosis / uterine fibroids (AbbVie's ORILISSA) (Approved)

Status note AbbVie's commercial GnRH antagonist (ORILISSA); Neurocrine earns royalties on net sales reported in collaboration revenues.

Per-asset detail extracted from the 10-Q filed 2026-07-28. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Valbenazine
Lead indication	Schizophrenia
Lead phase	Phase 4
Active trials	18
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06786624	Phase 3	Recruiting	Sponsor	NBIX	—	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
NCT06911112	Phase 3	Recruiting	Sponsor	NBIX	—	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
NCT06963021	Phase 3	Recruiting	Sponsor	NBIX	—	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
NCT06963034	Phase 3	Recruiting	Sponsor	NBIX	—	Schizophrenia	—
NCT07105098	Phase 3	Recruiting	Sponsor	NBIX	—	Schizophrenia	—
NCT06312189	Phase 3	Enrolling by invitation	Sponsor	NBIX	—	Chorea, Huntington	—
NCT07196501	Phase 3	Recruiting	Sponsor	NBIX	—	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
NCT06966401	Phase 3	Recruiting	Sponsor	NBIX	—	Major Depressive Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07227818	Phase 3	Recruiting	Sponsor	NBIX	—	Schizophrenia	—
NCT07114874	Phase 3	Recruiting	Sponsor	NBIX	—	Schizophrenia	—
NCT04806451	Phase 3	Active, not recruiting	Sponsor	NBIX	—	Congenital Adrenal Hyperplasia	—
NCT04490915	Phase 3	Active, not recruiting	Sponsor	NBIX	—	Congenital Adrenal Hyperplasia	—

Sponsor-matched active trials from ClinicalTrials.gov (18 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 21 active trials for Neurocrine Biosciences on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	1,267,925	+205,853	1.82%	2026-08-14
Braidwell LP	336,171	-315,950	2.10%	2026-08-14
DAFNA Capital	57,769	-12,846	1.86%	2026-08-14
ADAR1 Capital Management	0	-2,500	0.00%	2026-08-14
Perceptive Advisors	0	-65,050	0.00%	2026-08-14
Deerfield Management	0	-610,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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NBIX — Neurocrine Biosciences Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

NBIX — Neurocrine Biosciences Inc.