Intra-Cellular Therapies, Inc. has recently released its 10-K report, revealing key financial and operational details. The biopharmaceutical company focuses on discovering, developing, and commercializing small molecule drugs primarily for neuropsychiatric and neurological disorders. In December 2019, the company's product CAPLYTA was approved by the FDA for the treatment of schizophrenia in adults, and later in December 2021, it received approval for the treatment of bipolar depression in adults. The company is also involved in the development of Lumateperone for various depressive disorders, Lenrispodun for Parkinson's disease, and ITI-1284 for generalized anxiety disorder and psychosis in patients with Alzheimer's disease.
In the fiscal year ended December 31, 2024, Intra-Cellular Therapies announced a definitive agreement with Johnson & Johnson for acquisition at $132 per share in cash, totaling approximately $14.6 billion. The transaction is expected to close this year, subject to customary closing conditions, including stockholder and regulatory approvals.
In terms of its product portfolio, Lumateperone is being developed as a novel treatment for major depressive disorder (MDD), with positive topline results from Phase 3 clinical trials. Additionally, the company's ITI-1284-ODT-SL, a deuterated form of lumateperone, is being evaluated for the treatment of generalized anxiety disorder and psychosis and agitation in patients with Alzheimer's disease. Furthermore, Intra-Cellular Therapies is pursuing the development of novel non-hallucinogenic psychedelics and compounds that selectively inhibit the enzyme phosphodiesterase type 1, with Lenrispodun being the lead compound in this program.
The company has also initiated Phase 2 clinical studies for ITI-1284-ODT-SL and ITI-1500, focusing on various neuropsychiatric disorders and non-CNS conditions. However, the company has discontinued its development program for ITI-333, a potential treatment for substance use disorders, pain, and psychiatric comorbidities.
The 10-K report also details Intra-Cellular Therapies' agreement and plan of merger with Johnson & Johnson, providing insights into the terms and conditions of the merger, including the expected closing date and termination rights for both parties. Today the company's shares have moved 0.1% to a price of $128.7. For more information, read the company's full 10-K submission here.
