Cerevel Therapeutics reports Q4 EPS (59c), consensus (64c)

Cerevel anticipates R&D expenses for 2023 to increase relative to 2022, driven by increased costs associated with the advancement of the ongoing comprehensive Phase 2 program for emraclidine in schizophrenia; the recently initiated Phase 1 trial of emraclidine in healthy elderly volunteers to support development in Alzheimer’s disease psychosis; the expected initiation of the Phase 2 trial of darigabat in panic disorder; and incremental personnel costs to support the growth and advancement of the pipeline. Cerevel expects G&A expenses to remain relatively consistent for 2023, as compared to the fourth quarter of 2022. Cash, cash equivalents, and marketable securities of $950M as of December 31, 2022, expected to support operations into 2025.