Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
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).
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 · ActiveModality: 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 · ActiveModality: 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 · ActiveModality: 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 · ActiveModality: small molecule
Target GnRH receptor
Partnerships AbbVie Inc.: Neurocrine earns royalties on AbbVie net sales of elagolix
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.
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.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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