ACADIA reported a net loss of $8.7 million, or $0.23 per common share,for the fourth quarter of 2009 compared to a net loss of $14.0 million,or $0.38 per common share, for the fourth quarter of 2008. The net lossfor the fourth quarter of 2009 included charges of $1.3 million inconnection with ACADIA's restructuring announced in October. For theyear ended December 31, 2009, ACADIA reported a net loss of $45.1million, or $1.20 per common share, compared to a net loss of $64.2million, or $1.73 per common share, for 2008.
At December 31, 2009, ACADIA's cash, cash equivalents and investmentsecurities totaled $47.1 million compared to $60.1 million at December31, 2008. The decrease in cash was primarily due to cash used to fundoperations offset by an upfront payment of $30 million received in May2009 pursuant to ACADIA's collaboration with Biovail. ACADIA currentlyanticipates that its existing cash resources and anticipated paymentsfrom its collaborations will be sufficient to fund its operationsthrough the end of 2011.
"Together with our partner, Biovail, we are pursuing a broad developmentstrategy designed to leverage the clinical and commercial potential ofpimavanserin in three separate indications with large unmet medicalneeds," said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA."During 2010 we plan to initiate a new Phase III trial in Parkinson'sdisease psychosis, a Phase III trial as adjunctive therapy forschizophrenia, and a Phase II feasibility study for Alzheimer's diseasepsychosis. We believe that this multifaceted development program withpimavanserin coupled with our two clinical programs in collaborationwith Allergan and our IND-track program in collaboration with MeijiSeika positions ACADIA with multiple attractive product and commercialopportunities and significant growth potential."
Revenues increased to $1.8 million for the fourth quarter of 2009 from$325,000 for the fourth quarter of 2008. This increase was primarily dueto $1.3 million in revenues recognized under ACADIA's collaboration withBiovail, which commenced in May 2009, as well as increased revenues fromother agreements.
Research and development expenses decreased to $7.8 million for thefourth quarter of 2009, including $90,000 in stock-based compensation,from $12.1 million for the fourth quarter of 2008, including $184,000 instock-based compensation. The decrease in research and developmentexpenses was primarily due to $4.5 million in lower external servicecosts as well as initial cost savings from ACADIA's restructuring, whichdecrease was partially offset by a charge of $905,000 during the fourthquarter of 2009 in connection with the restructuring.
General and administrative expenses increased to $2.6 million for thefourth quarter of 2009, including $242,000 in stock-based compensation,from $2.4 million for the fourth quarter of 2008, including $364,000 instock-based compensation. The increase was primarily due to a charge of$382,000 during the fourth quarter of 2009 in connection with ACADIA'srestructuring, which was partially offset by lower professional fees andother costs.
Conference Call and Webcast Information
ACADIA management will review its fourth quarter results and developmentprograms via conference call and webcast later today at 5:00 p.m.Eastern Time. The conference call may be accessed by dialing866-783-2140 for participants in the U.S. or Canada and 857-350-1599 forinternational callers (reference passcode 53357519). A telephone replayof the conference call may be accessed through March 23, 2010 by dialing888-286-8010 for callers in the U.S. or Canada and 617-801-6888 forinternational callers (reference passcode 56612031). The conference callalso will be webcast live on ACADIA's website, www.acadia-pharm.com,under the investors section and will be archived there until March 23,2010.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative technology tofuel drug discovery and clinical development of novel treatments forcentral nervous system disorders. ACADIA is currently developing aportfolio consisting of four product candidates including pimavanserin,which is being developed for three separate neurological and psychiatricindications in collaboration with Biovail. These indications areParkinson's disease psychosis, which is in Phase III development,adjunctive therapy for schizophrenia, which is in Phase III planning,and Alzheimer's disease psychosis, for which ACADIA is planning toinitiate a Phase II feasibility study. In addition to pimavanserin,ACADIA has a product candidate in Phase II development for chronic painand a product candidate in Phase I development for glaucoma, both incollaboration with Allergan, and a program in IND-track development incollaboration with Meiji Seika Kaisha. All of the product candidates inACADIA's pipeline emanate from discoveries made using its proprietarydrug discovery platform.
ACADIA maintains a website at www.acadia-pharm.comto which ACADIA regularly posts copies of its press releases as well asadditional information and through which interested parties cansubscribe to receive email alerts.
Forward-Looking Statements
Statements in this press release that are not strictly historical innature are forward-looking statements. These statements include but arenot limited to statements related to the progress and timing of ACADIA'sdrug discovery and development programs either alone or with a partner,including clinical trials, and the benefits to be derived from ACADIA'sproduct candidates, in each case including pimavanserin, potentialpayments under its collaboration agreements, and the length of its cashrunway. These statements are only predictions based on currentinformation and expectations and involve a number of risks anduncertainties. Actual events or results may differ materially from thoseprojected in any of such statements due to various factors, includingthe risks and uncertainties inherent in drug discovery, development andcommercialization, and collaborations with others, and the fact thatpast results of clinical trials may not be indicative of further trialresults. For a discussion of these and other factors, please refer toACADIA's annual report on Form 10-K for the year ended December 31, 2009as well as other subsequent filings with the Securities and ExchangeCommission. You are cautioned not to place undue reliance on theseforward-looking statements, which speak only as of the date hereof. Thiscaution is made under the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. All forward-looking statementsare qualified in their entirety by this cautionary statement and ACADIAundertakes no obligation to revise or update this press release toreflect events or circumstances after the date hereof.
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
| 2009 | 2008 | 2009(1) | 2008(1) | |||||||||||||||||
| Collaborative revenues | $ | 1,769 | $ | 325 | $ | 6,399 | $ | 1,590 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development (includes stock-based compensation of $90,$184, $874 and $1,325, respectively) | 7,836 | 12,145 | 41,585 | 56,750 | ||||||||||||||||
| General and administrative (includes stock-based compensation of$242, $364, $1,260 and $1,662, respectively) | 2,638 | 2,394 | 10,282 | 11,818 | ||||||||||||||||
| Total operating expenses | 10,474 | 14,539 | 51,867 | 68,568 | ||||||||||||||||
| Loss from operations | (8,705 | ) | (14,214 | ) | (45,468 | ) | (66,978 | ) | ||||||||||||
| Interest income, net | 17 | 251 | 323 | 2,734 | ||||||||||||||||
| Net loss | $ | (8,688 | ) | $ | (13,963 | ) | $ | (45,145 | ) | $ | (64,244 | ) | ||||||||
| Net loss per common share, basic and diluted: | $ | (0.23 | ) | $ | (0.38 | ) | $ | (1.20 | ) | $ | (1.73 | ) | ||||||||
| Weighted average common shares outstanding, basic and diluted | 38,110 | 37,157 | 37,476 | 37,113 | ||||||||||||||||
(1) The condensed consolidated statements of operations for theyears ended December 31, 2009 and 2008 have been derived from theaudited financial statements but do not include all of theinformation and footnotes required by accounting principlesgenerally accepted in the United States for complete financialstatements. | ||||||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
2009(1) | 2008(1) | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 47,060 | $ | 60,083 | ||||
| Prepaid expenses, receivables and other current assets | 1,413 | 2,299 | ||||||
| Total current assets | 48,473 | 62,382 | ||||||
| Property and equipment, net | 1,062 | 2,103 | ||||||
| Other assets | 145 | 192 | ||||||
| Total assets | $ | 49,680 | $ | 64,677 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 8,670 | $ | 10,613 | ||||
| Current portion of deferred revenue | 6,037 | 438 | ||||||
| Total current liabilities | 14,707 | 11,051 | ||||||
| Long-term portion of deferred revenue | 22,579 | - | ||||||
| Other long-term liabilities | 280 | 634 | ||||||
| Total liabilities | 37,566 | 11,685 | ||||||
| Stockholders' equity | 12,114 | 52,992 | ||||||
| Total liabilities and stockholders' equity | $ | 49,680 | $ | 64,677 | ||||
(1) The condensed consolidated balance sheets at December 31, 2009and December 31, 2008 have been derived from the audited financialstatements at such date but do not include all of the informationand footnotes required by accounting principles generally acceptedin the United States for complete financial statements. | ||||||||
SOURCE: ACADIA Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Vice President and Chief Financial Officer
858-558-2871