ACADIA reported a net loss of
At
“2011 was an important year for ACADIA highlighted by the advancement ofour Phase III pimavanserin program for Parkinson’s disease psychosis,extension of our cash runway, and expansion of our clinical pipeline,”said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “Wecontinue to enroll patients in our ongoing -020 Phase III efficacy,tolerability and safety trial and our -015 Phase III open-label safetyextension trial. We look forward to completing the -020 trial later thisyear and believe that a successful study will provide the opportunity tosignificantly increase the value of this late-stage asset.”
Revenues totaled
Research and development expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its fourth quarter financial results anddevelopment programs via conference call and webcast later today at
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on innovative treatmentsthat address unmet medical needs in neurological and related centralnervous system disorders. ACADIA has four product candidates in clinicaldevelopment led by pimavanserin, which is in Phase III development as apotential first-in-class treatment for Parkinson’s disease psychosis.ACADIA’s other clinical-stage products include collaborative programsfor chronic pain and glaucoma with
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, including clinical trials andthe results therefrom, the potential of and the benefits to be derivedfrom successful clinical trials or from product candidates, in each caseincluding pimavanserin, and the period during which ACADIA’s cashresources will be sufficient to fund its operations. These statementsare only predictions based on current information and expectations andinvolve a number of risks and uncertainties. Actual events or resultsmay differ materially from those projected in any of such statements dueto various factors, including the risks and uncertainties inherent indrug discovery, development and commercialization and collaborationswith others, and the fact that past results of clinical trials may notbe indicative of future trial results. For a discussion of these andother factors, please refer to ACADIA’s annual report on Form 10-K forthe year ended December 31, 2011 as well as ACADIA’s subsequent filingswith the
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||||||||
2011 | 2010(1) | 2011(2) | 2010(1)(2) | |||||||||||||||||||||||
| Collaborative revenues | $ | 588 | $ | 35,404 | $ | 2,067 | $ | 42,135 | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $128,$87, $512 and $599, respectively) | 4,424 | 4,757 | 17,309 | 20,579 | ||||||||||||||||||||||
| General and administrative (includes stock-based compensation of$280, $249, $1,086 and $984, respectively) | 1,478 | 1,518 | 7,610 | 6,462 | ||||||||||||||||||||||
| Total operating expenses | 5,902 | 6,275 | 24,919 | 27,041 | ||||||||||||||||||||||
| Income (loss) from operations | (5,314 | ) | 29,129 | (22,852 | ) | 15,094 | ||||||||||||||||||||
| Interest income, net | 14 | 12 | 87 | 45 | ||||||||||||||||||||||
| Net income (loss) | $ | (5,300 | ) | $ | 29,141 | $ | (22,765 | ) | $ | 15,139 | ||||||||||||||||
| Net income (loss) per common share, basic | $ | (0.10 | ) | $ | 0.74 | $ | (0.44 | ) | $ | 0.39 | ||||||||||||||||
| Net income (loss) per common share, diluted | $ | (0.10 | ) | $ | 0.74 | $ | (0.44 | ) | $ | 0.39 | ||||||||||||||||
| Weighted average common shares outstanding, basic | 52,834 | 39,294 | 52,183 | 38,593 | ||||||||||||||||||||||
| Weighted average common shares outstanding, diluted | 52,834 | 39,318 | 52,183 | 38,720 | ||||||||||||||||||||||
| (1) | During the fourth quarter of 2010, ACADIA ended its collaborationagreement with Biovail. In connection with concluding thiscollaboration, the Company recognized $34.7 million in revenueduring the fourth quarter of 2010, which resulted in the Companyreporting net income for the fourth quarter and year ended December31, 2010. | |||||
| (2) | The condensed consolidated statements of operations for the yearsended December 31, 2011 and 2010 have been derived from the auditedfinancial statements but do not include all of the information andfootnotes required by accounting principles generally accepted inthe United States for complete financial statements. | |||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | |||||||||||||||
December 31, 2011(1) | December 31, 2010(1) | ||||||||||||||
| Assets | |||||||||||||||
| Cash, cash equivalents, and investment securities | $ | 31,048 | $ | 37,087 | |||||||||||
| Prepaid expenses, receivables and other current assets | 901 | 762 | |||||||||||||
| Total current assets | 31,949 | 37,849 | |||||||||||||
| Property and equipment, net | 151 | 426 | |||||||||||||
| Other assets | 14 | 119 | |||||||||||||
| Total assets | $ | 32,114 | $ | 38,394 | |||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,496 | $ | 5,269 | |||||||||||
| Current portion of deferred revenue | 669 | 690 | |||||||||||||
| Total current liabilities | 6,165 | 5,959 | |||||||||||||
| Long-term portion of deferred revenue | 2,587 | 2,623 | |||||||||||||
| Other long-term liabilities | - | 124 | |||||||||||||
| Total liabilities | 8,752 | 8,706 | |||||||||||||
| Stockholders’ equity | 23,362 | 29,688 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 32,114 | $ | 38,394 | |||||||||||
(1) | The condensed consolidated balance sheets at December 31, 2011 and2010 have been derived from the audited financial statements atsuch date but do not include all of the information and footnotesrequired by accounting principles generally accepted in the UnitedStates for complete financial statements. |
Source:
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, ExecutiveVice President,
Chief Financial Officer and Chief BusinessOfficer
(858) 558-2871