ACADIA reported a net loss of
At
“2012 was a transformational year for ACADIA, highlighted by theimpressive results from our pivotal Phase III trial with pimavanserin inParkinson’s disease psychosis and the strengthening of our balance sheetthrough our successful financing,” said Uli Hacksell, Ph.D., ChiefExecutive Officer of ACADIA. “We are now positioned with a strongfoundation to continue to advance our pimavanserin Phase III Parkinson’sdisease psychosis program toward registration and to strategicallybroaden this program to address other neurological disorders. Thisincludes plans to initiate our second, confirmatory pivotal Phase IIIParkinson’s disease psychosis trial in the first half of this year and aPhase II trial in Alzheimer’s disease psychosis in the second half ofthe year. We believe that our pipeline of product candidates,spearheaded by pimavanserin, provides ACADIA with multiple attractiveproduct and commercial opportunities and significant growth potential.”
Revenues totaled
Research and development expenses increased to
General and administrative expenses increased to
ACADIA has indicated that it expects to use between
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 a pipeline of product candidatesled by pimavanserin, which is in Phase III development as a potentialfirst-in-class treatment for Parkinson's disease psychosis. ACADIA alsohas clinical-stage programs for chronic pain and glaucoma incollaboration 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, either alone or with a partner,including the progress and expected timing of clinical trials, and theclinical benefits to be derived from ACADIA’s product candidates, ineach case including pimavanserin, the strength of ACADIA’s balancesheet, future advancement or strategic broadening of the pimavanserinprogram, ACADIA’s growth potential, and ACADIA’s expected 2013 cashburn. These statements are only predictions based on current informationand expectations and involve a number of risks and uncertainties. Actualevents or results may differ materially from those projected in any ofsuch statements due to various factors, including the risks anduncertainties inherent in drug discovery, development andcommercialization, and collaborations with others, and the fact thatpast results of clinical trials may not be indicative of future 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, 2012as well as ACADIA’s subsequent filings with the
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | |||||||||||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||||||||||
| 2012 | 2011 | 2012 (1) | 2011 (1) | ||||||||||||||||||||||
| Collaborative revenues | $ | 380 | $ | 588 | $ | 4,907 | $ | 2,067 | |||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $230,$128, $680 and $512, respectively) | 4,901 | 4,424 | 18,794 | 17,309 | |||||||||||||||||||||
| General and administrative (includes stock-based compensation of$322, $280, $1,250 and $1,086, respectively) | 2,298 | 1,478 | 6,999 | 7,610 | |||||||||||||||||||||
| Total operating expenses | 7,199 | 5,902 | 25,793 | 24,919 | |||||||||||||||||||||
| Loss from operations | (6,819 | ) | (5,314 | ) | (20,886 | ) | (22,852 | ) | |||||||||||||||||
| Interest income, net | 9 | 14 | 37 | 87 | |||||||||||||||||||||
| Net loss | $ | (6,810 | ) | $ | (5,300 | ) | $ | (20,849 | ) | $ | (22,765 | ) | |||||||||||||
| Net loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.38 | ) | $ | (0.44 | ) | |||||||||||||
| Weighted average common shares outstanding, basic and diluted | 60,618 | 52,834 | 55,116 | 52,183 | |||||||||||||||||||||
| (1) | The condensed consolidated statements of operations for the yearsended December 31, 2012 and 2011 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, | December 31, | ||||||||||||
| Assets | |||||||||||||
| Cash, cash equivalents, and investment securities | $ | 107,967 | $ | 31,048 | |||||||||
| Prepaid expenses, receivables and other current assets | 581 | 901 | |||||||||||
| Total current assets | 108,548 | 31,949 | |||||||||||
| Property and equipment, net | 42 | 151 | |||||||||||
| Other assets | - | 14 | |||||||||||
| Total assets | $ | 108,590 | $ | 32,114 | |||||||||
| Liabilities, redeemable common stock and stockholders’ equity | |||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,514 | $ | 5,496 | |||||||||
| Current portion of deferred revenue | 434 | 669 | |||||||||||
| Total current liabilities | 5,948 | 6,165 | |||||||||||
| Long-term portion of deferred revenue | - | 2,587 | |||||||||||
| Total liabilities | 5,948 | 8,752 | |||||||||||
| Redeemable common stock | 17,658 | - | |||||||||||
| Stockholders’ equity | 84,984 | 23,362 | |||||||||||
| Total liabilities, redeemable common stock and stockholders’ equity | $ | 108,590 | $ | 32,114 | |||||||||
(1) | The condensed consolidated balance sheets at December 31, 2012 and2011 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