SAN DIEGO, May 10, 2010 (BUSINESS WIRE) —ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical companyutilizing innovative technology to fuel drug discovery and clinicaldevelopment of novel treatments for central nervous system disorders,today reported its unaudited financial results for the first quarterended March 31, 2010.
ACADIA reported a net loss of $5.5 million, or $0.14 per common share,for the first quarter of 2010 compared to a net loss of $15.0 million,or $0.40 per common share, for the first quarter of 2009.
At March 31, 2010, ACADIA's cash, cash equivalents, and investmentsecurities totaled $40.6 million compared to $47.1 million at December31, 2009. ACADIA continues to expect its existing cash resources andanticipated payments from its collaborations will be sufficient to fundits operations through the end of 2011.
"The beginning of 2010 has been an important period for ACADIA as we andour pimavanserin partner, Biovail, have advanced our preparations forclinical trials of pimavanserin in three separate indications with largeunmet medical needs," said Uli Hacksell, Ph.D., Chief Executive Officerof ACADIA. "We have refined the design of our new Phase III trial inParkinson's disease psychosis and we remain on track to initiate thisstudy mid-year. We also are continuing to plan for Phase III co-therapytrials in schizophrenia and a Phase II feasibility study for Alzheimer'sdisease psychosis. We believe this broad development program withpimavanserin, coupled with ACADIA's other product candidates indevelopment, positions us with multiple attractive product andcommercial opportunities and significant growth potential."
Revenues increased to $2.1 million for the first quarter of 2010 from$374,000 for the first quarter of 2009. This increase was primarily dueto $1.4 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 $5.8 million for thefirst quarter of 2010, including $229,000 in stock-based compensation,from $12.6 million for the first quarter of 2009, including $221,000 instock-based compensation. This decrease was primarily due to $5.3million in lower external service costs as well as cost savings fromACADIA's restructuring implemented in October 2009. The decrease inexternal service costs was primarily attributable to lower clinicalcosts incurred on ACADIA's Phase III program with pimavanserin forParkinson's disease psychosis.
General and administrative expenses decreased to $1.8 million for thefirst quarter of 2010, including $252,000 in stock-based compensation,from $3.0 million for the first quarter of 2009, including $354,000 instock-based compensation. This decrease was primarily due to lowerexternal service costs and cost savings from ACADIA's restructuring.
Conference Call and Webcast Information
ACADIA management will review its first 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 dialing866-730-5770 for participants in the U.S. or Canada and 857-350-1594 forinternational callers (reference passcode 42433083). A telephone replayof the conference call may be accessed through May 24, 2010 by dialing888-286-8010 for callers in the U.S. or Canada and 617-801-6888 forinternational callers (reference passcode 90954803). 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 May 24,2010.
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,co-therapy for schizophrenia, which is in Phase III planning, andAlzheimer's disease psychosis, for which ACADIA is planning to initiatea Phase II feasibility study. In addition to pimavanserin, ACADIA has aproduct candidate in Phase II development for chronic pain and a productcandidate in Phase I development for glaucoma, both in collaborationwith Allergan, and a program in IND-track development in collaborationwith Meiji Seika Kaisha. All of the product candidates in ACADIA'spipeline emanate from discoveries made using its proprietary drugdiscovery 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, the benefits to be derived from ACADIA'sproduct candidates, in each case including pimavanserin, the length ofACADIA's cash runway, and ACADIA's potential and opportunities. Thesestatements are only predictions based on current information andexpectations 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, 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 | ||||||||||||||||
| March 31, | ||||||||||||||||
2010 | 2009 | |||||||||||||||
| Collaborative revenues | $ | 2,133 | $ | 374 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development (includes stock-based compensation of $229and $221 for the three months ended March 31, 2010 and 2009,respectively) | 5,815 | 12,554 | ||||||||||||||
| General and administrative (includes stock-based compensation of$252 and $354 for the three months ended March 31, 2010 and 2009,respectively) | 1,814 | 2,988 | ||||||||||||||
| Total operating expenses | 7,629 | 15,542 | ||||||||||||||
| Loss from operations | (5,496 | ) | (15,168 | ) | ||||||||||||
| Interest income (expense), net | 9 | 167 | ||||||||||||||
| Net loss | $ | (5,487 | ) | $ | (15,001 | ) | ||||||||||
| Net loss per common share, basic and diluted | $ | (0.14 | ) | $ | (0.40 | ) | ||||||||||
| Weighted average common shares outstanding, basic and diluted | 38,333 | 37,179 | ||||||||||||||
ACADIA PHARMACEUTICALS INC. | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
March 31, 2010 | December 31, 2009(1) | |||||||||||||
| Assets | ||||||||||||||
| Cash, cash equivalents, and investment securities | $ | 40,576 | $ | 47,060 | ||||||||||
| Prepaid expenses, receivables and other current assets | 1,691 | 1,413 | ||||||||||||
| Total current assets | 42,267 | 48,473 | ||||||||||||
| Property and equipment, net | 870 | 1,062 | ||||||||||||
| Other assets | 136 | 145 | ||||||||||||
| Total assets | $ | 43,273 | $ | 49,680 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 7,461 | $ | 8,670 | ||||||||||
| Current portion of deferred revenue | 6,089 | 6,037 | ||||||||||||
| Total current liabilities | 13,550 | 14,707 | ||||||||||||
| Long-term portion of deferred revenue | 22,335 | 22,579 | ||||||||||||
| Other long-term liabilities | 290 | 280 | ||||||||||||
| Total liabilities | 36,175 | 37,566 | ||||||||||||
| Stockholders' equity | 7,098 | 12,114 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 43,273 | $ | 49,680 | ||||||||||
(1) The condensed consolidated balance sheet at December 31, 2009has been derived from the audited financial statements at suchdate but does not include all of the information and footnotesrequired by accounting principles generally accepted in the UnitedStates for complete financial statements. | ||||||||||||||
SOURCE: ACADIA Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
858-558-2871