ACADIA reported a net loss of
At
“The first quarter of 2014 was another productive period for ACADIA aswe built on the strong momentum established in 2013,” said Uli Hacksell,Ph.D., ACADIA’s Chief Executive Officer. “Highlights includedsignificantly bolstering our financial position through our follow-onoffering and continuing to advance our Parkinson’s disease psychosisprogram with pimavanserin towards registration, as we remain on trackfor our planned NDA submission near the end of this year. At the sametime, we are progressing a range of pre-commercial activities inpreparation for the planned future launch of pimavanserin and pursuing alife cycle management program, initially focused on our Phase IIAlzheimer’s disease psychosis trial, to strategically broaden ourpimavanserin franchise. We believe ACADIA is well positioned as wepursue our ultimate goal of bringing innovative medicines to market toimprove the lives of patients with neurological and related centralnervous system disorders.”
Research and development expenses increased to
General and administrative expenses increased to
Conference Call and Webcast Information
ACADIA management will review its first quarter financial results anddevelopment programs via conference call and webcast later today at
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on the development andcommercialization of innovative medicines that address unmet medicalneeds in neurological and related central nervous system disorders.ACADIA has a pipeline of product candidates led by pimavanserin, whichis in Phase III development as a potential first-in-class treatment forParkinson’s disease psychosis. Pimavanserin is also in Phase IIdevelopment for Alzheimer’s disease psychosis and has successfullycompleted a Phase II trial as a co-therapy for schizophrenia. ACADIAalso has 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 timing of an NDA submission forpimavanserin and, if approved, any future launch therefor, strategicbroadening of the pimavanserin program, planned pre-commercialactivities, ACADIA’s ability to bring innovative medicines to market toimprove lives, and ACADIA’s expected 2014 year-end cash balance. 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, approval, 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, 2013as 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 March 31, | ||||||||||||||
| 2014 | 2013 | |||||||||||||
| Collaborative revenues | $ | 30 | $ | 417 | ||||||||||
| Operating expenses | ||||||||||||||
| Research and development (includes stock-based compensation of$1,006 and $254, respectively) | 11,668 | 4,430 | ||||||||||||
| General and administrative (includes stock-based compensation of$2,156 and $328, respectively) | 6,320 | 2,151 | ||||||||||||
| Total operating expenses | 17,988 | 6,581 | ||||||||||||
| Loss from operations | (17,958 | ) | (6,164 | ) | ||||||||||
| Interest income, net | 130 | 41 | ||||||||||||
| Net loss | $ | (17,828 | ) | $ | (6,123 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.19 | ) | $ | (0.08 | ) | ||||||||
| Weighted average common shares outstanding, basic and diluted | 92,968 | 78,748 | ||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | |||||||||||||
March 31, | December 31, | ||||||||||||
| Assets | |||||||||||||
| Cash, cash equivalents and investment securities | $ | 369,285 | $ | 185,790 | |||||||||
| Prepaid expenses, interest and other receivables | 3,535 | 2,570 | |||||||||||
| Total current assets | 372,820 | 188,360 | |||||||||||
| Other non-current assets | 686 | 758 | |||||||||||
| Total assets | $ | 373,506 | $ | 189,118 | |||||||||
| Liabilities and stockholders’ equity | |||||||||||||
| Total liabilities | $ | 8,046 | $ | 6,987 | |||||||||
| Stockholders’ equity | 365,460 | 182,131 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 373,506 | $ | 189,118 | |||||||||
(1) | The condensed consolidated balance sheet at December 31, 2013 hasbeen derived from the audited financial statements at such datebut does not include all of the information and footnotes requiredby accounting principles generally accepted in the United Statesfor complete financial statements. |
Source:
ACADIA Pharmaceuticals Inc.
Uli Hacksell, Ph.D., ChiefExecutive Officer
Lisa Barthelemy, Director of InvestorRelations
(858) 558-2871