ACADIA reported a net loss of
At
“The second quarter of 2009 was highlighted by the formation of ourcollaboration with
Revenues totaled
Research and development expenses totaled
General and administrative expenses totaled
Net interest income decreased to
ACADIA continues to anticipate that its cash, cash equivalents andinvestment securities will be greater than
Second Quarter 2009 Highlights
- ACADIA completed enrollment in the first pivotal Phase III trial ofpimavanserin in patients with Parkinson’s disease psychosis (PDP) in
May 2009 . ACADIA expects to report top-line results from this trial inthe third quarter of 2009. - ACADIA continues to enroll patients in the second pivotal Phase IIItrial of pimavanserin in patients with PDP. ACADIA also continues toconduct an open-label safety extension study pursuant to whicheligible patients who have completed either of the two pivotal PhaseIII trials have the opportunity to enroll if, in the opinion of thephysician, the patient may benefit from continued treatment withpimavanserin.
- ACADIA established a collaboration with Biovail LaboratoriesInternational SRL to co-develop and commercialize pimavanserin forneurological and psychiatric indications, including PDP andAlzheimer’s disease psychosis (ADP), in
the United States andCanada . - ACADIA extended the term of its discovery alliance with
Allergan forone additional year throughMarch 2010 . Joint research efforts arefocused in ophthalmic indications.
Conference Call and Webcast Information
ACADIA management will review its second quarter results and developmentprograms via conference call and webcast today at
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 its five most advanced product candidatesincluding pimavanserin, which is in Phase III development forParkinson’s disease psychosis in collaboration 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 (collectively referred to as itspipeline) either alone or with a partner, including clinical trials andthe results therefrom, and the benefits to be derived from ACADIA’sproduct candidates, in each case including pimavanserin, potentialpayments under its collaboration agreements, its future cash positionand the length of its cash runway. These statements are only predictionsbased on current information and expectations and involve a number ofrisks and uncertainties. Actual events or results may differ materiallyfrom those projected in any of such statements due to various factors,including the risks and uncertainties inherent in drug discovery,development and commercialization, and collaborations with others, andthe fact that past results of clinical trials may not be indicative offurther trial results. For a discussion of these and other factors,please refer to ACADIA’s annual report on Form 10-K for the year endedDecember 31, 2008 as well as other subsequent filings with the
ACADIA PHARMACEUTICALS INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||||
| Collaborative revenues | $ | 1,820 | $ | 177 | $ | 2,194 | $ | 983 | ||||||||||
| Operating expenses | ||||||||||||||||||
| Research and development (includes stock-based compensation of $283,$380, $504 and $795, respectively) | 11,979 | 16,036 | 24,533 | 31,207 | ||||||||||||||
| General and administrative (includes stock-based compensation of$333, $431, $687 and $852, respectively) | 2,662 | 3,184 | 5,649 | 6,454 | ||||||||||||||
| Total operating expenses | 14,641 | 19,220 | 30,182 | 37,661 | ||||||||||||||
| Loss from operations | (12,821 | ) | (19,043 | ) | (27,988 | ) | (36,678 | ) | ||||||||||
| Interest income (expense), net | 93 | 756 | 260 | 2,011 | ||||||||||||||
| Net loss | $ | (12,728 | ) | $ | (18,287 | ) | $ | (27,728 | ) | $ | (34,667 | ) | ||||||
| Net loss per common share, basic and diluted | $ | (0.34 | ) | $ | (0.49 | ) | $ | (0.75 | ) | $ | (0.94 | ) | ||||||
| Weighted average common shares outstanding, basic and diluted | 37,220 | 37,102 | 37,200 | 37,077 | ||||||||||||||
ACADIA PHARMACEUTICALS INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
(Unaudited) | ||||||||
| June 30, 2009 | December 31, 2008(1) | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 66,152 | $ | 60,083 | ||||
| Prepaid expenses, receivables and other current assets | 2,062 | 2,299 | ||||||
| Total current assets | 68,214 | 62,382 | ||||||
| Property and equipment, net | 1,657 | 2,103 | ||||||
| Other assets | 192 | 192 | ||||||
| Total assets | $ | 70,063 | $ | 64,677 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | 20,936 | 11,051 | ||||||
| Long-term liabilities | 22,714 | 634 | ||||||
| Stockholders’ equity | 26,413 | 52,992 | ||||||
| Total liabilities and stockholders’ equity | $ | 70,063 | $ | 64,677 | ||||
(1) The condensed consolidated balance sheet at December 31, 2008has been derived from the audited financial statements at thatdate 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.
Lisa Barthelemy, Director, InvestorRelations
Thomas H. Aasen, Vice President and ChiefFinancial Officer
(858) 558-2871