SAN DIEGO, Aug 09, 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 second quarterended June 30, 2010.
ACADIA reported a net loss of $4.3 million, or $0.11 per common share,for the second quarter of 2010 compared to a net loss of $12.7 million,or $0.34 per common share, for the second quarter of 2009. For the sixmonths ended June 30, 2010, ACADIA reported a net loss of $9.8 million,or $0.25 per common share, compared to a net loss of $27.7 million, or$0.75 per common share, for the comparable period of 2009.
At June 30, 2010, ACADIA's cash, cash equivalents and investmentsecurities totaled $34.3 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 first half of 2010 was focused on executing our broad developmentstrategy designed to leverage the potential of pimavanserin over a rangeof neurological and psychiatric indications with large unmet medicalneeds together with our collaborative partner, Biovail," said UliHacksell, Ph.D., Chief Executive Officer of ACADIA Pharmaceuticals. "Werecently initiated a new Phase III trial in Parkinson's diseasepsychosis and we are continuing to plan for a Phase II feasibility studyin Alzheimer's disease psychosis and a Phase III co-therapy trial inschizophrenia. We believe that pimavanserin along with ACADIA's otherproduct candidates position us with multiple attractive product andcommercial opportunities providing significant growth potential."
Revenues increased to $2.3 million for the second quarter of 2010 from$1.8 million for the second quarter of 2009. This increase was primarilydue to increased revenues recognized from ACADIA's collaboration withBiovail, which commenced in May 2009.
Research and development expenses decreased to $5.0 million for thesecond quarter of 2010, including $150,000 in stock-based compensation,from $12.0 million for the second quarter of 2009, including $283,000 instock-based compensation. This decrease was primarily due to $5.0million in lower external service costs, and cost savings from ACADIA'srestructuring implemented in October 2009. The decrease in externalservice costs was primarily attributable to lower clinical costsincurred on ACADIA's Phase III program with pimavanserin for Parkinson'sdisease psychosis.
General and administrative expenses decreased to $1.6 million for thesecond quarter of 2010, including $223,000 in stock-based compensation,from $2.7 million for the second quarter of 2009, including $333,000 instock-based compensation. This decrease was primarily due to costsavings from ACADIA's restructuring as well as reduced external servicecosts.
Conference Call and Webcast Information
ACADIA management will review its second quarter financial results anddevelopment programs via conference call and webcast later today at 5:00p.m. Eastern Time. The conference call may be accessed by dialing866-362-5158for participants in the U.S. or Canada and617-597-5397 for international callers (reference passcode 26512507). Atelephone replay of the conference call may be accessed through August23, 2010 by dialing 888-286-8010 for callers in the U.S. or Canada and617-801-6888 for international callers (reference passcode 50062090).The conference call also will be webcast live on ACADIA's website, www.acadia-pharm.com,under the investors section and will be archived there until August 23,2010.
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 developing a portfolioconsisting of four product candidates including pimavanserin, which isbeing 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, as well as a product candidate in IND-track developmentfor schizophrenia in collaboration with Meiji Seika Kaisha. All of theproduct candidates in ACADIA's pipeline emanate from discoveries madeusing its proprietary drug discovery platform. ACADIA maintains awebsite 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, including pimavanserin, the length of ACADIA's cashrunway, and ACADIA's potential and opportunities. These statements areonly 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, 2009 as well as other subsequent filingswith the Securities and Exchange Commission. You are cautioned not toplace undue reliance on these forward-looking statements, which speakonly as of the date hereof. This caution is made under the safe harborprovisions of the Private Securities Litigation Reform Act of 1995. Allforward-looking statements are qualified in their entirety by thiscautionary statement and ACADIA undertakes no obligation to revise orupdate this press release to reflect events or circumstances after thedate hereof.
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, | |||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||
| Collaborative revenues | $ | 2,297 | $ | 1,820 | $ | 4,430 | $ | 2,194 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development (includes stock-based compensation of $150,$283, $379 and $504, respectively) | 5,041 | 11,979 | 10,857 | 24,533 | ||||||||||||||||
| General and administrative (includes stock-based compensation of$223, $333, $475 and $687, respectively) | 1,552 | 2,662 | 3,366 | 5,649 | ||||||||||||||||
| Total operating expenses | 6,593 | 14,641 | 14,223 | 30,182 | ||||||||||||||||
| Loss from operations | (4,296 | ) | (12,821 | ) | (9,793 | ) | (27,988 | ) | ||||||||||||
| Interest income, net | 8 | 93 | 18 | 260 | ||||||||||||||||
| Net loss | $ | (4,288 | ) | $ | (12,728 | ) | $ | (9,775 | ) | $ | (27,728 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.34 | ) | $ | (0.25 | ) | $ | (0.75 | ) | ||||||||
| Weighted average common shares outstanding, basic and diluted | 38,347 | 37,220 | 38,341 | 37,200 | ||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | ||||||||||||
June 30, 2010 | December 31, 2009(1) | |||||||||||
| Assets | ||||||||||||
| Cash, cash equivalents, and investment securities | $ | 34,275 | $ | 47,060 | ||||||||
| Accounts receivable | 2,930 | 507 | ||||||||||
| Prepaid expenses and other current assets | 1,113 | 906 | ||||||||||
| Total current assets | 38,318 | 48,473 | ||||||||||
| Property and equipment, net | 698 | 1,062 | ||||||||||
| Other assets | 150 | 145 | ||||||||||
| Total assets | $ | 39,166 | $ | 49,680 | ||||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 6,589 | $ | 8,670 | ||||||||
| Current portion of deferred revenue | 6,395 | 6,037 | ||||||||||
| Total current liabilities | 12,984 | 14,707 | ||||||||||
| Long-term portion of deferred revenue | 22,844 | 22,579 | ||||||||||
| Other long-term liabilities | 182 | 280 | ||||||||||
| Total liabilities | 36,010 | 37,566 | ||||||||||
| Stockholders' equity | 3,156 | 12,114 | ||||||||||
| Total liabilities and stockholders' equity | $ | 39,166 | $ | 49,680 | ||||||||
| (1) | The condensed consolidated balance sheet at December 31, 2009 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.
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
(858) 558-2871