ACADIA reported a net loss of
At
“Our progress in the first half of 2012 established the foundation forwhat we believe will be an exciting and value-driving second half of theyear,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “Welook forward to reporting top-line results this fall from the ongoingpivotal -020 trial in our Phase III Parkinson’s disease psychosisprogram with pimavanserin. Importantly, our pipeline of productcandidates, led by pimavanserin, positions ACADIA with multiple productand commercial opportunities and significant growth potential.”
Revenues increased to
Research and development expenses increased to
General and administrative expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its second 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 clinical trials and the results therefrom, the potential ofand the benefits to be derived from product candidates, in each caseincluding pimavanserin, the future performance of ACADIA stock, and theperiod during which ACADIA’s cash resources will be sufficient to fundits operations. These statements are only predictions based on currentinformation and expectations and involve a number of risks anduncertainties. Actual events or results may differ materially from thoseprojected in any of such statements due to various factors, includingthe risks and uncertainties 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, 2011as 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 | Six Months Ended | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
| Collaborative revenues | $ | 599 | $ | 460 | $ | 1,049 | $ | 895 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development (includes stock-based compensation of $154,$134, $293 and $255, respectively) | 4,472 | 4,315 | 9,493 | 8,727 | ||||||||||||||||
| General and administrative (includes stock-based compensation of$324, $279, $598 and $534, respectively) | 1,556 | 2,729 | 3,216 | 4,613 | ||||||||||||||||
| Total operating expenses | 6,028 | 7,044 | 12,709 | 13,340 | ||||||||||||||||
| Loss from operations | (5,429 | ) | (6,584 | ) | (11,660 | ) | (12,445 | ) | ||||||||||||
| Interest income, net | 10 | 28 | 23 | 56 | ||||||||||||||||
| Net loss | $ | (5,419 | ) | $ | (6,556 | ) | $ | (11,637 | ) | $ | (12,389 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.24 | ) | ||||||||
Weighted average common shares outstanding, basic and diluted | 52,961 | 52,677 | 52,932 | 51,535 | ||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | ||||||||
June 30, 2012 | December 31, 2011(1) | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 21,349 | $ | 31,048 | ||||
| Prepaid expenses, receivables and other current assets | 426 | 901 | ||||||
| Total current assets | 21,775 | 31,949 | ||||||
| Property and equipment, net, and other assets | 99 | 165 | ||||||
| Total assets | $ | 21,874 | $ | 32,114 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,995 | $ | 5,496 | ||||
| Current portion of deferred revenue | 765 | 669 | ||||||
| Total current liabilities | 6,760 | 6,165 | ||||||
| Long-term portion of deferred revenue | 2,406 | 2,587 | ||||||
| Total liabilities | 9,166 | 8,752 | ||||||
| Stockholders’ equity | 12,708 | 23,362 | ||||||
| Total liabilities and stockholders’ equity | $ | 21,874 | $ | 32,114 | ||||
| (1) | The condensed consolidated balance sheet at December 31, 2011 hasbeen derived from the audited financial statements at such date butdoes not include all of the information and footnotes required byaccounting principles generally accepted in the United States forcomplete financial statements. |
Source:
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, ExecutiveVice President,
Chief Financial Officer and Chief BusinessOfficer
(858) 558-2871