ACADIA reported a net loss of
At
“The second quarter of 2013 was a game-changing period for ACADIA,highlighted by establishing an expedited path to an NDA filing forpimavanserin and by strengthening our balance sheet through our publicoffering,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer.“This success sets the stage for what we believe will be an exciting newphase for ACADIA focused on building additional value in ourpimavanserin franchise. We continue to make solid progress towardscompleting the remaining activities in our Parkinson’s disease psychosisdevelopment program that are needed for our NDA submission. Meanwhile,we are also finalizing preparations for our Phase II feasibility studyin Alzheimer’s disease psychosis patients that we expect to initiatethis year. We plan to build on the positive momentum of the first halfof 2013 by continuing to advance our pipeline, led by pimavanserin,which we believe positions ACADIA with multiple attractive product andcommercial opportunities.”
Revenues totaled
Research and development expenses increased to
General and administrative expenses increased 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 the progress and expected timing of clinical trials, the pathto NDA filing, and the clinical benefits to be derived from ACADIA’sproduct candidates, in each case including pimavanserin, advancement ofor value added to the pimavanserin program, advancement of ACADIA’spipeline, ACADIA’s projected cash balance at
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
| Collaborative revenues | $ | 451 | $ | 599 | $ | 868 | $ | 1,049 | |||||||||||||
| Operating expenses | |||||||||||||||||||||
| Research and development (includes stock-based compensation of $473,$154, $727 and $293, respectively) | 7,112 | 4,472 | 11,542 | 9,493 | |||||||||||||||||
| General and administrative (includes stock-based compensation of$591, $324, $919 and $598, respectively) | 2,496 | 1,556 | 4,647 | 3,216 | |||||||||||||||||
| Total operating expenses | 9,608 | 6,028 | 16,189 | 12,709 | |||||||||||||||||
| Loss from operations | (9,157 | ) | (5,429 | ) | (15,321 | ) | (11,660 | ) | |||||||||||||
| Interest income, net | 76 | 10 | 117 | 23 | |||||||||||||||||
| Net loss | $ | (9,081 | ) | $ | (5,419 | ) | $ | (15,204 | ) | $ | (11,637 | ) | |||||||||
| Net loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | (0.22 | ) | |||||||||
| Weighted average common shares outstanding, basic and diluted | 83,410 | 52,961 | 81,105 | 52,932 | |||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | |||||||||
June 30, 2013 | December 31, 2012(1) | ||||||||
| Assets | |||||||||
| Cash, cash equivalents and investment securities | $ | 205,451 | $ | 107,967 | |||||
| Prepaid expenses, receivables and other current assets | 1,310 | 581 | |||||||
| Total current assets | 206,761 | 108,548 | |||||||
| Other noncurrent assets | 148 | 42 | |||||||
| Total assets | $ | 206,909 | $ | 108,590 | |||||
| Liabilities, redeemable common stock and stockholders’ equity | |||||||||
| Current liabilities | $ | 7,776 | $ | 5,948 | |||||
| Redeemable common stock | 17,658 | 17,658 | |||||||
| Stockholders’ equity | 181,475 | 84,984 | |||||||
| Total liabilities, redeemable common stock and stockholders’ equity | $ | 206,909 | $ | 108,590 | |||||
| (1) | The condensed consolidated balance sheet at December 31, 2012 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
Lisa Barthelemy, Director, Investor Relations
(858)558-2871