ACADIA Pharmaceuticals Reports Second Quarter 2015 Financial Results

SAN DIEGO—(BUSINESS WIRE)—Aug. 6, 2015—ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a biopharmaceutical companyfocused on the development and commercialization of innovative medicinesthat address unmet medical needs in neurological and related centralnervous system disorders, today announced its unaudited financialresults for the second quarter ended June 30, 2015.

ACADIA reported a net loss of $39.4 million, or $0.39 per common share,for the second quarter of 2015 compared to a net loss of $21.5 million,or $0.22 per common share, for the second quarter of 2014. Net lossesfor the second quarters of 2015 and 2014 included $7.5 million and $4.3million, respectively, in non-cash stock-based compensation expense. Forthe six months ended June 30, 2015, ACADIA reported a net loss of $79.8million, or $0.80 per common share, compared to a net loss of $39.3million, or $0.41 per common share, for the comparable period of 2014.Net losses for the six-month periods ended June 30, 2015 and 2014included $22.0 million and $7.5 million, respectively, in non-cash,stock-based compensation expense. At June 30, 2015, ACADIA’s cash, cashequivalents and investment securities totaled $270.8 million, comparedto $322.5 million at December 31, 2014.

“We remain on track to submit our NUPLAZID™ New Drug Application forParkinson’s disease psychosis to the U.S. Food and Drug Administrationin the second half of 2015,” said Steve Davis, ACADIA’s Interim ChiefExecutive Officer. “I am pleased with the significant progress that wehave made in advancing the preparation of manufacturing quality systemsto support commercial manufacturing and supply. In addition, we continueto build out our infrastructure to support the planned commercial launchof NUPLAZID in the United States. We’re bringing highly accomplishedindustry veterans into the organization with recent senior levelappointments in manufacturing, quality, compliance, strategy, businessdevelopment, and access and reimbursement.”

“We also have had a strong presence at medical meetings during the firsthalf of the year and recently presented integrated data from NUPLAZID’sPhase III program at the International Congress of Parkinson’s Diseaseand Movement Disorders. The data underscore the potential of NUPLAZID toimprove the lives of patients with Parkinson’s disease psychosis, acondition for which there is no approved therapy in the United States.”

Research and development expenses increased to $18.4 million for thesecond quarter of 2015, including $2.8 million in stock-basedcompensation expense, from $13.8 million for the comparable quarter of2014, including $1.1 million in stock-based compensation expense. Thisincrease was primarily due to an increase of $4.1 million in personneland related costs and stock-based compensation expense associated withACADIA’s expanded research and development organization.

General and administrative expenses increased to $21.1 million for thesecond quarter of 2015, including $4.7 million in stock-basedcompensation expense, from $8.0 million for the comparable quarter of2014, including $3.2 million in stock-based compensation expense. Thisincrease was due to increases in personnel and related costs of $7.9million and increases in external services costs of $5.2 million, alllargely related to ACADIA’s commercial preparations for the plannedlaunch of NUPLAZID.

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 dialing855-638-4820 for participants in the U.S. or Canada and 443-877-4067 forinternational callers (reference passcode 92110444). A telephone replayof the conference call may be accessed through August 20, 2015 bydialing 855-859-2056 for callers in the U.S. or Canada and 404-537-3406for international callers (reference passcode 92110444). The conferencecall also will be webcast live on ACADIA’s website, www.acadia-pharm.com,under the investors section and will be archived there until August 20,2015.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company focused on the development andcommercialization of innovative medicines to address unmet medical needsin neurological and related central nervous system disorders. ACADIA hasa pipeline of product candidates led by NUPLAZID™ (pimavanserin), forwhich we have reported positive Phase III trial results in Parkinson’sdisease psychosis and which has the potential to be the first drugapproved in the United States for this disorder. Pimavanserin is also inPhase II development for Alzheimer’s disease psychosis and hassuccessfully completed a Phase II trial in schizophrenia. ACADIA alsohas clinical-stage programs for chronic pain and glaucoma incollaboration with Allergan, Inc. All product candidates are smallmolecules that emanate from internal discoveries. ACADIA maintains awebsite at www.acadia-pharm.comto which we regularly post copies of our press releases as well asadditional information and through which interested parties cansubscribe to receive e-mail 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 timing of the submission of aNew Drug Application for NUPLAZID (pimavanserin) for the treatment ofParkinson’s disease psychosis (PDP); the potential for pimavanserin tobe the first drug approved in the United States for PDP and thepotential timing of such approval, if approved at all; ACADIA’s ongoingpre-commercial activities and plans to commercially launch NUPLAZID; theprogress, timing and results of ACADIA’s drug discovery and developmentprograms, either alone or with a partner, including the progress andexpected timing of clinical trials, including planned trials forpimavanserin; and the benefits to be derived from ACADIA’s productcandidates, including pimavanserin. These statements are onlypredictions based on current information and expectations and involve anumber of risks and uncertainties. Actual events or results may differmaterially from those projected in any of such statements due to variousfactors, including the risks and uncertainties inherent in drugdiscovery, development, approval and commercialization, andcollaborations with others, and the fact that past results of clinicaltrials may not be indicative of future trial results. For a discussionof these and other factors, please refer to ACADIA’s annual report onForm 10-K for the year ended December 31, 2014 as well as ACADIA’ssubsequent filings with the Securities and Exchange Commission. You arecautioned not to place undue reliance on these forward-lookingstatements, which speak only as of the date hereof. This caution is madeunder the safe harbor provisions of the Private Securities LitigationReform Act of 1995. All forward-looking statements are qualified intheir entirety by this cautionary statement and ACADIA undertakes noobligation to revise or update this press release to reflect events orcircumstances after the date hereof, except as required by law.

Source: ACADIA Pharmaceuticals Inc.

ACADIA Pharmaceuticals Inc.
Steve Davis, Interim ChiefExecutive Officer
Lisa Barthelemy, Director of InvestorRelations
(858) 558-2871