ACADIA reported a net loss of
At
“The third quarter was a productive period for ACADIA highlighted by thecompletion of patient enrollment in the pivotal -020 trial in our PhaseIII Parkinson’s disease psychosis program with pimavanserin,” said UliHacksell, Ph.D., ACADIA’s Chief Executive Officer. “We remain on trackwith our -020 trial and look forward to reporting top-line results thismonth. Meanwhile, preparations are ongoing for the second plannedpivotal trial, the -021 trial, and we are continuing to conduct the -015open-label safety extension trial in this Phase III program. With ourpipeline of product candidates, led by pimavanserin, we believe ACADIAis positioned with significant growth potential.”
Revenues increased to
Research and development expenses increased to
General and administrative expenses totaled
Conference Call and Webcast Information
ACADIA management will review its third 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, including the timing of results of the -020trial, the future growth of ACADIA, and the period during which ACADIA’scash resources will be sufficient to fund its operations. Thesestatements are only predictions based on current information andexpectations and involve a number of risks and uncertainties. Actualevents or results may differ materially from those projected in any ofsuch statements due to various factors, including the risks anduncertainties 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
| Collaborative revenues | $ | 3,478 | $ | 584 | $ | 4,527 | $ | 1,479 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $157,$129, $450 and $383, respectively) | 4,400 | 4,158 | 13,893 | 12,885 | |||||||||||||||||||||||
General and administrative (includes stock-based compensation of$331, $272, $929 and $807, respectively) | 1,485 | 1,519 | 4,701 | 6,132 | |||||||||||||||||||||||
| Total operating expenses | 5,885 | 5,677 | 18,594 | 19,017 | |||||||||||||||||||||||
| Loss from operations | (2,407 | ) | (5,093 | ) | (14,067 | ) | (17,538 | ) | |||||||||||||||||||
| Interest income, net | 5 | 17 | 28 | 73 | |||||||||||||||||||||||
| Net loss | $ | (2,402 | ) | $ | (5,076 | ) | $ | (14,039 | ) | $ | (17,465 | ) | |||||||||||||||
| Net loss per common share, basic and diluted | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.26 | ) | $ | (0.34 | ) | |||||||||||||||
| Weighted average common shares outstanding, basic and diluted | 53,911 | 52,800 | 53,262 | 51,963 | |||||||||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | |||||||||||||
| September 30, 2012 | December 31, 2011(1) | ||||||||||||
| Assets | |||||||||||||
| Cash, cash equivalents and investment securities | $ | 23,058 | $ | 31,048 | |||||||||
| Prepaid expenses, receivables and other current assets | 627 | 901 | |||||||||||
| Total current assets | 23,685 | 31,949 | |||||||||||
| Property and equipment, net, and other assets | 65 | 165 | |||||||||||
| Total assets | $ | 23,750 | $ | 32,114 | |||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,820 | $ | 5,496 | |||||||||
| Current portion of deferred revenue | 266 | 669 | |||||||||||
| Total current liabilities | 6,086 | 6,165 | |||||||||||
| Long-term portion of deferred revenue | - | 2,587 | |||||||||||
| Total liabilities | 6,086 | 8,752 | |||||||||||
| Stockholders’ equity | 17,664 | 23,362 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 23,750 | $ | 32,114 | |||||||||
(1) | The condensed consolidated balance sheet at December 31, 2011 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.
Thomas H. Aasen, ExecutiveVice President,
Chief Financial Officer and Chief BusinessOfficer
858-558-2871