ACADIA Pharmaceuticals Reports Third Quarter 2013 Financial Results

SAN DIEGO—(BUSINESS WIRE)—Nov. 6, 2013—ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical companyfocused on innovative treatments that address unmet medical needs inneurological and related central nervous system disorders, todayannounced its unaudited financial results for the third quarter endedSeptember 30, 2013.

ACADIA reported a net loss of $10.7 million, or $0.12 per common share,for the third quarter of 2013 compared to a net loss of $2.4 million, or$0.04 per common share, for the third quarter of 2012. The net lossesfor the third quarters of 2013 and 2012 included $1.9 million and$488,000, respectively, in non-cash, stock-based compensation expense.For the nine months ended September 30, 2013, ACADIA reported a net lossof $25.9 million, or $0.31 per common share, compared to a net loss of$14.0 million, or $0.26 per common share, for the comparable period of2012.

At September 30, 2013, ACADIA’s cash, cash equivalents and investmentsecurities totaled $196.2 million compared to $108.0 million at December31, 2012. The increase in ACADIA’s cash position was primarily due to$107.9 million in net proceeds raised from a public stock offering inMay 2013 offset in part by cash used to fund ACADIA’s operations. ACADIAexpects that its cash, cash equivalents and investment securities willbe greater than $183 million at December 31, 2013.

“We remain focused on building value in our pimavanserin franchise andadvancing our pipeline,” said Uli Hacksell, Ph.D., ACADIA’s ChiefExecutive Officer. “During the third quarter of 2013, we continued tobuild on the strong momentum established in the first half of the yearand made important progress in advancing our Parkinson’s diseasepsychosis program with pimavanserin toward registration. We remain ontrack for a targeted NDA submission near the end of 2014. In parallel,we are finalizing study start-up activities for our Phase II trial inAlzheimer’s disease psychosis that is scheduled for initiation thismonth.”

Revenues decreased to $240,000 for the third quarter of 2013 from $3.5million for the third quarter of 2012. This decrease in revenue wasprimarily due to the termination of ACADIA’s collaboration with MeijiSeika Pharma in July 2012, which resulted in the recognition of theremaining $3.0 million of deferred revenue from this collaboration atthat time.

Research and development expenses increased to $7.3 million for thethird quarter of 2013, including $690,000 in stock-based compensation,from $4.4 million for the third quarter of 2012, including $157,000 instock-based compensation. This increase was primarily due to increaseddevelopment expenses incurred in ACADIA’s Phase III program withpimavanserin, as well as increased personnel and stock-basedcompensation costs associated with the Company’s research anddevelopment organization.

General and administrative expenses increased to $3.8 million for thethird quarter of 2013, including $1.2 million in stock-basedcompensation, from $1.5 million for the third quarter of 2012, including$331,000 in stock-based compensation. This increase was primarily due toincreased stock-based compensation expense, as well as increasedpersonnel costs and professional fees.

Conference Call and Webcast Information

ACADIA management will review its third 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 dialing866-953-6856 for participants in the U.S. or Canada and 617-399-3480 forinternational callers (reference passcode 85950233). A telephone replayof the conference call may be accessed through November 20, 2013 bydialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888for international callers (reference passcode 82582738). 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 November20, 2013.

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 Allergan, Inc. and two advanced preclinical programsdirected at Parkinson’s disease and other neurological disorders. Allproduct candidates are small molecules that emanate from discoveriesmade at ACADIA. ACADIA maintains a website 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 the progress and expected timing of clinical trials, includingthe planned trial for pimavanserin in ADP, the targeted timing of an NDAsubmission for pimavanserin, the clinical benefits to be derived fromACADIA’s product candidates, in each case including pimavanserin,ACADIA’s projected cash balance at December 31, 2013, and ACADIA’sproduct and commercial opportunities. 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 and commercialization, and collaborations withothers, the fact that past results of clinical trials may not beindicative of future trial results, and the risks and uncertaintiesassociated with obtaining regulatory approvals for ACADIA’s productcandidates. For a discussion of these and other factors, please refer toACADIA’s annual report on Form 10-K for the year ended December 31, 2012as well as ACADIA’s subsequent filings with the Securities and ExchangeCommission. You are cautioned not to place undue reliance on theseforward-looking statements, which speak only as of the date hereof. Thiscaution is made under the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. All forward-looking statementsare qualified in their entirety by this cautionary statement and ACADIAundertakes no obligation to revise or update this press release toreflect events or circumstances after the date hereof, except asrequired by law.

Source: ACADIA Pharmaceuticals Inc.

ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, ExecutiveVice President,
Chief Financial Officer and Chief BusinessOfficer
Lisa Barthelemy, Director of Investor Relations
858-558-2871