ACADIA Pharmaceuticals Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011
ACADIA reported a net loss of
At
“2011 was an important year for ACADIA highlighted by the advancement of our Phase III pimavanserin program for Parkinson’s disease psychosis, extension of our cash runway, and expansion of our clinical pipeline,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “We continue to enroll patients in our ongoing -020 Phase III efficacy, tolerability and safety trial and our -015 Phase III open-label safety extension trial. We look forward to completing the -020 trial later this year and believe that a successful study will provide the opportunity to significantly increase the value of this late-stage asset.”
Revenues totaled
Research and development expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its fourth quarter financial results and
development programs via conference call and webcast later today at
About
ACADIA is a biopharmaceutical company focused on innovative treatments
that address unmet medical needs in neurological and related central
nervous system disorders. ACADIA has four product candidates in clinical
development led by pimavanserin, which is in Phase III development as a
potential first-in-class treatment for Parkinson’s disease psychosis.
ACADIA’s other clinical-stage products include collaborative programs
for chronic pain and glaucoma with
Forward-Looking Statements
Statements in this press release that are not strictly historical in
nature are forward-looking statements. These statements include but are
not limited to statements related to the progress and timing of ACADIA’s
drug discovery and development programs, including clinical trials and
the results therefrom, the potential of and the benefits to be derived
from successful clinical trials or from product candidates, in each case
including pimavanserin, and the period during which ACADIA’s cash
resources will be sufficient to fund its operations. These statements
are only predictions based on current information and expectations and
involve a number of risks and uncertainties. Actual events or results
may differ materially from those projected in any of such statements due
to various factors, including the risks and uncertainties inherent in
drug discovery, development and commercialization and collaborations
with others, and the fact that past results of clinical trials may not
be indicative of future trial results. For a discussion of these and
other factors, please refer to ACADIA’s annual report on Form 10-K for
the year ended December 31, 2011 as 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 |
Years Ended |
|||||||||||||||||||||||||
|
2011 |
2010(1) |
2011(2) |
2010(1)(2) |
|||||||||||||||||||||||
| Collaborative revenues | $ | 588 | $ | 35,404 | $ | 2,067 | $ | 42,135 | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $128, $87, $512 and $599, respectively) | 4,424 | 4,757 | 17,309 | 20,579 | ||||||||||||||||||||||
| General and administrative (includes stock-based compensation of $280, $249, $1,086 and $984, respectively) | 1,478 | 1,518 | 7,610 | 6,462 | ||||||||||||||||||||||
| Total operating expenses | 5,902 | 6,275 | 24,919 | 27,041 | ||||||||||||||||||||||
| Income (loss) from operations | (5,314 | ) | 29,129 | (22,852 | ) | 15,094 | ||||||||||||||||||||
| Interest income, net | 14 | 12 | 87 | 45 | ||||||||||||||||||||||
| Net income (loss) | $ | (5,300 | ) | $ | 29,141 | $ | (22,765 | ) | $ | 15,139 | ||||||||||||||||
| Net income (loss) per common share, basic | $ | (0.10 | ) | $ | 0.74 | $ | (0.44 | ) | $ | 0.39 | ||||||||||||||||
| Net income (loss) per common share, diluted | $ | (0.10 | ) | $ | 0.74 | $ | (0.44 | ) | $ | 0.39 | ||||||||||||||||
| Weighted average common shares outstanding, basic | 52,834 | 39,294 | 52,183 | 38,593 | ||||||||||||||||||||||
| Weighted average common shares outstanding, diluted | 52,834 | 39,318 | 52,183 | 38,720 | ||||||||||||||||||||||
| (1) | During the fourth quarter of 2010, ACADIA ended its collaboration agreement with Biovail. In connection with concluding this collaboration, the Company recognized $34.7 million in revenue during the fourth quarter of 2010, which resulted in the Company reporting net income for the fourth quarter and year ended December 31, 2010. | |||||
| (2) | The condensed consolidated statements of operations for the years ended December 31, 2011 and 2010 have been derived from the audited financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. | |||||
|
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) |
|||||||||||||||
|
December 31, 2011(1) |
December 31, 2010(1) |
||||||||||||||
| Assets | |||||||||||||||
| Cash, cash equivalents, and investment securities | $ | 31,048 | $ | 37,087 | |||||||||||
| Prepaid expenses, receivables and other current assets | 901 | 762 | |||||||||||||
| Total current assets | 31,949 | 37,849 | |||||||||||||
| Property and equipment, net | 151 | 426 | |||||||||||||
| Other assets | 14 | 119 | |||||||||||||
| Total assets | $ | 32,114 | $ | 38,394 | |||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,496 | $ | 5,269 | |||||||||||
| Current portion of deferred revenue | 669 | 690 | |||||||||||||
| Total current liabilities | 6,165 | 5,959 | |||||||||||||
| Long-term portion of deferred revenue | 2,587 | 2,623 | |||||||||||||
| Other long-term liabilities | - | 124 | |||||||||||||
| Total liabilities | 8,752 | 8,706 | |||||||||||||
| Stockholders’ equity | 23,362 | 29,688 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 32,114 | $ | 38,394 | |||||||||||
|
(1) |
The condensed consolidated balance sheets at December 31, 2011 and 2010 have been derived from the audited financial statements at such date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Source:
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive
Vice President,
Chief Financial Officer and Chief Business
Officer
(858) 558-2871