ACADIA Pharmaceuticals Reports First Quarter 2012 Financial Results
SAN DIEGO--(BUSINESS WIRE)--May 8, 2012--
ACADIA reported a net loss of
At
“The first quarter was highlighted by continued progress in our Phase III Parkinson’s disease psychosis program with pimavanserin, most notably the ongoing pivotal -020 trial, and by the extension of our longstanding discovery collaboration with Allergan,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We look forward to completing the -020 trial later this year, and believe that our pipeline of product candidates, led by pimavanserin, will provide the opportunity to drive significant value for ACADIA and its stockholders.”
Revenues totaled
Research and development expenses increased to
General and administrative expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its first 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
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | ||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||
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2012 |
2011 | |||||||||||||||||
| Collaborative revenues | $ | 450 | $ | 435 | ||||||||||||||
| Operating expenses | ||||||||||||||||||
| Research and development (includes stock-based compensation of $139 and $120 for the three months ended March 31, 2012 and 2011, respectively) | 5,021 | 4,412 | ||||||||||||||||
| General and administrative (includes stock-based compensation of $274 and $255 for the three months ended March 31, 2012 and 2011, respectively) | 1,660 | 1,884 | ||||||||||||||||
| Total operating expenses | 6,681 | 6,296 | ||||||||||||||||
| Loss from operations | (6,231 | ) | (5,861 | ) | ||||||||||||||
| Interest income, net | 13 | 28 | ||||||||||||||||
| Net loss | $ | (6,218 | ) | $ | (5,833 | ) | ||||||||||||
| Net loss per common share, basic and diluted | $ | (0.12 | ) | $ | (0.12 | ) | ||||||||||||
| Weighted average common shares outstanding, basic and diluted | 52,903 | 50,367 | ||||||||||||||||
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | |||||||||||||||||
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March 31, 2012 |
December 31, 2011(1) | ||||||||||||||||
| Assets | |||||||||||||||||
| Cash, cash equivalents, and investment securities | $ | 25,924 | $ | 31,048 | |||||||||||||
| Prepaid expenses, receivables and other current assets | 463 | 901 | |||||||||||||||
| Total current assets | 26,387 | 31,949 | |||||||||||||||
| Property and equipment, net | 121 | 151 | |||||||||||||||
| Other assets | 11 | 14 | |||||||||||||||
| Total assets | $ | 26,519 | $ | 32,114 | |||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,750 | $ | 5,496 | |||||||||||||
| Current portion of deferred revenue | 683 | 669 | |||||||||||||||
| Total current liabilities | 6,433 | 6,165 | |||||||||||||||
| Long-term portion of deferred revenue | 2,501 | 2,587 | |||||||||||||||
| Total liabilities | 8,934 | 8,752 | |||||||||||||||
| Stockholders’ equity | 17,585 | 23,362 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 26,519 | $ | 32,114 | |||||||||||||
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(1) |
The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at such date but does 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