ACADIA Pharmaceuticals Reports Second Quarter 2009 Financial Results
ACADIA reported a net loss of
At
“The second quarter of 2009 was highlighted by the formation of our
collaboration with
Revenues totaled
Research and development expenses totaled
General and administrative expenses totaled
Net interest income decreased to
ACADIA continues to anticipate that its cash, cash equivalents and
investment securities will be greater than
Second Quarter 2009 Highlights
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ACADIA completed enrollment in the first pivotal Phase III trial of
pimavanserin in patients with Parkinson’s disease psychosis (PDP) in
May 2009 . ACADIA expects to report top-line results from this trial in the third quarter of 2009. - ACADIA continues to enroll patients in the second pivotal Phase III trial of pimavanserin in patients with PDP. ACADIA also continues to conduct an open-label safety extension study pursuant to which eligible patients who have completed either of the two pivotal Phase III trials have the opportunity to enroll if, in the opinion of the physician, the patient may benefit from continued treatment with pimavanserin.
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ACADIA established a collaboration with Biovail Laboratories
International SRL to co-develop and commercialize pimavanserin for
neurological and psychiatric indications, including PDP and
Alzheimer’s disease psychosis (ADP), in
the United States andCanada . -
ACADIA extended the term of its discovery alliance with
Allergan for one additional year throughMarch 2010 . Joint research efforts are focused in ophthalmic indications.
Conference Call and Webcast Information
ACADIA management will review its second quarter results and development
programs via conference call and webcast today at
About
ACADIA is a biopharmaceutical company utilizing innovative technology to
fuel drug discovery and clinical development of novel treatments for
central nervous system disorders. ACADIA is currently developing a
portfolio consisting of its five most advanced product candidates
including pimavanserin, which is in Phase III development for
Parkinson’s disease psychosis in collaboration 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 (collectively referred to as its
pipeline) either alone or with a partner, including clinical trials and
the results therefrom, and the benefits to be derived from ACADIA’s
product candidates, in each case including pimavanserin, potential
payments under its collaboration agreements, its future cash position
and the length of its cash runway. 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
further 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, 2008 as well as other subsequent filings with the
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ACADIA PHARMACEUTICALS INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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(Unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2009 | 2008 | 2009 | 2008 | |||||||||||||||
| Collaborative revenues | $ | 1,820 | $ | 177 | $ | 2,194 | $ | 983 | ||||||||||
| Operating expenses | ||||||||||||||||||
| Research and development (includes stock-based compensation of $283, $380, $504 and $795, respectively) | 11,979 | 16,036 | 24,533 | 31,207 | ||||||||||||||
| General and administrative (includes stock-based compensation of $333, $431, $687 and $852, respectively) | 2,662 | 3,184 | 5,649 | 6,454 | ||||||||||||||
| Total operating expenses | 14,641 | 19,220 | 30,182 | 37,661 | ||||||||||||||
| Loss from operations | (12,821 | ) | (19,043 | ) | (27,988 | ) | (36,678 | ) | ||||||||||
| Interest income (expense), net | 93 | 756 | 260 | 2,011 | ||||||||||||||
| Net loss | $ | (12,728 | ) | $ | (18,287 | ) | $ | (27,728 | ) | $ | (34,667 | ) | ||||||
| Net loss per common share, basic and diluted | $ | (0.34 | ) | $ | (0.49 | ) | $ | (0.75 | ) | $ | (0.94 | ) | ||||||
| Weighted average common shares outstanding, basic and diluted | 37,220 | 37,102 | 37,200 | 37,077 | ||||||||||||||
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ACADIA PHARMACEUTICALS INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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(Unaudited) |
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June 30,
2009 |
December 31,
2008(1) |
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| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 66,152 | $ | 60,083 | ||||
| Prepaid expenses, receivables and other current assets | 2,062 | 2,299 | ||||||
| Total current assets | 68,214 | 62,382 | ||||||
| Property and equipment, net | 1,657 | 2,103 | ||||||
| Other assets | 192 | 192 | ||||||
| Total assets | $ | 70,063 | $ | 64,677 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | 20,936 | 11,051 | ||||||
| Long-term liabilities | 22,714 | 634 | ||||||
| Stockholders’ equity | 26,413 | 52,992 | ||||||
| Total liabilities and stockholders’ equity | $ | 70,063 | $ | 64,677 | ||||
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(1) The condensed consolidated balance sheet at December 31, 2008 has been derived from the audited financial statements at that 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.
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Source:
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director, Investor
Relations
Thomas H. Aasen, Vice President and Chief
Financial Officer
(858) 558-2871