ACADIA Pharmaceuticals Reports Second Quarter 2012 Financial Results
ACADIA reported a net loss of
At
“Our progress in the first half of 2012 established the foundation for what we believe will be an exciting and value-driving second half of the year,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We look forward to reporting top-line results this fall from the ongoing pivotal -020 trial in our Phase III Parkinson’s disease psychosis program with pimavanserin. Importantly, our pipeline of product candidates, led by pimavanserin, positions ACADIA with multiple product and commercial opportunities and significant growth potential.”
Revenues increased to
Research and development expenses increased to
General and administrative expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its second 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 a pipeline of product candidates
led by pimavanserin, which is in Phase III development as a potential
first-in-class treatment for Parkinson's disease psychosis. ACADIA also
has clinical-stage programs for chronic pain and glaucoma 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, either alone or with a partner,
including clinical trials and the results therefrom, the potential of
and the benefits to be derived from product candidates, in each case
including pimavanserin, the future performance of ACADIA stock, 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) |
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Three Months Ended |
Six Months Ended |
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2012 |
2011 |
2012 |
2011 |
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| Collaborative revenues | $ | 599 | $ | 460 | $ | 1,049 | $ | 895 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development (includes stock-based compensation of $154, $134, $293 and $255, respectively) | 4,472 | 4,315 | 9,493 | 8,727 | ||||||||||||||||
| General and administrative (includes stock-based compensation of $324, $279, $598 and $534, respectively) | 1,556 | 2,729 | 3,216 | 4,613 | ||||||||||||||||
| Total operating expenses | 6,028 | 7,044 | 12,709 | 13,340 | ||||||||||||||||
| Loss from operations | (5,429 | ) | (6,584 | ) | (11,660 | ) | (12,445 | ) | ||||||||||||
| Interest income, net | 10 | 28 | 23 | 56 | ||||||||||||||||
| Net loss | $ | (5,419 | ) | $ | (6,556 | ) | $ | (11,637 | ) | $ | (12,389 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.24 | ) | ||||||||
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Weighted average common shares outstanding, basic and diluted |
52,961 | 52,677 | 52,932 | 51,535 | ||||||||||||||||
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) |
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June 30, 2012 |
December 31, 2011(1) |
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| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 21,349 | $ | 31,048 | ||||
| Prepaid expenses, receivables and other current assets | 426 | 901 | ||||||
| Total current assets | 21,775 | 31,949 | ||||||
| Property and equipment, net, and other assets | 99 | 165 | ||||||
| Total assets | $ | 21,874 | $ | 32,114 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,995 | $ | 5,496 | ||||
| Current portion of deferred revenue | 765 | 669 | ||||||
| Total current liabilities | 6,760 | 6,165 | ||||||
| Long-term portion of deferred revenue | 2,406 | 2,587 | ||||||
| Total liabilities | 9,166 | 8,752 | ||||||
| Stockholders’ equity | 12,708 | 23,362 | ||||||
| Total liabilities and stockholders’ equity | $ | 21,874 | $ | 32,114 | ||||
| (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