ACADIA Pharmaceuticals Reports Third Quarter 2012 Financial Results
ACADIA reported a net loss of
At
“The third quarter was a productive period for ACADIA highlighted by the completion of patient enrollment in the pivotal -020 trial in our Phase III Parkinson’s disease psychosis program with pimavanserin,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We remain on track with our -020 trial and look forward to reporting top-line results this month. Meanwhile, preparations are ongoing for the second planned pivotal trial, the -021 trial, and we are continuing to conduct the -015 open-label safety extension trial in this Phase III program. With our pipeline of product candidates, led by pimavanserin, we believe ACADIA is positioned with significant growth potential.”
Revenues increased to
Research and development expenses increased to
General and administrative expenses totaled
Conference Call and Webcast Information
ACADIA management will review its third 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, including the timing of results of the -020
trial, the future growth of ACADIA, 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 September 30, |
Nine Months Ended September 30, |
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| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
| Collaborative revenues | $ | 3,478 | $ | 584 | $ | 4,527 | $ | 1,479 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $157, $129, $450 and $383, respectively) | 4,400 | 4,158 | 13,893 | 12,885 | |||||||||||||||||||||||
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General and administrative (includes stock-based compensation of $331, $272, $929 and $807, respectively) |
1,485 | 1,519 | 4,701 | 6,132 | |||||||||||||||||||||||
| Total operating expenses | 5,885 | 5,677 | 18,594 | 19,017 | |||||||||||||||||||||||
| Loss from operations | (2,407 | ) | (5,093 | ) | (14,067 | ) | (17,538 | ) | |||||||||||||||||||
| Interest income, net | 5 | 17 | 28 | 73 | |||||||||||||||||||||||
| Net loss | $ | (2,402 | ) | $ | (5,076 | ) | $ | (14,039 | ) | $ | (17,465 | ) | |||||||||||||||
| Net loss per common share, basic and diluted | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.26 | ) | $ | (0.34 | ) | |||||||||||||||
| Weighted average common shares outstanding, basic and diluted | 53,911 | 52,800 | 53,262 | 51,963 | |||||||||||||||||||||||
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) |
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September 30,
2012 |
December 31,
2011(1) |
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| Assets | |||||||||||||
| Cash, cash equivalents and investment securities | $ | 23,058 | $ | 31,048 | |||||||||
| Prepaid expenses, receivables and other current assets | 627 | 901 | |||||||||||
| Total current assets | 23,685 | 31,949 | |||||||||||
| Property and equipment, net, and other assets | 65 | 165 | |||||||||||
| Total assets | $ | 23,750 | $ | 32,114 | |||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,820 | $ | 5,496 | |||||||||
| Current portion of deferred revenue | 266 | 669 | |||||||||||
| Total current liabilities | 6,086 | 6,165 | |||||||||||
| Long-term portion of deferred revenue | - | 2,587 | |||||||||||
| Total liabilities | 6,086 | 8,752 | |||||||||||
| Stockholders’ equity | 17,664 | 23,362 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 23,750 | $ | 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