ACADIA Pharmaceuticals Reports Third Quarter 2013 Financial Results
ACADIA reported a net loss of
At
“We remain focused on building value in our pimavanserin franchise and advancing our pipeline,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “During the third quarter of 2013, we continued to build on the strong momentum established in the first half of the year and made important progress in advancing our Parkinson’s disease psychosis program with pimavanserin toward registration. We remain on track for a targeted NDA submission near the end of 2014. In parallel, we are finalizing study start-up activities for our Phase II trial in Alzheimer’s disease psychosis that is scheduled for initiation this month.”
Revenues decreased to
Research and development expenses increased to
General and administrative expenses increased to
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 the progress and expected timing of clinical trials, including
the planned trial for pimavanserin in ADP, the targeted timing of an NDA
submission for pimavanserin, the clinical benefits to be derived from
ACADIA’s product candidates, in each case including pimavanserin,
ACADIA’s projected cash balance at
ACADIA PHARMACEUTICALS INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Collaborative revenues | $ | 240 | $ | 3,478 | $ | 1,108 | $ | 4,527 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Research and development (includes stock-based | ||||||||||||||||||||||||
compensation of $690, $157, $1,417, and $450, | ||||||||||||||||||||||||
respectively) | 7,254 | 4,400 | 18,797 | 13,893 | ||||||||||||||||||||
General and administrative (includes stock-based | ||||||||||||||||||||||||
compensation of $1,201, $331, $2,120 and $929, | ||||||||||||||||||||||||
respectively) | 3,797 | 1,485 | 8,444 | 4,701 | ||||||||||||||||||||
Total operating expenses | 11,051 | 5,885 | 27,241 | 18,594 | ||||||||||||||||||||
Loss from operations | (10,811 | ) | (2,407 | ) | (26,133 | ) | (14,067 | ) | ||||||||||||||||
Interest income, net | 116 | 5 | 234 | 28 | ||||||||||||||||||||
Net loss | $ | (10,695 | ) | $ | (2,402 | ) | $ | (25,899 | ) | $ | (14,039 | ) | ||||||||||||
Net loss per common share, basic and diluted | $ | (0.12 | ) | $ | (0.04 | ) | $ | (0.31 | ) | $ | (0.26 | ) | ||||||||||||
Weighted average common shares outstanding, basic | ||||||||||||||||||||||||
and diluted | 89,504 | 53,911 | 83,946 | 53,262 | ||||||||||||||||||||
ACADIA PHARMACEUTICALS INC. | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands) | ||||||||||
(Unaudited) | ||||||||||
September 30, | December 31, | |||||||||
2013 | 2012(1) | |||||||||
Assets | ||||||||||
Cash, cash equivalents and investment securities | $ | 196,180 | $ | 107,967 | ||||||
Prepaid expenses, receivables and other current assets | 2,495 | 581 | ||||||||
Total current assets | 198,675 | 108,548 | ||||||||
Other noncurrent assets | 610 | 42 | ||||||||
Total assets | $ | 199,285 | $ | 108,590 | ||||||
Liabilities, redeemable common stock and stockholders’ equity | ||||||||||
Total liabilities | $ | 7,872 | $ | 5,948 | ||||||
Redeemable common stock | 10,659 | 17,658 | ||||||||
Stockholders’ equity | 180,754 | 84,984 | ||||||||
Total liabilities, redeemable common stock and | ||||||||||
stockholders’ equity | $ | 199,285 | $ | 108,590 | ||||||
(1) |
The condensed consolidated balance sheet at December 31, 2012 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
Lisa Barthelemy, Director of Investor Relations
858-558-2871