UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 8, 2012
Commission File Number: 333171722
ACADIA Pharmaceuticals Inc.
(Exact name of small business issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
061376651
(IRS Employer Identification No.)
3911 Sorrento Valley Blvd, San Diego, California 92121
(Address of principal executive offices)
858-558-2871
(Registrant's Telephone number)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 8, 2012, ACADIA Pharmaceuticals Inc. issued a press release announcing its financial results for the second quarter and six months ended June 30, 2012. A copy of this press release is furnished herewith as Exhibit 99.1. Pursuant to the rule and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing regardless of any general incorporation language.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit is furnished herewith:
99.1 Press release dated August 8, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ACADIA Pharmaceuticals Inc.
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Date: August 8, 2012
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By:
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/s/ Thomas H. Aasen
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Name: Thomas H. Aasen
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Title: Executive Vice President, Chief Financial Officer and Chief Business Officer
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Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press Release dated August 8, 2012 |
Exhibit 99.1
Contacts:
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
(858) 558-2871
ACADIA PHARMACEUTICALS REPORTS
SECOND QUARTER 2012 FINANCIAL RESULTS
SAN DIEGO, CA August 8, 2012 – ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a biopharmaceutical company focused on innovative treatments that address unmet medical needs in neurological and related central nervous system disorders, today announced its unaudited financial results for the second quarter ended June 30, 2012.
ACADIA reported a net loss of $5.4 million, or $0.10 per common share, for the second quarter of 2012 compared to a net loss of $6.6 million, or $0.12 per common share, for the second quarter of 2011. For the six months ended June 30, 2012, ACADIA reported a net loss of $11.6 million, or $0.22 per common share, compared to a net loss of $12.4 million, or $0.24 per common share, for the comparable period of 2011.
At June 30, 2012, ACADIA’s cash, cash equivalents and investment securities totaled $21.3 million compared to $31.0 million at December 31, 2011. ACADIA continues to expect that its current cash resources and anticipated payments from its existing collaborations will be sufficient to fund its operations at least into the second quarter of 2013.
“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 $599,000 for the second quarter of 2012 from $460,000 for the comparable quarter of 2011, largely reflecting increased funding from ACADIA’s research grants as well as revenues from its collaborations with Allergan, Inc.
Research and development expenses increased to $4.5 million for the second quarter of 2012, including $154,000 in stock-based compensation, from $4.3 million for the second quarter of 2011, including $134,000 in stock-based compensation. This increase was primarily due to increased external clinical expenses associated with ACADIA’s Phase III program with pimavanserin.
General and administrative expenses decreased to $1.6 million for the second quarter of 2012, including $324,000 in stock-based compensation, from $2.7 million for the second quarter of 2011, including $279,000 in stock-based compensation. The decrease was largely attributable to a $1.1 million net charge incurred in the second quarter of 2011 in connection with the termination of the Company’s Swedish facility lease.
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 5:00 p.m. Eastern Time. The conference call may be accessed by dialing 800-299-8538 for participants in the U.S. or Canada and 617-786-2902 for international callers (reference passcode 54728077). A telephone replay of the conference call may be accessed through August 22, 2012 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 91397157). The conference call also will be webcast live on ACADIA’s website, www.acadia-pharm.com, under the investors section and will be archived there until August 22, 2012.
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About ACADIA Pharmaceuticals
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 Allergan, Inc. and two preclinical programs directed at Parkinson’s disease and other neurological disorders. All of ACADIA’s product candidates are small molecules that emanate from discoveries made using its proprietary drug discovery platform. ACADIA maintains a website at www.acadia-pharm.com to which ACADIA regularly posts copies of its press releases as well as additional information and through which interested parties can subscribe to receive email alerts.
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 Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.
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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
June 30,
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Six Months Ended
June 30,
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2012
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2011
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2012
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2011
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Collaborative revenues
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$ | 599 | $ | 460 | $ | 1,049 | $ | 895 | ||||||||
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Operating expenses
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Research and development (includes stock-based compensation of $154, $134, $293 and $255, respectively)
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4,472 | 4,315 | 9,493 | 8,727 | ||||||||||||
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General and administrative (includes stock-based compensation of $324, $279, $598 and $534, respectively)
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1,556 | 2,729 | 3,216 | 4,613 | ||||||||||||
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Total operating expenses
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6,028 | 7,044 | 12,709 | 13,340 | ||||||||||||
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Loss from operations
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(5,429 | ) | (6,584 | ) | (11,660 | ) | (12,445 | ) | ||||||||
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Interest income, net
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10 | 28 | 23 | 56 | ||||||||||||
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Net loss
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$ | (5,419 | ) | $ | (6,556 | ) | $ | (11,637 | ) | $ | (12,389 | ) | ||||
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Net loss per common share, basic and diluted
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$ | (0.10 | ) | $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.24 | ) | ||||
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Weighted average common shares outstanding, basic and diluted
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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
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December 31,
2011(1)
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Assets
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Cash, cash equivalents, and investment securities
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$ | 21,349 | $ | 31,048 | ||||
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Prepaid expenses, receivables and other current assets
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426 | 901 | ||||||
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Total current assets
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21,775 | 31,949 | ||||||
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Property and equipment, net, and other assets
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99 | 165 | ||||||
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Total assets
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$ | 21,874 | $ | 32,114 | ||||
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Liabilities and Stockholders’ Equity
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Accounts payable, accrued expenses and other current liabilities
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$ | 5,995 | $ | 5,496 | ||||
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Current portion of deferred revenue
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765 | 669 | ||||||
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Total current liabilities
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6,760 | 6,165 | ||||||
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Long-term portion of deferred revenue
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2,406 | 2,587 | ||||||
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Total liabilities
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9,166 | 8,752 | ||||||
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Stockholders’ equity
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12,708 | 23,362 | ||||||
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Total liabilities and stockholders’ equity
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$ | 21,874 | $ | 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.
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