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): May 7, 2013
Commission File Number: 000-50768
ACADIA Pharmaceuticals Inc.
(Exact name of small business issuer as specified in its charter)
(Exact name of small business issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
(State or other jurisdiction of incorporation or organization)
061376651
(IRS Employer Identification No.)
(IRS Employer Identification No.)
3911 Sorrento Valley Blvd, San Diego, California 92121
(Address of principal executive offices)
(Address of principal executive offices)
858-558-2871
(Registrant's Telephone number)
(Registrant's Telephone number)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
(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 May 7, 2013, ACADIA Pharmaceuticals Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2013. A copy of this press release is furnished herewith as Exhibit 99.1. Pursuant to the rules 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 May 7, 2013
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.
| ACADIA Pharmaceuticals Inc. |
Date: May 7, 2013
| By: | /s/ Thomas H. Aasen |
| Name: Thomas H. Aasen | |
| Title: Executive Vice President, Chief Financial Officer and Chief Business Officer |
Exhibit Index
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Exhibit No.
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Description
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|
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EX-99.1
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Press release dated May 7, 2013
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Exhibit 99.1
Contacts:
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
ACADIA PHARMACEUTICALS REPORTS
FIRST QUARTER 2013 FINANCIAL RESULTS
SAN DIEGO, CA May 7, 2013 – 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 first quarter ended March 31, 2013.
ACADIA reported a net loss of $6.1 million, or $0.08 per common share, for the first quarter of 2013 compared to a net loss of $6.2 million, or $0.12 per common share, for the first quarter of 2012.
At March 31, 2013, ACADIA’s cash, cash equivalents and investment securities totaled $101.5 million compared to $108.0 million at December 31, 2012.
“The last several months have been a remarkable period of progress and success for ACADIA, beginning with the impressive results from our pivotal Phase III trial with pimavanserin for Parkinson’s disease psychosis (PDP) and culminating with our recent announcement of an expedited path to NDA filing,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “I believe this is just the beginning for ACADIA as we enter a new phase in which we are focused on building additional value in our pimavanserin franchise by rapidly advancing to registration in PDP and strategically broadening the program into other major neurological and psychiatric indications.”
Revenues totaled $417,000 for the first quarter of 2013, compared to $450,000 for the first quarter of 2012, and were derived from ACADIA’s collaborations with Allergan, Inc. as well as funding from research and development grants.
Research and development expenses decreased to $4.4 million for the first quarter of 2013, including $254,000 in stock-based compensation, from $5.0 million for the comparable quarter of 2012, including $139,000 in stock-based compensation. This decrease was primarily due to decreased external clinical costs associated with ACADIA’s Phase III program with pimavanserin, offset in part by increased personnel costs.
General and administrative expenses increased to $2.2 million for the first quarter of 2013, including $328,000 in stock-based compensation, from $1.7 million for the comparable quarter of 2012, including $274,000 in stock-based compensation. This increase was primarily due to increased personnel costs as well as increased professional fees.
ACADIA currently expects to use between $28 million and $32 million of its cash resources to fund its operations for the year ending December 31, 2013. These resources are expected to be used primarily for ongoing and planned development and pre-commercial activities for pimavanserin.
Conference Call and Webcast Information
ACADIA management will review its first 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 866-515-2912 for participants in the U.S. or Canada and 617-399-5126 for international callers (reference passcode 99860774). A telephone replay of the conference call may be accessed through May 21, 2013 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 92885538). 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 through May 21, 2013.
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 advanced preclinical programs directed at Parkinson’s disease and other neurological disorders. All product candidates are small molecules that emanate from discoveries made at ACADIA. 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 the progress, speed and expected timing of clinical trials, the path to NDA filing, and the clinical benefits to be derived from ACADIA’s product candidates, in each case including pimavanserin, future advancement or strategic broadening of the pimavanserin program, and ACADIA’s expected 2013 cash usage. 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, the fact that past results of clinical trials may not be indicative of future trial results, and the risks and uncertainties associated with obtaining regulatory approvals for ACADIA’s product candidates. 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, 2012 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.
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
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Three Months Ended
March 31,
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||||||||
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2013
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2012
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|||||||
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Collaborative revenues
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$ | 417 | $ | 450 | ||||
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Operating expenses
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||||||||
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Research and development (includes stock-based compensation of $254 and $139, respectively)
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4,430 | 5,021 | ||||||
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General and administrative (includes stock-based compensation of $328 and $274, respectively)
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2,151 | 1,660 | ||||||
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Total operating expenses
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6,581 | 6,681 | ||||||
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Loss from operations
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(6,164 | ) | (6,231 | ) | ||||
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Interest income, net
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41 | 13 | ||||||
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Net loss
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$ | (6,123 | ) | $ | (6,218 | ) | ||
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Net loss per common share, basic and diluted
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$ | (0.08 | ) | $ | (0.12 | ) | ||
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Weighted average common shares outstanding, basic and diluted
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78,748 | 52,903 | ||||||
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
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March 31,
2013
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December 31,
2012(1)
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|||||||
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Assets
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||||||||
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Cash, cash equivalents and investment securities
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$ | 101,463 | $ | 107,967 | ||||
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Prepaid expenses, receivables and other current assets
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1,522 | 581 | ||||||
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Total current assets
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102,985 | 108,548 | ||||||
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Property and equipment, net
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30 | 42 | ||||||
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Total assets
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$ | 103,015 | $ | 108,590 | ||||
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Liabilities, redeemable common stock and stockholders’ equity
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||||||||
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Current liabilities
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$ | 5,695 | $ | 5,948 | ||||
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Redeemable common stock
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17,658 | 17,658 | ||||||
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Stockholders’ equity
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79,662 | 84,984 | ||||||
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Total liabilities, redeemable common stock and stockholders’ equity
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$ | 103,015 | $ | 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.