0001564590-21-024268 | 10-Q | XBRL Viewer | Acadia Pharmaceuticals INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC.
Entity Central Index Key	0001070494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		160,179,036
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-50768
Entity Tax Identification Number	06-1376651
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	12830 El Camino Real, Suite 400
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	558-2871
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 304,487	$ 326,028
Investment securities, available-for-sale	273,281	305,930
Accounts receivable, net	56,832	48,247
Interest and other receivables	558	2,035
Inventory	10,311	9,682
Prepaid expenses	28,515	25,694
Total current assets	673,984	717,616
Property and equipment, net	9,757	9,161
Operating lease right-of-use assets	63,111	47,283
Intangible assets, net	738	1,108
Restricted cash	5,770	5,770
Other assets	1,813	1,678
Total assets	755,173	782,616
Liabilities and stockholders’ equity
Accounts payable	8,849	8,493
Accrued liabilities	100,524	97,474
Total current liabilities	109,373	105,967
Operating lease liabilities	60,581	44,460
Other long-term liabilities	3,613	5,180
Total liabilities	173,567	155,607
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020
Common stock, $0.0001 par value; 225,000,000 shares authorized at March 31, 2021 and December 31, 2020; 160,172,235 shares and 159,637,771 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	16	16
Additional paid-in capital	2,633,710	2,612,663
Accumulated deficit	(2,052,154)	(1,985,706)
Accumulated other comprehensive income	34	36
Total stockholders’ equity	581,606	627,009
Total liabilities and stockholders’ equity	$ 755,173	$ 782,616

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	160,172,235	159,637,771
Common stock, shares outstanding	160,172,235	159,637,771

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Type of Revenue [Extensible List]		us-gaap:ProductMember
Total revenues	$ 106,554	$ 90,068
Operating expenses
Type of Cost, Good or Service [Extensible List]		us-gaap:ProductMember
Cost of product sales	2,185	$ 2,799
License fees and royalties	2,507	2,175
Research and development	56,973	72,636
Selling, general and administrative	111,661	101,973
Total operating expenses	173,326	179,583
Loss from operations	(66,772)	(89,515)
Interest income, net	200	2,989
Other income (expense)	145	(1,497)
Loss before income taxes	(66,427)	(88,023)
Income tax expense	21
Net loss	$ (66,448)	$ (88,023)
Net loss per common share, basic and diluted	$ (0.42)	$ (0.57)
Weighted average common shares outstanding, basic and diluted	160,011	155,368

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (66,448)	$ (88,023)
Other comprehensive income:
Unrealized (loss) gain on investment securities	(6)	1,226
Foreign currency translation adjustments	4	2
Comprehensive loss	$ (66,450)	$ (86,795)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (66,448)	$ (88,023)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	13,184	22,348
Amortization of premiums and accretion of discounts on investment securities	689	87
Amortization of intangible assets	370	370
(Gain) loss on strategic investment	(145)	1,497
Depreciation	525	294
Changes in operating assets and liabilities:
Accounts receivable, net	(8,585)	(5,855)
Interest and other receivables	1,477	(842)
Inventory	(492)	(37)
Prepaid expenses	(2,821)	(3,520)
Operating lease right-of-use assets	1,589	1,187
Other assets	10	18
Accounts payable	356	(599)
Accrued liabilities	2,761	24,057
Operating lease liabilities	(1,052)	(360)
Long-term liabilities	(1,567)	376
Net cash used in operating activities	(60,149)	(49,002)
Cash flows from investing activities
Purchases of investment securities	(127,864)	(100,773)
Maturities of investment securities	159,817	131,315
Purchases of property and equipment	(1,076)	(934)
Net cash provided by investing activities	30,877	29,608
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	7,726	3,754
Net cash provided by financing activities	7,726	3,754
Effect of exchange rate changes on cash	5	2
Net decrease in cash, cash equivalents and restricted cash	(21,541)	(15,638)
Cash, cash equivalents and restricted cash
Beginning of period	331,798	194,467
End of period	310,257	178,829
Supplemental disclosure of noncash information:
Property and equipment purchases in accounts payable and accrued liabilities	$ 45	$ 1,269

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 699,135	$ 15	$ 2,402,945	$ (1,704,122)	$ 297
Issuance of common stock from exercise of stock options and units			3,754
Stock-based compensation			22,288
Net loss	(88,023)			(88,023)
Other comprehensive (loss) income	1,228
Ending balance at Mar. 31, 2020	638,382	15	2,428,987	(1,792,145)	1,525
Beginning balance at Dec. 31, 2020	627,009	16	2,612,663	(1,985,706)	36
Issuance of common stock from exercise of stock options and units			7,726
Stock-based compensation			13,321
Net loss	(66,448)			(66,448)
Other comprehensive (loss) income	(2)
Ending balance at Mar. 31, 2021	$ 581,606	$ 16	$ 2,633,710	$ (2,052,154)	$ 34

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Organization and Business

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Organization and Business

1. Organization and Business

Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The Company was originally incorporated in Vermont in 1993 as Receptor Technologies, Inc. and reincorporated in Delaware in 1997.

In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID^® (pimavanserin), for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP). NUPLAZID became available for prescription in the United States in May 2016.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates.

Risk and Uncertainties

The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted our business. Sales of NUPLAZID in the first quarter of 2021 were negatively impacted by ongoing conditions related to the COVID-19 pandemic. At this time the Company cannot predict the magnitude of the pandemic or the full impact that it may have on the Company’s financial condition, operations, suppliers, and workforce.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands):

	March 31, 2021				March 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	304,487	$	189,680	$	173,059
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	331,798	$	310,257	$	194,467	$	178,829

Accounts Receivable

Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of March 31, 2021 the Company determined that an allowance for credit loss was not required.

Although the Company has not historically experienced significant credit losses, the Company’s exposure may increase due to uncertainties associated with the global economic recession and other disruptions resulting from the COVID-19 pandemic.

License Fees and Royalties

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.

In connection with the FDA approval of NUPLAZID in April 2016, the Company made a one-time milestone payment of $8.0 million pursuant to its 2006 license agreement with the Ipsen Group in which the Company licensed certain intellectual property rights that complement its patent portfolio for its serotonin platform, including NUPLAZID. The Company capitalized the $8.0 million payment as an intangible asset and is amortizing the asset on a straight-line basis over the estimated useful life of the licensed patents through the second half of 2021. The Company recorded amortization expense related to its intangible asset of $0.4 million for each of the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, estimated future amortization expense related to the Company’s intangible asset was $0.7 million for the remainder of 2021.

Royalties incurred in connection with the Company’s license agreement with the Ipsen Group, as disclosed in Note 9, Commitments and Contingencies, are expensed to license fees and royalties as revenue from product sales is recognized.

Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

3. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, employee stock purchase plan rights, restricted stock units, and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be anti-dilutive. The Company incurred net losses for all periods presented and there were no reconciling items for potentially dilutive securities. More specifically, at March 31, 2021 and 2020, stock options, employee stock purchase plan rights, restricted stock units, and warrants totaling approximately 20,297,000 shares and 21,064,000 shares, respectively, were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation

The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):

	Three Months Ended March 31,
	2021		2020
Cost of product sales	$	163	$	849
Research and development		4,830		8,457
Selling, general and administrative		8,191		13,042
	$	13,184	$	22,348

The fair value of each employee stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model, which requires the Company to make a number of assumptions including the estimated expected life of the award and related volatility. The fair value of restricted stock units is estimated based on the market price of our common stock on the date of grant. The estimated fair values of stock options, purchase plan rights, and restricted stock units are then expensed over the vesting period. Performance-based stock awards vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these performance-based stock awards is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable. During the three months ended March 31, 2021, the Company had a change in estimate related to the achievement of certain performance-based criteria for performance-based stock awards which resulted in a reduction in stock-based compensation expenses by approximately $6.1 million.

Balance Sheet Details

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Details

5. Balance Sheet Details

Inventory consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Finished goods	$	947	$	1,453
Work in process		7,731		6,367
Raw material		1,633		1,862
	$	10,311	$	9,682

Accrued liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Accrued sales allowances	$	23,886	$	14,115
Accrued research and development services		22,177		28,380
Accrued compensation and benefits		21,767		25,811
Accrued consulting and professional fees		18,370		18,969
Current portion of lease liabilities		6,082		5,087
Current portion of accrued branded prescription drug fees		5,203		1,845
Other		3,039		3,267
	$	100,524	$	97,474

Investments

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments

6. Investments

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

	March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	139,390	$	25	$	—		*	$	139,415
Government sponsored enterprise securities		20,004		—		(3	)			20,001
Corporate debt securities		2,999		2		—				3,001
Commercial paper		110,864		7		(7	)			110,864
	$	273,257	$	34	$	(10	)		$	273,281

	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	205,111	$	6	$	(27	)		$	205,090
Government sponsored enterprise securities		10,004		—		(5	)			9,999
Corporate debt securities		52,341		47		—		*		52,388
Commercial paper		38,443		21		(11	)			38,453
	$	305,899	$	74	$	(43	)		$	305,930

_______________________

*	Unrealized loss was less than $500.

The Company has classified all of its available-for-sale investment securities as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company has classified all equity securities as other assets on its consolidated balance sheets.

At March 31, 2021 and December 31, 2020, the Company had 15 and 24 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
March 31, 2021:
U.S. Treasury notes	$	5,011	$	—		*	$	—	$	—	$	5,011	$	—		*
Government sponsored enterprise securities		15,001		(3	)			—		—		15,001		(3	)
Commercial paper		77,410		(7	)			—		—		77,410		(7	)
Total	$	97,422	$	(10	)		$	—	$	—	$	97,422	$	(10	)


	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2020:
U.S. Treasury notes	$	129,631	$	(27	)		$	—	$	—	$	129,631	$	(27	)
Government sponsored enterprise securities		10,004		(5	)			—		—		10,004		(5	)
Corporate debt securities		6,252		—		*		—		—		6,252		—		*
Commercial paper		23,466		(11	)			—		—		23,466		(11	)
Total	$	169,353	$	(43	)		$	—	$	—	$	169,353	$	(43	)

_______________________

*	Unrealized loss was less than $500.

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions.

The Company does not intend to sell the investments in unrealized loss position and it is unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at March 31, 2021.

Although the Company has not historically experienced significant losses on its investments, the Company’s exposure may increase due to uncertainties associated with the global economic recession and other disruptions resulting from the COVID-19 pandemic.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, U.S. Treasury notes, and high quality, marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy, and equity securities. The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s.

The Company’s cash equivalents, available-for-sale investment securities and equity securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities and equity securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices, and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of March 31, 2021 and December 31, 2020.

The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classification levels.

The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities and equity securities at March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

			Fair Value Measurements at Reporting Date Using
	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	277,224	$	277,224	$	—	$	—
U.S. Treasury notes		139,415		139,415		—		—
Equity securities		1,454		1,454		—		—
Government sponsored enterprise securities		20,001		—		20,001		—
Corporate debt securities		3,001		—		3,001		—
Commercial paper		135,856		—		135,856		—
	$	576,951	$	418,093	$	158,858	$	—

			Fair Value Measurements at Reporting Date Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	300,339	$	300,339	$	—	$	—
U.S. Treasury notes		230,088		230,088		—		—
Equity securities		1,309		1,309		—		—
Government sponsored enterprise securities		9,999		—		9,999		—
Corporate debt securities		52,388		—		52,388		—
Commercial paper		38,453		—		38,453		—
	$	632,576	$	531,736	$	100,840	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

In August 2020, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with CerSci Therapeutics Incorporated (CerSci). Approximately 1.2 million shares of the Company’s common stock with a value of $44.3 million were issued to CerSci’s former equity holders.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Royalty Payments

Pursuant to the terms of its 2006 license agreement with the Ipsen Group, the Company is required to make royalty payments of two percent of net sales of NUPLAZID. This obligation terminates in 2021.

License and Merger Agreements

The Company has entered into various collaboration, licensing and merger agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront license fees, development and commercial milestone payments upon achievement of certain clinical and commercial development and annual net sales milestones, as well as royalties calculated as a percentage of product revenues, with rates that vary by agreement. The Company did not incur any costs in upfront and license payments for the three months ended March 31, 2021 and incurred $10.0 million in upfront and license payments for the three months ended March 31, 2020. As of March 31, 2021, the Company may be required to make milestone payments up to $2.2 billion in the aggregate.

In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, the Company paid Neuren an upfront license fee of $10.0 million and it may be required to pay up to an additional $455.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company may be required to pay Neuren tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the third quarter of 2018 as there is no alternative use for the asset.

In March 2020, the Company entered into a license agreement and research collaboration with Vanderbilt University and obtained exclusive worldwide rights to develop and commercialize novel drug candidates targeting positive allosteric modulators of the muscarinic M1 receptor (the M1 PAM program) with the potential to treat a range of central nervous system disorders. Under the terms of the agreement, the Company paid Vanderbilt University an upfront license fee of $10.0 million and may be required to pay up to $515.0 million in milestone payments based on the achievement of certain clinical and commercial development and annual net sales milestones. In addition, the Company may be required to pay Vanderbilt University tiered royalties based on net sales. Furthermore, the Company is required to spend a minimum annual amount in development and the pursuit of regulatory approval for the M1 PAM compounds over the first three years of the license agreement. Such amounts are not material to the Company. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the first quarter of 2020 as there is no future alternative use for the assets.

In August 2020, the Company entered into the Merger Agreement with CerSci. The lead development program is a unique Reactive Species Decomposition Accelerant, a non-opioid, mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage programs, including brain penetrant compounds, with potential for symptomatic and disease modifying treatment utility in neurodegenerative diseases. The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock. In addition, under the terms of the Merger Agreement, the Company may be required to pay CerSci’s former equity holders up to $887.0 million in cash upon the achievement of certain development, commercialization and sales milestones, in addition to tiered cash royalties in the mid-single digits based on annual net sales. As substantially all of the fair value of the gross assets acquired was concentrated in the in-process research and development intangible assets acquired, the Company concluded that this transaction did not meet the definition of a business combination pursuant to FASB Accounting Standard Codification Topic 805, Business Combinations. As such, the transaction was accounted for as an asset acquisition and the upfront consideration of $45.7 million was expensed to research and development in the third quarter of 2020 as there is no future alternative use for the assets.

Corporate Credit Card Program

In connection with the Company’s credit card program, the Company established a letter of credit for $2.0 million, which has automatic annual extensions and is fully secured by restricted cash.

Fleet Program

In connection with the Company’s fleet program, the Company established a letter of credit for $0.4 million, which has automatic annual extensions and is fully secured by restricted cash.

Legal Proceedings

Between July 19 and August 3, 2018, following negative publicity about NUPLAZID, three purported company stockholders filed putative securities class action complaints (captioned Staublein v. Acadia Pharmaceuticals, Inc., Case No. 18-cv-01647, Stone v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01672, and Barglow v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01812) in the U.S. District Court for the Southern District of California against the Company and certain of its current and former executive officers. Thereafter, several putative lead plaintiffs filed motions to consolidate the cases and to appoint a lead plaintiff. On January 3, 2019, the Court consolidated the cases under the caption In re Acadia Pharmaceuticals Inc. Securities Litigation, Case No. 18-cv-01647, and took the lead plaintiff motions under submission. On February 26, 2019, the Court appointed a lead plaintiff and lead counsel. Lead plaintiff filed a consolidated complaint on April 15, 2019. The consolidated complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that adverse events and safety concerns regarding NUPLAZID threatened initial and continuing FDA approval, and by failing to disclose that the Company engaged in business practices likely to attract regulatory scrutiny. The consolidated complaint seeks unspecified monetary damages and other relief. Defendants filed a motion to dismiss the consolidated complaint on June 7, 2019. On June 1, 2020, the Court granted the motion in part and gave lead plaintiff leave to file an amended complaint. On July 16, 2020, lead plaintiff filed the amended complaint. Defendants filed a motion to dismiss the amended complaint on August 28, 2020. Lead plaintiff opposed the motion on September 15, 2020. Defendants’ reply in support of the motion to dismiss was filed on November 11, 2020. On March 29, 2021, the Court granted the defendants’ motion to dismiss with leave to amend. On April 16, 2021, lead plaintiff filed a third amended complaint. On April 20, 2021, the Court entered a schedule for filing and briefing a motion to dismiss the third amended complaint. The defendants’ motion to dismiss the third amended complaint is due on May 31, 2021. The plaintiff’s opposition to the motion is due on July 12, 2021. The defendants’ reply in support of the motion is due on August 11, 2021. The motion is set to be heard on October 1, 2021.

On February 7, 2020, a purported company stockholder filed a derivative complaint (captioned Barney v. Davis et al., Case No. 20-cv-0238) in the U.S. District Court for the Southern District of California against the Company’s directors and certain of its current and former executive officers. The complaint asserts claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment arising from allegations similar to those in the federal securities class action described above. On September 9, 2020, the Court substituted plaintiffs and re-captioned the case Shumacher v. Davis et al., Case No. 20-cv-0238. On June 23, 2020, a second derivative complaint (captioned Lazarus v. Davis et al., Case No. 20-cv-0843) was filed in the U.S. District Court for the District of Delaware. On September 9, 2020, the Court transferred the Lazarus case to the U.S. District Court for the Southern District of California and re-captioned the case Lazarus v. Davis et al., Case No. 20-cv-1774. On January 15, 2021, the Court consolidated the cases under the name In re ACADIA Pharmaceuticals Inc. Stockholder Derivative Litigation, Case No. 20-cv-0238, appointed lead counsel for the plaintiffs, and designated the complaint in the Shumacher case as the operative complaint. The consolidated case is stayed until the defendants in the federal securities class action answer, or the federal securities class action is dismissed with prejudice and all appeals are exhausted, or any party to the stipulation to stay gives 15 days’ written notice that it no longer consents to the voluntary stay.

On July 24, 2020, the Company filed complaints against (i) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against (i) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. The cases have been assigned to the Honorable Richard G. Andrews. On September 1, 2020, Aurobindo filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 22, 2020, the Company filed its answer to Aurobindo’s counterclaims. On August 31, 2020, Teva filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 21, 2020, the Company filed its answer to Teva’s counterclaims. On October 5, 2020, Hetero filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On October 26, 2020, the Company filed its answer to Hetero’s counterclaims. On September 30, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 5, 2020, the Company filed its first amended complaint against MSN in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 19, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On December 10, 2020, the Company filed its answer to MSN’s counterclaims. On November 2, 2020, Zydus filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On November 23, 2020, the Company filed its answer to Zydus’s counterclaims. On December 8, 2020, the parties’ joint proposed scheduling order was entered by Judge Andrews. On April 7, 2021, the Company filed its first amended complaints against Hetero and Teva and its second amended complaint against Hetero, to include an additional Orange Book-listed patent covering NUPLAZID. On April 8, 2021, the Company filed its first amended complaint against Zydus and on April 9, 2021, the Company filed its first amended complaint against Aurobindo. On April 20, 2021, MSN filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On April 21, 2021, Teva filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On April 22, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. A joint trial in the matters is scheduled for May 15, 2023.

The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on July 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021.

On April 19, 2021, a purported Company stockholder filed a putative securities class action complaint (captioned Marechal v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of its current executive officers. The complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that the materials submitted in support of its sNDA seeking approval of pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis contained statistical and design deficiencies and that the FDA unlikely to approve the sNDA in its current form. The complaint seeks unspecified monetary damages and other relief.

Management currently believes that none of the foregoing claims or actions pending against the Company as of March 31, 2021 is likely to have, individually or in the aggregate, a material adverse effect on the Company’s business, liquidity, financial position, or results of operations. Given the unpredictability inherent in litigation, however, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

10. Leases

The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.8 years to 10.2 years, some of which include options to extend for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The operating lease costs were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease cost	$	2,378	$	1,487

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,014	$	1,291
Right-of-use assets obtained in exchange for operating lease obligations:		17,417		276

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):

	March 31, 2021		December 31, 2020
Operating lease liabilities
Current portion included in accrued liabilities	$	6,082	$	5,087
Operating lease liabilities		60,581		44,460
Total operating lease liabilities	$	66,663	$	49,547

Maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Remainder of 2021	$	4,071
Years ending December 31,
2022		8,739
2023		8,506
2024		8,275
2025		8,355
Thereafter		44,276
Total lease payments		82,222
Less:
Imputed interest		(15,559	)
Total operating lease liabilities	$	66,663

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of March 31, 2021, the weighted average remaining lease term was 9.6 years and the weighted average discount rate used to determine the operating lease liability was 4.4%.

In the fourth quarter of 2018, the Company entered into an agreement to lease the 4^th and 5^th floors of corporate office space in San Diego, California with total minimum lease payments of $50.4 million over an initial term of 10 years and 9 months. In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2^nd floor of corporate office space in San Diego, California with total minimum lease payments of $25.3 million over an initial term of approximately 10 years and 7 months. In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $51.4 million. In the third quarter of 2020, the lease for the 4^th and 5^th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $40.3 million. During the three months ended March 31, 2021, the lease for the 2^nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $19.2 million. In connection with this lease and the amendment, the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash.

Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Risk and Uncertainties

Cash, Cash Equivalents and Restricted Cash

	March 31, 2021				March 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	304,487	$	189,680	$	173,059
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	331,798	$	310,257	$	194,467	$	178,829

Accounts Receivable

License Fees and Royalties

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

	March 31, 2021				March 31, 2020
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	326,028	$	304,487	$	189,680	$	173,059
Restricted cash		5,770		5,770		4,787		5,770
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	331,798	$	310,257	$	194,467	$	178,829

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-based Compensation Expense Included in Statements of Operations

The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):

	Three Months Ended March 31,
	2021		2020
Cost of product sales	$	163	$	849
Research and development		4,830		8,457
Selling, general and administrative		8,191		13,042
	$	13,184	$	22,348

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Finished goods	$	947	$	1,453
Work in process		7,731		6,367
Raw material		1,633		1,862
	$	10,311	$	9,682

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Accrued sales allowances	$	23,886	$	14,115
Accrued research and development services		22,177		28,380
Accrued compensation and benefits		21,767		25,811
Accrued consulting and professional fees		18,370		18,969
Current portion of lease liabilities		6,082		5,087
Current portion of accrued branded prescription drug fees		5,203		1,845
Other		3,039		3,267
	$	100,524	$	97,474

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

	March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	139,390	$	25	$	—		*	$	139,415
Government sponsored enterprise securities		20,004		—		(3	)			20,001
Corporate debt securities		2,999		2		—				3,001
Commercial paper		110,864		7		(7	)			110,864
	$	273,257	$	34	$	(10	)		$	273,281

	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses				Estimated Fair Value
U.S. Treasury notes	$	205,111	$	6	$	(27	)		$	205,090
Government sponsored enterprise securities		10,004		—		(5	)			9,999
Corporate debt securities		52,341		47		—		*		52,388
Commercial paper		38,443		21		(11	)			38,453
	$	305,899	$	74	$	(43	)		$	305,930

*	Unrealized loss was less than $500.

Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
March 31, 2021:
U.S. Treasury notes	$	5,011	$	—		*	$	—	$	—	$	5,011	$	—		*
Government sponsored enterprise securities		15,001		(3	)			—		—		15,001		(3	)
Commercial paper		77,410		(7	)			—		—		77,410		(7	)
Total	$	97,422	$	(10	)		$	—	$	—	$	97,422	$	(10	)


	Less Than 12 Months						12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses				Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2020:
U.S. Treasury notes	$	129,631	$	(27	)		$	—	$	—	$	129,631	$	(27	)
Government sponsored enterprise securities		10,004		(5	)			—		—		10,004		(5	)
Corporate debt securities		6,252		—		*		—		—		6,252		—		*
Commercial paper		23,466		(11	)			—		—		23,466		(11	)
Total	$	169,353	$	(43	)		$	—	$	—	$	169,353	$	(43	)

_______________________

*	Unrealized loss was less than $500.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

			Fair Value Measurements at Reporting Date Using
	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	277,224	$	277,224	$	—	$	—
U.S. Treasury notes		139,415		139,415		—		—
Equity securities		1,454		1,454		—		—
Government sponsored enterprise securities		20,001		—		20,001		—
Corporate debt securities		3,001		—		3,001		—
Commercial paper		135,856		—		135,856		—
	$	576,951	$	418,093	$	158,858	$	—

			Fair Value Measurements at Reporting Date Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market fund	$	300,339	$	300,339	$	—	$	—
U.S. Treasury notes		230,088		230,088		—		—
Equity securities		1,309		1,309		—		—
Government sponsored enterprise securities		9,999		—		9,999		—
Corporate debt securities		52,388		—		52,388		—
Commercial paper		38,453		—		38,453		—
	$	632,576	$	531,736	$	100,840	$	—

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Summary of Operating Lease Costs

The operating lease costs were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease cost	$	2,378	$	1,487

Supplemental Cash Flow Information Related to the Company's Leases

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,014	$	1,291
Right-of-use assets obtained in exchange for operating lease obligations:		17,417		276

Summary of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):

	March 31, 2021		December 31, 2020
Operating lease liabilities
Current portion included in accrued liabilities	$	6,082	$	5,087
Operating lease liabilities		60,581		44,460
Total operating lease liabilities	$	66,663	$	49,547

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Remainder of 2021	$	4,071
Years ending December 31,
2022		8,739
2023		8,506
2024		8,275
2025		8,355
Thereafter		44,276
Total lease payments		82,222
Less:
Imputed interest		(15,559	)
Total operating lease liabilities	$	66,663

Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations [Abstract]
Cash and cash equivalents	$ 304,487	$ 326,028	$ 173,059	$ 189,680
Restricted cash	5,770	5,770	5,770	4,787
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 310,257	$ 331,798	$ 178,829	$ 194,467

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
One-time contingent regulatory milestone payment pursuant to agreement with Ipsen Group	$ 8,000
Finite-lived intangible assets, net	$ 8,000
Amortization of intangible assets		$ 370	$ 370
Estimated future amortization expense, 2021		$ 700

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities to purchase common stock	20,297,000	21,064,000

Stock-Based Compensation - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 13,184	$ 22,348
Cost of product sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	163	849
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,830	8,457
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 8,191	$ 13,042

Stock-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Performance-based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Reduction in stock-based compensation expense	$ 6.1

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 947	$ 1,453
Work in process	7,731	6,367
Raw material	1,633	1,862
Inventory	$ 10,311	$ 9,682

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued sales allowances	$ 23,886	$ 14,115
Accrued research and development services	22,177	28,380
Accrued compensation and benefits	21,767	25,811
Accrued consulting and professional fees	18,370	18,969
Current portion of lease liabilities	6,082	5,087
Current portion of accrued branded prescription drug fees	5,203	1,845
Other	3,039	3,267
Accrued liabilities	$ 100,524	$ 97,474

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 273,281	$ 305,930
Equity securities, Amortized Cost	273,257
Equity securities, Unrealized Gains	34
Equity securities, Unrealized Losses	(10)
Equity securities, Estimated Fair Value	273,281
Debt and equity securities, Amortized Cost	273,257	305,899
Debt and equity securities, Unrealized Gains	34	74
Debt and equity securities, Unrealized Losses	(10)	(43)
Debt and equity securities, Estimated Fair Value	273,281	305,930
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	139,390	205,111
Debt securities, Unrealized Gains	25	6
Debt securities, Unrealized Losses		(27)
Debt securities, Estimated Fair Value	139,415	205,090
US Government Sponsored Enterprises Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	20,004	10,004
Debt securities, Unrealized Losses	(3)	(5)
Debt securities, Estimated Fair Value	20,001	9,999
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	2,999	52,341
Debt securities, Unrealized Gains	2	47
Debt securities, Estimated Fair Value	3,001	52,388
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	110,864	38,443
Debt securities, Unrealized Gains	7	21
Debt securities, Unrealized Losses	(7)	(11)
Debt securities, Estimated Fair Value	$ 110,864	$ 38,453

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on securities	$ 500	$ 500

Investments - Additional Information (Detail) - Security	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Number of available-for-sale investment securities in unrealized loss position	15	24

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 97,422	$ 169,353
Less Than 12 Months, Unrealized Losses	(10)	(43)
Total, Estimated Fair Value	97,422	169,353
Total, Unrealized Losses	(10)	(43)
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	5,011	129,631
Less Than 12 Months, Unrealized Losses		(27)
Total, Estimated Fair Value	5,011	129,631
Total, Unrealized Losses		(27)
US Government Sponsored Enterprises Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	15,001	10,004
Less Than 12 Months, Unrealized Losses	(3)	(5)
Total, Estimated Fair Value	15,001	10,004
Total, Unrealized Losses	(3)	(5)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	77,410	23,466
Less Than 12 Months, Unrealized Losses	(7)	(11)
Total, Estimated Fair Value	77,410	23,466
Total, Unrealized Losses	$ (7)	(11)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		6,252
Total, Estimated Fair Value		$ 6,252

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on securities	$ 500	$ 500

Fair Value Measurements - Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 576,951	$ 632,576
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	277,224	300,339
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	418,093	531,736
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	277,224	300,339
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	158,858	100,840
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	139,415	230,088
U.S. Treasury notes \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	139,415	230,088
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	1,454	1,309
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	1,454	1,309
US Government Sponsored Enterprises Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	20,001	9,999
US Government Sponsored Enterprises Debt Securities [Member] \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	20,001	9,999
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	3,001	52,388
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	3,001	52,388
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	135,856	38,453
Commercial paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 135,856	$ 38,453

Stockholders' Equity - Additional Information (Detail) - Cersci Therapeutics shares in Millions, $ in Millions	1 Months Ended
	Aug. 31, 2020 USD ($) shares
Class Of Stock [Line Items]
Stock issued in connection with acquisition, shares \| shares	1.2
Issuance of common stock in connection with merger agreement \| $	$ 44.3

Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended			3 Months Ended			12 Months Ended
	Aug. 31, 2020	Mar. 31, 2020	Aug. 31, 2018	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Obligation expiration year				2021
Gain (loss) on strategic investment				$ 145,000		$ (1,497,000)
Restricted cash		$ 5,770,000		5,770,000		5,770,000		$ 5,770,000	$ 4,787,000
Letter of Credit \| Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash				2,000,000.0
Letter of Credit \| Fleet Program
Other Commitments [Line Items]
Restricted cash				400,000
Cersci Therapeutics
Other Commitments [Line Items]
Upfront consideration and transaction costs	$ 52,800,000
Upfront payment	$ 44,300,000
Upfront payment conditions	The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock.
Common stock issuance	1.2
Cersci Therapeutics \| Research and development
Other Commitments [Line Items]
Assets acquisition and upfront payment					$ 45,700,000
License Agreements
Other Commitments [Line Items]
Upfront payment				$ 0		10,000,000.0
License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Upfront payment		10,000,000.0
Upfront license fee			$ 10,000,000.0
License Agreements \| Neuren \| Research and development \| North America
Other Commitments [Line Items]
Upfront payment						10,000,000.0	$ 10,000,000.0
Maximum
Other Commitments [Line Items]
Percentage of royalty payments obligation on net product sales				2.00%
Mile stone payments payable				$ 2,200,000,000
Maximum \| Cersci Therapeutics \| Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Compensation expense related to mergers to former holders	$ 887,000,000.0
Maximum \| License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Mile stone payments payable		$ 515,000,000.0	$ 455,000,000.0			$ 515,000,000.0

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Mar. 31, 2021 USD ($) Term	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Lessee Lease Description [Line Items]
Operating lease, description	The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.8 years to 10.2 years, some of which include options to extend for up to two five-year terms.
Operating lease, option to extend	true
Operating lease, options to extend	some of which include options to extend for up to two five-year terms.
Weighted average remaining lease term	9 years 7 months 6 days
Weighted average discount rate	4.40%
Capitalization of right of use asset	$ 19,200		$ 40,300
Capitalization of lease liability	19,200		$ 40,300
Restricted cash	5,770	$ 5,770		$ 5,770		$ 4,787
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating leases arrangement term					10 years 7 months		10 years 9 months
Corporate Office Space Lease Agreement \| Letter of Credit
Lessee Lease Description [Line Items]
Restricted cash	$ 3,100
California \| Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Minimum lease payment amount				$ 51,400	$ 25,300		$ 50,400
Lease commencement period	third quarter of 2020
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining lease term	9 months 18 days
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	10 years 2 months 12 days
Number of renewal option terms \| Term	2
Operating lease, renewal term	5 years

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Cost [Abstract]
Operating lease cost	$ 2,378	$ 1,487

Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Cost [Abstract]
Operating cash flows from operating leases	$ 1,014	$ 1,291
Right-of-use assets obtained in exchange for operating lease obligations:	$ 17,417	$ 276

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Current portion of lease liabilities	$ 6,082	$ 5,087
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating lease liabilities	$ 60,581	$ 44,460
Total operating lease liabilities	$ 66,663	$ 49,547

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Lease Liabilities [Abstract]
Remainder of 2021	$ 4,071
2022	8,739
2023	8,506
2024	8,275
2025	8,355
Thereafter	44,276
Total lease payments	82,222
Less:
Imputed interest	(15,559)
Total operating lease liabilities	$ 66,663	$ 49,547