UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
Acadia Pharmaceuticals Inc. (the “Company”) is aware that on March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. The Company’s exposure to SVB is limited, with approximately $1 million held in deposit accounts as of March 10, 2023 for daily cash needs. The Company also has approximately $5.8 million in restricted cash in money-market accounts at SVB as collateral for two office leases and its corporate charge card account, and approximately $2.4 million in receivables in a lockbox account at SVB.
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. | ||||||
| Dated: March 10, 2023 | By: | /s/ Austin D. Kim | ||||
| Austin D. Kim | ||||||
| Executive Vice President, General Counsel & Secretary | ||||||