ACADIA Pharmaceuticals Reports First Quarter 2013 Financial Results
ACADIA reported a net loss of
At
“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
Research and development expenses decreased to
General and administrative expenses increased to
ACADIA currently expects to use between
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
About
ACADIA is a biopharmaceutical company focused on innovative treatments that address unmet medical needs in neurological and related central nervous system disorders. ACADIA has a pipeline of product candidates led by pimavanserin, which is in Phase III development as a potential first-in-class treatment for Parkinson's disease psychosis. ACADIA also has clinical-stage programs for chronic pain and glaucoma in collaboration with
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the progress and timing of ACADIA’s drug discovery and development programs, either alone or with a partner, including the progress, 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
| ACADIA PHARMACEUTICALS INC. | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
|
2013 |
2012 | |||||||||||||
| Collaborative revenues | $ | 417 | $ | 450 | ||||||||||
| Operating expenses | ||||||||||||||
| Research and development (includes stock-based | ||||||||||||||
| compensation of $254 and $139, respectively) | 4,430 | 5,021 | ||||||||||||
| General and administrative (includes stock-based | ||||||||||||||
| compensation of $328 and $274, respectively) | 2,151 | 1,660 | ||||||||||||
| Total operating expenses | 6,581 | 6,681 | ||||||||||||
| Loss from operations | (6,164 | ) | (6,231 | ) | ||||||||||
| Interest income, net | 41 | 13 | ||||||||||||
| Net loss | $ | (6,123 | ) | $ | (6,218 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.08 | ) | $ | (0.12 | ) | ||||||||
| Weighted average common shares outstanding, | ||||||||||||||
| basic and diluted | 78,748 | 52,903 | ||||||||||||
| ACADIA PHARMACEUTICALS INC. | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| March 31, | December 31, | |||||||||||
|
2013 |
2012(1) | |||||||||||
| Assets | ||||||||||||
| Cash, cash equivalents and investment securities | $ | 101,463 | $ | 107,967 | ||||||||
| Prepaid expenses, receivables and other current assets | 1,522 | 581 | ||||||||||
| Total current assets | 102,985 | 108,548 | ||||||||||
| Property and equipment, net | 30 | 42 | ||||||||||
| Total assets | $ | 103,015 | $ | 108,590 | ||||||||
| Liabilities, redeemable common stock and stockholders’ equity | ||||||||||||
| Current liabilities | $ | 5,695 | $ | 5,948 | ||||||||
| Redeemable common stock | 17,658 | 17,658 | ||||||||||
| Stockholders’ equity | 79,662 | 84,984 | ||||||||||
| Total liabilities, redeemable common stock and stockholders’ equity | $ | 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. |
Source:
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
Lisa Barthelemy, Director of Investor Relations
858-558-2871