UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 10, 2010
ACADIA PHARMACEUTICALS INC.
(Exact Name of Registrant as Specified in Charter)
| DELAWARE | 000-50768 | 06-1376651 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| 3911 SORRENTO VALLEY BOULEVARD SAN DIEGO, CALIFORNIA |
92121 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(858) 558-2871
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | 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 10, 2010, ACADIA Pharmaceuticals Inc. issued a press release announcing its financial results for the three months ended March 31, 2010. 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 10, 2010 |
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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. | ||||||||
| By: | /s/ THOMAS H. AASEN | |||||||
| Date: May 10, 2010 | Thomas H. Aasen | |||||||
| Vice President, Chief Financial Officer, Treasurer, and Chief Business Officer | ||||||||
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INDEX TO EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Press release dated May 10, 2010 | |
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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
FIRST QUARTER 2010 FINANCIAL RESULTS
SAN DIEGO, CA May 10, 2010 – ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today reported its unaudited financial results for the first quarter ended March 31, 2010.
ACADIA reported a net loss of $5.5 million, or $0.14 per common share, for the first quarter of 2010 compared to a net loss of $15.0 million, or $0.40 per common share, for the first quarter of 2009.
At March 31, 2010, ACADIA’s cash, cash equivalents, and investment securities totaled $40.6 million compared to $47.1 million at December 31, 2009. ACADIA continues to expect its existing cash resources and anticipated payments from its collaborations will be sufficient to fund its operations through the end of 2011.
“The beginning of 2010 has been an important period for ACADIA as we and our pimavanserin partner, Biovail, have advanced our preparations for clinical trials of pimavanserin in three separate indications with large unmet medical needs,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “We have refined the design of our new Phase III trial in Parkinson’s disease psychosis and we remain on track to initiate this study mid-year. We also are continuing to plan for Phase III co-therapy trials in schizophrenia and a Phase II feasibility study for Alzheimer’s disease psychosis. We believe this broad development program with pimavanserin, coupled with ACADIA’s other product candidates in development, positions us with multiple attractive product and commercial opportunities and significant growth potential.”
Revenues increased to $2.1 million for the first quarter of 2010 from $374,000 for the first quarter of 2009. This increase was primarily due to $1.4 million in revenues recognized under ACADIA’s collaboration with Biovail, which commenced in May 2009, as well as increased revenues from other agreements.
Research and development expenses decreased to $5.8 million for the first quarter of 2010, including $229,000 in stock-based compensation, from $12.6 million for the first quarter of 2009, including $221,000 in stock-based compensation. This decrease was primarily due to $5.3 million in lower external service costs as well as cost savings from ACADIA’s restructuring implemented in October 2009. The decrease in external service costs was primarily attributable to lower clinical costs incurred on ACADIA’s Phase III program with pimavanserin for Parkinson’s disease psychosis.
General and administrative expenses decreased to $1.8 million for the first quarter of 2010, including $252,000 in stock-based compensation, from $3.0 million for the first quarter of 2009, including $354,000 in stock-based compensation. This decrease was primarily due to lower external service costs and cost savings from ACADIA’s restructuring.
Conference Call and Webcast Information
ACADIA management will review its first quarter 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 866-730-5770 for participants in the U.S. or Canada and 857-350-1594 for international callers (reference passcode 42433083). A telephone replay of the conference call may be accessed through May 24, 2010 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 90954803). 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 May 24, 2010.
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About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders. ACADIA is currently developing a portfolio consisting of four product candidates including pimavanserin, which is being developed for three separate neurological and psychiatric indications in collaboration with Biovail. These indications are Parkinson’s disease psychosis, which is in Phase III development, co-therapy for schizophrenia, which is in Phase III planning, and Alzheimer’s disease psychosis, for which ACADIA is planning to initiate a Phase II feasibility study. In addition to pimavanserin, ACADIA has a product candidate in Phase II development for chronic pain and a product candidate in Phase I development for glaucoma, both in collaboration with Allergan, and a program in IND-track development in collaboration with Meiji Seika Kaisha. All of the product candidates in ACADIA’s pipeline 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, the benefits to be derived from ACADIA’s product candidates, in each case including pimavanserin, the length of ACADIA’s cash runway, and ACADIA’s potential and opportunities. 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, 2009 as well as other 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.
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ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2010 | 2009 | |||||||
| Collaborative revenues |
$ | 2,133 | $ | 374 | ||||
| Operating expenses |
||||||||
| Research and development (includes stock-based compensation of $229 and $221 for the three months ended March 31, 2010 and 2009, respectively) |
5,815 | 12,554 | ||||||
| General and administrative (includes stock-based compensation of $252 and $354 for the three months ended March 31, 2010 and 2009, respectively) |
1,814 | 2,988 | ||||||
| Total operating expenses |
7,629 | 15,542 | ||||||
| Loss from operations |
(5,496 | ) | (15,168 | ) | ||||
| Interest income (expense), net |
9 | 167 | ||||||
| Net loss |
$ | (5,487 | ) | $ | (15,001 | ) | ||
| Net loss per common share, basic and diluted |
$ | (0.14 | ) | $ | (0.40 | ) | ||
| Weighted average common shares outstanding, basic and diluted |
38,333 | 37,179 | ||||||
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ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
| March 31, 2010 |
December
31, 2009(1) | |||||
| Assets |
||||||
| Cash, cash equivalents, and investment securities |
$ | 40,576 | $ | 47,060 | ||
| Prepaid expenses, receivables and other current assets |
1,691 | 1,413 | ||||
| Total current assets |
42,267 | 48,473 | ||||
| Property and equipment, net |
870 | 1,062 | ||||
| Other assets |
136 | 145 | ||||
| Total assets |
$ | 43,273 | $ | 49,680 | ||
| Liabilities and Stockholders’ Equity |
||||||
| Accounts payable, accrued expenses and other current liabilities |
$ | 7,461 | $ | 8,670 | ||
| Current portion of deferred revenue |
6,089 | 6,037 | ||||
| Total current liabilities |
13,550 | 14,707 | ||||
| Long-term portion of deferred revenue |
22,335 | 22,579 | ||||
| Other long-term liabilities |
290 | 280 | ||||
| Total liabilities |
36,175 | 37,566 | ||||
| Stockholders’ equity |
7,098 | 12,114 | ||||
| Total liabilities and stockholders’ equity |
$ | 43,273 | $ | 49,680 | ||
| (1) | The condensed consolidated balance sheet at December 31, 2009 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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