ACADIA reported a net loss of
At
“2012 was a transformational year for ACADIA, highlighted by the impressive results from our pivotal Phase III trial with pimavanserin in Parkinson’s disease psychosis and the strengthening of our balance sheet through our successful financing,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “We are now positioned with a strong foundation to continue to advance our pimavanserin Phase III Parkinson’s disease psychosis program toward registration and to strategically broaden this program to address other neurological disorders. This includes plans to initiate our second, confirmatory pivotal Phase III Parkinson’s disease psychosis trial in the first half of this year and a Phase II trial in Alzheimer’s disease psychosis in the second half of the year. We believe that our pipeline of product candidates, spearheaded by pimavanserin, provides ACADIA with multiple attractive product and commercial opportunities and significant growth potential.”
Revenues totaled
Research and development expenses increased to
General and administrative expenses increased to
ACADIA has indicated that it expects to use between
Conference Call and Webcast Information
ACADIA management will review its fourth 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 and expected timing of clinical trials, and the
clinical benefits to be derived from ACADIA’s product candidates, in
each case including pimavanserin, the strength of ACADIA’s balance
sheet, future advancement or strategic broadening of the pimavanserin
program, ACADIA’s growth potential, and ACADIA’s expected 2013 cash
burn. 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, 2012
as well as ACADIA’s subsequent filings with the
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
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Three Months Ended |
Years Ended |
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| 2012 | 2011 |
2012 (1) |
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2011 (1) |
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| Collaborative revenues | $ | 380 | $ | 588 | $ | 4,907 | $ | 2,067 | |||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||
| Research and development (includes stock-based compensation of $230, $128, $680 and $512, respectively) | 4,901 | 4,424 | 18,794 | 17,309 | |||||||||||||||||||||
| General and administrative (includes stock-based compensation of $322, $280, $1,250 and $1,086, respectively) | 2,298 | 1,478 | 6,999 | 7,610 | |||||||||||||||||||||
| Total operating expenses | 7,199 | 5,902 | 25,793 | 24,919 | |||||||||||||||||||||
| Loss from operations | (6,819 | ) | (5,314 | ) | (20,886 | ) | (22,852 | ) | |||||||||||||||||
| Interest income, net | 9 | 14 | 37 | 87 | |||||||||||||||||||||
| Net loss | $ | (6,810 | ) | $ | (5,300 | ) | $ | (20,849 | ) | $ | (22,765 | ) | |||||||||||||
| Net loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.38 | ) | $ | (0.44 | ) | |||||||||||||
| Weighted average common shares outstanding, basic and diluted | 60,618 | 52,834 | 55,116 | 52,183 | |||||||||||||||||||||
| (1) | The condensed consolidated statements of operations for the years ended December 31, 2012 and 2011 have been derived from the audited financial statements but do 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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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) |
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December 31, |
December 31, |
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| Assets | |||||||||||||
| Cash, cash equivalents, and investment securities | $ | 107,967 | $ | 31,048 | |||||||||
| Prepaid expenses, receivables and other current assets | 581 | 901 | |||||||||||
| Total current assets | 108,548 | 31,949 | |||||||||||
| Property and equipment, net | 42 | 151 | |||||||||||
| Other assets | - | 14 | |||||||||||
| Total assets | $ | 108,590 | $ | 32,114 | |||||||||
| Liabilities, redeemable common stock and stockholders’ equity | |||||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,514 | $ | 5,496 | |||||||||
| Current portion of deferred revenue | 434 | 669 | |||||||||||
| Total current liabilities | 5,948 | 6,165 | |||||||||||
| Long-term portion of deferred revenue | - | 2,587 | |||||||||||
| Total liabilities | 5,948 | 8,752 | |||||||||||
| Redeemable common stock | 17,658 | - | |||||||||||
| Stockholders’ equity | 84,984 | 23,362 | |||||||||||
| Total liabilities, redeemable common stock and stockholders’ equity | $ | 108,590 | $ | 32,114 | |||||||||
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(1) |
The condensed consolidated balance sheets at December 31, 2012 and 2011 have been derived from the audited financial statements at such date but do 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
858-558-2871