ACADIA reported a net loss of
At
“Our progress in the first half of 2012 established the foundation for what we believe will be an exciting and value-driving second half of the year,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We look forward to reporting top-line results this fall from the ongoing pivotal -020 trial in our Phase III Parkinson’s disease psychosis program with pimavanserin. Importantly, our pipeline of product candidates, led by pimavanserin, positions ACADIA with multiple product and commercial opportunities and significant growth potential.”
Revenues increased to
Research and development expenses increased to
General and administrative expenses decreased to
Conference Call and Webcast Information
ACADIA management will review its second quarter financial results and development programs via conference call and webcast later today at
About ACADIA Pharmaceuticals
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 clinical trials and the results therefrom, the potential of and the benefits to be derived from product candidates, in each case including pimavanserin, the future performance of ACADIA stock, and the period during which ACADIA’s cash resources will be sufficient to fund its operations. 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, 2011 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 | Six Months Ended | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
| Collaborative revenues | $ | 599 | $ | 460 | $ | 1,049 | $ | 895 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development (includes stock-based compensation of $154, $134, $293 and $255, respectively) | 4,472 | 4,315 | 9,493 | 8,727 | ||||||||||||||||
| General and administrative (includes stock-based compensation of $324, $279, $598 and $534, respectively) | 1,556 | 2,729 | 3,216 | 4,613 | ||||||||||||||||
| Total operating expenses | 6,028 | 7,044 | 12,709 | 13,340 | ||||||||||||||||
| Loss from operations | (5,429 | ) | (6,584 | ) | (11,660 | ) | (12,445 | ) | ||||||||||||
| Interest income, net | 10 | 28 | 23 | 56 | ||||||||||||||||
| Net loss | $ | (5,419 | ) | $ | (6,556 | ) | $ | (11,637 | ) | $ | (12,389 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.24 | ) | ||||||||
Weighted average common shares outstanding, basic and diluted | 52,961 | 52,677 | 52,932 | 51,535 | ||||||||||||||||
ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | ||||||||
June 30, 2012 | December 31, 2011(1) | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and investment securities | $ | 21,349 | $ | 31,048 | ||||
| Prepaid expenses, receivables and other current assets | 426 | 901 | ||||||
| Total current assets | 21,775 | 31,949 | ||||||
| Property and equipment, net, and other assets | 99 | 165 | ||||||
| Total assets | $ | 21,874 | $ | 32,114 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 5,995 | $ | 5,496 | ||||
| Current portion of deferred revenue | 765 | 669 | ||||||
| Total current liabilities | 6,760 | 6,165 | ||||||
| Long-term portion of deferred revenue | 2,406 | 2,587 | ||||||
| Total liabilities | 9,166 | 8,752 | ||||||
| Stockholders’ equity | 12,708 | 23,362 | ||||||
| Total liabilities and stockholders’ equity | $ | 21,874 | $ | 32,114 | ||||
| (1) | The condensed consolidated balance sheet at December 31, 2011 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
(858) 558-2871