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ACADIA Pharmaceuticals Reports Third Quarter 2012 Financial Results



  ACADIA Pharmaceuticals Reports Third Quarter 2012 Financial Results

Business Wire

SAN DIEGO -- November 05, 2012

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a biopharmaceutical company
focused on innovative treatments that address unmet medical needs in
neurological and related central nervous system disorders, today announced its
unaudited financial results for the third quarter ended September 30, 2012.

ACADIA reported a net loss of $2.4 million, or $0.04 per common share, for the
third quarter of 2012 compared to a net loss of $5.1 million, or $0.10 per
common share, for the third quarter of 2011. For the nine months ended
September 30, 2012, ACADIA reported a net loss of $14.0 million, or $0.26 per
common share, compared to a net loss of $17.5 million, or $0.34 per common
share, for the comparable period of 2011.

At September 30, 2012, ACADIA’s cash, cash equivalents and investment
securities totaled $23.1 million compared to $31.0 million at December 31,
2011. ACADIA expects that its current cash resources and anticipated payments
from its existing collaborations will be sufficient to fund its operations
into the second half of 2013.

“The third quarter was a productive period for ACADIA highlighted by the
completion of patient enrollment in the pivotal -020 trial in our Phase III
Parkinson’s disease psychosis program with pimavanserin,” said Uli Hacksell,
Ph.D., ACADIA’s Chief Executive Officer. “We remain on track with our -020
trial and look forward to reporting top-line results this month. Meanwhile,
preparations are ongoing for the second planned pivotal trial, the -021 trial,
and we are continuing to conduct the -015 open-label safety extension trial in
this Phase III program. With our pipeline of product candidates, led by
pimavanserin, we believe ACADIA is positioned with significant growth
potential.”

Revenues increased to $3.5 million for the third quarter of 2012 compared to
$584,000 for the third quarter of 2011. This increase was primarily due to the
recognition of the remaining revenues from ACADIA’s collaboration with Meiji
Seika Pharma, which was terminated in July 2012. ACADIA recognized $3.0
million in revenues from this collaboration in the third quarter of 2012,
compared to $112,000 in the third quarter of 2011. ACADIA’s remaining revenues
were derived from its ongoing agreements with other parties, including its
collaborations with Allergan, Inc.

Research and development expenses increased to $4.4 million for the third
quarter of 2012, including $157,000 in stock-based compensation, from $4.2
million for the third quarter of 2011, including $129,000 in stock-based
compensation. This increase was primarily due to increased external clinical
expenses associated with ACADIA’s Phase III program with pimavanserin.

General and administrative expenses totaled $1.5 million for the third quarter
of 2012, including $331,000 in stock-based compensation, and were comparable
to the third quarter of 2011.

Conference Call and Webcast Information

ACADIA management will review its third quarter financial 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 866-203-3436 for
participants in the U.S. or Canada and 617-213-8849 for international callers
(reference passcode 61271381). A telephone replay of the conference call may
be accessed through November 19, 2012 by dialing 888-286-8010 for callers in
the U.S. or Canada and 617-801-6888 for international callers (reference
passcode 76643395). 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 November 19, 2012.

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 Allergan, Inc. and two
preclinical programs directed at Parkinson’s disease and other neurological
disorders. All of ACADIA’s product candidates are small molecules that 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 and the results therefrom, the potential of and the benefits to be
derived from product candidates, in each case including pimavanserin,
including the timing of results of the -020 trial, the future growth of
ACADIA, 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
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, except as required by law.

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)
                                                            
                         Three Months Ended                  Nine Months Ended
                         September 30,                       September 30,
                           2012             2011               2012              2011     
                                                              
                                                                                
Collaborative            $ 3,478          $ 584              $ 4,527           $ 1,479
revenues
                                                                                
Operating
expenses
Research and
development
(includes
stock-based                4,400            4,158              13,893            12,885
compensation
of $157, $129,
$450 and $383,
respectively)
General and
administrative
(includes
stock-based                1,485            1,519              4,701             6,132    
compensation
of $331, $272,
$929 and $807,
respectively)
Total
operating                  5,885            5,677              18,594            19,017   
expenses
Loss from                  (2,407 )         (5,093 )           (14,067 )         (17,538 )
operations
Interest                   5                17                 28                73       
income, net
Net loss                 $ (2,402 )       $ (5,076 )         $ (14,039 )       $ (17,465 )
Net loss per
common share,            $ (0.04  )       $ (0.10  )         $ (0.26   )       $ (0.34   )
basic and
diluted
Weighted
average common
shares                     53,911           52,800             53,262            51,963   
outstanding,
basic and
diluted
                                                                                

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)
                                                                 
                                            September 30,         December 31,

                                            2012                  2011(1)
                                                                   
Assets
Cash, cash equivalents and                  $    23,058           $   31,048
investment securities
Prepaid expenses, receivables and                627                  901
other current assets
Total current assets                             23,685               31,949
Property and equipment, net, and                 65                   165
other assets
Total assets                                $    23,750           $   32,114
Liabilities and Stockholders’
Equity
Accounts payable, accrued
expenses and other current                  $    5,820            $   5,496
liabilities
Current portion of deferred                      266                  669
revenue
Total current liabilities                        6,086                6,165
Long-term portion of deferred                    -                    2,587
revenue
Total liabilities                                6,086                8,752
Stockholders’ equity                             17,664               23,362
Total liabilities and                       $    23,750           $   32,114
stockholders’ equity
                                                                   

      The condensed consolidated balance sheet at December 31, 2011 has been
      derived from the audited financial statements at such date but does not
(1)   include all of the information and footnotes required by accounting
      principles generally accepted in the United States for complete
      financial statements.

Contact:

ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
858-558-2871
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