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ACADIA Pharmaceuticals Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

  ACADIA Pharmaceuticals Reports Financial Results for the Fourth Quarter and
  Year Ended December 31, 2012

Business Wire

SAN DIEGO -- March 12, 2013

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
financial results for the fourth quarter and year ended December 31, 2012.

ACADIA reported a net loss of $6.8 million, or $0.11 per common share, for the
fourth quarter of 2012, compared to a net loss of $5.3 million, or $0.10 per
common share, for the fourth quarter of 2011. For the year ended December 31,
2012, ACADIA reported a net loss of $20.8 million, or $0.38 per common share,
compared to a net loss of $22.8 million, or $0.44 per common share, for 2011.

At December 31, 2012, ACADIA’s cash, cash equivalents, and investment
securities totaled $108.0 million compared to $31.0 million at December 31,
2011. This increase was primarily due to $98.2 million in net proceeds from
sales of equity securities, including $80.5 million raised in an equity
financing in December as well as earlier financings completed by ACADIA,
offset in part by cash used to fund ACADIA’s operations.

“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 $380,000 for the fourth quarter of 2012 compared to $588,000
for the fourth quarter of 2011, and were comprised of revenues from ACADIA’s
collaborations with Allergan as well as its agreements with other parties. The
decrease in revenues was primarily due to the termination of ACADIA’s
collaboration with Meiji Seika Pharma Co., Ltd. in July 2012. This agreement
contributed $199,000 of revenue during the fourth quarter of 2011.

Research and development expenses increased to $4.9 million for the fourth
quarter of 2012, including $230,000 in stock-based compensation, from $4.4
million for the comparable quarter of 2011, including $128,000 in stock-based
compensation. This increase was primarily due to increased personnel and
stock-based compensation expenses.

General and administrative expenses increased to $2.3 million for the fourth
quarter of 2012, including $322,000 in stock-based compensation, from $1.5
million for the comparable quarter of 2011, including $280,000 in stock-based
compensation. This increase was primarily due to increased personnel expenses
as well as increased external costs.

ACADIA has indicated that it expects to use between $26 million and $30
million of its cash resources to fund its operations for the year ending
December 31, 2013. These resources are expected to be used primarily for
ongoing and planned development activities for pimavanserin.

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 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing 866-510-0712  for
participants in the U.S. or Canada and 617-597-5380 for international callers
(reference passcode 78191729). A telephone replay of the conference call may
be accessed through March 26, 2013 by dialing 888-286-8010 for callers in the
U.S. or Canada and 617-801-6888 for international callers (reference passcode
59394169). 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 March 26, 2013.

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
advanced preclinical programs directed at Parkinson’s disease and other
neurological disorders. All product candidates are small molecules that
emanate from discoveries made at ACADIA. 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 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 December31, 2012 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                Years Ended
                       December 31,                      December 31,
                        2012        2011           2012         2011    
                                                           (1)               (1)
                                                         
                                                                           
Collaborative          $ 380            $ 588            $ 4,907           $ 2,067
revenues
                                                                           
Operating
expenses
Research and
development
(includes
stock-based              4,901            4,424            18,794            17,309
compensation
of $230, $128,
$680 and $512,
respectively)
General and
administrative
(includes
stock-based
compensation            2,298          1,478          6,999           7,610   
of $322, $280,
$1,250 and
$1,086,
respectively)
Total
operating               7,199          5,902          25,793          24,919  
expenses
Loss from                (6,819 )         (5,314 )         (20,886 )         (22,852 )
operations
Interest                9              14             37              87      
income, net
Net loss               $ (6,810 )       $ (5,300 )       $ (20,849 )       $ (22,765 )
Net loss per
common share,          $ (0.11  )       $ (0.10  )       $ (0.38   )       $ (0.44   )
basic and
diluted
Weighted
average common
shares                  60,618         52,834         55,116          52,183  
outstanding,
basic and
diluted
                                                                           

      The condensed consolidated statements of operations for the years ended
      December 31, 2012 and 2011 have been derived from the audited financial
(1)  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.
      

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)
                                                        
                                             December 31,         December 31,
                                             2012 (1)             2011 (1)
                                                                  
Assets
Cash, cash equivalents, and                  $   107,967          $   31,048
investment securities
Prepaid expenses, receivables and               581                 901
other current assets
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           $   5,514            $   5,496
and other current liabilities
Current portion of deferred                     434                 669
revenue
Total current liabilities                        5,948                6,165
Long-term portion of deferred                   -                   2,587
revenue
Total liabilities                                5,948                8,752
Redeemable common stock                          17,658               -
Stockholders’ equity                            84,984              23,362
Total liabilities, redeemable
common stock and stockholders’               $   108,590          $   32,114
equity
                                                                  

      The condensed consolidated balance sheets at December 31, 2012 and 2011
      have been derived from the audited financial statements at such date but
(1)  do not 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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