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ACADIA Pharmaceuticals Reports First Quarter 2013 Financial Results



  ACADIA Pharmaceuticals Reports First Quarter 2013 Financial Results

Business Wire

SAN DIEGO -- May 07, 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 unaudited
financial results for the first quarter ended March 31, 2013.

ACADIA reported a net loss of $6.1 million, or $0.08 per common share, for the
first quarter of 2013 compared to a net loss of $6.2 million, or $0.12 per
common share, for the first quarter of 2012.

At March 31, 2013, ACADIA’s cash, cash equivalents and investment securities
totaled $101.5 million compared to $108.0 million at December 31, 2012.

“The last several months have been a remarkable period of progress and success
for ACADIA, beginning with the impressive results from our pivotal Phase III
trial with pimavanserin for Parkinson’s disease psychosis (PDP) and
culminating with our recent announcement of an expedited path to NDA filing,”
said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “I believe this is
just the beginning for ACADIA as we enter a new phase in which we are focused
on building additional value in our pimavanserin franchise by rapidly
advancing to registration in PDP and strategically broadening the program into
other major neurological and psychiatric indications.”

Revenues totaled $417,000 for the first quarter of 2013, compared to $450,000
for the first quarter of 2012, and were derived from ACADIA’s collaborations
with Allergan, Inc. as well as funding from research and development grants.

Research and development expenses decreased to $4.4 million for the first
quarter of 2013, including $254,000 in stock-based compensation, from $5.0
million for the comparable quarter of 2012, including $139,000 in stock-based
compensation. This decrease was primarily due to decreased external clinical
costs associated with ACADIA’s Phase III program with pimavanserin, offset in
part by increased personnel costs.

General and administrative expenses increased to $2.2 million for the first
quarter of 2013, including $328,000 in stock-based compensation, from $1.7
million for the comparable quarter of 2012, including $274,000 in stock-based
compensation. This increase was primarily due to increased personnel costs as
well as increased professional fees.

ACADIA currently expects to use between $28 million and $32 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 and pre-commercial activities for pimavanserin.

Conference Call and Webcast Information

ACADIA management will review its first 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 866-515-2912  for
participants in the U.S. or Canada and 617-399-5126 for international callers
(reference passcode 99860774). A telephone replay of the conference call may
be accessed through May 21, 2013 by dialing 888-286-8010 for callers in the
U.S. or Canada and 617-801-6888 for international callers (reference passcode
92885538). 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
through May 21, 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, speed and expected timing of clinical trials, the path to NDA
filing, and the clinical benefits to be derived from ACADIA’s product
candidates, in each case including pimavanserin, future advancement or
strategic broadening of the pimavanserin program, and ACADIA’s expected 2013
cash usage. 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, the fact that past results of clinical trials may
not be indicative of future trial results, and the risks and uncertainties
associated with obtaining regulatory approvals for ACADIA’s product
candidates. 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 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
                                                 March 31,
                                                 2013               2012
                                                                     
                                                                     
Collaborative revenues                           $ 417              $ 450
                                                                     
Operating expenses
Research and development (includes
stock-based
compensation of $254 and $139,                     4,430              5,021
respectively)
General and administrative (includes
stock-based
compensation of $328 and $274,                     2,151              1,660   
respectively)
Total operating expenses                           6,581              6,681   
Loss from operations                               (6,164 )           (6,231 )
Interest income, net                               41                 13      
Net loss                                         $ (6,123 )         $ (6,218 )
Net loss per common share, basic and             $ (0.08  )         $ (0.12  )
diluted
Weighted average common shares
outstanding,
basic and diluted                                  78,748             52,903  
                                                                              

 
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
 
                                                March 31,         December 31,
                                                2013              2012(1)
                                                                   
Assets
Cash, cash equivalents and investment           $ 101,463         $   107,967
securities
Prepaid expenses, receivables and other           1,522               581
current assets
Total current assets                              102,985             108,548
Property and equipment, net                       30                  42
Total assets                                    $ 103,015         $   108,590
Liabilities, redeemable common stock
and stockholders’ equity
Current liabilities                             $ 5,695           $   5,948
Redeemable common stock                           17,658              17,658
Stockholders’ equity                              79,662              84,984
Total liabilities, redeemable common            $ 103,015         $   108,590
stock and stockholders’ equity
                                                                       

          The condensed consolidated balance sheet at December 31, 2012 has
          been derived from the audited financial statements at such date but
(1)       does 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
Lisa Barthelemy, Director of Investor Relations
858-558-2871
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