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ACADIA Pharmaceuticals Reports Second Quarter 2013 Financial Results



  ACADIA Pharmaceuticals Reports Second Quarter 2013 Financial Results

Business Wire

SAN DIEGO -- August 6, 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 second quarter ended June 30, 2013.

ACADIA reported a net loss of $9.1 million, or $0.11 per common share, for the
second quarter of 2013 compared to a net loss of $5.4 million, or $0.10 per
common share, for the second quarter of 2012. The net losses for the second
quarters of 2013 and 2012 included $1.1 million and $478,000, respectively, in
non-cash, stock-based compensation expense. For the six months ended June 30,
2013, ACADIA reported a net loss of $15.2 million, or $0.19 per common share,
compared to a net loss of $11.6 million, or $0.22 per common share, for the
comparable period of 2012.

At June 30, 2013, ACADIA’s cash, cash equivalents and investment securities
totaled $205.5 million compared to $108.0 million at December 31, 2012. The
increase in ACADIA’s cash position was primarily due to $107.9 million in net
proceeds raised from a public stock offering in May 2013 offset in part by
cash used to fund ACADIA’s operations. ACADIA expects that its cash, cash
equivalents and investment securities will be greater than $183 million at
December 31, 2013.

“The second quarter of 2013 was a game-changing period for ACADIA, highlighted
by establishing an expedited path to an NDA filing for pimavanserin and by
strengthening our balance sheet through our public offering,” said Uli
Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “This success sets the
stage for what we believe will be an exciting new phase for ACADIA focused on
building additional value in our pimavanserin franchise. We continue to make
solid progress towards completing the remaining activities in our Parkinson’s
disease psychosis development program that are needed for our NDA submission.
Meanwhile, we are also finalizing preparations for our Phase II feasibility
study in Alzheimer’s disease psychosis patients that we expect to initiate
this year. We plan to build on the positive momentum of the first half of 2013
by continuing to advance our pipeline, led by pimavanserin, which we believe
positions ACADIA with multiple attractive product and commercial
opportunities.”

Revenues totaled $451,000 for the second quarter of 2013 compared to $599,000
for the second 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 increased to $7.1 million for the second
quarter of 2013, including $473,000 in stock-based compensation, from $4.5
million for the second quarter of 2012, including $154,000 in stock-based
compensation. This increase was primarily due to increased development
expenses associated with ACADIA’s Phase III program for pimavanserin.

General and administrative expenses increased to $2.5 million for the second
quarter of 2013, including $591,000 in stock-based compensation, from $1.6
million for the second quarter of 2012, including $324,000 in stock-based
compensation. This increase was primarily due to increased personnel costs as
well as increased professional fees.

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 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing 866-318-8611 for
participants in the U.S. or Canada and 617-399-5130 for international callers
(reference passcode 69609355). A telephone replay of the conference call may
be accessed through August 20, 2013 by dialing 888-286-8010 for callers in the
U.S. or Canada and 617-801-6888 for international callers (reference passcode
97070005). 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 August 20, 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, the path to NDA filing, and
the clinical benefits to be derived from ACADIA’s product candidates, in each
case including pimavanserin, advancement of or value added to the pimavanserin
program, advancement of ACADIA’s pipeline, ACADIA’s projected cash balance at
December 31, 2013, and ACADIA’s product and commercial opportunities. 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              Six Months Ended
                   June 30,                        June 30,
                   2013           2012             2013            2012
                                                                    
                                                                    
Collaborative      $ 451          $ 599            $ 868           $ 1,049
revenues
                                                                    
Operating
expenses
Research and
development
(includes
stock-based          7,112          4,472            11,542          9,493
compensation
of $473, $154,
$727 and $293,
respectively)
General and
administrative
(includes
stock-based          2,496          1,556            4,647           3,216    
compensation
of $591, $324,
$919 and $598,
respectively)
Total
operating            9,608          6,028            16,189          12,709   
expenses
Loss from            (9,157 )       (5,429 )         (15,321 )       (11,660 )
operations
Interest             76             10               117             23       
income, net
Net loss           $ (9,081 )     $ (5,419 )       $ (15,204 )     $ (11,637 )
Net loss per
common share,      $ (0.11  )     $ (0.10  )       $ (0.19   )     $ (0.22   )
basic and
diluted
Weighted
average common
shares               83,410         52,961           81,105          52,932   
outstanding,
basic and
diluted
                                                                              

 
ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)
                                                                 
                                                  June 30,        December 31,

                                                  2013            2012(1)
                                                                   
Assets
Cash, cash equivalents and investment             $ 205,451       $   107,967
securities
Prepaid expenses, receivables and other             1,310             581
current assets
Total current assets                                206,761           108,548
Other noncurrent assets                             148               42
Total assets                                      $ 206,909       $   108,590
Liabilities, redeemable common stock and
stockholders’ equity
Current liabilities                               $ 7,776         $   5,948
Redeemable common stock                             17,658            17,658
Stockholders’ equity                                181,475           84,984
Total liabilities, redeemable common stock        $ 206,909       $   108,590
and stockholders’ equity

     
      The condensed consolidated balance sheet at December 31, 2012 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
Lisa Barthelemy, Director, Investor Relations
(858) 558-2871
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