ACADIA Pharmaceuticals Reports Third Quarter 2013 Financial Results

  ACADIA Pharmaceuticals Reports Third Quarter 2013 Financial Results

Business Wire

SAN DIEGO -- November 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 third quarter ended September 30, 2013.

ACADIA reported a net loss of $10.7 million, or $0.12 per common share, for
the third quarter of 2013 compared to a net loss of $2.4 million, or $0.04 per
common share, for the third quarter of 2012. The net losses for the third
quarters of 2013 and 2012 included $1.9 million and $488,000, respectively, in
non-cash, stock-based compensation expense. For the nine months ended
September 30, 2013, ACADIA reported a net loss of $25.9 million, or $0.31 per
common share, compared to a net loss of $14.0 million, or $0.26 per common
share, for the comparable period of 2012.

At September 30, 2013, ACADIA’s cash, cash equivalents and investment
securities totaled $196.2 million compared to $108.0million 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.

“We remain focused on building value in our pimavanserin franchise and
advancing our pipeline,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive
Officer. “During the third quarter of 2013, we continued to build on the
strong momentum established in the first half of the year and made important
progress in advancing our Parkinson’s disease psychosis program with
pimavanserin toward registration. We remain on track for a targeted NDA
submission near the end of 2014. In parallel, we are finalizing study start-up
activities for our Phase II trial in Alzheimer’s disease psychosis that is
scheduled for initiation this month.”

Revenues decreased to $240,000 for the third quarter of 2013 from $3.5 million
for the third quarter of 2012. This decrease in revenue was primarily due to
the termination of ACADIA’s collaboration with Meiji Seika Pharma in July
2012, which resulted in the recognition of the remaining $3.0 million of
deferred revenue from this collaboration at that time.

Research and development expenses increased to $7.3 million for the third
quarter of 2013, including $690,000 in stock-based compensation, from $4.4
million for the third quarter of 2012, including $157,000 in stock-based
compensation. This increase was primarily due to increased development
expenses incurred in ACADIA’s Phase III program with pimavanserin, as well as
increased personnel and stock-based compensation costs associated with the
Company’s research and development organization.

General and administrative expenses increased to $3.8 million for the third
quarter of 2013, including $1.2 million in stock-based compensation, from $1.5
million for the third quarter of 2012, including $331,000 in stock-based
compensation. This increase was primarily due to increased stock-based
compensation expense, as well as increased personnel costs and professional
fees.

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 866-953-6856 for
participants in the U.S. or Canada and 617-399-3480 for international callers
(reference passcode 85950233). A telephone replay of the conference call may
be accessed through November 20, 2013 by dialing 888-286-8010 for callers in
the U.S. or Canada and 617-801-6888 for international callers (reference
passcode 82582738). 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 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, including the planned trial
for pimavanserin in ADP, the targeted timing of an NDA submission for
pimavanserin, the clinical benefits to be derived from ACADIA’s product
candidates, in each case including pimavanserin, 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 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              Nine Months Ended
                     September 30,                      September 30,
                     2013           2012             2013           2012
                                                                          
                                                                          
Collaborative        $ 240             $ 3,478          $ 1,108           $ 4,527
revenues
                                                                          
Operating
expenses
Research and
development
(includes
stock-based
compensation
of $690, $157,
$1,417, and
$450,
respectively)          7,254             4,400            18,797            13,893
General and
administrative
(includes
stock-based
compensation
of $1,201,
$331, $2,120
and $929,
respectively)         3,797           1,485          8,444           4,701   
Total
operating             11,051          5,885          27,241          18,594  
expenses
Loss from              (10,811 )         (2,407 )         (26,133 )         (14,067 )
operations
Interest              116             5              234             28      
income, net
Net loss             $ (10,695 )       $ (2,402 )       $ (25,899 )       $ (14,039 )
Net loss per
common share,        $ (0.12   )       $ (0.04  )       $ (0.31   )       $ (0.26   )
basic and
diluted
Weighted
average common
shares
outstanding,
basic
and diluted           89,504          53,911         83,946          53,262  
                                                                                    


ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

                                           September 30,    December 31,
                                              2013                2012(1)
                                                                  
Assets
Cash, cash equivalents and investment         $   196,180         $   107,967
securities
Prepaid expenses, receivables and other          2,495              581
current assets
Total current assets                              198,675             108,548
Other noncurrent assets                          610                42
Total assets                                  $   199,285         $   108,590
Liabilities, redeemable common stock
and stockholders’ equity
Total liabilities                             $   7,872           $   5,948
Redeemable common stock                           10,659              17,658
Stockholders’ equity                             180,754            84,984
Total liabilities, redeemable common
stock and
stockholders’ equity                          $   199,285         $   108,590
                                                                      

          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