ACAD ACADIA Pharmaceuticals Inc.

42.42
+1.66  (+4%)
Previous Close 40.76
Open 41.14
52 Week Low 30.02
52 Week High 58.72
Market Cap $6,738,630,712
Shares 158,855,038
Float 91,086,434
Enterprise Value $6,088,401,711
Volume 2,423,939
Av. Daily Volume 1,575,806
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Upcoming Catalysts

Drug Stage Catalyst Date
Pimavanserin - Harmony
Alzheimer’s disease psychosis
PDUFA
PDUFA
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Trofinetide
Rett Syndrome
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
ACP-044
Pain
Phase 2
Phase 2
Phase 2 trial to be initiated 1H 2021.
Pimavanserin - Advance-2
Adjunctive treatment in patients with negative symptoms of schizophrenia
Phase 3
Phase 3
Phase 3 trial initiated 3Q 2020.
Pimavanserin - CLARITY-2 and CLARITY-3
Adjunctive Treatment in Patients With Major Depressive Disorder
Phase 3
Phase 3
Phase 3 trial did not meet primary endpoint - July 20, 2020.
Pimavanserin - Enhance
Adjunctive treatment of schizophrenia
Phase 3
Phase 3
Phase 3 data did not meet primary endpoint - July 22, 2019.
Pimavanserin
Parkinson’s disease psychosis (PDP)
Approved
Approved
Approved April 29 2016. Additional dose approval announced June 29, 2018.
Pimavanserin - SERENE
Alzheimer’s disease agitation
Phase 2
Phase 2
Announced October 4, 2017 that trial will be discontinued.

Latest News

  1. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced that it will participate at the following upcoming virtual investor conferences:

    Citi 15th Annual BioPharma Virtual Conference
    Date: Wednesday, September 9, 2020
    Panel: Emerging Therapies for Psychiatric Disorders at 1:30 p.m. Eastern Time

    Morgan Stanley 18th Annual Global Healthcare Conference
    Date: Monday, September 14, 2020
    Fireside chat presentation: 3:45 p.m. Eastern Time

    Cantor Virtual Global Healthcare Conference
    Date: Wednesday, September 16, 2020
    Fireside chat presentation: 11:20 a.m. Eastern Time

    These conferences will all be held virtually. Live webcasts of the panel and presentations will be accessible on the company's website, www.acadia-pharm.com, under the investors…

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced that it will participate at the following upcoming virtual investor conferences:

    Citi 15th Annual BioPharma Virtual Conference

    Date: Wednesday, September 9, 2020

    Panel: Emerging Therapies for Psychiatric Disorders at 1:30 p.m. Eastern Time

    Morgan Stanley 18th Annual Global Healthcare Conference

    Date: Monday, September 14, 2020

    Fireside chat presentation: 3:45 p.m. Eastern Time

    Cantor Virtual Global Healthcare Conference

    Date: Wednesday, September 16, 2020

    Fireside chat presentation: 11:20 a.m. Eastern Time

    These conferences will all be held virtually. Live webcasts of the panel and presentations will be accessible on the company's website, www.acadia-pharm.com, under the investors section and an archived recording will be available on the website for approximately one month following each presentation.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. ACADIA's development efforts are focused on pimavanserin for additional neuropsychiatric conditions, trofinetide for Rett syndrome, ACP-044 for pain management and an early-stage muscarinic receptor program. This press release and further information about ACADIA can be found at: www.acadia-pharm.com.

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  2. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced the appointment of Dr. Gudarz Davar as Executive Vice President and Head of Research and Development. Dr. Davar will be responsible for leading research and development activities at ACADIA and will serve as a member of the company's Executive Management Committee. In this role, he will report to Serge Stankovic, M.D., M.S.P.H., President of ACADIA. Dr. Stankovic will continue to oversee research and development, regulatory, medical affairs, external innovation and pharmacovigilance functions for the company.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200831005180/en/

    Gudarz Davar, M.D., Executive Vice President and Head of Research and Development (Photo: Business Wire)

    Gudarz Davar, M.D., Executive Vice President and Head…

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced the appointment of Dr. Gudarz Davar as Executive Vice President and Head of Research and Development. Dr. Davar will be responsible for leading research and development activities at ACADIA and will serve as a member of the company's Executive Management Committee. In this role, he will report to Serge Stankovic, M.D., M.S.P.H., President of ACADIA. Dr. Stankovic will continue to oversee research and development, regulatory, medical affairs, external innovation and pharmacovigilance functions for the company.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200831005180/en/

    Gudarz Davar, M.D., Executive Vice President and Head of Research and Development (Photo: Business Wire)

    Gudarz Davar, M.D., Executive Vice President and Head of Research and Development (Photo: Business Wire)

    "We are thrilled to welcome Gudarz to ACADIA's executive team as a senior neurologist and neuroscientist with strong scientific, academic and corporate leadership experience," said Steve Davis, ACADIA's Chief Executive Officer. "As we prepare for the potential approval and launch in the U.S. of our second indication for pimavanserin, the treatment of hallucinations and delusions associated with dementia-related psychosis, we continue to focus on developing innovative new treatments to address unmet needs. Gudarz will be a valuable addition to our executive team as we execute and grow our pipeline to drive long-term growth."

    "I share ACADIA's passion for improving the lives of patients with central nervous system disorders and am particularly excited to use my experience to strengthen the breadth and depth of ACADIA's pipeline," said Dr. Davar.

    Dr. Davar joins ACADIA from Eli Lilly where he was Vice President, Head of Global Neurology Clinical Development, the senior leadership role responsible for the global development of all neuroscience and core Lilly biomedicines assets through clinical testing and life of the product. Under his leadership were the recent global approvals of Emgality® for migraine prevention and U.S. approval for the treatment of cluster headache, as well as the U.S. approval of REYVOW® as a first-in-class, novel, acute treatment for migraine.

    Prior to Eli Lilly, he served in senior leadership roles in neurology and clinical development at Allergan, Biogen Idec and Amgen. At Allergan, he led a global research and development and commercialization partnership focused on cognitive impairment and neurobehavioral symptoms in Alzheimer's disease.

    Dr. Davar received his medical degree from Dalhousie University in Halifax, Nova Scotia. He completed residency at University of Michigan Hospitals, Ann Arbor, Michigan and is board certified in Neurology.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. ACADIA's development efforts are focused on pimavanserin for additional neuropsychiatric conditions, trofinetide for Rett syndrome, ACP-044 for pain management and an early-stage muscarinic receptor program. This press release and further information about ACADIA can be found at: www.acadia-pharm.com.

    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 regarding the timing of future events. 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 development, approval and commercialization. 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, 2019 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.

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  3. - First-in-class, non-opioid, mechanism interrupts pain pathways

    - Phase 2 initiation planned for the first half of 2021

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced the acquisition of CerSci Therapeutics, a clinical-stage biotechnology company with worldwide rights to a portfolio of novel compounds for neurological conditions, including non-opioid therapies for acute and chronic pain. The lead development program is a unique Reactive Species Decomposition Accelerant (RSDAx), a first-in-class mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage molecules, including brain penetrant molecules, with potential for symptomatic and disease modifying treatment…

    - First-in-class, non-opioid, mechanism interrupts pain pathways

    - Phase 2 initiation planned for the first half of 2021

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced the acquisition of CerSci Therapeutics, a clinical-stage biotechnology company with worldwide rights to a portfolio of novel compounds for neurological conditions, including non-opioid therapies for acute and chronic pain. The lead development program is a unique Reactive Species Decomposition Accelerant (RSDAx), a first-in-class mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage molecules, including brain penetrant molecules, with potential for symptomatic and disease modifying treatment utility in neurodegenerative diseases.

    This acquisition strengthens ACADIA's clinical pipeline to include non-opioid pain therapies that have potential non-addictive properties and reduced side effects typically seen with current opioid treatments. The lead molecule, ACP-044, has shown promising efficacy and safety results in animal models evaluating incisional, inflammatory, and neuropathic pain, as well as favorable tolerability and pharmacokinetic properties in Phase 1 trials. The novel RSDAx mechanism of action is thought to interfere with multiple pain pathways treating pain simultaneously. ACADIA plans to initiate a Phase 2 clinical study in the first half of 2021.

    "There is an urgent need for new approaches to treat pain without causing addiction," said Steve Davis, ACADIA's Chief Executive Officer. "We are excited by the potential clinical utility of this program across multiple pain modalities due to its novel non-opioid mechanism of action. By acquiring CerSci, ACADIA is further strengthening our development pipeline for long-term growth in central nervous system disorders."

    "For too long, the options for patients with acute and chronic pain have been very limited," said Lucas Rodriguez, CEO and co-founder of CerSci. "I am highly confident that ACADIA, with its proven development and commercialization capabilities, can advance CerSci's program and ultimately deliver a new generation of medicines to treat acute post-operative as well as chronic pain conditions."

    Under the terms of the agreement, ACADIA acquired all of the outstanding shares of CerSci for $52.5 million, primarily in ACADIA stock. The transaction closed on August 24, 2020. CerSci shareholders may also receive up to $887 million in development, commercialization, and sales milestones in addition to tiered royalties in the mid-single digits based on annual net sales.

    BofA Securities is serving as financial advisor and Paul Hastings, LLP is serving as legal advisor to ACADIA. Evercore is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to CerSci. CerSci's major investors include JDH Investment Management, LLC, Hiawatha Education Foundation, Lennox Capital Partners, LP and West Summit Investments, LP.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. ACADIA's development efforts are focused on pimavanserin for additional neuropsychiatric conditions, trofinetide for Rett syndrome, ACP-044 for pain management and an early-stage muscarinic receptor program. ACADIA submitted a supplemental new drug application (sNDA) for pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis on June 3, 2020. The FDA has accepted for filing the sNDA for DRP with a PDUFA date of April 3, 2021. Pimavanserin is not approved for dementia-related psychosis. This press release and further information about ACADIA can be found at: www.acadia-pharm.com.

    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 regarding the discovery, development and commercialization of any compounds from the above described acquisition, the clinical potential of and therapeutic opportunity for products based on such compounds and other statements that are not historical facts. 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 development, approval and commercialization, 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, 2019 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.

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  4. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced that it will present at The JMP Securities CNS Forum on Wednesday, August 19, 2020, at 11:00 a.m. Eastern Time.

    The conference will be held virtually. A live webcast of ACADIA's presentation will be accessible on the company's website, www.acadia-pharm.com, under the investors section and an archived recording will be available on the website through September 19, 2020.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations…

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced that it will present at The JMP Securities CNS Forum on Wednesday, August 19, 2020, at 11:00 a.m. Eastern Time.

    The conference will be held virtually. A live webcast of ACADIA's presentation will be accessible on the company's website, www.acadia-pharm.com, under the investors section and an archived recording will be available on the website through September 19, 2020.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. ACADIA's development efforts are focused on pimavanserin for additional neuropsychiatric conditions, trofinetide for Rett syndrome, and an early-stage muscarinic receptor program. This press release and further information about ACADIA can be found at: www.acadia-pharm.com.

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  5. - 2Q20 Net Sales of $110.1 Million, a 32% Increase Over 2Q19

    - FDA filed the supplemental NDA for pimavanserin for the treatment of dementia-related psychosis with a PDUFA action date set for April 3, 2021

    - Initiated ADVANCE-2, a Phase 3 study evaluating pimavanserin for the treatment of the negative symptoms of schizophrenia

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders, today announced its financial results for the second quarter ended June 30, 2020.

    "In the first half of 2020 we drove robust growth of NUPLAZID®. With the FDA filing of our sNDA for dementia-related psychosis…

    - 2Q20 Net Sales of $110.1 Million, a 32% Increase Over 2Q19

    - FDA filed the supplemental NDA for pimavanserin for the treatment of dementia-related psychosis with a PDUFA action date set for April 3, 2021

    - Initiated ADVANCE-2, a Phase 3 study evaluating pimavanserin for the treatment of the negative symptoms of schizophrenia

    ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders, today announced its financial results for the second quarter ended June 30, 2020.

    "In the first half of 2020 we drove robust growth of NUPLAZID®. With the FDA filing of our sNDA for dementia-related psychosis we are one step closer to potentially delivering the first and only approved treatment for this devastating condition," said Steve Davis, ACADIA's Chief Executive Officer. "Building upon the successful development of our PDP and DRP programs, our clinical team is focused on advancing our innovative early- and late-stage pipeline."

    Company Updates

    • The U.S. Food and Drug Administration (FDA) filed the supplemental NDA for pimavanserin for the treatment of the hallucinations and delusions associated with dementia-related psychosis (DRP). The FDA has assigned a PDUFA (Prescription Drug User Fee Act) action date of April 3, 2021.
    • ACADIA announced top-line results from the Phase 3 CLARITY study of pimavanserin for adjunctive treatment in patients with major depressive disorder. The study did not achieve statistical significance on the primary endpoint which was the 17-item Hamilton Depression Rating Scale (HAMD-17) total score.
    • ACADIA initiated its second pivotal study, ADVANCE-2, a 26-week, placebo-controlled, 386 patient Phase 3 study designed to evaluate the efficacy and safety of the 34 mg dose of pimavanserin for the treatment of the negative symptoms of schizophrenia.
    • ACADIA presented important clinical data at recent virtual medical congresses:
      • In May, at the 2020 American Society of Clinical Psychopharmacology virtual annual meeting, ACADIA presented six posters and an oral presentation on the positive pivotal ADVANCE study results, titled ADVANCE: Phase 2, Randomized, Double-Blind, Placebo-Controlled Study of Adjunctive Pimavanserin in Patients with Negative Symptoms of Schizophrenia.
      • In July, at the 2020 Alzheimer's Association International Conference virtual event, ACADIA presented nine posters and an oral presentation on the positive findings from the open-label portion of the HARMONY study, titled HARMONY: Response to Pimavanserin in the 12-Week, Open-label Treatment Phase.
    • ACADIA appointed Mark Schneyer as Senior Vice President, Business Development and Chief Business Officer and appointed Spyros Papapetropoulos, M.D., Ph.D., as Senior Vice President, Head of Clinical Development.

    Financial Results

    Revenue

    Net sales of NUPLAZID (pimavanserin) were $110.1 million for the three months ended June 30, 2020, an increase of 32% as compared to $83.2 million reported for the three months ended June 30, 2019. For the six months ended June 30, 2020 and 2019, ACADIA reported net product sales of $200.2 million and $146.2 million, respectively.

    Research and Development

    Research and development expenses for the three months ended June 30, 2020 were $64.3 million, compared to $67.3 million for the same period of 2019. The decrease in the three month period ending June 2020 compared to June 2019 was primarily due to lower development costs for pimavanserin in schizophrenia and DRP. For the six months ended June 30, 2020 and 2019, research and development expenses were $136.9 million and $120.2 million, respectively. The increase during the six month period ending June 2020 compared to June 2019 was primarily due to an upfront payment of $10.0 million to Vanderbilt University for the M1 PAM program and increased development costs associated with trofinetide, offset by decreased development costs for pimavanserin in schizophrenia and DRP.

    Selling, General and Administrative

    Selling, general and administrative expenses for the three months ended June 30, 2020 were $84.3 million, compared to $68.0 million for the same period of 2019. For the six months ended June 30, 2020 and 2019, selling, general and administrative expenses were $186.3 million and $161.1 million, respectively. The increase during the 2020 periods as compared to 2019 was primarily due to increased advertising and promotional costs as well as an increase in personnel and related costs.

    Net Loss

    For the three months ended June 30, 2020, ACADIA reported a net loss of $42.1 million, or $0.27 per common share, compared to a net loss of $54.9 million, or $0.38 per common share, for the same period in 2019. The net losses for the three months ended June 30, 2020 and 2019 included $19.5 million and $20.4 million, respectively, of non-cash stock-based compensation expense. For the six months ended June 30, 2020, ACADIA reported a net loss of $130.2 million, or $0.83 per common share, compared to a net loss of $140.2 million, or $0.97 per common share, for the same period in 2019. The net losses for the six months ended June 30, 2020 and 2019 included $41.9 million and $40.3 million, respectively, of non-cash stock-based compensation expense.

    Cash and Investments

    At June 30, 2020, ACADIA's cash, cash equivalents, and investment securities totaled $658.6 million, compared to $697.4 million at December 31, 2019.

    2020 Financial Guidance

    • NUPLAZID net sales guidance is updated to $430 to $450 million from the previous range of $420 to $450 million.
    • GAAP R&D guidance is decreased to $265 to $280 million from the previous range of $270 to $285 million.
    • GAAP SG&A guidance is decreased to $400 to $420 million from the previous range of $425 to $445 million.
    • Non-cash stock-based compensation expense guidance of $90 to $100 million is unchanged compared to prior guidance.
    • 2020 year-end cash, cash equivalents, and investment securities is expected to be $570 to $590 million from a previous range of $470 to $500 million.

    Conference Call and Webcast Information

    ACADIA management will review its second quarter financial results and operations via conference call and webcast today at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing 855-638-4820 for participants in the United States or Canada and 443-877-4067 for international callers (reference passcode 9828845). A telephone replay of the conference call may be accessed through August 19, 2020 by dialing 855-859-2056 for callers in the United States or Canada and 404-537-3406 for international callers (reference passcode 9828845). 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 September 2, 2020.

    About NUPLAZID® (pimavanserin)

    NUPLAZID is the first and only FDA-approved treatment for hallucinations and delusions associated with Parkinson's disease psychosis. NUPLAZID is a selective serotonin inverse agonist/antagonist preferentially targeting 5-HT2A receptors that are thought to play an important role in Parkinson's disease psychosis. NUPLAZID is an oral medicine taken once a day with a recommended dose of 34 mg. NUPLAZID is not FDA-approved for any other neuropsychiatric disorders. ACADIA discovered and developed this new chemical entity and holds worldwide rights to develop and commercialize NUPLAZID.

    About Trofinetide

    Trofinetide is an investigational drug. It is a novel synthetic analog of the amino‐terminal tripeptide of IGF-1 designed to treat the core symptoms of Rett syndrome by potentially reducing neuroinflammation and supporting synaptic function. In the central nervous system, IGF-1 is produced by both of the major types of brain cells – neurons and glia. IGF-1 in the brain is critical for both normal development and for response to injury and disease. Trofinetide has been granted Fast Track Status and Orphan Drug Designation in the U.S. and Orphan Drug Designation in Europe for both Rett syndrome and Fragile X syndrome.

    About ACADIA Pharmaceuticals

    ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. ACADIA's development efforts are focused on pimavanserin for additional neuropsychiatric conditions, trofinetide for Rett syndrome, and an early-stage muscarinic receptor program. This press release and further information about ACADIA can be found at: www.acadia-pharm.com.

    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 potential opportunity for future growth in sales of NUPLAZID; the timing of ongoing and future clinical studies for pimavanserin; the development and commercialization of trofinetide; unanticipated impacts of COVID-19 on ACADIA's business, including its commercial sales operations, current and planned clinical trials, supply chain, and guidance for full-year 2020 NUPLAZID net sales and certain expense line items. 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 uncertainty of future commercial sales and related items that would impact net sales during 2020, the risks and uncertainties inherent in drug development, approval and commercialization, 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, 2019 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 June 30,

     

    Six Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Revenues

     

     

     

     

     

     

     

     

    Product sales, net

     

    $

    110,103

     

     

    $

    83,205

     

     

    $

    200,171

     

     

    $

    146,164

     

    Total revenues

     

     

    110,103

     

     

     

    83,205

     

     

     

    200,171

     

     

     

    146,164

     

    Operating expenses

     

     

     

     

     

     

     

     

    Cost of product sales, license fees and royalties (1)

     

     

    5,474

     

     

     

    4,995

     

     

     

    10,448

     

     

     

    9,575

     

    Research and development (1)

     

     

    64,295

     

     

     

    67,320

     

     

     

    136,931

     

     

     

    120,243

     

    Selling, general and administrative (1)

     

     

    84,344

     

     

     

    67,981

     

     

     

    186,317

     

     

     

    161,071

     

    Total operating expenses

     

     

    154,113

     

     

     

    140,296

     

     

     

    333,696

     

     

     

    290,889

     

    Loss from operations

     

     

    (44,010

    )

     

     

    (57,091

    )

     

     

    (133,525

    )

     

     

    (144,725

    )

    Interest income, net

     

     

    1,825

     

     

     

    2,527

     

     

     

    4,814

     

     

     

    5,461

     

    Other income (expense)

     

     

    437

     

     

     

    (12

    )

     

     

    (1,060

    )

     

     

    (241

    )

    Loss before income taxes

     

     

    (41,748

    )

     

     

    (54,576

    )

     

     

    (129,771

    )

     

     

    (139,505

    )

    Income tax expense

     

     

    393

     

     

     

    365

     

     

     

    393

     

     

     

    740

     

    Net loss

     

    $

    (42,141

    )

     

    $

    (54,941

    )

     

    $

    (130,164

    )

     

    $

    (140,245

    )

    Net loss per common share, basic and diluted

     

    $

    (0.27

    )

     

    $

    (0.38

    )

     

    $

    (0.83

    )

     

    $

    (0.97

    )

    Weighted average common shares outstanding, basic and diluted

     

     

    156,535

     

     

     

    144,314

     

     

     

    155,951

     

     

     

    144,148

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes the following stock-based compensation expense

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of product sales, license fees and royalties

     

    $

    743

     

     

    $

    803

     

     

    $

    1,592

     

     

    $

    1,798

     

    Research and development

     

    $

    7,235

     

     

    $

    7,901

     

     

    $

    15,692

     

     

    $

    15,781

     

    Selling, general and administrative

     

    $

    11,529

     

     

    $

    11,718

     

     

    $

    24,571

     

     

    $

    22,726

     

    ACADIA PHARMACEUTICALS INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

     

     

     

    June 30,

    2020

     

    December 31,

    2019

     

     

    (unaudited)

     

     

    Assets

     

     

     

     

    Cash, cash equivalents and investment securities

     

    $

    658,551

     

    $

    697,429

    Accounts receivable, net

     

     

    43,785

     

     

    35,781

    Interest and other receivables

     

     

    2,343

     

     

    2,093

    Inventory

     

     

    6,210

     

     

    6,341

    Prepaid expenses

     

     

    24,846

     

     

    18,606

    Total current assets

     

     

    735,735

     

     

    760,250

    Property and equipment, net

     

     

    6,687

     

     

    3,180

    Operating lease right-of-use assets

     

     

    7,880

     

     

    9,524

    Intangible assets, net

     

     

    1,846

     

     

    2,585

    Restricted cash

     

     

    5,770

     

     

    4,787

    Other assets

     

     

    1,731

     

     

    2,857

    Total assets

     

    $

    759,649

     

    $

    783,183

    Liabilities and stockholders' equity

     

     

     

     

    Accounts payable

     

    $

    6,466

     

    $

    7,222

    Accrued liabilities

     

     

    79,956

     

     

    67,604

    Total current liabilities

     

     

    86,422

     

     

    74,826

    Operating lease liabilities

     

     

    5,669

     

     

    6,361

    Other long-term liabilities

     

     

    4,545

     

     

    2,861

    Total liabilities

     

     

    96,636

     

     

    84,048

    Total stockholders' equity

     

     

    663,013

     

     

    699,135

    Total liabilities and stockholders' equity

     

    $

    759,649

     

    $

    783,183

     

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