ACADIA Pharmaceuticals Reports First Quarter 2014 Financial Results
ACADIA reported a net loss of
At
“The first quarter of 2014 was another productive period for ACADIA as we built on the strong momentum established in 2013,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “Highlights included significantly bolstering our financial position through our follow-on offering and continuing to advance our Parkinson’s disease psychosis program with pimavanserin towards registration, as we remain on track for our planned NDA submission near the end of this year. At the same time, we are progressing a range of pre-commercial activities in preparation for the planned future launch of pimavanserin and pursuing a life cycle management program, initially focused on our Phase II Alzheimer’s disease psychosis trial, to strategically broaden our pimavanserin franchise. We believe ACADIA is well positioned as we pursue our ultimate goal of bringing innovative medicines to market to improve the lives of patients with neurological and related central nervous system disorders.”
Research and development expenses increased to
General and administrative expenses increased to
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
About
ACADIA is a biopharmaceutical company focused on the development and
commercialization of innovative medicines 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. Pimavanserin is also in Phase II
development for Alzheimer’s disease psychosis and has successfully
completed a Phase II trial as a co-therapy for schizophrenia. ACADIA
also has clinical-stage programs for chronic pain and glaucoma in
collaboration with
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 timing of an NDA submission for
pimavanserin and, if approved, any future launch therefor, strategic
broadening of the pimavanserin program, planned pre-commercial
activities, ACADIA’s ability to bring innovative medicines to market to
improve lives, and ACADIA’s expected 2014 year-end cash balance. 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, approval, 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 December 31, 2013
as well as ACADIA’s subsequent filings with the
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
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Three Months Ended March 31, |
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| 2014 | 2013 | |||||||||||||
| Collaborative revenues | $ | 30 | $ | 417 | ||||||||||
| Operating expenses | ||||||||||||||
| Research and development (includes stock-based compensation of $1,006 and $254, respectively) | 11,668 | 4,430 | ||||||||||||
| General and administrative (includes stock-based compensation of $2,156 and $328, respectively) | 6,320 | 2,151 | ||||||||||||
| Total operating expenses | 17,988 | 6,581 | ||||||||||||
| Loss from operations | (17,958 | ) | (6,164 | ) | ||||||||||
| Interest income, net | 130 | 41 | ||||||||||||
| Net loss | $ | (17,828 | ) | $ | (6,123 | ) | ||||||||
| Net loss per common share, basic and diluted | $ | (0.19 | ) | $ | (0.08 | ) | ||||||||
| Weighted average common shares outstanding, basic and diluted | 92,968 | 78,748 | ||||||||||||
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ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) |
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March 31, |
December 31, |
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| Assets | |||||||||||||
| Cash, cash equivalents and investment securities | $ | 369,285 | $ | 185,790 | |||||||||
| Prepaid expenses, interest and other receivables | 3,535 | 2,570 | |||||||||||
| Total current assets | 372,820 | 188,360 | |||||||||||
| Other non-current assets | 686 | 758 | |||||||||||
| Total assets | $ | 373,506 | $ | 189,118 | |||||||||
| Liabilities and stockholders’ equity | |||||||||||||
| Total liabilities | $ | 8,046 | $ | 6,987 | |||||||||
| Stockholders’ equity | 365,460 | 182,131 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 373,506 | $ | 189,118 | |||||||||
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(1) |
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at such date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Source:
ACADIA Pharmaceuticals Inc.
Uli Hacksell, Ph.D., Chief
Executive Officer
Lisa Barthelemy, Director of Investor
Relations
(858) 558-2871