ACADIA Pharmaceuticals Reports Fourth Quarter and Full Year 2018 Financial Results
- Fourth Quarter 2018 Net Sales Grew to
- Full Year 2018 Net Sales Grew to
- Late Stage Pipeline Progressing with Five Clinical Programs Ongoing or Commencing in 2019
- 2019 Guidance: Net Sales
“Our team successfully executed on all three of our strategic pillars in
2018. We grew NUPLAZID in Parkinson’s disease psychosis,
leveraged pimavanserin in additional large market CNS indications with
positive data from our Phase 2 CLARITY study in adjunctive treatment of
major depressive disorder, and expanded our CNS pipeline with the
acquisition of the North American rights for trofinetide,” said
Recent Highlights
-
Announced positive top-line results from the Phase 2 CLARITY trial of
pimavanserin for adjunctive treatment in patients with major
depressive disorder (MDD) in
October 2018 . -
Conducted an End-of-Phase 2 meeting with the
FDA confirming the development plans for pimavanserin as a potential adjunctive therapy for MDD inFebruary 2019 . - The Company plans to initiate two Phase 3 trials for pimavanserin as an adjunctive treatment for MDD in the first half of 2019.
-
The Company has confirmed its Phase 3 study design for trofinetide in
Rett syndrome with the
FDA and plans to initiate this trial in the second half of 2019. -
Completed a public offering with net proceeds of approximately
$298.5 million inNovember 2018 . -
Appointed
Serge Stankovic , M.D., M.S.P.H., as President inNovember 2018 .
Financial Results
Revenue
Net sales of NUPLAZID® (pimavanserin)
were
Research and Development
Research and development expenses
for the fourth quarter of 2018 were
Selling, General and Administrative
Selling, general and
administrative expenses for the fourth quarter of 2018 were
Net Loss
For the fourth quarter of 2018, ACADIA reported a
net loss of
Cash and Investments
At
2019 Financial Guidance
-
NUPLAZID net sales are expected to be between
$275 million and $300 million . -
GAAP R&D is expected to be between
$250 million and $265 million . The increase compared to 2018 reflects the planned progression of five late-stage clinical programs in 2019. -
GAAP SG&A is expected to be between
$280 million and $295 million . -
Non-cash stock-based compensation expense is expected to be between
$80 million and $90 million .
Conference Call and Webcast Information
ACADIA management
will review its fourth quarter and full year 2018 financial results and
operations via conference call and webcast today at
About NUPLAZID® (pimavanserin)
NUPLAZID
is the first and only
About
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 is commercializing the first and
only medicine approved for the treatment of hallucinations and delusions
associated with Parkinson’s disease psychosis. In addition, ACADIA has
ongoing clinical development efforts in additional areas with
significant unmet need, including dementia-related psychosis,
schizophrenia inadequate response, schizophrenia-negative symptoms,
major depressive disorder, and Rett syndrome. 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, including through sales of new dosages and forms; the timing
of ongoing and future clinical studies for pimavanserin; the development
and commercialization of trofinetide; and guidance for full-year 2019
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 2019, the risks and
uncertainties inherent in drug discovery, 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
| ACADIA PHARMACEUTICALS INC. | ||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
|
(in thousands, except per share amounts) |
||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||
| Product sales, net | $ | 59,571 | $ | 43,562 | $ | 223,807 | $ | 124,901 | ||||||||||||||||
| Total revenues | 59,571 | 43,562 | 223,807 | 124,901 | ||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||
| Cost of product sales, license fees and royalties (1) | 4,392 | 3,703 | 18,330 | 13,060 | ||||||||||||||||||||
| Research and development (1) | 48,183 | 43,179 | 187,163 | 149,189 | ||||||||||||||||||||
| Selling, general and administrative (1) | 74,271 | 66,689 | 265,758 | 255,062 | ||||||||||||||||||||
| Total operating expenses | 126,846 | 113,571 | 471,251 | 417,311 | ||||||||||||||||||||
| Loss from operations | (67,275 | ) | (70,009 | ) | (247,444 | ) | (292,410 | ) | ||||||||||||||||
| Interest income, net | 1,670 | 1,107 | 5,348 | 4,126 | ||||||||||||||||||||
| Other expense | 127 | — | (1,840 | ) | — | |||||||||||||||||||
| Loss before income taxes | (65,478 | ) | (68,902 | ) | (243,936 | ) | (288,284 | ) | ||||||||||||||||
| Income tax expense | 14 | (31 | ) | 1,256 | 1,119 | |||||||||||||||||||
| Net loss | $ | (65,492 | ) | $ | (68,871 | ) | $ | (245,192 | ) | $ | (289,403 | ) | ||||||||||||
| Net loss per common share, basic and diluted | $ | (0.50 | ) | $ | (0.55 | ) | $ | (1.94 | ) | $ | (2.36 | ) | ||||||||||||
| Weighted average common shares outstanding, basic and diluted | 131,627 | 124,117 | 126,583 | 122,600 | ||||||||||||||||||||
| (1) Includes the following share-based compensation expense | ||||||||||||||||||||||||
| Cost of product sales, license fees and royalties | $ | 838 | $ | 719 | $ | 3,863 | $ | 3,690 | ||||||||||||||||
| Research and development | $ | 8,421 | $ | 7,887 | $ | 32,038 | $ | 26,485 | ||||||||||||||||
| Selling, general and administrative | $ | 11,142 | $ | 13,413 | $ | 45,663 | $ | 45,357 | ||||||||||||||||
| ACADIA PHARMACEUTICALS INC. | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
|
(in thousands) |
||||||||||
|
December 31, |
December 31, |
|||||||||
| (unaudited) | ||||||||||
| Assets | ||||||||||
| Cash, cash equivalents and investment securities | $ | 473,520 | $ | 341,342 | ||||||
| Accounts receivable, net | 26,090 | 17,343 | ||||||||
| Interest and other receivables | 1,699 | 1,087 | ||||||||
| Inventory | 4,070 | 5,248 | ||||||||
| Prepaid expenses | 20,727 | 8,457 | ||||||||
| Total current assets | 526,106 | 373,477 | ||||||||
| Property and equipment, net | 3,309 | 2,662 | ||||||||
| Intangible assets, net | 4,062 | 5,538 | ||||||||
| Restricted cash | 4,826 | 2,475 | ||||||||
| Other assets | 1,899 | 354 | ||||||||
| Total assets | $ | 540,202 | $ | 384,506 | ||||||
| Liabilities and stockholders’ equity | ||||||||||
| Accounts payable | $ | 3,167 | $ | 8,786 | ||||||
| Accrued liabilities | 56,398 | 40,244 | ||||||||
| Total current liabilities | 59,565 | 49,030 | ||||||||
| Long-term liabilities | 1,558 | 191 | ||||||||
| Total liabilities | 61,123 | 49,221 | ||||||||
| Total stockholders’ equity | 479,079 | 335,285 | ||||||||
| Total liabilities and stockholders’ equity | $ | 540,202 | $ | 384,506 | ||||||
Important Safety Information and Indication for NUPLAZID (pimavanserin)
WARNING: INCREASED MORTALITY IN ELDERLY PATIENTS WITH DEMENTIA-RELATED PSYCHOSIS
- Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death.
- NUPLAZID is not approved for the treatment of patients with dementia-related psychosis unrelated to the hallucinations and delusions associated with Parkinson’s disease psychosis.
Contraindication: NUPLAZID is contraindicated in patients with a history of a hypersensitivity reaction to pimavanserin or any of its components. Rash, urticaria, and reactions consistent with angioedema (e.g., tongue swelling, circumoral edema, throat tightness, and dyspnea) have been reported.
QT Interval Prolongation: NUPLAZID prolongs the QT interval. The use of NUPLAZID should be avoided in patients with known QT prolongation or in combination with other drugs known to prolong QT interval including Class 1A antiarrhythmics or Class 3 antiarrhythmics, certain antipsychotic medications, and certain antibiotics. NUPLAZID should also be avoided in patients with a history of cardiac arrhythmias, as well as other circumstances that may increase the risk of the occurrence of torsade de pointes and/or sudden death, including symptomatic bradycardia, hypokalemia or hypomagnesemia, and presence of congenital prolongation of the QT interval.
Adverse Reactions: The most common adverse reactions (≥2% for NUPLAZID and greater than placebo) were peripheral edema (7% vs 2%), nausea (7% vs 4%), confusional state (6% vs 3%), hallucination (5% vs 3%), constipation (4% vs 3%), and gait disturbance (2% vs <1%).
Drug Interactions: Coadministration with strong CYP3A4 inhibitors (e.g., ketoconazole) increases NUPLAZID exposure. Reduce NUPLAZID dose to 10 mg taken orally as one tablet once daily. Coadministration with strong CYP3A4 inducers may reduce NUPLAZID exposure. Monitor patients for reduced efficacy and an increase in NUPLAZID dosage may be needed.
Pediatric Use: Safety and efficacy have not been established in pediatric patients.
Dosage and Administration: Recommended dose: 34 mg taken orally once daily, without titration.
Indication: NUPLAZID is an atypical antipsychotic indicated for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.
You are encouraged to report negative side effects of prescription drugs
to the
NUPLAZID is available as 34 mg capsules and 10 mg tablets.
Please see the full Prescribing Information including Boxed WARNING for NUPLAZID at https://www.nuplazid.com/pdf/NUPLAZID_Prescribing_Information.pdf.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190226006107/en/
Source:
Investor Contact:
ACADIA Pharmaceuticals Inc.
Elena
Ridloff, CFA
(858) 558-2871
ir@acadia-pharm.com
Media Contact:
ACADIA Pharmaceuticals Inc.
Maurissa
Messier
(858) 768-6068
media@acadia-pharm.com