0000950170-23-037458 | 10-Q | XBRL Viewer | Acadia Pharmaceuticals INC

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Earnings (Net Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities to purchase common stock, Excluded	16,378,000	21,645,000	23,174,000	21,645,000
Potential dilutive shares Included from calculation of diluted earnings per share	1,588,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, municipal bonds, and government sponsored enterprises in accordance with the Company’s investment policy, and equity securities. The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s.

The Company’s cash equivalents, available-for-sale investment securities and equity securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities and equity securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices, and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of June 30, 2023 and December 31, 2022.

In November 2021, the Company established a plan whereby substantially all full-time employees excluding executive management are eligible to receive a series of cash bonuses based on achievement of certain conditions as described in more detail in Note 8 to the condensed consolidated financial statements included in this quarterly report on Form 10-Q (this Quarterly Report). The Company estimated the fair value of the cash awards using a Monte Carlo simulation, which utilizes level 3 inputs such as volatility, probabilities of success, and other inputs that are not observable in active markets. The cash awards are required to be measured at fair value on a recurring basis each reporting period, with changes in the fair value recognized as compensation cost over the derived service period of the awards.

The Company has not transferred any investment securities between the classification levels.

The recurring fair value measurements of the Company’s financial assets and liabilities measured at June 30, 2023 and December 31, 2022 consisted of the following (in thousands):


			Fair Value Measurements at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	81,485	$	81,485	$	—	$	—
U.S. Treasury notes		38,673		38,673		—		—
Equity securities		10,781		10,781		—		—
Government sponsored enterprise securities		226,351		—		226,351		—
Municipal bonds		7,383		—		7,383		—
Total	$	364,673	$	130,939	$	233,734	$	—

Liabilities
Cash awards	$	2,129	$	—	$	—	$	2,129
Total	$	2,129	$	—	$	—	$	2,129


			Fair Value Measurements at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	72,578	$	72,578	$	—	$	—
U.S. Treasury notes		15,945		15,945		—		—
Equity securities		7,180		7,180		—		—
Government sponsored enterprise securities		94,803		—		94,803		—
Municipal bonds		20,775		—		20,775		—
Commercial paper		184,316		—		184,316		—
Total	$	395,597	$	95,703	$	299,894	$	—

Liabilities
Cash awards	$	898	$	—	$	—	$	898
Total	$	898	$	—	$	—	$	898

Changes in estimated fair value of contingent cash awards during the six months ended June 30, 2023 are as follows (in thousands):


Balance as of December 31, 2022	$	898
Vesting of awards		444
Expense forfeited		(104	)
Change in fair value		891
Balance as of June 30, 2023	$	2,129

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 540,894	$ 16	$ 2,694,646	$ (2,153,576)	$ (192)
Issuance of common stock from exercise of stock options and units			3,273
Issuance of common stock pursuant to employee stock purchase plan			3,025
Stock-based compensation			35,374
Net income (loss)	(147,067)			(147,067)
Other comprehensive (loss) income					(651)
Ending balance at Jun. 30, 2022	434,848	16	2,736,318	(2,300,643)	(843)
Beginning balance at Mar. 31, 2022	444,797	16	2,712,025	(2,266,632)	(612)
Issuance of common stock from exercise of stock options and units			806
Issuance of common stock pursuant to employee stock purchase plan			3,025
Stock-based compensation			20,462
Net income (loss)	(34,011)			(34,011)
Other comprehensive (loss) income					(231)
Ending balance at Jun. 30, 2022	434,848	16	2,736,318	(2,300,643)	(843)
Beginning balance at Dec. 31, 2022	400,413	16	2,770,923	(2,369,551)	(975)
Issuance of common stock from exercise of stock options and units			4,281
Issuance of common stock pursuant to employee stock purchase plan			2,663
Stock-based compensation			29,903
Net income (loss)	(41,907)			(41,907)
Other comprehensive (loss) income					440
Ending balance at Jun. 30, 2023	395,793	16	2,807,770	(2,411,458)	(535)
Beginning balance at Mar. 31, 2023	374,258	16	2,787,034	(2,412,572)	(220)
Issuance of common stock from exercise of stock options and units			2,815
Issuance of common stock pursuant to employee stock purchase plan			2,663
Stock-based compensation			15,258
Net income (loss)	1,114			1,114
Other comprehensive (loss) income					(315)
Ending balance at Jun. 30, 2023	$ 395,793	$ 16	$ 2,807,770	$ (2,411,458)	$ (535)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 31, 2022	Aug. 31, 2018	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Loss (gain) on strategic investment						$ 3,601	$ (158)
Research and development			$ 58,771		$ 75,646	127,915	204,501
Restricted cash			8,120		$ 5,770	8,120	$ 5,770		$ 5,770	$ 5,770
Letter of Credit \| Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash			2,000			2,000
Letter of Credit \| Fleet Program
Other Commitments [Line Items]
Restricted cash			400			400
Stoke Therapeutics, Inc. [Member] \| Research and Development [Member]
Other Commitments [Line Items]
Collaborative Arrangements Upfront Consideration And Transaction Payment	$ 60,000
Mile stone payments payable	907,500
Upfront consideration and transaction costs	$ 60,000
Collaboration Agreement, Cost Splits Description	For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits
License Agreements \| North America
Other Commitments [Line Items]
Mile stone payments payable				$ 40,000
License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Upfront license fee		$ 10,000
Milestone payment as intangible asset				40,000
PRV liability				$ 29,600
License Agreements \| Neuren \| Research and Development [Member] \| North America
Other Commitments [Line Items]
Upfront payment								$ 10,000
Maximum
Other Commitments [Line Items]
Mile stone payments payable			$ 1,600,000			$ 1,600,000
Maximum \| License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Mile stone payments payable		$ 455,000

Net Loss Per Share - Earnings (Net Loss) Per Share - Schedule of weighted average shares used to calculate basic and diluted earning (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic	163,458	161,654	163,109	161,443
Effect of potentially dilutive common shares from Abstract
Diluted	165,046	161,654	163,109	161,443
Antidilutive shares Abstract
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,378,000	21,645,000	23,174,000	21,645,000

Investments - Additional Information (Detail) $ in Millions	3 Months Ended
Investments - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)	Jun. 30, 2023 Security	Dec. 31, 2022 Security
Marketable Securities [Line Items]
Number of available-for-sale investment securities in unrealized loss position \| Security		35	43
Proceeds from sale of available-for-sale securities	$ 183.0
Available-for-sale securities, realized gain loss	$ 0.5

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Collaboration, License and Merger Agreements

The Company has entered into various collaboration, licensing and merger agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront license fees, development and commercial milestone payments upon achievement of certain clinical and commercial development and annual net sales milestones, as well as royalties calculated as a percentage of product revenues, with rates that vary by agreement. As of June 30, 2023, the Company may be required to make milestone payments up to $1.6 billion in the aggregate for candidates in its pipeline.

In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, the Company paid Neuren an upfront license fee of $10.0 million and it may be required to pay up to an additional $455.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company will be required to pay Neuren tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the third quarter of 2018 as there is no alternative use for the asset. In connection with the FDA approval of DAYBUE, the Company paid a milestone payment of $40.0 million to Neuren following the first commercial sale of DAYBUE pursuant to the license agreement. The Company capitalized the $40.0 million milestone payment as an intangible asset as it was deemed probable of occurring as of March 31, 2023. In addition, the Company was granted a Rare Pediatric Disease PRV following the FDA approval of DAYBUE. Pursuant to the license agreement, the Company is required to pay Neuren one third of the value of the PRV at the time of sale or use of the PRV. The Company capitalized the $29.6 million for the estimated PRV value owed to Neuren as an intangible asset.

In January 2022, the Company entered into a license and collaboration agreement with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for the potential treatment of severe and rare genetic neurodevelopmental diseases of the CNS. The collaboration includes SYNGAP1 syndrome, Rett syndrome (MECP2), and an undisclosed neurodevelopmental target. For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits. In addition, Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones. For the MECP2 program and the undisclosed neurodevelopmental program, the Company acquired an exclusive worldwide license to develop and commercialize MECP2 program and the undisclosed neurodevelopmental program. Stoke will lead research and pre-clinical development activities, while the Company will lead clinical development and commercialization activities. The Company will fund research and pre-clinical development activities related to these two targets and Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones as well as tiered royalty payments on worldwide sales starting in the mid-single digit range and escalating to the mid-teens based on revenue levels. Under the terms of the agreement, the Company paid Stoke a $60.0 million upfront payment which was accounted for as an asset acquisition and was expensed to research and development in the first quarter of 2022 as there is no alternative use for the asset. The Company may be required to pay up to an additional $907.5 million in milestones as well as royalties on future sales.

Corporate Credit Card Program

In connection with the Company’s credit card program, the Company established a letter of credit for $2.0 million, which has automatic annual extensions and is fully secured by restricted cash.

Fleet Program

In connection with the Company’s fleet program, the Company established a letter of credit for $0.4 million, which has automatic annual extensions and is fully secured by restricted cash.

Legal Proceedings

Patent Infringement

On July 24, 2020, the Company filed complaints against (i) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against (i) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID (Pimavanserin I Cases).

The cases have been assigned to the Honorable Richard G. Andrews. On September 1, 2020, Aurobindo filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 22, 2020, the Company filed its answer to Aurobindo’s counterclaims. On August 31, 2020, Teva filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 21, 2020, the Company filed its answer to Teva’s counterclaims. On October 5, 2020, Hetero filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On October 26, 2020, the Company filed its answer to Hetero’s counterclaims. On September 30, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 5, 2020, the Company filed its first amended complaint against MSN in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 19, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On December 10, 2020, the Company filed its answer to MSN’s counterclaims. On November 2, 2020, Zydus filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On November 23, 2020, the Company filed its answer to Zydus’s counterclaims. On December 8, 2020, the parties’ joint proposed scheduling order was entered by Judge Andrews. On April 7, 2021, the Company filed its first amended complaints against Hetero and Teva and its second amended complaint against MSN, to include an additional Orange Book-listed patent covering NUPLAZID. On April 8, 2021, the Company filed its first amended complaint against Zydus and on April 9, 2021, the Company filed its first amended complaint against Aurobindo. On April 20, 2021, MSN filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On April 21, 2021, Teva filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On April 22, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity.

On April 22, 2021, Aurobindo filed its answer, affirmative defenses, and counterclaims to the Company’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On May 11, 2021, the Company filed its answer to MSN’s counterclaims. On May 12, the Company filed its answer to Teva’s counterclaims. On May 13, the Company filed its answer to Zydus’s counterclaims and its answer to Aurobindo’s counterclaims. A joint trial in the matters is scheduled for May 15, 2023. The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on February 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021.

On August 27, 2021, the Company filed its second amended complaint against Zydus to include an additional Orange Book-listed patent covering NUPLAZID. On September 10, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity. Also on September 10, 2021, the parties filed their Joint Claim Construction Chart. On October 1, 2021, the Company filed its answer to Zydus’s counterclaims. On November 30, 2021, the Company filed a stipulation and proposed order to dismiss two of its Orange Book-listed patents covering NUPLAZID against Teva, which was ordered by the Court on December 1, 2021. On January 28, 2022, the parties filed their Joint Claim Construction Brief and Appendix. On February 23, 2022, the Court heard oral argument on claim construction. On April 6, 2022, the Court issued a Memorandum Opinion construing several terms at issue, adopting the Company’s construction on two terms, Defendants’ construction on two terms, and one agreed-upon construction. On February 28, 2022, the Company filed a stipulation and proposed order to dismiss one patent against MSN, which was ordered by the Court on March 1, 2022. On March 10, 2022, the Company filed a stipulation and proposed order to dismiss one patent against Teva, which was ordered by the Court on March 10, 2022. On March 22, 2022, the Company filed a stipulation and proposed order to dismiss seven patents against Aurobindo, which was ordered by the Court on March 22, 2022. On March 30, 2022, the Company filed a stipulation and proposed order to dismiss two patents against Zydus, which was ordered by the Court on March 31, 2022. On April 22, 2022, the Company filed a stipulation and proposed order of non-infringement against Aurobindo regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 22, 2022. On April 26, 2022, the Company filed a stipulation and proposed order of non-infringement against MSN regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 26, 2022. On April 26, 2022, the Company filed a stipulation and proposed order of non-infringement against Teva regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 27, 2022. On May 10, 2022, the Company filed its second amended complaint against Teva to include an additional Orange Book-listed patent covering NUPLAZID. On May 18, 2022, the Company filed a stipulation and proposed order of non-infringement against Zydus regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on May 19, 2022. On May 24, 2022, Teva filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 1, 2022, the Company filed its second amended complaint against Aurobindo alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 2, 2022, the Company filed its third amended complaint against Zydus alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 14, 2022, the Company filed its answer to Teva’s

counterclaims. June 15, 2022, Aurobindo filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 16, 2022, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s third amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On July 6, 2022, the Company filed its answer to Aurobindo’s counterclaims.

On September 7, 2022, the consolidated cases were reassigned to the Honorable Judge Gregory B. Williams. On September 30, 2022, the Company filed a stipulation and proposed order to stay the claims currently asserted against Teva and for Teva to be bound by the result of the litigation rendered against the remaining Defendants, which was ordered by the Court on October 4, 2022. On October 21, 2022, the Company filed complaints against Aurobindo, MSN and Zydus in the United States District Court for the District of Delaware alleging infringement of an additional Orange Book-listed patent covering NUPLAZID (Pimavanserin II Cases).

On March 29, 2023, following Aurobindo’s conversion of various patent certifications from Paragraph IV certifications to Paragraph III certifications in connection with the Pimavanserin I Case, the Company filed a stipulation and proposed order in the Pimavanserin I Case to dismiss the remaining asserted patents against Aurobindo. This stipulation was ordered by the Court on March 30, 2023.

The Company entered into an agreement, effective March 31, 2023, with Zydus settling all claims and counterclaims in the Pimavanserin I Cases and Pimavanserin II Cases. The agreement allows Zydus to launch its generic pimavanserin 10 mg products on September 23, 2036 and 34 mg products on February 27, 2038, subject to certain triggers for earlier launch. On April 4, 2023, the Company filed a stipulation and proposed order to dismiss all claims and counterclaims between the Company and Zydus in the Pimavanserin I Cases and Pimavanserin II Cases, which was ordered by the Court on April 5, 2023.

In connection with the Pimavanserin I Cases, only MSN remains as an active defendant. On April 6, 2023, the Company and MSN filed a stipulation and proposed order requesting adjournment of the final pre-trial conference and trial, and requesting resolution of the remaining issue – MSN’s validity challenge of the sole patent in suit – through summary judgment briefing by the parties, which was ordered by the Court on April 10, 2023. Briefing was completed on June 28, 2023 and oral argument is scheduled for September 27, 2023.

In connection with the Pimavanserin II cases, MSN and Aurobindo are the remaining defendants. Trial is scheduled in the matter for December 2, 2024.

Securities Class Action

On April 19, 2021, a purported stockholder of the Company filed a putative securities class action complaint (captioned Marechal v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of the Company’s current executive officers. On September 29, 2021, the Court issued an order designating lead plaintiff and lead counsel. On December 10, 2021, lead plaintiff filed an amended complaint. The amended complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by failing to disclose that the materials submitted in support of its sNDA seeking approval of pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis contained statistical and design deficiencies and that the FDA was unlikely to approve the sNDA in its current form. The amended complaint seeks unspecified monetary damages and other relief. Defendants filed a motion to dismiss the amended complaint on February 15, 2022. On September 27, 2022, the Court issued an order denying Defendants’ motion to dismiss. Defendants filed their answer to the amended complaint on October 19, 2022, and filed a motion for reconsideration on October 25, 2022. On February 2, 2023, the Court issued an order denying the motion for reconsideration. On March 17, 2023, the Court issued a scheduling order, setting an August 21, 2023, deadline for lead plaintiff to file a motion for class certification, and setting a fact-discovery cutoff of December 15, 2023. The parties are currently engaged in discovery.

Management currently believes that none of the foregoing claims or other actions pending against the Company as of June 30, 2023 is likely to have, individually or in the aggregate, a material adverse effect on the Company’s business, liquidity, financial position, or results of operations. Given the unpredictability inherent in litigation, however, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense Included in Statements of Operations

The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of product sales	$	200	$	346	$	368	$	669
Research and development		3,666		7,232		7,638		12,696
Selling, general and administrative		11,288		12,934		21,853		22,110
	$	15,154	$	20,512	$	29,859	$	35,475

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation

The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of product sales	$	200	$	346	$	368	$	669
Research and development		3,666		7,232		7,638		12,696
Selling, general and administrative		11,288		12,934		21,853		22,110
	$	15,154	$	20,512	$	29,859	$	35,475

The fair value of each employee stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model, which requires the Company to make a number of assumptions including the estimated expected life of the award and related volatility. The fair value of restricted stock units is estimated based on the market price of the Company’s common stock on the date of grant. The estimated fair values of stock options, purchase plan rights, and restricted stock units are then expensed over the requisite service period, which is generally the vesting period. For restricted stock units requiring satisfaction of both market and service conditions, the estimated fair values are generally expensed over the longest of the explicit, implicit and derived service periods. Performance-based stock awards vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these performance-based stock awards is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable.

Subsequent Event (Additional Information) (Details) $ in Millions	1 Months Ended
	Jul. 31, 2023 USD ($)
Neuren \| Subsequent Event [Member]
Subsequent Event [Line Items]
Collaborative Arrangements Upfront Payment	$ 100

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Current portion of lease liabilities	$ 9,058	$ 9,305
Operating Lease Liability Current Statement Of Financial Position Extensible List	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 49,778	$ 52,695
Total operating lease liabilities	$ 58,836	$ 62,000

Earnings (Net Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings (Net Loss) Per Share

3. Earnings (Net Loss) Per Share

Basic earnings (net loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (net loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of diluted earnings (net loss) per share calculation, equity awards, employee stock purchase plan rights, and warrants are considered to be common stock equivalents.

For the three and six months ended June 30, 2023, potentially dilutive shares excluded from calculation of diluted earnings (net loss) per share due to anti-dilutive effect were approximately 16,378,000 shares and 23,174,000 shares, respectively. For the three and six months ended June 30, 2022, potentially dilutive shares excluded from calculation of diluted net loss per share due to anti-dilutive effect were approximately 21,645,000 shares. Potential dilutive shares included from calculation of diluted earnings per share were approximately 1,588,000 shares for the three months ended June 30, 2023.

Basis of Presentation and Significant Accounting Policies - Schedule of Revenues consist of product sales to customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 165,235	$ 134,563	$ 283,697	$ 250,031
NUPLAZID
Disaggregation of Revenue [Line Items]
Total revenues	142,018	134,563	260,480	250,031
DAYBUE
Disaggregation of Revenue [Line Items]
Total revenues	$ 23,217	$ 0	$ 23,217	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Organization and Business

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Organization and Business

1. Organization and Business

Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system (CNS) disorders and rare diseases.

In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID® (pimavanserin), for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP). NUPLAZID became available for prescription in the United States in May 2016.

In March 2023, the FDA approved the Company’s second drug, DAYBUE™ (trofinetide), for the treatment of Rett syndrome. DAYBUE became available for prescription in the United States in April 2023.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (41,907)	$ (147,067)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	29,859	35,475
Amortization of premiums and accretion of discounts on investment securities	(3,758)	547
Amortization of intangible assets	1,364	0
(Gain) loss on strategic investment	(3,601)	158
Loss on sale of investment securities	505	0
Depreciation	828	1,031
Changes in operating assets and liabilities:
Accounts receivable, net	(19,657)	(3,587)
Interest and other receivables	(1,419)	42
Inventory	(2,519)	1,465
Prepaid expenses	(2,497)	2,940
Other assets	(115)	0
Operating lease right-of-use assets	3,405	3,172
Accounts payable	6,065	4,978
Accrued liabilities	26,875	16,854
Operating lease liabilities	(3,342)	(3,972)
Long-term liabilities	182	(1,490)
Net cash used in operating activities	(9,732)	(89,454)
Cash flows from investing activities
Purchases of investment securities	(228,675)	(125,377)
Sale and maturity of investment securities	266,910	200,925
Intangible assets	(40,000)	0
Net cash (used in) provided by investing activities	(1,765)	75,548
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	6,944	6,298
Net cash provided by financing activities	6,944	6,298
Effect of exchange rate changes on cash	(2)	6
Net increase in cash, cash equivalents and restricted cash	(4,555)	(7,602)
Cash, cash equivalents and restricted cash
Beginning of period	120,616	153,205
End of period	116,061	145,603
Supplemental disclosure of noncash information:
Accrued milestone and contingent payments in connection with asset acquisition	$ 29,583	$ 0

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the three months ended June 30, 2023 and 2022, the Company recognized an income tax expense of $5.2 million on a pre-tax income of $6.3 million and income tax expense of $0.4 million on a pre-tax loss of $33.6 million, respectively, resulting in effective tax rates of 82.4% and -1.3%, respectively. The effective tax rate for the three months ended June 30, 2023 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the three months ended June 30, 2022 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance.

For the six months ended June 30, 2023 and 2022, the Company recognized an income tax expense of $3.3 million on a pre-tax loss of $38.6 million and income tax expense of $0.9 million on a pre-tax loss of $146.1 million, respectively, resulting in effective tax rates of -8.6% and -0.6%, respectively. The effective tax rate for the six months ended June 30, 2023 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the six months ended June 30, 2022 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance.

The Company calculated the provision for income taxes for the three and six months ended June 30, 2023 using a discrete effective tax rate method as the annual effective tax rate method would not provide a reliable estimate. For the three and six months ended June 30, 2022, the Company calculated the provision for income taxes by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) adjusted by the tax impact of discrete items.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Contingent Cash Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance as of March 31, 2023	$ 898
Vesting of Awards	444
Expense forfeited	(104)
Change in fair value	891
Balance as of June 31, 2023	$ 2,129

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Finished goods	$	2,004	$	1,926
Work in process		5,310		4,427
Raw material		6,809		5,207
	$	14,123	$	11,560
Reported as:
Inventory	$	9,199	$	6,636
Long-term inventory		4,924		4,924
Total	$	14,123	$	11,560

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Accrued sales allowances	$	47,423	$	26,046
Accrued research and development services		31,697		35,048
Accrued contingent payments		29,583		—
Accrued compensation and benefits		25,413		28,023
Accrued consulting and professional fees		12,242		11,377
Current portion of lease liabilities		9,058		9,305
Current portion of accrued branded prescription drug fees		7,828		1,060
Other		5,887		2,025
	$	169,131	$	112,884

Balance Sheet Details

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

5. Balance Sheet Details

Inventory consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Finished goods	$	2,004	$	1,926
Work in process		5,310		4,427
Raw material		6,809		5,207
	$	14,123	$	11,560
Reported as:
Inventory	$	9,199	$	6,636
Long-term inventory		4,924		4,924
Total	$	14,123	$	11,560

Amount reported as long-term inventory consisted of raw materials for NUPLAZID as of June 30, 2023 and December 31, 2022. The Company has raw materials beyond a one year production plan that help limit the exposures from potential supply interruption. Those raw materials beyond the one year production plan were classified as long-term inventory.

Accrued liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Accrued sales allowances	$	47,423	$	26,046
Accrued research and development services		31,697		35,048
Accrued contingent payments		29,583		—
Accrued compensation and benefits		25,413		28,023
Accrued consulting and professional fees		12,242		11,377
Current portion of lease liabilities		9,058		9,305
Current portion of accrued branded prescription drug fees		7,828		1,060
Other		5,887		2,025
	$	169,131	$	112,884

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Total revenues	$ 165,235	$ 134,563	$ 283,697	$ 250,031
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of product sales	$ 7,459	$ 2,667	$ 9,126	$ 5,617
Research and development	58,771	75,646	127,915	204,501
Selling, general and administrative	95,968	89,901	197,203	186,580
Total operating expenses	162,198	168,214	334,244	396,698
Income (loss) from operations	3,037	(33,651)	(50,547)	(146,667)
Interest income, net	4,550	580	8,350	685
Other (loss) income	(1,244)	(497)	3,601	(157)
Income (loss) before income taxes	6,343	(33,568)	(38,596)	(146,139)
Income tax (benefit) expense	5,229	443	3,311	928
Net income (loss)	$ 1,114	$ (34,011)	$ (41,907)	$ (147,067)
Basic	$ 0.01	$ (0.21)	$ (0.26)	$ (0.91)
Diluted	$ 0.01	$ (0.21)	$ (0.26)	$ (0.91)
Basic	163,458	161,654	163,109	161,443
Diluted	165,046	161,654	163,109	161,443

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Nov. 30, 2021	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Nov. 02, 2021
Class of Stock [Line Items]
Maximum amount paid as cash awards to employees		$ 10,400,000			$ 10,400,000		$ 15,100,000
Fair value of awards	$ 4,400,000		$ 2,100		3,000,000
Compensation cost related to the awards		$ 900,000		$ 800	$ 1,200,000	$ 100,000
2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares granted		975,882			975,882
Maximum [Member] \| 2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares issued, shares		1,750,000			1,750,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):


	June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	38,752	$	3	$	(82	)	$	38,673
Government sponsored enterprise securities		221,852		2		(473	)		221,381
Municipal bonds		7,385		—		(2	)		7,383
	$	267,989	$	5	$	(557	)	$	267,437


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	15,956	$	—	$	(11	)	$	15,945
Government sponsored enterprise securities		81,216		16		(291	)		80,941
Corporate debt securities		20,873		—		(98	)		20,775
Commercial paper		184,923		30		(637	)		184,316
	$	302,968	$	46	$	(1,037	)	$	301,977

Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):


	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
June 30, 2023
U.S. Treasury notes	$	28,776	$	(82	)	$	—	$	—	$	28,776	$	(82	)
Government sponsored enterprise securities		211,563		(473	)		—		—		211,563		(473	)
Municipal bonds		2,498		(2	)		—		—		2,498		(2	)
Total	$	242,837	$	(557	)	$	—	$	—	$	242,837	$	(557	)

	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2022
U.S. Treasury notes	$	15,945	$	(11	)	$	—	$	—	$	15,945	$	(11	)
Government sponsored enterprise securities		58,254		(291	)		—		—		58,254		(291	)
Corporate debt securities		20,775		(98	)		—		—		20,775		(98	)
Commercial paper		135,200		(637	)		—		—		135,200		(637	)
Total	$	230,174	$	(1,037	)	$	—	$	—	$	230,174	$	(1,037	)

During the first quarter of

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Lease Liabilities [Abstract]
Remainder of 2023	$ 4,706
2024	9,228
2025	9,308
2026	8,672
2027	8,361
Thereafter	28,689
Total lease payments	68,964
Less:
Imputed interest	(10,128)
Total operating lease liabilities	$ 58,836	$ 62,000

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 242,837	$ 230,174
Less Than 12 Months, Unrealized Losses	(557)	(1,037)
Total, Estimated Fair Value	242,837	230,174
Total, Unrealized Losses	(557)	(1,037)
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	28,776	15,945
Less Than 12 Months, Unrealized Losses	(82)	(11)
Total, Estimated Fair Value	28,776	15,945
Total, Unrealized Losses	(82)	(11)
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	211,563	58,254
Less Than 12 Months, Unrealized Losses	(473)	(291)
Total, Estimated Fair Value	211,563	58,254
Total, Unrealized Losses	(473)	(291)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	2,498
Less Than 12 Months, Unrealized Losses	(2)
Total, Estimated Fair Value	2,498
Total, Unrealized Losses	$ (2)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		20,775
Less Than 12 Months, Unrealized Losses		(98)
Total, Estimated Fair Value		20,775
Total, Unrealized Losses		(98)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		135,200
Less Than 12 Months, Unrealized Losses		(637)
Total, Estimated Fair Value		135,200
Total, Unrealized Losses		$ (637)

Fair Value Measurements - Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	$ 364,673	$ 395,597
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	2,129	898
Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	81,485	72,578
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	130,939	95,703
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	81,485	72,578
Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	233,734	299,894
Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	2,129	898
U.S. Treasury notes
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	38,673	15,945
U.S. Treasury notes \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	38,673	15,945
Equity securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	10,781	7,180
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	10,781	7,180
US Government Sponsored Enterprises Debt Securities [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	226,351	94,803
US Government Sponsored Enterprises Debt Securities [Member] \| Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	226,351	94,803
Municipal bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	7,383	20,775
Municipal bonds \| Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	7,383	20,775
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure		184,316
Commercial paper \| Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure		184,316
Cash awards \| Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	2,129	898
Cash awards \| Significant Unobservable Inputs (Level 3) \| Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	$ 2,129	$ 898

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Commitments [Line Items]
Impairment of intangible assets		$ 0	$ 0
Intangible assets, net		68,219	68,219		$ 0
Amortization of intangible assets			1,364	$ 0
License Agreements [Member]
Other Commitments [Line Items]
Intangible assets, net	$ 40,000
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2023		1,600	1,600
Amortization of intangible assets			800
Finite-Lived Intangible Assets, Amortization Expense, Subsequent year		3,100	3,100
Neuren Pharmaceuticals Limited [Member] \| License Agreements [Member]
Other Commitments [Line Items]
One-time contingent regulatory milestone payment pursuant to agreement with Neuren Group	40,000
Intangible assets, net	$ 29,600
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2023		1,200	1,200
Amortization of intangible assets			600
Finite-Lived Intangible Assets, Amortization Expense, Subsequent year		$ 2,300	$ 2,300

Subsequent Event (Tables)

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Summary of Milestone Payments based on the achievement of certain Development and Sales Milestones

the following additional milestone payments based on the achievement of certain development and sales milestones (in thousands):


	Trofinetide		NNZ-2591
Development milestones	$	—	$	15,000
First commercial sale milestones
North America		—		40,000
Europe		45,000		45,000
Japan		18,750		18,750
Sales milestones
North America		—		350,000
Europe		170,000		170,000
Japan		110,000		110,000
Rest of World		82,500		82,500
Total milestone payments	$	426,250	$	831,250

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 2,004	$ 1,926
Work in process	5,310	4,427
Raw material	6,809	5,207
Total	14,123	11,560
Inventory	9,199	6,636
Long-term inventory	$ 4,924	$ 4,924

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 107,941	$ 114,846
Investment securities, available-for-sale	267,437	301,977
Accounts receivable, net	81,852	62,195
Interest and other receivables	2,304	885
Inventory	9,199	6,636
Prepaid expenses	23,895	21,398
Total current assets	492,628	507,937
Property and equipment, net	5,193	6,021
Operating lease right-of-use assets	52,382	55,573
Intangible assets, net	68,219	0
Restricted cash	8,120	5,770
Long-term inventory	4,924	4,924
Other assets	11,303	7,587
Total assets	642,769	587,812
Liabilities and stockholders’ equity
Accounts payable	18,811	12,746
Accrued liabilities	169,131	112,884
Total current liabilities	187,942	125,630
Operating lease liabilities	49,778	52,695
Other long-term liabilities	9,256	9,074
Total liabilities	246,976	187,399
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 225,000,000 shares authorized at June 30, 2023 and December 31, 2022; 163,355,787 shares and 162,064,872 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	16	16
Additional paid-in capital	2,807,770	2,770,923
Accumulated deficit	(2,411,458)	(2,369,551)
Accumulated other comprehensive loss	(535)	(975)
Total stockholders’ equity	395,793	400,413
Total liabilities and stockholders’ equity	$ 642,769	$ 587,812

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):


	June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	38,752	$	3	$	(82	)	$	38,673
Government sponsored enterprise securities		221,852		2		(473	)		221,381
Municipal bonds		7,385		—		(2	)		7,383
	$	267,989	$	5	$	(557	)	$	267,437


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	15,956	$	—	$	(11	)	$	15,945
Government sponsored enterprise securities		81,216		16		(291	)		80,941
Corporate debt securities		20,873		—		(98	)		20,775
Commercial paper		184,923		30		(637	)		184,316
	$	302,968	$	46	$	(1,037	)	$	301,977

The Company has classified all of its available-for-sale investment securities as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company has classified all equity securities as other assets on its condensed consolidated balance sheets.

At June 30, 2023 and December 31, 2022, the Company had 35 and 43 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):


	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
June 30, 2023
U.S. Treasury notes	$	28,776	$	(82	)	$	—	$	—	$	28,776	$	(82	)
Government sponsored enterprise securities		211,563		(473	)		—		—		211,563		(473	)
Municipal bonds		2,498		(2	)		—		—		2,498		(2	)
Total	$	242,837	$	(557	)	$	—	$	—	$	242,837	$	(557	)

	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2022
U.S. Treasury notes	$	15,945	$	(11	)	$	—	$	—	$	15,945	$	(11	)
Government sponsored enterprise securities		58,254		(291	)		—		—		58,254		(291	)
Corporate debt securities		20,775		(98	)		—		—		20,775		(98	)
Commercial paper		135,200		(637	)		—		—		135,200		(637	)
Total	$	230,174	$	(1,037	)	$	—	$	—	$	230,174	$	(1,037	)

During the first quarter of 2023, the Company made a sale of all of its investments in commercial paper. The proceeds from sales of these securities were $183.0 million and net realized losses from the related sales were $0.5 million. There were no other sales of available-for-sale investment securities in prior periods.

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions.

As of June 30, 2023, the Company did not intend to sell the investments in unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at June 30, 2023.

Subsequent Event - Summary of Milestone Payments based on the achievement of certain Development and Sales Milestones (Details) - Subsequent Event [Member] $ in Thousands	Jul. 31, 2023 USD ($)
Trofinetide [Member]
Subsequent Event [Line Items]
Development milestones	$ 0
Total milestone payments	426,250
NNZ-2591 [Member]
Subsequent Event [Line Items]
Development milestones	15,000
Total milestone payments	831,250
North America [Member] \| First commercial sale milestones [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	0
North America [Member] \| First commercial sale milestones [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	40,000
North America [Member] \| Sales Milestone [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	0
North America [Member] \| Sales Milestone [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	350,000
Europe [Member] \| First commercial sale milestones [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	45,000
Europe [Member] \| First commercial sale milestones [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	45,000
Europe [Member] \| Sales Milestone [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	170,000
Europe [Member] \| Sales Milestone [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	170,000
Rest of World [Member] \| Sales Milestone [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	82,500
Rest of World [Member] \| Sales Milestone [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	82,500
JAPAN \| First commercial sale milestones [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	18,750
JAPAN \| First commercial sale milestones [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	18,750
JAPAN \| Sales Milestone [Member] \| Trofinetide [Member]
Subsequent Event [Line Items]
Total milestone payments	110,000
JAPAN \| Sales Milestone [Member] \| NNZ-2591 [Member]
Subsequent Event [Line Items]
Total milestone payments	$ 110,000

Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates.

Risk and Uncertainties

Global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, recession risks, recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures, potential disruptions from the Russia-Ukraine conflict, and the lingering effects of the COVID-19 pandemic. The Company continues to actively monitor the impact of these macroeconomic factors on its financial condition, liquidity, operations and workforce. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands):


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	114,846	$	107,941	$	147,435	$	139,833
Restricted cash		5,770		8,120		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	120,616	$	116,061	$	153,205	$	145,603

Accounts Receivable

Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. The Company has not historically experienced significant credit losses. Based on its assessment, as of June 30, 2023 the Company determined that an allowance for credit loss was not required.

Revenues

The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, all of which are sales in the U.S. Revenues by product are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
NUPLAZID	$	142,018	$	134,563	$	260,480	$	250,031
DAYBUE		23,217		—		23,217		—
Product sales, net	$	165,235	$	134,563	$	283,697	$	250,031

License Fees and Royalties

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.

In connection with the first commercial sale of DAYBUE in April 2023, the Company made a milestone payment of $40.0 million pursuant to its 2018 license agreement with Neuren Pharmaceuticals Limited (Neuren), as disclosed in Note 9. The Company capitalized the $40.0 million payment as an intangible asset and began amortizing the asset in April 2023 on a straight-line basis over the estimated useful life of the licensed patents through early 2036 The Company recorded amortization expense related to this intangible asset of $0.8 million for the six months ended June 30, 2023. As of June 30, 2023, estimated future amortization expense related to the Company’s intangible asset was $1.6 million for the remainder of 2023, and $3.1 million for each subsequent year.

Following the FDA approval of DAYBUE, the Company was granted a Rare Pediatric Disease Priority Review Voucher (PRV). Pursuant to the license agreement, the Company is required to pay Neuren one third of the value of the PRV at the time of sale or use of the PRV. If the PRV is sold, the amount to be paid will be the sale value net of applicable fees. If the PRV is not sold but used by the Company, the amount to be paid will be the average price of the three most recent publicly announced sales of Rare Pediatric Disease PRVs immediately preceding the issuance of the PRV to the Company. The Company capitalized the $29.6 million for the estimated PRV value owed to Neuren as an intangible asset and began amortizing it in April 2023 on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded amortization expense related to this intangible asset of $0.6 million for the six months ended June 30, 2023. As of June 30, 2023, estimated future amortization expense related to the Company’s intangible asset was $1.2 million for the remainder of 2023, and $2.3 million for each subsequent year.

Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized.

Intangible Assets

Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such intangible assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of intangible the assets exceeds the estimated fair value of the intangible assets. No impairment loss was recorded on intangible assets during the three and six months ended June 30, 2023.

Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease, Cost [Abstract]
Operating cash flows from operating leases	$ 2,350	$ 2,285	$ 4,720	$ 4,428
Right-of-use assets obtained in exchange for operating lease obligations:	$ 90	$ 881	$ 214	$ 2,321

Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	$ 107,941	$ 114,846	$ 139,833	$ 147,435
Restricted cash	8,120	5,770	5,770	5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 116,061	$ 120,616	$ 145,603	$ 153,205

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Mar. 31, 2021 USD ($)	Jun. 30, 2023 USD ($) Term	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Dec. 31, 2018 USD ($)
Lessee Lease Description [Line Items]
Operating lease, description		The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.5 years to 7.9 years, some of which include options to extend for up to two five-year terms.
Operating lease, options to extend		some of which include options to extend for up to two five-year terms.
Weighted average remaining lease term		7 years 6 months
Weighted average discount rate		4.40%
Capitalization of lease liability	$ 19,200					$ 40,300
Restricted cash		$ 8,120	$ 5,770	$ 5,770	$ 5,770
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating leases arrangement term									10 years 9 months
Corporate Office Space Lease Agreement \| Letter of Credit
Lessee Lease Description [Line Items]
Restricted cash	$ 3,100
California \| Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Minimum lease payment amount							$ 51,400	$ 25,300	$ 50,400
Operating leases arrangement term								10 years 7 months
Lease commencement period	first quarter of 2021
San Diego
Lessee Lease Description [Line Items]
Sublease Agreement Term		7 years 6 months
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining lease term		6 months
Minimum [Member] \| San Diego
Lessee Lease Description [Line Items]
Sublease Income		$ 18,400
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term		7 years 10 months 24 days
Number of renewal option terms \| Term		2
Operating lease, renewal term		5 years

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Contingent Cash Awards

In November 2021, the Company established a plan whereby substantially all full-time employees excluding executive management are eligible to receive a series of cash bonuses over certain periods based on continued employment and the Company’s stock price reaching a pre-specified target. The maximum potential payout of the cash awards at the grant date was $15.1 million. The Company has determined that the cash awards were classified as liabilities pursuant to ASC Topic 718, Compensation –Stock Compensation. The Company estimates the fair value of the awards at each reporting period using a Monte Carlo simulation, which is recognized as compensation cost over the derived service period. Total fair value of the awards at the grant date was $4.4 million. The maximum potential payout at June 30, 2023 after adjusting for forfeitures was $10.4 million. The fair value of the awards at March 31, 2023 was approximately $2.1 million. The fair value of the awards at June 30, 2023 was approximately $3.0 million. During the three months ended June 30, 2023, the Company recorded $0.9 million compensation cost related to the awards. During the three months ended June 30, 2022, the Company recorded a reversal of $0.8 million compensation cost related to the awards. During the six months ended June 30, 2023 and 2022, the Company recorded a total of $1.2 million and $0.1 million compensation cost related to the awards, respectively.

2023 Inducement Plan

The Board adopted the Company’s 2023 Inducement Plan (Inducement Plan) on February 1, 2023. The Inducement Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards and other stock-related awards. Stock awards granted under the Inducement Plan may only be made to individuals who did not previously serve as employees or non-employee directors of the Company or an affiliate of the Company. In addition, stock awards must be approved by either a majority of the Company’s independent directors or the Compensation Committee. The terms of the Inducement Plan are otherwise substantially similar to the Company’s 2010 Equity Incentive Plan. The maximum number of shares of Company common stock that may be issued under the Inducement Plan is 1,750,000 shares. At June 30, 2023, there were 975,882 shares available for new grants.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 2,741	$ 1,737	$ 4,922	$ 3,848

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 267,437	$ 301,977
Debt and equity securities, Amortized Cost	267,989	302,968
Debt and equity securities, Unrealized Gains	5	46
Debt and equity securities, Unrealized Losses	557	(1,037)
Debt and equity securities, Estimated Fair Value	267,437	301,977
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	38,752	15,956
Debt securities, Unrealized Gains	3	0
Debt securities, Unrealized Losses	(82)	(11)
Debt securities, Estimated Fair Value	38,673	15,945
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	221,852	81,216
Debt securities, Unrealized Gains	2	16
Debt securities, Unrealized Losses	(473)	(291)
Debt securities, Estimated Fair Value	221,381	80,941
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	7,385
Debt securities, Unrealized Gains	0
Debt securities, Unrealized Losses	(2)
Debt securities, Estimated Fair Value	$ 7,383
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost		20,873
Debt securities, Unrealized Gains		0
Debt securities, Unrealized Losses		(98)
Debt securities, Estimated Fair Value		20,775
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost		184,923
Debt securities, Unrealized Gains		30
Debt securities, Unrealized Losses		(637)
Debt securities, Estimated Fair Value		$ 184,316

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Risk and Uncertainties

Cash, Cash Equivalents and Restricted Cash


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	114,846	$	107,941	$	147,435	$	139,833
Restricted cash		5,770		8,120		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	120,616	$	116,061	$	153,205	$	145,603

Accounts Receivable

Revenues


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
NUPLAZID	$	142,018	$	134,563	$	260,480	$	250,031
DAYBUE		23,217		—		23,217		—
Product sales, net	$	165,235	$	134,563	$	283,697	$	250,031

License Fees and Royalties

Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized.

Intangible Assets

Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	114,846	$	107,941	$	147,435	$	139,833
Restricted cash		5,770		8,120		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	120,616	$	116,061	$	153,205	$	145,603

Schedule of revenue consist of product sales to customers


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
NUPLAZID	$	142,018	$	134,563	$	260,480	$	250,031
DAYBUE		23,217		—		23,217		—
Product sales, net	$	165,235	$	134,563	$	283,697	$	250,031

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued sales allowances	$ 47,423	$ 26,046
Accrued research and development services	31,697	35,048
Accrued contingent payments	29,583	0
Accrued compensation and benefits	25,413	28,023
Accrued consulting and professional fees	12,242	11,377
Current portion of lease liabilities	9,058	9,305
Current portion of accrued branded prescription drug fees	7,828	1,060
Other	5,887	2,025
Accrued liabilities	$ 169,131	$ 112,884

Subsequent Event

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Event

12. Subsequent Event

In July 2023, the Company expanded its current licensing agreement for trofinetide with Neuren to acquire rights to the drug outside of North America as well as global rights in Rett syndrome and Fragile X syndrome to Neuren’s development candidate NNZ-2591. Under the terms of the expanded agreement, Neuren will receive an upfront payment of $100.0 million and is eligible to receive up to the following additional milestone payments based on the achievement of certain development and sales milestones (in thousands):


	Trofinetide		NNZ-2591
Development milestones	$	—	$	15,000
First commercial sale milestones
North America		—		40,000
Europe		45,000		45,000
Japan		18,750		18,750
Sales milestones
North America		—		350,000
Europe		170,000		170,000
Japan		110,000		110,000
Rest of World		82,500		82,500
Total milestone payments	$	426,250	$	831,250

In addition, the Company will be required to pay Neuren tiered royalties from the mid-teens to low-twenties percent of trofinetide net sales outside of North America. Percentage royalties related to NNZ-2591 net sales are identical to the trofinetide in each of North America and outside North America.

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Operating Lease Costs

The operating lease costs were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	2,741	$	1,737	$	4,922	$	3,848

Supplemental Cash Flow Information Related to the Company's Leases

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,350		$	2,285	$	4,720	$	4,428
Right-of-use assets obtained in exchange for operating lease obligations:		(90	)		881		214		2,321

Summary of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):


	June 30, 2023		December 31, 2022
Operating lease liabilities
Current portion included in accrued liabilities	$	9,058	$	9,305
Operating lease liabilities		49,778		52,695
Total operating lease liabilities	$	58,836	$	62,000

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows (in thousands):


	Operating Leases
Remainder of 2023	$	4,706
Years ending December 31,
2024		9,228
2025		9,308
2026		8,672
2027		8,361
Thereafter		28,689
Total lease payments		68,964
Less:
Imputed interest		(10,128	)
Total operating lease liabilities	$	58,836

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,114	$ (34,011)	$ (41,907)	$ (147,067)
Other comprehensive income (loss):
Unrealized (loss) gain on investment securities	(318)	(236)	439	(658)
Foreign currency translation adjustments	3	5	1	7
Comprehensive income (loss)	$ 799	$ (34,242)	$ (41,467)	$ (147,718)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

The recurring fair value measurements of the Company’s financial assets and liabilities measured at June 30, 2023 and December 31, 2022 consisted of the following (in thousands):


			Fair Value Measurements at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	81,485	$	81,485	$	—	$	—
U.S. Treasury notes		38,673		38,673		—		—
Equity securities		10,781		10,781		—		—
Government sponsored enterprise securities		226,351		—		226,351		—
Municipal bonds		7,383		—		7,383		—
Total	$	364,673	$	130,939	$	233,734	$	—

Liabilities
Cash awards	$	2,129	$	—	$	—	$	2,129
Total	$	2,129	$	—	$	—	$	2,129


			Fair Value Measurements at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	72,578	$	72,578	$	—	$	—
U.S. Treasury notes		15,945		15,945		—		—
Equity securities		7,180		7,180		—		—
Government sponsored enterprise securities		94,803		—		94,803		—
Municipal bonds		20,775		—		20,775		—
Commercial paper		184,316		—		184,316		—
Total	$	395,597	$	95,703	$	299,894	$	—

Liabilities
Cash awards	$	898	$	—	$	—	$	898
Total	$	898	$	—	$	—	$	898

Schedule of Changes in Estimated Fair Value of Contingent Cash Awards

Changes in estimated fair value of contingent cash awards during the six months ended June 30, 2023 are as follows (in thousands):


Balance as of December 31, 2022	$	898
Vesting of awards		444
Expense forfeited		(104	)
Change in fair value		891
Balance as of June 30, 2023	$	2,129

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC.
Entity Central Index Key	0001070494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-50768
Entity Tax Identification Number	06-1376651
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	12830 El Camino Real
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	558-2871
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		163,728,859

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	163,355,787	162,064,872
Common stock, shares outstanding	163,355,787	162,064,872

Stock-Based Compensation - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 15,154	$ 20,512	$ 29,859	$ 35,475
Cost of Product Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	200	346	368	669
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,666	7,232	7,638	12,696
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,288	$ 12,934	$ 21,853	$ 22,110

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 5,229	$ 443	$ 3,311	$ 928
Loss before income taxes	$ 6,343	$ (33,568)	$ (38,596)	$ (146,139)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Deduction, Percent, Total	82.40%	(1.30%)	(8.60%)	(0.60%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

10. Leases

The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.5 years to 7.9 years, some of which include options to extend for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The operating lease costs were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	2,741	$	1,737	$	4,922	$	3,848

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,350		$	2,285	$	4,720	$	4,428
Right-of-use assets obtained in exchange for operating lease obligations:		(90	)		881		214		2,321

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):


	June 30, 2023		December 31, 2022
Operating lease liabilities
Current portion included in accrued liabilities	$	9,058	$	9,305
Operating lease liabilities		49,778		52,695
Total operating lease liabilities	$	58,836	$	62,000

Maturities of lease liabilities were as follows (in thousands):


	Operating Leases
Remainder of 2023	$	4,706
Years ending December 31,
2024		9,228
2025		9,308
2026		8,672
2027		8,361
Thereafter		28,689
Total lease payments		68,964
Less:
Imputed interest		(10,128	)
Total operating lease liabilities	$	58,836

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of June 30, 2023, the weighted average remaining lease term was 7.5 years and the weighted average discount rate used to determine the operating lease liability was 4.4%.

In the fourth quarter of 2018, the Company entered into an agreement to lease the 4th and 5th floors of corporate office space in San Diego, California with total minimum lease payments of $50.4 million over an initial term of 10 years and 9 months. In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2nd floor of corporate office space in San Diego, California with total minimum lease payments of $25.3 million over an initial term of approximately 10 years and 7 months. In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $51.4 million. In the third quarter of 2020, the lease for the 4th and 5th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $40.3 million. In the first quarter of 2021, the lease for the 2nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $19.2 million. In connection with this lease and the amendment, the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash.

In May 2023, the Company entered into an agreement to sublease its 2nd floor of corporate office space in San Diego to a sublessee with a total minimum sublease income of $18.4 million over a term of approximately 7 years and 6 months. As of June 30, 2023, the sublease had not commenced.