0000950170-24-056077 | 10-Q | XBRL Viewer | Acadia Pharmaceuticals INC

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	164,959,736	164,650,219
Common stock, shares outstanding	164,959,736	164,650,219

Balance Sheet Details

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

5. Balance Sheet Details

Inventory consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Finished goods	$	7,576	$	5,001
Work in process		5,549		4,134
Raw material		53,518		31,312
	$	66,643	$	40,447
Reported as:
Inventory	$	61,936	$	35,819
Long-term inventory		4,707		4,628
Total	$	66,643	$	40,447

Amount reported as long-term inventory consisted of raw materials as of March 31, 2024 and December 31, 2023. 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):


	March 31, 2024		December 31, 2023
Accrued sales allowances	$	122,436	$	90,718
Accrued contingent payments		79,583		29,583
Accrued compensation and benefits		26,061		42,718
Accrued research and development services		23,878		32,883
Accrued consulting and professional fees		19,684		18,804
Current portion of lease liabilities		10,453		9,405
Current portion of accrued branded prescription drug fees		7,836		718
Accrued royalties		7,591		8,710
Other		13,743		3,172
	$	311,265	$	236,711

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

10. Leases

The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.7 years to 7.2 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 March 31,
	2024			2023
Operating lease cost	$	2,810		$	2,181
Operating sublease income		(286	)		—
Net operating lease cost	$	2,524		$	2,181

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


	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,405	$	2,370
Right-of-use assets obtained in exchange for operating lease obligations:		4,184		304

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


	March 31, 2024		December 31, 2023
Operating lease liabilities
Current portion included in accrued liabilities	$	10,453	$	9,405
Operating lease liabilities		49,189		47,800
Total operating lease liabilities	$	59,642	$	57,205

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


	Operating Leases
Remainder of 2024	$	8,067
Years ending December 31,
2025		10,818
2026		10,182
2027		9,940
2028		9,520
Thereafter		20,606
Total lease payments		69,133
Less:
Imputed interest		(9,491	)
Total operating lease liabilities	$	59,642

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 March 31, 2024, the weighted average remaining lease term was 6.7 years and the weighted average discount rate used to determine the operating lease liability was 4.7%.

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. The Company delivered full possession of its 2nd floor of corporate office space to the sublessee in August 2023 and began receiving sublease payments in December 2023.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Operating Lease Costs

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


	Three Months Ended March 31,
	2024			2023
Operating lease cost	$	2,810		$	2,181
Operating sublease income		(286	)		—
Net operating lease cost	$	2,524		$	2,181

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 March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,405	$	2,370
Right-of-use assets obtained in exchange for operating lease obligations:		4,184		304

Summary of Balance Sheet Classification of Lease Liabilities

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


	March 31, 2024		December 31, 2023
Operating lease liabilities
Current portion included in accrued liabilities	$	10,453	$	9,405
Operating lease liabilities		49,189		47,800
Total operating lease liabilities	$	59,642	$	57,205

Summary of Maturities of Lease Liabilities

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


	Operating Leases
Remainder of 2024	$	8,067
Years ending December 31,
2025		10,818
2026		10,182
2027		9,940
2028		9,520
Thereafter		20,606
Total lease payments		69,133
Less:
Imputed interest		(9,491	)
Total operating lease liabilities	$	59,642

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 7,576	$ 5,001
Work in process	5,549	4,134
Raw material	53,518	31,312
Total	66,643	40,447
Inventory	61,936	35,819
Long-term inventory	$ 4,707	$ 4,628

Earnings (Net Loss) Per Share - Net Income (Loss) Per Common Share - Summary of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) - basic	$ 16,555	$ (43,021)
Net income (loss) - diluted	$ 16,555	$ (43,021)
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted Average Number of Shares Outstanding, Basic	164,798	162,263
Earnings Per Share [Abstract]
Earnings Per Share, Basic	$ 0.1	$ (0.27)
Earnings Per Share, Diluted	$ 0.1	$ (0.27)
Potentially dilutive shares excluded from per share amounts as their effectwould have been anti-dilutive	15,081	20,764
Effect of potentially dilutive common shares from
Weighted average common shares outstanding, diluted	166,623	162,263
Equity Awards [Member]
Effect of potentially dilutive common shares from
Potentially dilutive common shares	1,729	0
Employee Stock Purchase Plan Rights [Member]
Effect of potentially dilutive common shares from
Potentially dilutive common shares	96	0

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Contingent Cash Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Balance as of December 31, 2023	$ 4,506
Vesting of Awards	(142)
Expense forfeited	(117)
Change in fair value	(4,047)
Balance as of March 31, 2024	$ 200

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, the Company may be required to make milestone payments up to $3.4 billion in the aggregate for candidates in its pipeline, of which, $50.0 million was deemed probable of occurring and may be paid in the next 12 months for the first calendar year in which annual net sales of trofinetide in North America for the treatment of Rett syndrome exceeds $250.0 million pursuant to the 2018 license agreement with Neuren as described below. As of March 31, 2024, the Company capitalized the $50.0 million milestone payment as an intangible asset and began amortizing it on a straight-line basis over the estimated useful life of the licensed patents with a cumulative catch-up from the date of regulatory approval to March 31, 2024.

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 July 2023, the Company expanded its 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 received an upfront payment of $100.0 million and is eligible to receive up to an additional $426.3 million in milestone payments based on the achievement of certain commercial and sales milestones for trofinetide outside of North America and up to $831.3 million in milestone payments based on the achievement of certain development and sales milestones for NNZ-2591. 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. The expanded license agreement was accounted for as an asset acquisition and the upfront cash payment of $100.0 million was expensed to research and development in the third quarter of 2023 as there is no alternative use for the 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. 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.

As a result of the above, only MSN remained as an active defendant in the Pimavanserin I Cases. 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 took place on September 27, 2023. On December 13, 2023, the Court ruled in the Company’s favor on the summary judgment motions – denying MSN’s motion for summary judgment of invalidity and granting the Company’s cross-motion for no invalidity. MSN had previously stipulated to infringement of the patent-in-suit. On January 11, 2024, the District Court entered final judgment in the Company’s favor that MSN’s submission of ANDA No. 214925 was an act of infringement in the Pimavanserin I Case. On January 18, 2024, MSN filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit from the December 13, 2023 Memorandum Order of the United States District Court for the District of Delaware, and final judgment entered on January 11, 2024. On February 12, 2024, the Company filed an Entry of Appearance for the appeal to the United States Court of Appeals for the Federal Circuit. MSN’s Opening Appeal Brief was filed on March 29, 2024, with Company’s Response Brief due on May 29, 2024 and MSN’s Reply Brief due 60 days thereafter.

In connection with the Pimavanserin II cases, MSN and Aurobindo are the remaining defendants. On December 13, 2023, the Court issued a claim construction order finding in favor of the Company on all disputed terms of the patent-in-suit. Fact discovery closed on March 21, 2024. Trial is scheduled in the matter for December 3, 2024 to December 5, 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, as amended, by failing to disclose that the materials submitted in support of its Supplemental New Drug Application (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. On March 11, 2024, the Court granted plaintiffs’ motion for class certification and appointment of class representatives and class counsel. The parties are currently engaged in discovery. The cutoff for fact discovery is July 15, 2024.

Opt Out Litigation

On March 7, 2024, a purported stockholder of the Company filed a complaint (captioned Alger Dynamic Opportunities Fund v. Acadia Pharmaceuticals, Inc., Case No. 24-cv-00451) in the U.S. District Court for the Southern District of California against the Company and one executive officer. The complaint, which is based on the same underlying allegations as the Securities Class Action, asserts claims under federal and state securities laws, and for common law fraud and negligent misrepresentations. Defendants deadline to respond to the complaint is May 13, 2024.

Derivative Suit

On December 15, 2023, a purported stockholder of the Company filed a derivative action (captioned Kanner et al v. Biggar et al., Case No. 23-cv-2293) in the U.S. District Court for the Southern District of California against certain of the Company’s current directors. The Company is named as a nominal defendant. The complaint is based on the same alleged misconduct as the Securities Class Action, and asserts state law claims, on behalf of the Company, against the individual defendants for breach of fiduciary duty, unjust enrichment, abuse of control, waste of corporate assets, and insider trading. The complaint also asserts federal claims under sections 10(b), 21D, and 14(a) of the Securities Exchange Act of 1934, as amended. On December 27, 2023, the action was reassigned to District Judge William Q. Hayes and Magistrate Judge Michael S. Berg due to its relation to the Securities Class Action. On January 30, 2024, the parties jointly requested a stay of the action. The Court granted that request and the action was stayed on February 20, 2024, pending the outcome of our Demand Review Committee’s investigation into the underlying claims.

Given the unpredictability inherent in litigation, 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.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Total revenues	$ 205,831	$ 118,462
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of product sales	$ 22,951	$ 1,667
Research and development	59,679	69,144
Selling, general and administrative	107,991	101,235
Total operating expenses	190,621	172,046
Income (loss) from operations	15,210	(53,584)
Interest income, net	5,506	3,800
Other income	286	4,845
Income (loss) before income taxes	21,002	(44,939)
Income tax expense (benefit)	4,447	(1,918)
Net Income (Loss)	$ 16,555	$ (43,021)
Earnings (net loss) per share, basic	$ 0.1	$ (0.27)
Earnings (net loss) per share, diluted	$ 0.1	$ (0.27)
Weighted average common shares outstanding, basic	164,798	162,263
Weighted average common shares outstanding, diluted	166,623	162,263

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Maximum amount paid as cash awards to employees	$ 15.1	$ 9.9
Fair value of awards	$ 4.4	0.2
Compensation cost related to the awards		$ 4.3	$ 0.3
Performance-based Stock Awards
Class of Stock [Line Items]
Granted award Percentage		150.00%
Shares issued, shares		374,603
2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares granted		408,356
Maximum [Member] \| Performance-based Stock Awards
Class of Stock [Line Items]
Granted award Percentage		150.00%
Maximum [Member] \| 2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares issued, shares		1,750,000

Investments

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	112,854	$	3	$	(115	)	$	112,742
Government sponsored enterprise securities		153,153		7		(127	)		153,033
	$	266,007	$	10	$	(242	)	$	265,775


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	75,315	$	47	$	(28	)	$	75,334
Government sponsored enterprise securities		174,867		119		(112	)		174,874
	$	250,182	$	166	$	(140	)	$	250,208

The Company has classified all of its available-for-sale investment securities as current assets on its unaudited 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 unaudited condensed consolidated balance sheets.

At March 31, 2024 and December 31, 2023, the Company had 30 and 21 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 March 31, 2024 and December 31, 2023, 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
March 31, 2024
U.S. Treasury notes	$	80,951	$	(115	)	$	—	$	—	$	80,951	$	(115	)
Government sponsored enterprise securities		141,536		(127	)		—		—		141,536		(127	)
Total	$	222,487	$	(242	)	$	—	$	—	$	222,487	$	(242	)

	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, 2023
U.S. Treasury notes	$	41,366	$	(28	)	$	—	$	—	$	41,366	$	(28	)
Government sponsored enterprise securities		108,587		(112	)		—		—		108,587		(112	)
Total	$	149,953	$	(140	)	$	—	$	—	$	149,953	$	(140	)

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 March 31, 2024, 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 March 31, 2024.

Investments - Additional Information (Detail) - Security	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Number of available-for-sale investment securities in unrealized loss position	30	21

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, 2022	$ 400,413	$ 16	$ 2,770,923	$ (2,369,551)	$ (975)
Issuance of common stock from exercise of stock options and units			1,466
Stock-based compensation			14,645
Net Income (Loss)	(43,021)			(43,021)
Other comprehensive (loss) income					755
Ending balance at Mar. 31, 2023	374,258	16	2,787,034	(2,412,572)	(220)
Beginning balance at Dec. 31, 2023	431,755	16	2,862,552	(2,430,837)	24
Issuance of common stock from exercise of stock options and units			1,043
Stock-based compensation			14,944
Net Income (Loss)	16,555			16,555
Other comprehensive (loss) income					(253)
Ending balance at Mar. 31, 2024	$ 464,044	$ 16	$ 2,878,539	$ (2,414,282)	$ (229)

- Definition

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

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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Lease Liabilities [Abstract]
Remainder of 2024	$ 8,067
2025	10,818
2026	10,182
2027	9,940
2028	9,520
Thereafter	20,606
Total lease payments	69,133
Less:
Imputed interest	(9,491)
Total operating lease liabilities	$ 59,642	$ 57,205

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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


	March 31, 2024				March 31, 2023
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	188,657	$	204,745	$	114,846	$	290,895
Restricted cash		5,770		5,770		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	194,427	$	210,515	$	120,616	$	296,665

Schedule of revenue consist of product sales to customers

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 March 31,
	2024		2023
NUPLAZID	$	129,923	$	118,462
DAYBUE	$	75,908		—
Product sales, net	$	205,831	$	118,462

Basis of Presentation and Significant Accounting Policies - Schedule of Revenues consist of product sales to customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 205,831	$ 118,462
NUPLAZID
Disaggregation of Revenue [Line Items]
Total revenues	129,923	118,462
DAYBUE
Disaggregation of Revenue [Line Items]
Total revenues	$ 75,908	$ 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
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-Section S99
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the three months ended March 31, 2024 and 2023, the Company recognized an income tax expense of $4.4 million on a pre-tax income of $21.0 million and income tax benefit of $1.9 million on a pre-tax loss of $44.9 million, respectively, resulting in effective tax rates of 21.17% and 4.27%, respectively. The effective tax rate for the three months ended March 31, 2024 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 March 31, 2023 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.

- 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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023.

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 unaudited 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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands):


			Fair Value Measurements at Reporting Date Using
	March 31, 2024		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	$	51,877	$	51,877	$	—	$	—
U.S. Treasury notes		112,741		112,741		—		—
Government sponsored enterprise securities		153,033		—		153,033		—
Total	$	317,651	$	164,618	$	153,033	$	—

Liabilities
Cash awards	$	200	$	—	$	—	$	200
Total	$	200	$	—	$	—	$	200


			Fair Value Measurements at Reporting Date Using
	December 31, 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	$	64,586	$	64,586	$	—	$	—
U.S. Treasury notes		75,334		75,334		—		—
Government sponsored enterprise securities		174,874		—		174,874		—
Total	$	314,794	$	139,920	$	174,874	$	—

Liabilities
Cash awards	$	4,506	$	—	$	—	$	4,506
Total	$	4,506	$	—	$	—	$	4,506

Changes in estimated fair value of contingent cash awards during the three months ended March 31, 2024 are as follows (in thousands):


Balance as of December 31, 2023	$	4,506
Vesting of awards		(142	)
Expense forfeited		(117	)
Change in fair value		(4,047	)
Balance as of March 31, 2024	$	200

- 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

Earnings (Net Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.


	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Net income (loss) - basic and diluted		16,555		(43,021	)
Weighted average shares outstanding:
Basic		164,798		162,263
Effect of potentially dilutive common shares from:
Equity awards		1,729		—
Employee stock purchase plan rights		96		—
Diluted		166,623		162,263

Earnings (net loss) per share:
Basic	$	0.10	$	(0.27	)
Diluted	$	0.10	$	(0.27	)

Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive		15,081		20,764

Earnings (Net Loss) Per Share

3 Months Ended

Mar. 31, 2024

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 and employee stock purchase plan rights are considered to be common stock equivalents.


	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Net income (loss) - basic and diluted		16,555		(43,021	)
Weighted average shares outstanding:
Basic		164,798		162,263
Effect of potentially dilutive common shares from:
Equity awards		1,729		—
Employee stock purchase plan rights		96		—
Diluted		166,623		162,263

Earnings (net loss) per share:
Basic	$	0.10	$	(0.27	)
Diluted	$	0.10	$	(0.27	)

Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive		15,081		20,764

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 2,810	$ 2,181
Operating sublease income	(286)	0
Net operating lease cost	$ 2,524	$ 2,181

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 222,487	$ 149,953
Less Than 12 Months, Unrealized Losses	(242)	(140)
Total, Estimated Fair Value	222,487	149,953
Total, Unrealized Losses	(242)	(140)
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	80,951	41,366
Less Than 12 Months, Unrealized Losses	(115)	(28)
Total, Estimated Fair Value	80,951	41,366
Total, Unrealized Losses	(115)	(28)
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	141,536	108,587
Less Than 12 Months, Unrealized Losses	(127)	(112)
Total, Estimated Fair Value	141,536	108,587
Total, Unrealized Losses	$ (127)	$ (112)

- 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/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Current portion included in accrued liabilities	$ 10,453	$ 9,405
Operating Lease Liability Current Statement Of Financial Position Extensible List	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 49,189	$ 47,800
Total operating lease liabilities	$ 59,642	$ 57,205

Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	$ 204,745	$ 188,657	$ 290,895	$ 114,846
Restricted cash	5,770	5,770	5,770	5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 210,515	$ 194,427	$ 296,665	$ 120,616

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 unaudited condensed consolidated statements of operations for the periods presented (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of product sales	$	153	$	168
Research and development		4,093		3,972
Selling, general and administrative		10,504		10,565
	$	14,750	$	14,705

Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

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, 2023 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated 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 and potential disruptions from the ongoing Russia-Ukraine conflict and related sanctions, and the ongoing conflict in Israel. 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


	March 31, 2024				March 31, 2023
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	188,657	$	204,745	$	114,846	$	290,895
Restricted cash		5,770		5,770		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	194,427	$	210,515	$	120,616	$	296,665

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 March 31, 2024 the Company determined that an allowance for credit loss was not required.

Revenues


	Three Months Ended March 31,
	2024		2023
NUPLAZID	$	129,923	$	118,462
DAYBUE	$	75,908		—
Product sales, net	$	205,831	$	118,462

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.

The Company has capitalized a total of $119.6 million as intangible assets following the FDA approval and sale of DAYBUE pursuant to its 2018 license agreement with Neuren Pharmaceuticals Limited (Neuren), as disclosed in Note 9. The intangible assets are amortized on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded total amortization expense related to these intangible assets of $5.3 million for the three months ended March 31, 2024. As of March 31, 2024, estimated future amortization expense related to the Company’s intangible assets was $7.0 million for the remainder of 2024, and $9.4 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 months ended March 31, 2024 and 2023.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation


	Three Months Ended March 31,
	2024		2023
Cost of product sales	$	153	$	168
Research and development		4,093		3,972
Selling, general and administrative		10,504		10,565
	$	14,750	$	14,705

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.

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended			9 Months Ended
	Jul. 31, 2023	Jan. 31, 2022	Aug. 31, 2018	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2018	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Contractual obligation next 12 months				$ 50,000
Loss (gain) on strategic investment				0	$ 4,845
Research and development				59,679	69,144
Restricted cash				5,770	5,770			$ 5,770	$ 5,770
Letter of Credit \| Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash				2,000
Letter of Credit \| Fleet Program
Other Commitments [Line Items]
Restricted cash				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 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 payment	$ 100,000
Mile stone payments payable				50,000
Upfront license fee			$ 10,000
Net sales				250,000
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	$ 100,000
License Agreements \| Neuren \| Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Upfront payment	831,300
Maximum
Other Commitments [Line Items]
Mile stone payments payable				$ 3,400,000
Maximum \| License Agreements \| Neuren \| North America
Other Commitments [Line Items]
Mile stone payments payable	$ 426,300		$ 455,000

Stock-Based Compensation - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 14,750	$ 14,705
Cost of Product Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	153	168
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,093	3,972
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 10,504	$ 10,565

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 16,555	$ (43,021)

- Definition

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

+ References

+ Details

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024				March 31, 2023
	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	188,657	$	204,745	$	114,846	$	290,895
Restricted cash		5,770		5,770		5,770		5,770
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	194,427	$	210,515	$	120,616	$	296,665

Accounts Receivable

Revenues


	Three Months Ended March 31,
	2024		2023
NUPLAZID	$	129,923	$	118,462
DAYBUE	$	75,908		—
Product sales, net	$	205,831	$	118,462

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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 16,555	$ (43,021)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	14,750	14,705
Amortization of premiums and accretion of discounts on investment securities	(1,786)	(2,267)
Amortization of intangible assets	5,286	0
Gain on strategic investment	0	(4,845)
Loss on sale of investment securities	0	505
Depreciation	242	426
Changes in operating assets and liabilities:
Accounts receivable, net	3,566	(3,720)
Interest and other receivables	(1,295)	(3,450)
Inventory	(16,648)	481
Prepaid expenses	(3,670)	(2,234)
Operating lease right-of-use assets	1,759	1,726
Accounts payable	1,789	4,676
Accrued liabilities	12,193	24,510
Operating lease liabilities	212	(1,656)
Long-term liabilities	(3,874)	(3,769)
Net cash provided by (used in) operating activities	29,079	(17,933)
Cash flows from investing activities
Purchases of investment securities	(80,154)	(66,892)
Sale and maturity of investment securities	66,115	259,410
Net cash (used in) provided by investing activities	(14,039)	192,518
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	1,043	1,466
Net cash provided by financing activities	1,043	1,466
Effect of exchange rate changes on cash	5	(2)
Net increase in cash, cash equivalents and restricted cash	16,088	176,049
Cash, cash equivalents and restricted cash
Beginning of period	194,427	120,616
End of period	210,515	296,665
Supplemental disclosure of noncash information:
Accrued inventory purchases	9,354	0
Accrued milestone and contingent payments in connection with asset acquisition	$ 50,000	$ 69,583

Investments (Tables)

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	112,854	$	3	$	(115	)	$	112,742
Government sponsored enterprise securities		153,153		7		(127	)		153,033
	$	266,007	$	10	$	(242	)	$	265,775


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	75,315	$	47	$	(28	)	$	75,334
Government sponsored enterprise securities		174,867		119		(112	)		174,874
	$	250,182	$	166	$	(140	)	$	250,208

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 March 31, 2024 and December 31, 2023, 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
March 31, 2024
U.S. Treasury notes	$	80,951	$	(115	)	$	—	$	—	$	80,951	$	(115	)
Government sponsored enterprise securities		141,536		(127	)		—		—		141,536		(127	)
Total	$	222,487	$	(242	)	$	—	$	—	$	222,487	$	(242	)

	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, 2023
U.S. Treasury notes	$	41,366	$	(28	)	$	—	$	—	$	41,366	$	(28	)
Government sponsored enterprise securities		108,587		(112	)		—		—		108,587		(112	)
Total	$	149,953	$	(140	)	$	—	$	—	$	149,953	$	(140	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands):


			Fair Value Measurements at Reporting Date Using
	March 31, 2024		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	$	51,877	$	51,877	$	—	$	—
U.S. Treasury notes		112,741		112,741		—		—
Government sponsored enterprise securities		153,033		—		153,033		—
Total	$	317,651	$	164,618	$	153,033	$	—

Liabilities
Cash awards	$	200	$	—	$	—	$	200
Total	$	200	$	—	$	—	$	200


			Fair Value Measurements at Reporting Date Using
	December 31, 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	$	64,586	$	64,586	$	—	$	—
U.S. Treasury notes		75,334		75,334		—		—
Government sponsored enterprise securities		174,874		—		174,874		—
Total	$	314,794	$	139,920	$	174,874	$	—

Liabilities
Cash awards	$	4,506	$	—	$	—	$	4,506
Total	$	4,506	$	—	$	—	$	4,506

Schedule of Changes in Estimated Fair Value of Contingent Cash Awards

Changes in estimated fair value of contingent cash awards during the three months ended March 31, 2024 are as follows (in thousands):


Balance as of December 31, 2023	$	4,506
Vesting of awards		(142	)
Expense forfeited		(117	)
Change in fair value		(4,047	)
Balance as of March 31, 2024	$	200

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 265,775	$ 250,208
Debt and equity securities, Amortized Cost	266,007	250,182
Debt and equity securities, Unrealized Gains	10	166
Debt and equity securities, Unrealized Losses	(242)	(140)
Debt and equity securities, Estimated Fair Value	265,775	250,208
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	112,854	75,315
Debt securities, Unrealized Gains	3	47
Debt securities, Unrealized Losses	(115)	(28)
Debt securities, Estimated Fair Value	112,742	75,334
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	153,153	174,867
Debt securities, Unrealized Gains	7	119
Debt securities, Unrealized Losses	(127)	(112)
Debt securities, Estimated Fair Value	$ 153,033	$ 174,874

Fair Value Measurements - Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	$ 317,651	$ 314,794
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	200	4,506
Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	51,877	64,586
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	164,618	139,920
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	51,877	64,586
Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	153,033	174,874
Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	200	4,506
U.S. Treasury notes
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	112,741	75,334
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	112,741	75,334
US Government Sponsored Enterprises Debt Securities [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	153,033	174,874
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	153,033	174,874
Cash awards \| Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	200	4,506
Cash awards \| Significant Unobservable Inputs (Level 3) \| Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	$ 200	$ 4,506

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 16,555	$ (43,021)
Other comprehensive income (loss):
Unrealized (loss) gain on investment securities	(258)	757
Foreign currency translation adjustments	5	(2)
Comprehensive income (loss)	$ 16,302	$ (42,266)

- Definition

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

+ References

+ Details

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Impairment of intangible assets	$ 0	$ 0
Intangible assets, net	110,204		$ 65,490
Amortization of intangible assets	5,286	$ 0
Neuren Pharmaceuticals Limited [Member] \| License Agreements [Member]
Other Commitments [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2023	7,000
Amortization of intangible assets	5,300
Finite-Lived Intangible Assets, Amortization Expense, Subsequent year	9,400
FDA Approval Of DAYBUE [Member] \| Neuren Pharmaceuticals Limited [Member] \| License Agreements [Member]
Other Commitments [Line Items]
Intangible assets, net	$ 119,600

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Performance Stock Units

In March 2024, the Company began to issue performance stock units (PSU) with a market condition that are earned based on the Company’s relative total stockholder return (rTSR) as compared to a peer group of companies measured over a three-year performance period and continued employment through the performance period. Depending on the actual performance over the measurement period, a rTSR PSU award recipient could receive up to 150% of the granted award. The grant date fair value of such awards is estimated using a Monte Carlo simulation, which includes assumptions such as expected volatility, risk-free interest rate and dividend yield. These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value. The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the Company prior to the end of the performance period. As of March 31, 2024, there were approximately 374,603 PSU with a rTSR market condition outstanding, representing the maximum 150% of the original grant that could be received.

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 March 31, 2024 after adjusting for forfeitures was $9.9 million. The fair value of the awards at March 31, 2024 was approximately $0.2 million. During the three months ended March 31, 2024, the Company recorded a reversal of $4.3 million of compensation cost related to the awards. During the three months ended March 31, 2023, the Company recorded $0.3 million of compensation cost related to the awards.

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 March 31, 2024, there were 408,356 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
-Publisher FASB
-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)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Mar. 31, 2024 USD ($) Term	Mar. 31, 2023 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 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 0.7 years to 7.2 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	6 years 8 months 12 days
Weighted average discount rate	4.70%
Capitalization of lease liability			$ 19,200			$ 40,300
Restricted cash	$ 5,770	$ 5,770		$ 5,770	$ 5,770
Operating sublease income	$ 286	$ 0
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	8 months 12 days
Minimum [Member] \| San Diego
Lessee Lease Description [Line Items]
Operating sublease income	$ 18,400
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	7 years 2 months 12 days
Number of renewal option terms \| Term	2
Operating lease, renewal term	5 years

Organization and Business

3 Months Ended

Mar. 31, 2024

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 in adults and pediatric patients 2 years of age and older. DAYBUE became available for prescription in the United States in April 2023.

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Finished goods	$	7,576	$	5,001
Work in process		5,549		4,134
Raw material		53,518		31,312
	$	66,643	$	40,447
Reported as:
Inventory	$	61,936	$	35,819
Long-term inventory		4,707		4,628
Total	$	66,643	$	40,447

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued sales allowances	$	122,436	$	90,718
Accrued contingent payments		79,583		29,583
Accrued compensation and benefits		26,061		42,718
Accrued research and development services		23,878		32,883
Accrued consulting and professional fees		19,684		18,804
Current portion of lease liabilities		10,453		9,405
Current portion of accrued branded prescription drug fees		7,836		718
Accrued royalties		7,591		8,710
Other		13,743		3,172
	$	311,265	$	236,711

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
Securities Act 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		165,220,884

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (4,447)	$ 1,918
Income (loss) before income taxes	$ (21,002)	$ 44,939
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Deduction, Percent, Total	21.17%	4.27%

- 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
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-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
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-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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-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
-Topic 280
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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
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-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 - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating cash flows from operating leases	$ 2,405	$ 2,370
Right-of-use assets obtained in exchange for operating lease obligations:	$ 4,184	$ 304

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued sales allowances	$ 122,436	$ 90,718
Accrued compensation and benefits	26,061	42,718
Accrued contingent payments	79,583	29,583
Accrued research and development services	23,878	32,883
Accrued consulting and professional fees	19,684	18,804
Accrued royalties	7,591	8,710
Current portion included in accrued liabilities	10,453	9,405
Current portion of accrued branded prescription drug fees	7,836	718
Other	13,743	3,172
Accrued liabilities	$ 311,265	$ 236,711

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 204,745	$ 188,657
Investment securities, available-for-sale	265,775	250,208
Accounts receivable, net	94,701	98,267
Interest and other receivables	5,378	4,083
Inventory	61,936	35,819
Prepaid expenses	42,761	39,091
Total current assets	675,296	616,125
Property and equipment, net	4,370	4,612
Operating lease right-of-use assets	54,280	51,855
Intangible assets, net	110,204	65,490
Restricted cash	5,770	5,770
Long-term inventory	4,707	4,628
Other assets	476	476
Total assets	855,103	748,956
Liabilities and stockholders’ equity
Accounts payable	19,332	17,543
Accrued liabilities	311,265	236,711
Total current liabilities	330,597	254,254
Operating lease liabilities	49,189	47,800
Other long-term liabilities	11,273	15,147
Total liabilities	391,059	317,201
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 andDecember 31, 2023	0	0
Common stock, $0.0001 par value; 225,000,000 shares authorized at March 31, 2024 and December 31, 2023; 164,959,736 shares and 164,650,219 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	16	16
Additional paid-in capital	2,878,539	2,862,552
Accumulated deficit	(2,414,282)	(2,430,837)
Accumulated other comprehensive loss	(229)	24
Total stockholders’ equity	464,044	431,755
Total liabilities and stockholders’ equity	$ 855,103	$ 748,956