ACADIA Pharmaceuticals Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

Tue Mar 12, 2013 4:01pm EDT

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SAN DIEGO--(Business Wire)--
ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a biopharmaceutical company focused
on innovative treatments that address unmet medical needs in neurological and
related central nervous system disorders, today announced its financial results
for the fourth quarter and year ended December 31, 2012. 

ACADIA reported a net loss of $6.8 million, or $0.11 per common share, for the
fourth quarter of 2012, compared to a net loss of $5.3 million, or $0.10 per
common share, for the fourth quarter of 2011. For the year ended December 31,
2012, ACADIA reported a net loss of $20.8 million, or $0.38 per common share,
compared to a net loss of $22.8 million, or $0.44 per common share, for 2011. 

At December 31, 2012, ACADIA`s cash, cash equivalents, and investment securities
totaled $108.0 million compared to $31.0 million at December 31, 2011. This
increase was primarily due to $98.2 million in net proceeds from sales of equity
securities, including $80.5 million raised in an equity financing in December as
well as earlier financings completed by ACADIA, offset in part by cash used to
fund ACADIA`s operations. 

"2012 was a transformational year for ACADIA, highlighted by the impressive
results from our pivotal Phase III trial with pimavanserin in Parkinson`s
disease psychosis and the strengthening of our balance sheet through our
successful financing," said Uli Hacksell, Ph.D., Chief Executive Officer of
ACADIA. "We are now positioned with a strong foundation to continue to advance
our pimavanserin Phase III Parkinson`s disease psychosis program toward
registration and to strategically broaden this program to address other
neurological disorders. This includes plans to initiate our second, confirmatory
pivotal Phase III Parkinson`s disease psychosis trial in the first half of this
year and a Phase II trial in Alzheimer`s disease psychosis in the second half of
the year. We believe that our pipeline of product candidates, spearheaded by
pimavanserin, provides ACADIA with multiple attractive product and commercial
opportunities and significant growth potential." 

Revenues totaled $380,000 for the fourth quarter of 2012 compared to $588,000
for the fourth quarter of 2011, and were comprised of revenues from ACADIA`s
collaborations with Allergan as well as its agreements with other parties. The
decrease in revenues was primarily due to the termination of ACADIA`s
collaboration with Meiji Seika Pharma Co., Ltd. in July 2012. This agreement
contributed $199,000 of revenue during the fourth quarter of 2011. 

Research and development expenses increased to $4.9 million for the fourth
quarter of 2012, including $230,000 in stock-based compensation, from $4.4
million for the comparable quarter of 2011, including $128,000 in stock-based
compensation. This increase was primarily due to increased personnel and
stock-based compensation expenses. 

General and administrative expenses increased to $2.3 million for the fourth
quarter of 2012, including $322,000 in stock-based compensation, from $1.5
million for the comparable quarter of 2011, including $280,000 in stock-based
compensation. This increase was primarily due to increased personnel expenses as
well as increased external costs. 

ACADIA has indicated that it expects to use between $26 million and $30 million
of its cash resources to fund its operations for the year ending December 31,
2013. These resources are expected to be used primarily for ongoing and planned
development activities for pimavanserin. 

Conference Call and Webcast Information

ACADIA management will review its fourth quarter financial results and
development programs via conference call and webcast later today at 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing 866-510-0712for
participants in the U.S. or Canada and 617-597-5380 for international callers
(reference passcode 78191729). A telephone replay of the conference call may be
accessed through March 26, 2013 by dialing 888-286-8010 for callers in the U.S.
or Canada and 617-801-6888 for international callers (reference passcode
59394169). The conference call also will be webcast live on ACADIA`s website,
www.acadia-pharm.com, under the investors section and will be archived there
until March 26, 2013. 

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company focused on innovative treatments that
address unmet medical needs in neurological and related central nervous system
disorders. ACADIA has a pipeline of product candidates led by pimavanserin,
which is in Phase III development as a potential first-in-class treatment for
Parkinson's disease psychosis. ACADIA also has clinical-stage programs for
chronic pain and glaucoma in collaboration with Allergan, Inc. and two advanced
preclinical programs directed at Parkinson`s disease and other neurological
disorders. All product candidates are small molecules that emanate from
discoveries made at ACADIA. ACADIA maintains a website at www.acadia-pharm.com
to which ACADIA regularly posts copies of its press releases as well as
additional information and through which interested parties can subscribe to
receive email alerts. 

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are
forward-looking statements. These statements include but are not limited to
statements related to the progress and timing of ACADIA`s drug discovery and
development programs, either alone or with a partner, including the progress and
expected timing of clinical trials, and the clinical benefits to be derived from
ACADIA`s product candidates, in each case including pimavanserin, the strength
of ACADIA`s balance sheet, future advancement or strategic broadening of the
pimavanserin program, ACADIA`s growth potential, and ACADIA`s expected 2013 cash
burn. These statements are only predictions based on current information and
expectations and involve a number of risks and uncertainties. Actual events or
results may differ materially from those projected in any of such statements due
to various factors, including the risks and uncertainties inherent in drug
discovery, development and commercialization, and collaborations with others,
and the fact that past results of clinical trials may not be indicative of
future trial results. For a discussion of these and other factors, please refer
to ACADIA`s annual report on Form 10-K for the year ended December 31, 2012 as
well as ACADIA`s subsequent filings with the Securities and Exchange Commission.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. This caution is made under
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. All forward-looking statements are qualified in their entirety by this
cautionary statement and ACADIA undertakes no obligation to revise or update
this press release to reflect events or circumstances after the date hereof,
except as required by law.

 ACADIA PHARMACEUTICALS INC.                                                                                                                                                                                                     
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                                                                                                                
 
(in thousands, except per share amounts)                                                                                                                                                                                       
 
(Unaudited)                                                                                                                                                                                                                    
                                                                                                                                                                                                                                 
                                                                                                                        Three Months Ended                                       Years Ended                                     
                                                                                                                        December 31,                                             December 31,                                    
                                                                                                                             2012                             2011                   2012 (1)                      2011 (1)      
                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                 
 Collaborative revenues                                                                                                 $    380                         $    588                $   4,907                     $   2,067         
                                                                                                                                                                                                                                 
 Operating expenses                                                                                                                                                                                                              
 Research and development (includes stock-based compensation of $230, $128, $680 and $512, respectively)                     4,901                            4,424                  18,794                        17,309        
 General and administrative (includes stock-based compensation of $322, $280, $1,250 and $1,086, respectively)               2,298                            1,478                  6,999                         7,610         
 Total operating expenses                                                                                                    7,199                            5,902                  25,793                        24,919        
 Loss from operations                                                                                                        (6,819  )                        (5,314  )              (20,886   )                   (22,852   )   
 Interest income, net                                                                                                        9                                14                     37                            87            
 Net loss                                                                                                               $    (6,810  )                   $    (5,300  )          $   (20,849   )               $   (22,765   )   
 Net loss per common share, basic and diluted                                                                           $    (0.11   )                   $    (0.10   )          $   (0.38     )               $   (0.44     )   
 Weighted average common shares outstanding, basic and diluted                                                               60,618                           52,834                 55,116                        52,183        
                                                                                                                                                                                                                                 


 (1)    The condensed consolidated statements of operations for the years ended December 31, 2012 and 2011 have been derived from the audited financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  
                                                                                                                                                                                                                                                                                                                                         


 ACADIA PHARMACEUTICALS INC.                                                                                                
 
CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                     
 
(in thousands)                                                                                                            
 
(Unaudited)                                                                                                               
                                                                                                                            
                                                                                December 31,              December 31,      
                                                                                2012 (1)                  2011 (1)          
                                                                                                                            
 Assets                                                                                                                     
 Cash, cash equivalents, and investment securities                              $        107,967          $        31,048   
 Prepaid expenses, receivables and other current assets                                  581                       901      
 Total current assets                                                                    108,548                   31,949   
 Property and equipment, net                                                             42                        151      
 Other assets                                                                            -                         14       
 Total assets                                                                   $        108,590          $        32,114   
 Liabilities, redeemable common stock and stockholders` equity                                                              
 Accounts payable, accrued expenses and other current liabilities               $        5,514            $        5,496    
 Current portion of deferred revenue                                                     434                       669      
 Total current liabilities                                                               5,948                     6,165    
 Long-term portion of deferred revenue                                                   -                         2,587    
 Total liabilities                                                                       5,948                     8,752    
 Redeemable common stock                                                                 17,658                    -        
 Stockholders` equity                                                                    84,984                    23,362   
 Total liabilities, redeemable common stock and stockholders` equity            $        108,590          $        32,114   
                                                                                                                            


 (1)    The condensed consolidated balance sheets at December 31, 2012 and 2011 have been derived from the audited financial statements at such date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  


ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
858-558-2871



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