ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today reported its unaudited financial results for the second quarter ended June 30, 2010.
“The first half of 2010 was focused on executing our broad development strategy designed to leverage the potential of pimavanserin over a range of neurological and psychiatric indications with large unmet medical needs together with our collaborative partner, Biovail”
ACADIA reported a net loss of $4.3 million, or $0.11 per common share, for the second quarter of 2010 compared to a net loss of $12.7 million, or $0.34 per common share, for the second quarter of 2009. For the six months ended June 30, 2010, ACADIA reported a net loss of $9.8 million, or $0.25 per common share, compared to a net loss of $27.7 million, or $0.75 per common share, for the comparable period of 2009.
At June 30, 2010, ACADIA's cash, cash equivalents and investment securities totaled $34.3 million compared to $47.1 million at December 31, 2009. ACADIA continues to expect its existing cash resources and anticipated payments from its collaborations will be sufficient to fund its operations through the end of 2011.
"The first half of 2010 was focused on executing our broad development strategy designed to leverage the potential of pimavanserin over a range of neurological and psychiatric indications with large unmet medical needs together with our collaborative partner, Biovail," said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA Pharmaceuticals. "We recently initiated a new Phase III trial in Parkinson's disease psychosis and we are continuing to plan for a Phase II feasibility study in Alzheimer's disease psychosis and a Phase III co-therapy trial in schizophrenia. We believe that pimavanserin along with ACADIA's other product candidates position us with multiple attractive product and commercial opportunities providing significant growth potential."
Revenues increased to $2.3 million for the second quarter of 2010 from $1.8 million for the second quarter of 2009. This increase was primarily due to increased revenues recognized from ACADIA's collaboration with Biovail, which commenced in May 2009.
Research and development expenses decreased to $5.0 million for the second quarter of 2010, including $150,000 in stock-based compensation, from $12.0 million for the second quarter of 2009, including $283,000 in stock-based compensation. This decrease was primarily due to $5.0 million in lower external service costs, and cost savings from ACADIA's restructuring implemented in October 2009. The decrease in external service costs was primarily attributable to lower clinical costs incurred on ACADIA's Phase III program with pimavanserin for Parkinson's disease psychosis.
General and administrative expenses decreased to $1.6 million for the second quarter of 2010, including $223,000 in stock-based compensation, from $2.7 million for the second quarter of 2009, including $333,000 in stock-based compensation. This decrease was primarily due to cost savings from ACADIA's restructuring as well as reduced external service costs.
Revolutionizing drug discovery with SmartCADD