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 third quarter ended September 30, 2011.
ACADIA reported a net loss of $5.1 million, or $0.10 per common share, for the third quarter of 2011 compared to a net loss of $4.2 million, or $0.11 per common share, for the third quarter of 2010. For the nine months ended September 30, 2011, ACADIA reported a net loss of $17.5 million, or $0.34 per common share, compared to a net loss of $14.0 million, or $0.37 per common share, for the comparable period of 2010.
At September 30, 2011, ACADIA's cash, cash equivalents and investment securities totaled $36.2 million compared to $37.1 million at December 31, 2010. ACADIA continues to expect that its existing cash resources and anticipated payments from its collaborations will be sufficient to fund its operations at least into the first half of 2013.
"For ACADIA, 2011 has been highlighted by solid progress in the execution of the ongoing pivotal trial in our Phase III Parkinson's disease psychosis program with pimavanserin, the strengthening of our cash runway, and the recent advancement of AM-831, our new product candidate for schizophrenia, into the clinic," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "We look forward to building on this momentum as we close out the year and embark on what we expect to be an exciting and value-driving 2012."
Revenues totaled $584,000 for the third quarter of 2011 compared to $2.3 million for the third quarter of 2010. This decrease was primarily due to the conclusion of ACADIA's collaboration with Biovail in October 2010. ACADIA recognized $1.7 million in revenues from that collaboration in the third quarter of 2010.
Research and development expenses decreased to $4.2 million for the third quarter of 2011, including $129,000 in stock-based compensation, from $5.0 million for the third quarter of 2010, including $133,000 in stock-based compensation. This decrease was primarily due to savings in facilities and other costs associated with ACADIA's research and development organization as well as lower external service costs.
General and administrative expenses totaled $1.5 million for the third quarter of 2011, including $272,000 in stock-based compensation, compared to $1.6 million for the third quarter of 2010, including $260,000 in stock-based compensation.
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