ACADIA first quarter net loss increases to $6.2 million

ACADIA Pharmaceuticals Inc.May 9 2012

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 unaudited financial results for the first quarter ended March 31, 2012.

ACADIA reported a net loss of $6.2 million, or $0.12 per common share, for the first quarter of 2012 compared to a net loss of $5.8 million, or $0.12 per common share, for the first quarter of 2011.

At March 31, 2012, ACADIA's cash, cash equivalents and investment securities totaled $25.9 million compared to $31.0 million at December 31, 2011. ACADIA continues to expect that its current cash resources together with anticipated payments from its existing collaborations will be sufficient to fund its operations at least into the second quarter of 2013.

"The first quarter was highlighted by continued progress in our Phase III Parkinson's disease psychosis program with pimavanserin, most notably the ongoing pivotal -020 trial, and by the extension of our longstanding discovery collaboration with Allergan," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "We look forward to completing the -020 trial later this year, and believe that our pipeline of product candidates, led by pimavanserin, will provide the opportunity to drive significant value for ACADIA and its stockholders."

Revenues totaled $450,000 for the first quarter of 2012, compared to $435,000 for the first quarter of 2011. ACADIA's revenues were derived from its collaborations with Allergan, Inc. and Meiji Seika Pharma Co., Ltd., as well as from research grants.

Research and development expenses increased to $5.0 million for the first quarter of 2012, including $139,000 in stock-based compensation, from $4.4 million for the first quarter of 2011, including $120,000 in stock-based compensation. This increase was primarily due to increased external service costs associated with ACADIA's Phase III clinical program with pimavanserin, offset in part by lower internal costs.

General and administrative expenses decreased to $1.7 million for the first quarter of 2012, including $274,000 in stock-based compensation, from $1.9 million for the first quarter of 2011, including $255,000 in stock-based compensation, reflecting lower internal costs.