ACADIA Pharmaceuticals Reports First Quarter 2011 Financial Results
Acadia (NASDAQ:ACAD)
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Today : Wednesday 11 May 2011
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 announced its unaudited financial results for the first quarter ended March 31, 2011.
ACADIA reported a net loss of $5.8 million, or $0.12 per common share, for the first quarter of 2011 compared to a net loss of $5.5 million, or $0.14 per common share, for the first quarter of 2010.
At March 31, 2011, ACADIA’s cash, cash equivalents and investment securities totaled $45.7 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.
“The first quarter of 2011 was a productive period for ACADIA highlighted by solid progress in the execution of our lead Phase III program with pimavanserin for Parkinson’s disease psychosis, the successful completion of our private equity financing, and the extension of our longstanding discovery collaboration with Allergan,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “ACADIA is positioned to advance and build substantial value in our pipeline of product candidates, led by our Phase III pimavanserin program.”
Revenues totaled $435,000 for the first quarter of 2011, compared to $2.1 million for the first quarter of 2010. This decrease was primarily due to the conclusion of ACADIA’s collaboration with Biovail in October 2010, at which time ACADIA recognized all remaining revenues related to this collaboration. ACADIA recognized $1.4 million in revenues from this collaboration in the first quarter of 2010.
Research and development expenses decreased to $4.4 million for the first quarter of 2011, including $120,000 in stock-based compensation, from $5.8 million for the first quarter of 2010, including $229,000 in stock-based compensation. This decrease was primarily due to $1.2 million in lower external service costs as well as reduced internal costs.
General and administrative expenses totaled $1.9 million for the first quarter of 2011, including $255,000 in stock-based compensation, and were comparable to the first quarter of 2010.
Conference Call and Webcast Information
ACADIA management will review its first 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 866-825-3209 for participants in the U.S. or Canada and 617-213-8061 for international callers (reference passcode 78237908). A telephone replay of the conference call may be accessed through May 24, 2011 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 20761365). 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 May 24, 2011.
