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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 second quarter ended June 30, 2012.
ACADIA reported a net loss of $5.4 million, or $0.10 per common share, for the second quarter of 2012 compared to a net loss of $6.6 million, or $0.12 per common share, for the second quarter of 2011. For the six months ended June 30, 2012, ACADIA reported a net loss of $11.6 million, or $0.22 per common share, compared to a net loss of $12.4 million, or $0.24 per common share, for the comparable period of 2011.
At June 30, 2012, ACADIA’s cash, cash equivalents and investment securities totaled $21.3 million compared to $31.0 million at December 31, 2011. ACADIA continues to expect that its current cash resources and anticipated payments from its existing collaborations will be sufficient to fund its operations at least into the second quarter of 2013.
“Our progress in the first half of 2012 established the foundation for what we believe will be an exciting and value-driving second half of the year,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We look forward to reporting top-line results this fall from the ongoing pivotal -020 trial in our Phase III Parkinson’s disease psychosis program with pimavanserin. Importantly, our pipeline of product candidates, led by pimavanserin, positions ACADIA with multiple product and commercial opportunities and significant growth potential.”
Revenues increased to $599,000 for the second quarter of 2012 from $460,000 for the comparable quarter of 2011, largely reflecting increased funding from ACADIA’s research grants as well as revenues from its collaborations with Allergan, Inc.
Research and development expenses increased to $4.5 million for the second quarter of 2012, including $154,000 in stock-based compensation, from $4.3 million for the second quarter of 2011, including $134,000 in stock-based compensation. This increase was primarily due to increased external clinical expenses associated with ACADIA’s Phase III program with pimavanserin.