ACADIA Pharmaceuticals Reports Second Quarter 2012 Financial Results

ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)
			Three Months Ended June 30,										Six Months Ended June 30,
			2012					2011					2012					2011
Collaborative revenues			$	599				$	460				$	1,049				$	895
Operating expenses
Research and development (includes stock-based compensation of $154, $134, $293 and $255, respectively)				4,472					4,315					9,493					8,727
General and administrative (includes stock-based compensation of $324, $279, $598 and $534, respectively)				1,556					2,729					3,216					4,613
Total operating expenses				6,028					7,044					12,709					13,340
Loss from operations				(5,429	)				(6,584	)				(11,660	)				(12,445	)
Interest income, net				10					28					23					56
Net loss			$	(5,419	)			$	(6,556	)			$	(11,637	)			$	(12,389	)
Net loss per common share, basic and diluted			$	(0.10	)			$	(0.12	)			$	(0.22	)			$	(0.24	)
Weighted average common shares outstanding, basic and diluted				52,961					52,677					52,932					51,535

ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)
			June 30, 2012				December 31, 2011(1)
Assets
Cash, cash equivalents, and investment securities			$	21,349			$	31,048
Prepaid expenses, receivables and other current assets				426				901
Total current assets				21,775				31,949
Property and equipment, net, and other assets				99				165
Total assets			$	21,874			$	32,114
Liabilities and Stockholders’ Equity
Accounts payable, accrued expenses and other current liabilities			$	5,995			$	5,496
Current portion of deferred revenue				765				669
Total current liabilities				6,760				6,165
Long-term portion of deferred revenue				2,406				2,587
Total liabilities				9,166				8,752
Stockholders’ equity				12,708				23,362
Total liabilities and stockholders’ equity			$	21,874			$	32,114

(1)

The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at such date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

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