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ACADIA Pharmaceuticals Reports Second Quarter 2012 Financial Results

Stocks in this article: ACAD

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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