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 third quarter ended September 30, 2012.
ACADIA reported a net loss of $2.4 million, or $0.04 per common share, for the third quarter of 2012 compared to a net loss of $5.1 million, or $0.10 per common share, for the third quarter of 2011. For the nine months ended September 30, 2012, ACADIA reported a net loss of $14.0 million, or $0.26 per common share, compared to a net loss of $17.5 million, or $0.34 per common share, for the comparable period of 2011.
At September 30, 2012, ACADIA’s cash, cash equivalents and investment securities totaled $23.1 million compared to $31.0 million at December 31, 2011. ACADIA expects that its current cash resources and anticipated payments from its existing collaborations will be sufficient to fund its operations into the second half of 2013.
“The third quarter was a productive period for ACADIA highlighted by the completion of patient enrollment in the pivotal -020 trial in our Phase III Parkinson’s disease psychosis program with pimavanserin,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We remain on track with our -020 trial and look forward to reporting top-line results this month. Meanwhile, preparations are ongoing for the second planned pivotal trial, the -021 trial, and we are continuing to conduct the -015 open-label safety extension trial in this Phase III program. With our pipeline of product candidates, led by pimavanserin, we believe ACADIA is positioned with significant growth potential.”
Revenues increased to $3.5 million for the third quarter of 2012 compared to $584,000 for the third quarter of 2011. This increase was primarily due to the recognition of the remaining revenues from ACADIA’s collaboration with Meiji Seika Pharma, which was terminated in July 2012. ACADIA recognized $3.0 million in revenues from this collaboration in the third quarter of 2012, compared to $112,000 in the third quarter of 2011. ACADIA’s remaining revenues were derived from its ongoing agreements with other parties, including its collaborations with Allergan, Inc.