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, 2013.
ACADIA reported a net loss of $9.1 million, or $0.11 per common share, for the second quarter of 2013 compared to a net loss of $5.4 million, or $0.10 per common share, for the second quarter of 2012. The net losses for the second quarters of 2013 and 2012 included $1.1 million and $478,000, respectively, in non-cash, stock-based compensation expense. For the six months ended June 30, 2013, ACADIA reported a net loss of $15.2 million, or $0.19 per common share, compared to a net loss of $11.6 million, or $0.22 per common share, for the comparable period of 2012.
At June 30, 2013, ACADIA’s cash, cash equivalents and investment securities totaled $205.5 million compared to $108.0 million at December 31, 2012. The increase in ACADIA’s cash position was primarily due to $107.9 million in net proceeds raised from a public stock offering in May 2013 offset in part by cash used to fund ACADIA’s operations. ACADIA expects that its cash, cash equivalents and investment securities will be greater than $183 million at December 31, 2013.
“The second quarter of 2013 was a game-changing period for ACADIA, highlighted by establishing an expedited path to an NDA filing for pimavanserin and by strengthening our balance sheet through our public offering,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “This success sets the stage for what we believe will be an exciting new phase for ACADIA focused on building additional value in our pimavanserin franchise. We continue to make solid progress towards completing the remaining activities in our Parkinson’s disease psychosis development program that are needed for our NDA submission. Meanwhile, we are also finalizing preparations for our Phase II feasibility study in Alzheimer’s disease psychosis patients that we expect to initiate this year. We plan to build on the positive momentum of the first half of 2013 by continuing to advance our pipeline, led by pimavanserin, which we believe positions ACADIA with multiple attractive product and commercial opportunities.”