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, 2013.
ACADIA reported a net loss of $10.7 million, or $0.12 per common share, for the third quarter of 2013 compared to a net loss of $2.4 million, or $0.04 per common share, for the third quarter of 2012. The net losses for the third quarters of 2013 and 2012 included $1.9 million and $488,000, respectively, in non-cash, stock-based compensation expense. For the nine months ended September 30, 2013, ACADIA reported a net loss of $25.9 million, or $0.31 per common share, compared to a net loss of $14.0 million, or $0.26 per common share, for the comparable period of 2012.
At September 30, 2013, ACADIA’s cash, cash equivalents and investment securities totaled $196.2 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.
“We remain focused on building value in our pimavanserin franchise and advancing our pipeline,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “During the third quarter of 2013, we continued to build on the strong momentum established in the first half of the year and made important progress in advancing our Parkinson’s disease psychosis program with pimavanserin toward registration. We remain on track for a targeted NDA submission near the end of 2014. In parallel, we are finalizing study start-up activities for our Phase II trial in Alzheimer’s disease psychosis that is scheduled for initiation this month.”