Full Press Release Details
ACADIA Pharmaceuticals Reports
First Quarter 2017 Financial Results
SAN DIEGO, CA May 9, 2017 ACADIA Pharmaceuticals
Inc. (NASDAQ: ACAD), a biopharmaceutical company focused on the
development and commercialization of innovative medicines to
address unmet medical needs in central nervous system (CNS)
disorders, today announced its unaudited financial results for the
first quarter ended March 31, 2017.
very pleased with our strong start to 2017, said Steve
Davis, ACADIA's President and Chief Executive Officer.
The use of NUPLAZID in
Parkinson's disease psychosis continues to
expand as brand awareness among neurologists, psychiatrists, and
other healthcare providers grows. We also continue to advance our
ongoing clinical studies in Alzheimer's disease agitation,
schizophrenia inadequate response, schizophrenia negative symptoms,
and major depressive disorder, and we look forward to moving our
Alzheimer's disease psychosis program into Phase III in the
second half of 2017.
first quarter of 2017 of $15.3 million, an increase of 28% from the
fourth quarter of 2016.
(pimavanserin) available on Medicare formularies for the treatment
of Parkinson's disease psychosis (PD Psychosis); commercial
coverage decisions grew to over 90% of commercial
penetration into the long-term care market with 25 additional
long-term care sales specialists; ACADIA currently has
approximately 155 total sales specialists.
execute on broad clinical development program with ongoing studies
in Alzheimer's disease agitation, schizophrenia inadequate
response, schizophrenia negative symptoms, and major depressive
Alzheimer's disease psychosis (AD Psychosis) program into
Phase III in second half of 2017.
NUPLAZID in PD Psychosis at the American Association for Geriatric
Psychiatry Annual Meeting.
J. Yang as Executive Vice President, Chief Commercial
reported NUPLAZID net product sales of $15.3 million for the three
months ended March 31, 2017. NUPLAZID was first made available for
prescription starting in May 2016 and there were no similar net
product sales for the comparable period of 2016. ACADIA reports
product sales when its specialty pharmacy partners dispense
NUPLAZID to a patient based on the fulfillment of a prescription or
its specialty distributor partners sell NUPLAZID to a government
facility, long-term care pharmacy or in-patient hospital pharmacy.
As of March 31, 2017, the company had $4.1 million of deferred
product revenue, net of distribution fees, for product it had
shipped to its distribution partners that had not yet sold-through
the distribution channel. At December 31, 2016, the company had
$2.6 million of deferred product revenue, net of distribution
Research and Development
and development expenses increased to $35.4 million for the three
months ended March 31, 2017 from $22.8 million for the comparable
period of 2016. This increase was primarily due to increased
clinical costs related to studies the company initiated in the
fourth quarter of 2016 for indications other than PD Psychosis. The
company also incurred additional personnel and related costs
associated with its expanded research and development organization
during the three months ended March 31, 2017 compared to the same
Selling, General and Administrative
general and administrative expenses increased to $65.7 million for
the three months ended March 31, 2017 from $27.5 million for the
comparable period of 2016. This increase was primarily due to costs
incurred to support ACADIA's commercial activities for
NUPLAZID and costs related to its specialty sales force that did
not exist for the comparable period of 2016 prior to the launch of
three months ended March 31, 2017, ACADIA reported a net loss of
$87.8 million, or $0.72 per common share, compared to a net loss of
$49.8 million, or $0.45 per common share, for the comparable period
of 2016. The net loss for the three months ended March 31, 2017
included $15.6 million of non-cash stock-based compensation expense
compared to $12.0 million for the comparable period of
Cash and Investments
March 31, 2017, ACADIA's cash, cash equivalents, and
investment securities totaled $469.5 million, compared to $529.0
million at December 31, 2016.
Conference Call and Webcast Information
management will review its first quarter financial results and
operations via conference call and webcast later today at 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing
844-821-1109 for participants in the U.S. or Canada and
830-865-2550 for international callers (reference passcode
12435244). A telephone replay of the conference call may be
accessed through May 23, 2017 by dialing 855-859-2056 for callers
in the U.S. or Canada and 404-537-3406 for international callers
(reference passcode 12435244). The conference call also will be
webcast live on ACADIA's website, www.acadia-pharm.com,
under the investors section and will be archived there until May
is the first and only FDA-approved treatment for hallucinations and
delusions associated with PD Psychosis. NUPLAZID is a
non-dopaminergic, selective serotonin inverse agonist
preferentially targeting 5-HT2A receptors that
are thought to play an important role in PD Psychosis. NUPLAZID is
an oral medicine taken once a day with a recommended dose of 34 mg
(two 17-mg tablets). ACADIA discovered this new chemical entity and
holds worldwide rights to develop and commercialize
About ACADIA Pharmaceuticals
is a biopharmaceutical company focused on the development and
commercialization of innovative medicines to address unmet medical
needs in central nervous system disorders. ACADIA maintains a
website at www.acadia-pharm.com
to which we regularly post copies of our press releases as well as