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ACADIA Pharmaceuticals Reports First Quarter 2016 Financial Results

SAN DIEGO--(BUSINESS WIRE)--

ACADIA Pharmaceuticals Inc. (ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders, today announced its unaudited financial results for the first quarter ended March 31, 2016.

“We are very excited about the recent FDA approval of NUPLAZID™, the first and only drug approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis,” said Steve Davis, ACADIA’s President and Chief Executive Officer. “Parkinson’s psychosis tends to strike in the more advanced stages of Parkinson’s disease – at a time when patients are often experiencing significant challenges in controlling their motor symptoms such as tremor, slow movement and muscle rigidity. For the first time, physicians will have a drug to treat hallucinations and delusions without worsening motor function in Parkinson’s psychosis patients. We look forward to making NUPLAZID available to physicians and patients in June.”

ACADIA reported a net loss of $49.8 million, or $0.45 per common share, for the first quarter of 2016 compared to a net loss of $40.4 million, or $0.40 per common share, for the first quarter of 2015. The net losses for the first quarters of 2016 and 2015 included $12.0 million and $14.5 million, respectively, in non-cash stock-based compensation expense. At March 31, 2016, ACADIA’s cash, cash equivalents and investment securities totaled $457.2 million, compared to $215.1 million at December 31, 2015.

Research and development expenses increased to $22.8 million for the first quarter of 2016, including $4.4 million in stock-based compensation expense, from $16.3 million for the comparable quarter of 2015, including $2.4 million in stock-based compensation expense. This increase was due to an increase in personnel and related costs of $4.8 million associated with ACADIA’s expanded research and development organization and an increase of $1.7 million in external service costs. The increase in external service costs was primarily due to increased costs in connection with the FDA’s Psychopharmacologic Drugs Advisory Committee meeting that occurred in March 2016 and increased costs related to the development of pimavanserin in additional indications other than in Parkinson’s disease psychosis, largely offset by pimavanserin manufacturing development costs incurred in the first quarter of 2015 not incurred in the first quarter of 2016.

General and administrative expenses increased to $27.5 million for the first quarter of 2016, including $7.6 million in stock-based compensation expense, from $24.3 million for the comparable quarter of 2015, including $12.2 million in stock-based compensation expense. This increase was due to an increase of $4.8 million in external service costs offset by a decrease of $1.6 million in personnel and related costs and stock-based compensation expense. The decrease in personnel costs and stock-based compensation expense was driven by a one-time expense of $9.6 million incurred in the first quarter of 2015 in connection with the retirement of ACADIA’s former Chief Executive Officer, including $9.0 million of stock-based compensation expense. Excluding these one-time costs, the...


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