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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acadia Pharmaceuticals Inc | NASDAQ:ACAD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.08 | 16.85 | 17.50 | 17 | 13:24:53 |
- 3Q22 net sales of $130.7 million
- Prescription Drug User Fee Act action date set for March 12, 2023 for trofinetide for the treatment of Rett syndrome
Acadia Pharmaceuticals Inc. (Nasdaq: ACAD), today announced its financial results for the third quarter ended September 30, 2022.
NUPLAZID delivered net sales of $130.7 million in the third quarter of 2022, driven by sequential demand growth of 2% and an acceleration of growth in the long-term care (LTC) channel, offset by a reduction of in-channel inventory of approximately $7 million.
“Our third quarter results reflect continued growth in demand for NUPLAZID, driven by early signs of improvement in the long-term care channel,” said Steve Davis, Chief Executive Officer. “In the quarter we announced that our new drug application of trofinetide for the treatment of Rett syndrome has been accepted for filing by the FDA and granted a priority review. Furthermore, we continued to advance our late and early-stage portfolio, including our Phase 3 program for pimavanserin for the treatment of the negative symptoms of schizophrenia and our Phase 1 ACP-204 program for neuropsychiatric indications.”
Company Updates
Financial Results
Revenue
Net sales of NUPLAZID® (pimavanserin) were $130.7 million for the three months ended September 30, 2022, a decrease of 1% as compared to $131.6 million reported for the three months ended September 30, 2021. Net sales for the quarter were driven by sequential demand growth of 2% and an acceleration of growth in the LTC channel, offset by a reduction of in-channel inventory of approximately $7 million. For the nine months ended September 30, 2022, Acadia reported net product sales of $380.7 million, an increase of approximately 8% as compared to $353.4 million reported for the nine months ended September 30, 2021.
Research and Development
Research and development expenses for the three months ended September 30, 2022 were $81.3 million, compared to $58.6 million for the same period of 2021. The increase in research and development expenses during the quarter was primarily due to a $10 million milestone payment accrued to Neuren upon acceptance of the trofinetide NDA filing, as well as increased costs of manufacturing activities for trofinetide and the development of early-stage programs. For the nine months ended September 30, 2022 and 2021, research and development expenses were $285.8 million and $172.5 million. The increase was primarily due to the $60 million upfront payment made to Stoke Therapeutics for a license and collaboration agreement and the previously mentioned $10 million milestone as well as increased costs for trofinetide and early-stage programs.
Selling, General and Administrative
Selling, general and administrative expenses for the three months ended September 30, 2022 were $78.1 million, compared to $81.7 million for the same period of 2021. For the nine months ended September 30, 2022 and 2021, selling, general and administrative expenses were $264.7 million and $290.1 million, respectively. The decrease was primarily due to decreased advertising and promotional costs.
Net Loss
For the three months ended September 30, 2022, Acadia reported a net loss of $27.2 million, or $0.17 per common share, compared to a net loss of $14.5 million, or $0.09 per common share, for the same period in 2021. The net losses for the three months ended September 30, 2022 and 2021 included $18.3 million and $15.5 million, respectively, of non-cash stock-based compensation expense. For the nine months ended September 30, 2022, Acadia reported a net loss of $174.3 million, or $1.08 per common share, compared to a net loss of $124.8 million, or $0.78 per common share, for the same period in 2021. The increase was mainly due to the upfront and milestone payments made for license and collaboration agreements in 2022. The net losses for the nine months ended September 30, 2022 and 2021 included $53.8 million and $50.7 million, respectively, of non-cash stock-based compensation expense.
Cash and Investments
At September 30, 2022, Acadia’s cash, cash equivalents, and investment securities totaled $436.6 million, compared to $520.7 million at December 31, 2021.
2022 Financial Guidance
Conference Call and Webcast Information
The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call. The registration link will also be available on Acadia’s website, www.acadia.com under the investors section and will be archived there until December 7, 2022.
About NUPLAZID® (pimavanserin)
Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID. In addition, Acadia is developing pimavanserin in other neuropsychiatric conditions.
About Trofinetide
Trofinetide is an investigational drug. It is a novel synthetic analog of the amino‐terminal tripeptide of IGF-1 designed to treat the core symptoms of Rett syndrome by potentially reducing neuroinflammation and supporting synaptic function. Trofinetide is thought to stimulate synaptic maturation and overcome the synaptic and neuronal immaturities that are characteristic of Rett syndrome pathophysiology. In the central nervous system, IGF-1 is produced by both of the major types of brain cells – neurons and glia. IGF-1 in the brain is critical for both normal development and for response to injury and disease. Trofinetide has been shown to inhibit the production of inflammatory cytokines, inhibit the overactivation of microglia and astrocytes, and increase the amount of available IGF-1 that can bind to IGF-1 receptors.
About Acadia Pharmaceuticals
Acadia is advancing breakthroughs in neuroscience to elevate life. For more than 25 years we have been working at the forefront of healthcare to bring vital solutions to people who need them most. We developed and commercialized the first and only approved therapy for hallucinations and delusions associated with Parkinson’s disease psychosis. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Rett syndrome and neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include, but are not limited to, statements related to: the potential opportunity for future growth in sales of NUPLAZID; the timing of ongoing and future clinical studies for pimavanserin; the development and commercialization of trofinetide; and guidance for full-year 2022 NUPLAZID net sales for Parkinson’s disease psychosis only and certain expense line items. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the uncertainty of future commercial sales and related items that would impact net sales during 2022, the risks and uncertainties inherent in drug development, approval and commercialization, and the fact that past results of clinical trials may not be indicative of future trial results. For a discussion of these and other factors, please refer to Acadia’s annual report on Form 10-K for the year ended December 31, 2021 as well as Acadia’s subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and Acadia undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenues
Product sales, net
$
130,714
$
131,612
$
380,745
$
353,387
Total revenues
130,714
131,612
380,745
353,387
Operating expenses
Cost of product sales, license fees and royalties (1)
2,136
6,682
7,753
16,580
Research and development (1)
81,336
58,565
285,837
172,473
Selling, general and administrative (1)
78,108
81,666
264,688
290,116
Total operating expenses
161,580
146,913
558,278
479,169
Loss from operations
(30,866
)
(15,301
)
(177,533
)
(125,782
)
Interest income, net
2,295
129
2,980
462
Other income
2,156
383
1,999
706
Loss before income taxes
(26,415
)
(14,789
)
(172,554
)
(124,614
)
Income tax expense (benefit)
768
(332
)
1,696
162
Net loss
$
(27,183
)
$
(14,457
)
$
(174,250
)
$
(124,776
)
Net loss per common share, basic and diluted
$
(0.17
)
$
(0.09
)
$
(1.08
)
$
(0.78
)
Weighted average common shares outstanding, basic and diluted
161,852
160,663
161,580
159,651
(1) Includes the following stock-based compensation expense
Cost of product sales, license fees and royalties
$
344
$
439
$
1,013
$
1,025
Research and development
$
6,452
$
5,176
$
19,148
$
17,325
Selling, general and administrative
$
11,516
$
9,931
$
33,626
$
32,385
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2022
December 31, 2021
(unaudited)
Assets
Cash, cash equivalents and investment securities
$
436,579
$
520,706
Accounts receivable, net
55,733
64,366
Interest and other receivables
403
978
Inventory
5,844
7,881
Prepaid expenses
22,993
23,892
Total current assets
521,552
617,823
Property and equipment, net
6,510
8,047
Operating lease right-of-use assets
56,624
58,268
Restricted cash
5,770
5,770
Long-term inventory
5,992
6,217
Other assets
6,043
3,997
Total assets
$
602,491
$
700,122
Liabilities and stockholders’ equity
Accounts payable
$
10,008
$
6,876
Accrued liabilities
106,562
89,192
Total current liabilities
116,570
96,068
Operating lease liabilities
53,769
56,126
Other long-term liabilities
6,466
7,034
Total liabilities
176,805
159,228
Total stockholders’ equity
425,686
540,894
Total liabilities and stockholders’ equity
$
602,491
$
700,122
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005797/en/
Media Contact: Acadia Pharmaceuticals Inc. Deb Kazenelson (818) 395-3043 media@acadia-pharm.com
Investor Contact: Acadia Pharmaceuticals Inc. Mark Johnson, CFA (858) 261-2771 ir@acadia-pharm.com
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