ACADIA Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals, Inc. (ACAD)

Q3 2008 Earnings Call

November 05, 2008 at 5:00 pm ET


Uli Hacksell - Chief Executive Officer

Roger Mills - Executive Vice President of Developments

Tom Aasen - Chief Financial Officer

Lisa Barthelemy - Director of Investor Relations


William Ho - Banc Of America Securities

Charles Duncan - JMP Securities

Jason Napodano - Zacks Investment Research



Good day, ladies and gentlemen, and welcome to the ACADIA Pharmaceuticals' third quarter 2008 financial results conference call. My name is Noella and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call. (Operator's Instructions)

I would now like to turn the presentation over to Ms. Lisa Barthelemy, Director of Investor Relations at ACADIA, who will review the Company's forward-looking statements. Please proceed.

Lisa Barthelemy

Thank you. Good morning and welcome to ACADIA Pharmaceuticals third quarter 2008 financial results conference call. This call is being recorded, and an archived copy will be available on our website at through November 19.

Before we proceed, I would first like to remind you that during our call today, we will be making a number of forward-looking statements, including statements regarding our research and development programs and our financial results. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors and other risks associated with our business can be found in our filings made with the SEC, including our annual report on Form 10-K for the year ended December 31, 2007 and subsequent filings. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of today's date. ACADIA disclaims any obligation to update these forward-looking statements.

I will now turn the call over to Dr. Uli Hacksell, our Chief Executive Officer.

Uli Hacksell

Thank you, Lisa, and let me take this opportunity to thank all of you for joining us on today's conference call. Also joining from ACADIA today are Dr. Roger Mills, our Executive Vice President of Developments and Tom Aasen, our Chief Financial Officer.

I will begin today by reviewing our strategy and recent highlights. I will then ask Tom to briefly review our financial results for the third quarter, and following these remarks we will review our clinical programs in more detail. We will then open up the floor to your questions.

Our third quarter was highlighted by continued advancement of our four chief product candidates. As you recall, we implemented the strategic restructuring in early August to focus our resources on our most advanced product candidates, reviews our expenses and provide us with added financial flexibility. Our strategy and our priorities remain very clear. We have focused on developing a portfolio of our four most advanced product candidates consistent with two internal compounds as well as two partnered compounds that are fully founded by Allergan.

Our top priority continuous to be advancing our Phase III program with Pimavanserin for Parkinson's Disease Psychosis or PDP towards registration. Our near term focus in this program is the successful and timely execution of the first Phase III pivotal trial. Once again, I am pleased to report today that we remain on track with study and expect to report top earning results in the third quarter of 2009 consistent with our previous guidance.

We also continued to advance other components of this Phase III program including our second Phase III pivotal trial and supporting NDA-enabling studies. In addition to Pimavanserin, we are pursuing two exciting clinical programs through our collaborations with Allergan. We think it was a product candidate in Phase II for chronic pain and the product candidate in Phase I for glaucoma. In particular, we look forward to Allergan completing the ongoing Phase II chronic pain trials in the mid 2009 timeframe.

Finally, we are also progressing the IND-enabling studies for our fourth product candidate, ACP-106 and plan to advance it to the clinic in 2009. With this portfolio of product candidates, we believe that ACADIA is well positioned with multiple product and commercial opportunities and with the opportunities with ACP clinical milestones over the next year.

Lt me turn over to Tom to discuss our recent financial results.

Tom Aasen

Thank you, Uli, and good afternoon. Let me start by providing a brief overview of our third quarter 2008 financial results, which we reported in our press release and Form 10-Q issued earlier today.

We reported a net loss of $15.6 million or $0.42 per common share for the third quarter of 2008, compared to a net loss of $16.0 million or $0.43 per common share for the third quarter of 2007. As expected, the results for the third quarter of 2008 included charges of $2.1 million in connection with workforce reductions from ACADIA's restructuring announced in August. Despite these charges, our net loss decreased during the third quarter primarily due to lower operating expenses.

Looking briefly at some of our components of third quarter results. Revenues totaled $282,000 for the third quarter and as expected, decreased relative to the comparable quarter 2007 primarily due to completion of our agreement with Seprecor as well as lower revenues from our ongoing collaborations with Allergan and agreements with other parties.

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