ACADIA Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals, Inc. (ACAD)

Q4 2008 Earnings Call

March 9, 2009 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


Charles Duncan – JMP Securities

Alan Carr – Needham

Christopher James – Rodman & Renshaw



Good day, ladies and gentlemen, and welcome to the ACADIA Pharmaceuticals' fourth quarter 2008 financial results conference call. At this time, all participants are in a listen-only mode. We will facilitate 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.

Lisa Barthelemy

Good afternoon and welcome to ACADIA Pharmaceuticals’ fourth quarter 2008 financial results conference call. This call is being recorded, and an archived copy will be available on our website at through March 23, 2009.

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 future financial performance. 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. Additionally, certain of the information discussed today reflects preliminary financial results, as we have not yet filed our annual report on Form 10-K for the year ended December 31, 2008.

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

Uli Hacksell

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 covering some recent highlights. I will then ask Tom to briefly review our financial results for the third quarter, and following these remarks, Roger and I will review our clinical programs in more detail. We will then open the floor to your questions.

During the last quarter, we continued to make important strides in advancing our pipeline of product candidates. We remain focused on developing a portfolio of our four most advanced product candidates, consisting of two internal compounds including our lead product candidate, pimavanserin, as well as two partner compounds that are fully funded by Allergan.

Our top priority is to advance our Phase III program with pimavanserin in Parkinson disease psychosis toward registration with a near-term focus on the successful and timely completion of our first Phase III pivotal trial. I’m pleased to report today that this trial continues to progress well, and we anticipate reporting top line results in the third quarter of this year, consistent with our earlier guidance.

In addition to our lead program with pimavanserin, we have continued to advance two other clinical programs through our collaborations with Allergan—the Phase II program in chronic pain and a Phase I program in glaucoma. Most notably, Allergan has indicated that it plans to complete Phase II studies in the chronic pain program in mid 2009 to enable selection of doses and the indications for late stage development.

Behind these three clinical programs, we are conducting initial IND enabling studies for ACP106, an internally discovered compound from our research and development program. With this portfolio of product candidates, we believe that Acadia is well positioned with multiple products and commercial opportunities. We have an exciting and important year ahead of us that provides potential for a number of value-driving catalysts including clinical data in our two most advanced programs.

Let me now turn the call over to Tom to discuss our recent financial results.

Tom Aasen

Let me start by providing a brief overview of our fourth quarter financial results, which were reported in our press release issued earlier today. We reported a net loss of $14.0 million or $0.38 per common share for the fourth quarter of 2008, compared to a net loss of $17.0 million or $0.46 per common share for the fourth quarter of 2007. As expected, we have begun to see the effects of the disciplined actions we implemented last August to streamline our cost structure, focus our resources on our most advanced product candidates, and strengthen our financial position.

Let’s briefly look at some of the components of our fourth quarter results. Revenues totaled $325,000 for the fourth quarter, and as expected, decreased relative to the comparable quarter of 2007 largely due to completion of our agreement with Seprecor in early 2008.

Research and development expenses decreased to $12.1 million for the fourth quarter of 2008 from $17.3 million for the fourth quarter of 2007. This decrease was largely driven by cost savings of approximately $3.5 million resulting from our restructuring last year as well as lower external service costs. External service R&D costs totaled $8.7 million for the fourth quarter of 2008 and were primarily comprised of clinical expenses for pimavanserin.

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