ACADIA Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals, Inc. (ACAD)

Q3 2009 Earnings Call

November 9, 2009 17:00 p.m. ET


Tom Aasen - CFO

Dr. Uli Hacksell - CEO

Dr. Roger Mills - EVP of Development


Charles Duncan - JPM Securities

Allen Carr - Needham & Company

Jason Napodano - Zacks Investment Research



Good day, ladies and gentlemen and welcome to the ACADIA Pharmaceuticals Third Quarter 2009 Financial Results Conference Call. My name is Peggy 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 Tom Aasen, Chief Financial Officer of ACADIA who will review the company's forward-looking statements.

Tom Aasen

Thank you. Good afternoon and welcome to ACADIA Pharmaceuticals third quarter 2009 financial results conference call. This call is being recorded and an archived copy will be available on our website at through November 23. 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 and our partners' research and development programs and plans, potential payments pursuant to our collaboration agreements and our future expenses, cash position and 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 others 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, 2008 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 those forward-looking statements. I would now turn the call over to Dr. Uli Hacksell our Chief Executive Officer.

Dr. Uli Hacksell

Thank you Tom and let me take this opportunity to thank all of you for joining us on today's conference call. Also joining us from ACADIA today is Dr. Roger Mills, our Executive Vice President of Development. We will begin today by reviewing our strategy and recent developments. I will then ask Tom to briefly review our financial results for the third quarter and following these remarks Roger and I will provide you with an update on our development programs. We will then open the call to your questions. Clearly, we experienced a major disappointment during the third quarter with the advancement of the top line results from our first Phase III trial, which we referred to as the -012 Study with Pimavanserin in Parkinson's disease psychosis or PDP.

Following analysis of the data from the -012 Study, we were however encouraged to see that the 40 mg Pimavanserin consistently demonstrated signals of efficacy across a number of measures. We have also observed a favorable safety and tolerability profile for Pimavanserin as well as several timings from the -012 study, which we believe can be applied to help mitigate the placebo response in new type Phase III products.

Together with our partner Biovail, we established a development strategy that we believe we will strengthen the PDP program while at the same time providing the opportunity to explore the clinical and commercial potential of Pimavanserin in two, other indications we launch are met medical needs.

These indications are first adjunctive therapy for schizophrenia and second standalone therapy for Alzheimer's disease psychosis or ADP. Importantly, both ACADIA and Biovail remain enthusiastic about Pimavanserin's prospects and are committed to advancing Pimavanserin to the market as quickly as possible. As we pursue this collaborative development program for Pimavanserin, we took decisive action to further streamline our operations and reduce our operating expenses. As a result of these actions, we anticipate that we have extended our cash run rate through the 2011 and positioned ACADIA to pursue multiple clinical programs. Our strategy and priorities are very clear. We have focused on developing a portfolio of our four most advanced product candidates, all of which are supported by our collaborative partners.

In addition to Pimavanserin, we have 2 clinical programs in the areas of chronic pain and glaucoma in collaborations with Allegran. And we are in IND-track development with AM-831, a proved coordinative and pro-cognitive antipsychotic product candidate through our collaboration with Meiji Seika, which we have established earlier on this year. We believe that our focus on this portfolio of four product candidates led by broad based development program with Pimavanserin, firmly positions ACADIA with multiple products and commercial opportunities and significant growth potential.

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

Tom Aasen

Thank you Uli, let me start by commenting briefly on our third quarter results, which were reported in our press release issued and Form 10-Q issued earlier today. We reported a net loss of $8.7 million or $0.23 per common share for the third quarter 2009, compared to a net loss of $15.6 million or $0.42 per common share for the third quarter 2008. The financial results reflect the effects of the cost saving measures we implemented in August 2008 to streamline our cost structure.

Let's look at some of the components of our third quarter results. Our revenues increased to $2.4 million for the third quarter of 2009 from 282,000 in the comparable quarter of 2008. The increase was primarily driven by $1.9 million in revenues recognized under our collaboration with Biovail.

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