ACAD

ACADIA Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals, Inc. (ACAD)

Q1 2008 Earnings Call

May 5, 2008 5:00 pm ET

Executives

Lisa Barthelemy - Director of Investor Relations

Uli Hacksell - Chief Executive Officer

Roger Mills - Executive Vice President of Developments

Tom Aasen - Chief Financial Officer

Analysts

Jim Birchenough - Lehman Brothers

Alan Carr - Needham

Charles Duncan - JMP Securities

Mike King - Rodman & Renshaw

Joe Pantginis - Canaccord Adams

Patrick Moriarty - Fortis

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the ACADIA Pharmaceuticals' First Quarter 2008 Financial Results Conference Call. My name is [Antin]. I'll 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 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 - Director of Investor Relations

Good afternoon and welcome to ACADIA Pharmaceuticals first quarter 2008 financial results conference call. This call is being recorded, and an archived copy will be available on our website at www.acadia-pharm.com through May 19.

Before I 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 anticipated financial results and our research and development programs. 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.

It's now my pleasure to turn the call over to Dr. Uli Hacksell, our Chief Executive Officer.

Uli Hacksell - Chief Executive Officer

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 covering some of our recent highlights. I will then ask Tom to briefly review our financial results for the first quarter, and following these remarks we will review our clinical programs. We will then open the floor to your questions.

Our first quarter was highlighted by solid progress in our advanced clinical programs. We took another important step forward in our most advanced program with the initiation of our second Phase III pivotal trial in our program with Pimavanserin for Parkinson's Disease Psychosis, or PDP. We also remain on track with our first Phase III pivotal trial in this program, which was initiated last year. We continue to focus on advancing our Phase III PDP program toward registration as part of our strategy to develop and commercialize Pimavanserin for multiple indications together with a strategic partner.

Meanwhile, we are also pleased to report today that we remain on track to announce top line results from our Phase IIb schizophrenia trial with ACP-104 later this year. We are off to a busy start to the 2008 objectives and other activities and we look forward to continuing this momentum throughout the year. Above all, we remain committed to providing new therapy options that will improve the lives of patients and their families by delivering value for our stockholders.

Before we review our clinical programs in more detail, let me turn the call over to Tom to discuss our recent financial results.

Tom Aasen - Chief Financial Officer

Thank you, Uli, and good afternoon. I will provide you with a brief overview of our first quarter 2008 financial results, which we reported in our press release and Form 10-K issued earlier today.

I am pleased to report that our financial results for the quarter were inline with our expectations and were consistent with the increased investment and advancement we have made in our proprietary clinical pipeline.

We reported a net loss of 16.4 million or $0.44 per common share for the first quarter of 2008, compared to a net loss of 12.6 million or $0.42 per common share for the first quarter of 2007.

Looking briefly at some of our components of first quarter results. Our revenues totaled 806,000 for the first quarter and were primarily comprised of revenues from our collaborations with Allergan as well as smaller scale agreements with other parties. This compared the revenues of 2.0 million for the first quarter of 2007 with the decrease primarily due to completion of our agreements with Sepracor and The Stanley Medical Research Institute.

Research and development expenses totaled 15.2 million for the first quarter of 2008 compared to 12.3 million for the first quarter of 2007. The increase was primarily due to increased clinical development activity associated with our advanced clinical programs, including our Phase III program with Pimavanserin for PDP. External service cost totaled 7.8 million for the quarter compared to 4.8 million in the first quarter of 2007, largely reflecting costs associated with our Phase III PDP program as well as costs from our Phase IIb trial with ACP-104.

Read the rest of this transcript for free on seekingalpha.com