ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines that address unmet medical needs in neurological and related central nervous system disorders, announced its unaudited financial results for the first quarter ended March 31, 2015.
ACADIA reported a net loss of $40.4 million, or $0.40 per common share, for the first quarter of 2015 compared to a net loss of $17.8 million, or $0.19 per common share, for the first quarter of 2014. The net loss for the first quarter of 2015 included $14.5 million in non-cash stock-based compensation expense, including $9.0 million of non-cash stock-based compensation recognized in connection with the retirement of ACADIA’s former Chief Executive Officer. Non-cash stock-based compensation expense for the first quarter of 2014 totaled $3.2 million. At March 31, 2015, ACADIA’s cash, cash equivalents and investment securities totaled $297.9 million, compared to $322.5 million at December 31, 2014.
“We continue to make important progress in advancing NUPLAZID™ (pimavanserin) for Parkinson’s disease psychosis (PDP) toward registration and in preparing for the planned commercial launch of NUPLAZID in the United States,” said Steve Davis, ACADIA’s Interim Chief Executive Officer. “We remain on track with completing the preparation of manufacturing quality systems to support commercial manufacturing and supply and, as previously indicated, we plan to submit our NUPLAZID New Drug Application (NDA) to theU.S. Food and Drug Administration (FDA) in the second half of 2015.”
“In addition, during the first quarter, we made significant strides in our foundational medical education efforts, including initiation of an important disease awareness campaign designed to increase dialog in the medical community regarding the needs of patients suffering from PDP. This initiative, together with a further expansion of our sales management team and medical affairs team, highlight the strong efforts we are putting behind addressing the significant unmet need represented by PDP.”
Research and development expenses increased to $16.3 million for the first quarter of 2015, including $2.4 million in stock-based compensation expense, from $11.7 million for the comparable quarter of 2014, including $1.0 million in stock-based compensation expense. This increase was partly due to an increase of$3.1 million in personnel and related costs and stock-based compensation expense associated with ACADIA’s expanded research and development organization. Also contributing to the quarter-over-quarter increase was an increase in external service costs of $1.5 million, primarily related to ongoing work to complete the preparation of manufacturing quality systems to support commercial manufacturing and supply of NUPLAZID.
General and administrative expenses increased to $24.3 million for the first quarter of 2015, including $12.2 million in stock-based compensation expense, from $6.3 million for the comparable quarter of 2014, including $2.2 million in stock-based compensation expense. This increase was due to increases in personnel and related costs and stock-based compensation expense of $14.2 million and increases in external services costs of $3.8 million. Contributing to the increase in personnel costs and stock-based compensation expense was $9.6 million in costs recognized in connection with the retirement of ACADIA’s former Chief Executive Officer, including $9.0 million of stock-based compensation expense. Excluding these costs, the increases in personnel costs and external services costs were largely related to ACADIA’s commercial preparations for the planned launch of NUPLAZID. (Original Source)
Shares of Acadia closed today at $36.56, down $0.21 or 0.57%. ACAD has a 1-year high of $46.48 and a 1-year low of $17.15. The stock’s 50-day moving average is $35.26 and its 200-day moving average is $32.81.
On the ratings front, Acadia has been the subject of a number of recent research reports. In a report issued on April 16, Leerink Swann analyst Paul Matteis initiated coverage on ACAD with a Buy rating and a price target of $48, which implies an upside of 31.0% from current levels. Separately, on March 12, Needham’s Alan Carr reiterated a Buy rating on the stock and has a price target of $38.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Paul Matteis and Alan Carr have a total average return of -11.4% and 39.0% respectively. Matteis has a success rate of 0.0% and is ranked #3127 out of 3594 analysts, while Carr has a success rate of 69.8% and is ranked #4.
Overall, 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $36.65 which is 19.2% above where the stock opened today.
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. It is engaged in the business of development and commercialization of small molecule drugs for the treatment of central nervous system disorders.