$ACAD
ACADIA PHARMACEUTICALS INC

2016 Q2 Form 10-Q Financial Statement

#000156459016017989 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $97.00K $4.000K $4.000K
YoY Change 9600.0% 0.0% -86.67%
Cost Of Revenue $526.0K
YoY Change
Gross Profit -$429.0K
YoY Change
Gross Profit Margin -442.27%
Selling, General & Admin $50.77M $27.50M $24.30M
YoY Change 140.61% 13.17% 285.71%
% of Gross Profit
Research & Development $20.48M $22.78M $16.30M
YoY Change 11.42% 39.77% 39.66%
% of Gross Profit
Depreciation & Amortization $450.0K $138.0K $122.0K
YoY Change 60.71% 13.11% 183.72%
% of Gross Profit
Operating Expenses $71.25M $50.27M $40.56M
YoY Change 80.38% 23.94% 125.46%
Operating Profit -$71.92M -$50.26M -$40.55M
YoY Change 82.1% 23.94% 125.82%
Interest Expense $601.0K $500.0K $177.0K
YoY Change 405.04% 182.49% 36.15%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$71.30M -$49.80M -$40.40M
YoY Change 80.96% 23.27% 126.97%
Income Tax
% Of Pretax Income
Net Earnings -$71.32M -$49.76M -$40.38M
YoY Change 81.12% 23.25% 126.47%
Net Earnings / Revenue -73527.84% -1244050.0% -1009375.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$629.3K -$447.4K -$403.2K
COMMON SHARES
Basic Shares Outstanding 113.2M 112.6M shares 100.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $412.6M $457.2M $297.9M
YoY Change 52.38% 53.49% -19.33%
Cash & Equivalents $131.8M $175.2M $76.42M
Short-Term Investments $280.8M $282.0M $221.5M
Other Short-Term Assets $6.800M $4.300M $1.300M
YoY Change 518.18% 230.77% -31.58%
Inventory $2.867M
Prepaid Expenses
Receivables $300.0K
Other Receivables $1.300M
Total Short-Term Assets $423.9M $462.4M $299.9M
YoY Change 55.05% 54.17% -19.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.897M $2.623M $1.786M
YoY Change 59.79% 46.86% 228.91%
Goodwill
YoY Change
Intangibles $7.754M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.111M $1.240M $278.0K
YoY Change 233.63% 346.04% 94.41%
Total Long-Term Assets $14.14M $4.238M $2.064M
YoY Change 558.76% 105.33% 200.87%
TOTAL ASSETS
Total Short-Term Assets $423.9M $462.4M $299.9M
Total Long-Term Assets $14.14M $4.238M $2.064M
Total Assets $438.0M $466.6M $302.0M
YoY Change 58.97% 54.52% -19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.024M $1.307M $2.518M
YoY Change -64.88% -48.09% 61.2%
Accrued Expenses $27.49M $19.82M $14.13M
YoY Change 66.96% 40.2% 119.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.02M $21.12M $16.65M
YoY Change 49.77% 26.85% 107.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change -33.33% 0.0%
Total Long-Term Liabilities $197.0K $217.0K $218.0K
YoY Change -42.06% -0.46% 1576.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.02M $21.12M $16.65M
Total Long-Term Liabilities $197.0K $217.0K $218.0K
Total Liabilities $29.22M $21.34M $16.87M
YoY Change 48.18% 26.5% 109.66%
SHAREHOLDERS EQUITY
Retained Earnings -$783.7M -$712.3M -$538.5M
YoY Change 35.61% 32.28% 27.16%
Common Stock $11.00K $11.00K $10.00K
YoY Change 10.0% 10.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $408.8M $445.3M $285.1M
YoY Change
Total Liabilities & Shareholders Equity $438.0M $466.6M $302.0M
YoY Change 58.97% 54.52% -19.15%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$71.32M -$49.76M -$40.38M
YoY Change 81.12% 23.25% 126.47%
Depreciation, Depletion And Amortization $450.0K $138.0K $122.0K
YoY Change 60.71% 13.11% 183.72%
Cash From Operating Activities -$56.75M -$41.21M -$25.35M
YoY Change 89.99% 62.56% 78.77%
INVESTING ACTIVITIES
Capital Expenditures -$8.580M $207.0K $988.0K
YoY Change 1180.6% -79.05% 16366.67%
Acquisitions
YoY Change
Other Investing Activities $1.120M -$168.5M $39.46M
YoY Change -97.5% -526.99% -139.81%
Cash From Investing Activities -$7.460M -$168.7M $38.47M
YoY Change -116.93% -538.52% -138.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $281.6M $1.439M
YoY Change 19469.15% -99.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.76M 283.0M 1.440M
YoY Change 698.46% 19552.08% -99.27%
NET CHANGE
Cash From Operating Activities -56.75M -41.21M -25.35M
Cash From Investing Activities -7.460M -168.7M 38.47M
Cash From Financing Activities 20.76M 283.0M 1.440M
Net Change In Cash -43.45M 73.08M 14.56M
YoY Change -358.63% 401.92% -82.82%
FREE CASH FLOW
Cash From Operating Activities -$56.75M -$41.21M -$25.35M
Capital Expenditures -$8.580M $207.0K $988.0K
Free Cash Flow -$48.17M -$41.42M -$26.34M
YoY Change 64.97% 57.25% 85.66%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Recent Accounting Pronouncements</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In March and April 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued updates to its authoritative guidance for revenue from contracts with customers. The updates clarify certain aspects of the revenue guidance, including the implementation guidance on principal versus agent considerations, the licensing implementation guidance, and the identification of performance obligations. The authoritative guidance for revenue from contracts with customers to which these updates apply is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is continuing to evaluate which transition approach to use and its impact, if any, on its consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued authoritative guidance related to accounting for employee share-based compensation which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and accounting for forfeitures. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years. The Company is currently evaluating the impact of the adoption of this guidance on the Company&#8217;s consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued authoritative guidance related to accounting for leases. This accounting guidance will require a lessee to recognize a lease liability and a right-of-use asset for all leases with lease terms of more than 12 months. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company&#8217;s consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2014, the FASB issued authoritative accounting guidance related to an entity&#8217;s ability to continue as a going concern. This guidance explicitly requires management to assess an entity&#8217;s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The new standard is effective for annual reporting periods ending after December 15, 2016, and for annual periods and interim periods thereafter, with early adoption permitted. The Company early adopted this guidance in the first quarter of 2016 with no impact to its consolidated financial statements or related disclosures.</p></div>
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CY2015Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
14000
CY2016Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
452120000
CY2015Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
213059000
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10344827

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