$ACAD
ACADIA PHARMACEUTICALS INC

2019 Q3 Form 10-Q Financial Statement

#000156459019027565 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $94.59M $83.21M $57.06M
YoY Change 62.23% 45.81% 87.25%
Cost Of Revenue $2.416M $2.958M $3.562M
YoY Change -37.07% -16.96% 60.16%
Gross Profit $92.17M $80.25M $53.50M
YoY Change 69.22% 49.99% 89.38%
Gross Profit Margin 97.45% 96.44% 93.76%
Selling, General & Admin $72.70M $67.98M $69.47M
YoY Change 18.99% -2.15% 13.7%
% of Gross Profit 78.88% 84.71% 129.85%
Research & Development $62.60M $67.32M $46.59M
YoY Change 17.89% 44.49% 36.23%
% of Gross Profit 67.92% 83.89% 87.09%
Depreciation & Amortization $650.0K $690.0K $710.0K
YoY Change -14.47% -2.82% 4.41%
% of Gross Profit 0.71% 0.86% 1.33%
Operating Expenses $135.3M $135.3M $116.1M
YoY Change 18.48% 16.57% 21.79%
Operating Profit -$45.42M -$57.09M -$64.08M
YoY Change -25.87% -10.91% -6.36%
Interest Expense $2.432M $2.527M $1.279M
YoY Change 97.88% 97.58% 28.8%
% of Operating Profit
Other Income/Expense, Net $747.0K -$12.00K -$200.0K
YoY Change -143.43% -94.0%
Pretax Income -$42.24M -$54.58M -$63.05M
YoY Change -31.61% -13.44% -5.96%
Income Tax -$264.0K $365.0K $219.0K
% Of Pretax Income
Net Earnings -$41.98M -$54.94M -$63.27M
YoY Change -32.44% -13.16% -6.19%
Net Earnings / Revenue -44.38% -66.03% -110.87%
Basic Earnings Per Share
Diluted Earnings Per Share -$287.9K -$380.5K -$506.8K
COMMON SHARES
Basic Shares Outstanding 144.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $683.8M $381.9M $256.9M
YoY Change 219.38% 48.65% -38.44%
Cash & Equivalents $385.5M $74.43M $74.18M
Short-Term Investments $298.4M $307.5M $182.7M
Other Short-Term Assets $21.40M $18.50M $12.80M
YoY Change 42.67% 44.53% 60.0%
Inventory $4.846M $3.824M $4.700M
Prepaid Expenses $18.51M
Receivables $30.80M $31.78M $25.70M
Other Receivables $1.500M $900.0K $1.000M
Total Short-Term Assets $742.3M $436.9M $301.1M
YoY Change 192.13% 45.11% -32.14%
LONG-TERM ASSETS
Property, Plant & Equipment $13.20M $3.427M $2.800M
YoY Change 288.24% 22.39% -15.15%
Goodwill
YoY Change
Intangibles $2.954M $3.323M
YoY Change -33.33%
Long-Term Investments $2.900M
YoY Change
Other Assets $2.307M $1.588M $6.300M
YoY Change -48.73% -74.79% 110.0%
Total Long-Term Assets $23.29M $23.94M $13.90M
YoY Change 87.79% 72.25% 10.32%
TOTAL ASSETS
Total Short-Term Assets $742.3M $436.9M $301.1M
Total Long-Term Assets $23.29M $23.94M $13.90M
Total Assets $765.6M $460.9M $315.0M
YoY Change 187.27% 46.31% -30.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.444M $4.650M $3.300M
YoY Change 14.8% 40.91% -8.33%
Accrued Expenses $64.30M $59.16M $45.90M
YoY Change 65.3% 28.9% 23.06%
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 $67.74M $63.81M $49.20M
YoY Change 62.07% 29.7% 20.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.174M $1.413M $1.000M
YoY Change 81.17% 41.3% 233.33%
Total Long-Term Liabilities $2.174M $1.413M $1.000M
YoY Change 81.17% 41.3% 233.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.74M $63.81M $49.20M
Total Long-Term Liabilities $2.174M $1.413M $1.000M
Total Liabilities $76.30M $71.97M $50.20M
YoY Change 77.43% 43.36% 21.84%
SHAREHOLDERS EQUITY
Retained Earnings -$1.651B -$1.609B
YoY Change
Common Stock $2.340B $1.997B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $689.3M $388.9M $264.7M
YoY Change
Total Liabilities & Shareholders Equity $765.6M $460.9M $315.0M
YoY Change 187.27% 46.31% -30.97%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$41.98M -$54.94M -$63.27M
YoY Change -32.44% -13.16% -6.19%
Depreciation, Depletion And Amortization $650.0K $690.0K $710.0K
YoY Change -14.47% -2.82% 4.41%
Cash From Operating Activities -$18.85M -$38.39M -$40.87M
YoY Change -55.42% -6.07% -30.49%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$20.00K -$110.0K
YoY Change -92.16% -81.82% -57.69%
Acquisitions
YoY Change
Other Investing Activities $10.00M $10.65M -$3.830M
YoY Change -69.51% -378.07% -109.93%
Cash From Investing Activities $9.920M $10.63M -$3.940M
YoY Change -68.79% -369.8% -110.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $271.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 320.0M 4.640M 2.950M
YoY Change 152266.67% 57.29% -57.92%
NET CHANGE
Cash From Operating Activities -18.85M -38.39M -40.87M
Cash From Investing Activities 9.920M 10.63M -3.940M
Cash From Financing Activities 320.0M 4.640M 2.950M
Net Change In Cash 311.0M -23.12M -41.86M
YoY Change -3122.74% -44.77% 210.07%
FREE CASH FLOW
Cash From Operating Activities -$18.85M -$38.39M -$40.87M
Capital Expenditures -$80.00K -$20.00K -$110.0K
Free Cash Flow -$18.77M -$38.37M -$40.76M
YoY Change -54.51% -5.86% -30.37%

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-top:8pt;margin-bottom: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-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, <span style="font-style:italic;">Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments</span>, which changes the impairment model for most financial assets and certain other instruments. For trade receivables and other instruments, entities will be required to use a new forward-looking expected loss model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted only as of annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the timing and impact of the adoption of this guidance on the Company’s consolidated financial statements.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2019, the FASB issued ASU 2019-04, <span style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments</span>, which, among other things, provides entities with practical expedients and policy elections related to the presentation and disclosure of accrued interest and the related allowance for credit losses and clarifies how to disclose line-of-credit arrangements that are converted to term loans in the vintage table disclosure. ASU 2019-04 has the same effective date as the new credit impairment standard for entities that have not yet adopted the standard. For entities that early adopted the new credit impairment standard, ASU 2019-04 is effective for fiscal years beginning after December 15, 2019 and interim periods therein. Entities that early adopted the new credit impairment standard may early adopt ASU 2019-04. The Company is currently evaluating the timing and impact of the adoption of this guidance on the Company’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, <span style="color:#000000;">the FASB issued ASU 2016-02, </span><span style="font-style:italic;color:#000000;">Leases (Topic 842)</span><span style="color:#000000;">, which requires 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 years. The ASU originally required companies to adopt this guidance using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. In January 2018, the FASB issued ASU 2018-01, </span><span style="font-style:italic;color:#000000;">Leases: Land Easement Practical Expedient for Transition to Topic 842</span><span style="color:#000000;">, which facilitates the implementation of ASU 2016-02. ASU 2018-01 gives entities the option to apply ASU 2016-02 as of the effective date, rather than as of the beginning of the earliest period presented. Consequently, an entity’s reporting for the comparative periods presented in the financial statements when it adopts the new leases standard will continue to be in accordance with current GAAP (ASC Topic 840) if the optional transition method is elected.</span></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company adopted this standard effective January 1, 2019 using the optional transition method, and chose to apply the new standard as of the effective date. Consequently, all of the Company’s operating lease commitments were recognized as lease liabilities, with corresponding right-of-use assets, based on the present value of the remaining minimum rental payments. The Company has elected the standard’s package of practical expedients on adoption requiring no reassessment of whether any expired or existing agreements contain a lease, the classification of any expired or existing lease agreements, or initial direct costs for any existing leases.</p>
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0
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OperatingLeaseRightOfUseAsset
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us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.8 year to 6.6 years, one of which includes an option to extend the lease for one five-year term.
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
one of which includes an option to extend the lease for one five-year term.
CY2019Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2019Q2 us-gaap Operating Lease Liability Current
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3404000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2501000
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1909000
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995000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1932000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13202000

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