$ACAD
ACADIA PHARMACEUTICALS INC

2019 Q3 Form 10-Q Financial Statement

#000156459019038856 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $94.59M $58.31M
YoY Change 62.23% 63.88%
Cost Of Revenue $2.416M $3.839M
YoY Change -37.07% 19.97%
Gross Profit $92.17M $54.47M
YoY Change 69.22% 62.86%
Gross Profit Margin 97.45% 93.42%
Selling, General & Admin $72.70M $61.10M
YoY Change 18.99% -0.81%
% of Gross Profit 78.88% 112.18%
Research & Development $62.60M $53.10M
YoY Change 17.89% 45.88%
% of Gross Profit 67.92% 97.49%
Depreciation & Amortization $650.0K $760.0K
YoY Change -14.47% 10.14%
% of Gross Profit 0.71% 1.4%
Operating Expenses $135.3M $114.2M
YoY Change 18.48% 16.53%
Operating Profit -$45.42M -$61.27M
YoY Change -25.87% -5.09%
Interest Expense $2.432M $1.229M
YoY Change 97.88% 11.73%
% of Operating Profit
Other Income/Expense, Net $747.0K -$1.720M
YoY Change -143.43%
Pretax Income -$42.24M -$61.76M
YoY Change -31.61% -4.39%
Income Tax -$264.0K $376.0K
% Of Pretax Income
Net Earnings -$41.98M -$62.14M
YoY Change -32.44% -4.77%
Net Earnings / Revenue -44.38% -106.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$287.9K -$496.8K
COMMON SHARES
Basic Shares Outstanding 144.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $683.8M $214.1M
YoY Change 219.38% -41.6%
Cash & Equivalents $385.5M $63.90M
Short-Term Investments $298.4M $150.2M
Other Short-Term Assets $21.40M $15.00M
YoY Change 42.67% 2.74%
Inventory $4.846M $4.300M
Prepaid Expenses
Receivables $30.80M $20.00M
Other Receivables $1.500M $700.0K
Total Short-Term Assets $742.3M $254.1M
YoY Change 192.13% -36.79%
LONG-TERM ASSETS
Property, Plant & Equipment $13.20M $3.400M
YoY Change 288.24% 13.33%
Goodwill
YoY Change
Intangibles $2.954M $4.431M
YoY Change -33.33%
Long-Term Investments
YoY Change
Other Assets $2.307M $4.500M
YoY Change -48.73% 60.71%
Total Long-Term Assets $23.29M $12.40M
YoY Change 87.79% 5.98%
TOTAL ASSETS
Total Short-Term Assets $742.3M $254.1M
Total Long-Term Assets $23.29M $12.40M
Total Assets $765.6M $266.5M
YoY Change 187.27% -35.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.444M $3.000M
YoY Change 14.8% 0.0%
Accrued Expenses $64.30M $38.90M
YoY Change 65.3% 17.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.74M $41.80M
YoY Change 62.07% 15.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.174M $1.200M
YoY Change 81.17% 500.0%
Total Long-Term Liabilities $2.174M $1.200M
YoY Change 81.17% 500.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.74M $41.80M
Total Long-Term Liabilities $2.174M $1.200M
Total Liabilities $76.30M $43.00M
YoY Change 77.43% 18.13%
SHAREHOLDERS EQUITY
Retained Earnings -$1.651B
YoY Change
Common Stock $2.340B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $689.3M $223.4M
YoY Change
Total Liabilities & Shareholders Equity $765.6M $266.5M
YoY Change 187.27% -35.58%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$41.98M -$62.14M
YoY Change -32.44% -4.77%
Depreciation, Depletion And Amortization $650.0K $760.0K
YoY Change -14.47% 10.14%
Cash From Operating Activities -$18.85M -$42.28M
YoY Change -55.42% -27.73%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$1.020M
YoY Change -92.16% 1600.0%
Acquisitions
YoY Change
Other Investing Activities $10.00M $32.80M
YoY Change -69.51% 69.16%
Cash From Investing Activities $9.920M $31.78M
YoY Change -68.79% 64.32%
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 210.0K
YoY Change 152266.67% -97.34%
NET CHANGE
Cash From Operating Activities -18.85M -42.28M
Cash From Investing Activities 9.920M 31.78M
Cash From Financing Activities 320.0M 210.0K
Net Change In Cash 311.0M -10.29M
YoY Change -3122.74% -67.08%
FREE CASH FLOW
Cash From Operating Activities -$18.85M -$42.28M
Capital Expenditures -$80.00K -$1.020M
Free Cash Flow -$18.77M -$41.26M
YoY Change -54.51% -29.4%

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AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
287598000
CY2018Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
422000
CY2019Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
628455000
CY2018Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
451365000
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
271500000
CY2019Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7187500
CY2018Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
298500000
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
215900000
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6969696
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
281600000
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10344827
CY2012Q4 acad Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
80500000
CY2012Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
19000000
CY2012Q4 acad Equity Issuance Per Share Amount1
EquityIssuancePerShareAmount1
4.43
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="margin-top:12pt;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: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 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. <span style="color:#212529;">The Company is currently evaluating the timing and impact of the adoption of this guidance on the Company’s consolidated financial statements.</span></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. <span style="color:#212529;">The Company is currently evaluating the timing and impact of the adoption of this guidance on the Company’s consolidated financial statements.</span></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;"><span style="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</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, 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</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 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.</span></p>
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.6 year to 6.3 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.
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1298000
CY2018Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1153000
us-gaap Operating Lease Cost
OperatingLeaseCost
3844000
us-gaap Operating Lease Cost
OperatingLeaseCost
3321000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1240000
us-gaap Operating Lease Payments
OperatingLeasePayments
3600000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
864000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12815000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3889000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10268000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1239000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3442000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2537000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1947000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1026000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1932000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12123000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1855000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10268000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080

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