$ACAD
ACADIA PHARMACEUTICALS INC

2020 Q1 Form 10-Q Financial Statement

#000156459020023050 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2016 Q1
Revenue $90.07M $62.96M $4.000K
YoY Change 43.06% 28.83% 0.0%
Cost Of Revenue $5.000M $2.950M
YoY Change 69.49% 37.02%
Gross Profit $87.27M $60.01M
YoY Change 45.43% 28.46%
Gross Profit Margin 96.89% 95.31%
Selling, General & Admin $102.0M $93.09M $27.50M
YoY Change 9.54% 52.79% 13.17%
% of Gross Profit 116.85% 155.13%
Research & Development $72.64M $52.92M $22.78M
YoY Change 37.25% 34.75% 39.77%
% of Gross Profit 83.23% 88.19%
Depreciation & Amortization $294.0K $415.0K $138.0K
YoY Change -29.16% 5.87% 13.11%
% of Gross Profit 0.34% 0.69%
Operating Expenses $174.6M $146.0M $50.27M
YoY Change 19.58% 45.72% 23.94%
Operating Profit -$89.52M -$87.63M -$50.26M
YoY Change 2.15% 59.86% 23.94%
Interest Expense $3.000M $2.934M $500.0K
YoY Change 2.25% 150.77% 182.49%
% of Operating Profit
Other Income/Expense, Net $1.497M $229.0K
YoY Change 553.71%
Pretax Income -$88.00M -$84.93M -$49.80M
YoY Change 3.62% 58.3% 23.27%
Income Tax $0.00 $375.0K
% Of Pretax Income
Net Earnings -$88.02M -$85.30M -$49.76M
YoY Change 3.19% 57.11% 23.25%
Net Earnings / Revenue -97.73% -135.49% -1244050.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$566.3K -$592.4K -$447.4K
COMMON SHARES
Basic Shares Outstanding 155.3M 143.9M 112.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $651.4M $414.3M $457.2M
YoY Change 57.22% 38.99% 53.49%
Cash & Equivalents $173.1M $97.56M $175.2M
Short-Term Investments $478.3M $316.8M $282.0M
Other Short-Term Assets $22.10M $23.70M $4.300M
YoY Change -6.75% 82.31% 230.77%
Inventory $6.318M $4.570M
Prepaid Expenses $23.74M
Receivables $41.60M $29.96M
Other Receivables $3.000M $3.800M
Total Short-Term Assets $724.4M $476.4M $462.4M
YoY Change 52.06% 40.11% 54.17%
LONG-TERM ASSETS
Property, Plant & Equipment $13.70M $3.737M $2.623M
YoY Change 266.6% 37.95% 46.86%
Goodwill
YoY Change
Intangibles $3.692M
YoY Change -28.57%
Long-Term Investments
YoY Change
Other Assets $7.100M $1.565M $1.240M
YoY Change 353.67% 384.52% 346.04%
Total Long-Term Assets $23.10M $24.70M $4.238M
YoY Change -6.47% 124.01% 105.33%
TOTAL ASSETS
Total Short-Term Assets $724.4M $476.4M $462.4M
Total Long-Term Assets $23.10M $24.70M $4.238M
Total Assets $747.5M $501.1M $466.6M
YoY Change 49.17% 42.75% 54.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.600M $3.275M $1.307M
YoY Change 101.53% 9.31% -48.09%
Accrued Expenses $93.12M $71.71M $19.82M
YoY Change 29.86% 66.4% 40.2%
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 $99.70M $75.00M $21.12M
YoY Change 32.93% 62.73% 26.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.300M $1.012M $200.0K
YoY Change 818.97% 26.5% 0.0%
Total Long-Term Liabilities $9.300M $1.012M $217.0K
YoY Change 818.97% 29.41% -0.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.70M $75.00M $21.12M
Total Long-Term Liabilities $9.300M $1.012M $217.0K
Total Liabilities $109.1M $82.75M $21.34M
YoY Change 31.84% 76.55% 26.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.554B -$712.3M
YoY Change 21.61% 32.28%
Common Stock $1.972B $11.00K
YoY Change 24.61% 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $638.4M $418.4M $445.3M
YoY Change
Total Liabilities & Shareholders Equity $747.5M $501.1M $466.6M
YoY Change 49.17% 42.75% 54.52%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$88.02M -$85.30M -$49.76M
YoY Change 3.19% 57.11% 23.25%
Depreciation, Depletion And Amortization $294.0K $415.0K $138.0K
YoY Change -29.16% 5.87% 13.11%
Cash From Operating Activities -$49.00M -$64.18M -$41.21M
YoY Change -23.64% 41.87% 62.56%
INVESTING ACTIVITIES
Capital Expenditures -$930.0K $822.0K $207.0K
YoY Change -213.14% 83.48% -79.05%
Acquisitions
YoY Change
Other Investing Activities $30.54M $23.58M -$168.5M
YoY Change 29.52% -73.82% -526.99%
Cash From Investing Activities $29.61M $22.76M -$168.7M
YoY Change 30.1% -74.61% -538.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.176M $281.6M
YoY Change 45.0% 19469.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.754M 4.176M 283.0M
YoY Change -10.11% 45.0% 19552.08%
NET CHANGE
Cash From Operating Activities -49.00M -64.18M -41.21M
Cash From Investing Activities 29.61M 22.76M -168.7M
Cash From Financing Activities 3.754M 4.176M 283.0M
Net Change In Cash -15.64M -37.24M 73.08M
YoY Change -58.01% -178.8% 401.92%
FREE CASH FLOW
Cash From Operating Activities -$49.00M -$64.18M -$41.21M
Capital Expenditures -$930.0K $822.0K $207.0K
Free Cash Flow -$48.07M -$65.00M -$41.42M
YoY Change -26.04% 42.28% 57.25%

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18602941
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
CY2020Q1 acad Obligation Expiration Year
ObligationExpirationYear
2021
CY2020Q1 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. </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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company adopted the above standards on January 1, 2020. The adoption of the new standards did not have a material impact 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 December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740), <span style="font-style:italic;">Simplifying the Accounting for Income Taxes</span>. The Board issued this Update as part of its Simplification Initiative to improve areas of GAAP and reduce cost and complexity while maintaining usefulness. The main provision that impacts the Company is the removal of the exception to the incremental approach of intra-period tax allocation when there is a loss from continuing operations and income or gain from other items (for example, discontinued operations and other comprehensive income). ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company has elected to early adopt ASU 2019-12 as of the beginning of 2020, however, there is no cumulative effect to be recognized with the early adoption and no material impact on the Company’s consolidated financial statements.</p>
CY2020Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.1 year to 5.8 years, one of which includes an option to extend the lease for one five-year term.
CY2020Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
one of which includes an option to extend the lease for one five-year term.
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1291000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1102000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
276000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11751000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2720000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2179000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1317000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1090000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1011000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2909000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3434000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6090000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6361000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8999000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9795000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2338000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10655000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1656000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8999000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080

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