$ACAD
ACADIA PHARMACEUTICALS INC

2020 Q2 Form 10-Q Financial Statement

#000156459020036993 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $110.1M $83.21M $62.96M
YoY Change 32.33% 45.81% 28.83%
Cost Of Revenue $5.500M $2.958M $2.950M
YoY Change 85.94% -16.96% 37.02%
Gross Profit $107.2M $80.25M $60.01M
YoY Change 33.59% 49.99% 28.46%
Gross Profit Margin 97.37% 96.44% 95.31%
Selling, General & Admin $84.34M $67.98M $93.09M
YoY Change 24.07% -2.15% 52.79%
% of Gross Profit 78.68% 84.71% 155.13%
Research & Development $64.30M $67.32M $52.92M
YoY Change -4.49% 44.49% 34.75%
% of Gross Profit 59.98% 83.89% 88.19%
Depreciation & Amortization $730.0K $690.0K $415.0K
YoY Change 5.8% -2.82% 5.87%
% of Gross Profit 0.68% 0.86% 0.69%
Operating Expenses $84.34M $135.3M $146.0M
YoY Change -37.66% 16.57% 45.72%
Operating Profit -$44.01M -$57.09M -$87.63M
YoY Change -22.91% -10.91% 59.86%
Interest Expense $1.825M $2.527M $2.934M
YoY Change -27.78% 97.58% 150.77%
% of Operating Profit
Other Income/Expense, Net $437.0K -$12.00K $229.0K
YoY Change -3741.67% -94.0%
Pretax Income -$41.75M -$54.58M -$84.93M
YoY Change -23.5% -13.44% 58.3%
Income Tax $393.0K $365.0K $375.0K
% Of Pretax Income
Net Earnings -$42.14M -$54.94M -$85.30M
YoY Change -23.3% -13.16% 57.11%
Net Earnings / Revenue -38.27% -66.03% -135.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$269.0K -$380.5K -$592.4K
COMMON SHARES
Basic Shares Outstanding 143.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $658.6M $381.9M $414.3M
YoY Change 72.45% 48.65% 38.99%
Cash & Equivalents $310.4M $74.43M $97.56M
Short-Term Investments $348.1M $307.5M $316.8M
Other Short-Term Assets $24.80M $18.50M $23.70M
YoY Change 34.05% 44.53% 82.31%
Inventory $6.210M $3.824M $4.570M
Prepaid Expenses $24.85M $18.51M $23.74M
Receivables $43.79M $31.78M $29.96M
Other Receivables $2.300M $900.0K $3.800M
Total Short-Term Assets $735.7M $436.9M $476.4M
YoY Change 68.38% 45.11% 40.11%
LONG-TERM ASSETS
Property, Plant & Equipment $6.687M $3.427M $3.737M
YoY Change 95.13% 22.39% 37.95%
Goodwill
YoY Change
Intangibles $1.846M $3.323M $3.692M
YoY Change -44.45% -28.57%
Long-Term Investments
YoY Change
Other Assets $1.731M $1.588M $1.565M
YoY Change 9.01% -74.79% 384.52%
Total Long-Term Assets $23.91M $23.94M $24.70M
YoY Change -0.12% 72.25% 124.01%
TOTAL ASSETS
Total Short-Term Assets $735.7M $436.9M $476.4M
Total Long-Term Assets $23.91M $23.94M $24.70M
Total Assets $759.6M $460.9M $501.1M
YoY Change 64.82% 46.31% 42.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.466M $4.650M $3.275M
YoY Change 39.05% 40.91% 9.31%
Accrued Expenses $79.96M $59.16M $71.71M
YoY Change 35.14% 28.9% 66.4%
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 $86.42M $63.81M $75.00M
YoY Change 35.43% 29.7% 62.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.545M $1.413M $1.012M
YoY Change 221.66% 41.3% 26.5%
Total Long-Term Liabilities $4.545M $1.413M $1.012M
YoY Change 221.66% 41.3% 29.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.42M $63.81M $75.00M
Total Long-Term Liabilities $4.545M $1.413M $1.012M
Total Liabilities $96.64M $71.97M $82.75M
YoY Change 34.27% 43.36% 76.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.834B -$1.609B -$1.554B
YoY Change 13.99% 21.61%
Common Stock $2.496B $1.997B $1.972B
YoY Change 24.95% 24.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $663.0M $388.9M $418.4M
YoY Change
Total Liabilities & Shareholders Equity $759.6M $460.9M $501.1M
YoY Change 64.82% 46.31% 42.75%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$42.14M -$54.94M -$85.30M
YoY Change -23.3% -13.16% 57.11%
Depreciation, Depletion And Amortization $730.0K $690.0K $415.0K
YoY Change 5.8% -2.82% 5.87%
Cash From Operating Activities -$36.89M -$38.39M -$64.18M
YoY Change -3.91% -6.07% 41.87%
INVESTING ACTIVITIES
Capital Expenditures -$2.940M -$20.00K $822.0K
YoY Change 14600.0% -81.82% 83.48%
Acquisitions
YoY Change
Other Investing Activities $129.8M $10.65M $23.58M
YoY Change 1118.78% -378.07% -73.82%
Cash From Investing Activities $126.9M $10.63M $22.76M
YoY Change 1093.41% -369.8% -74.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.176M
YoY Change 45.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.41M 4.640M 4.176M
YoY Change 921.77% 57.29% 45.0%
NET CHANGE
Cash From Operating Activities -36.89M -38.39M -64.18M
Cash From Investing Activities 126.9M 10.63M 22.76M
Cash From Financing Activities 47.41M 4.640M 4.176M
Net Change In Cash 137.4M -23.12M -37.24M
YoY Change -694.2% -44.77% -178.8%
FREE CASH FLOW
Cash From Operating Activities -$36.89M -$38.39M -$64.18M
Capital Expenditures -$2.940M -$20.00K $822.0K
Free Cash Flow -$33.95M -$38.37M -$65.00M
YoY Change -11.52% -5.86% 42.28%

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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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20005000
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CY2020Q2 acad Debt Securities And Equity Securities Fv Ni Unrealized Gains
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acad Obligation Expiration Year
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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>
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
21080000
CY2020Q2 acad Accrued Clinical Development Services Current
AccruedClinicalDevelopmentServicesCurrent
19355000
CY2019Q4 acad Accrued Clinical Development Services Current
AccruedClinicalDevelopmentServicesCurrent
14273000
CY2020Q2 acad Accrued Sales Allowances Current
AccruedSalesAllowancesCurrent
12884000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2653000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3434000
CY2020Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
2214000
CY2019Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1971000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1829000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
67604000
CY2020Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
348110000
CY2019Q4 acad Debt Securities And Equity Securities Fv Ni Amortized Cost
DebtSecuritiesAndEquitySecuritiesFvNiAmortizedCost
507465000
CY2019Q4 acad Debt Securities And Equity Securities Fv Ni Unrealized Gains
DebtSecuritiesAndEquitySecuritiesFvNiUnrealizedGains
335000
CY2019Q4 acad Debt Securities And Equity Securities Fv Ni Unrealized Losses
DebtSecuritiesAndEquitySecuritiesFvNiUnrealizedLosses
51000
CY2019Q4 acad Debt Securities And Equity Securities Fv Ni
DebtSecuritiesAndEquitySecuritiesFvNi
507749000
acad Available For Sale Investment Securities Contractual Maturity Dates
AvailableForSaleInvestmentSecuritiesContractualMaturityDates
less than one year
CY2019Q4 acad Available For Sale Securities Debt Maturities Rolling Year One Through Two
AvailableForSaleSecuritiesDebtMaturitiesRollingYearOneThroughTwo
24300000
CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
1
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
20
CY2020Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
4003000
CY2020Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1000
CY2020Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
4003000
CY2020Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
1000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
220834000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
51000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
220834000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
51000
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
CY2018Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18602941
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
215900000
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6969696
CY2012Q4 acad Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
80500000
CY2012Q4 acad Equity Issuance Per Share Amount1
EquityIssuancePerShareAmount1
4.43
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 1.5 year to 5.6 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.
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1428000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1271000
us-gaap Operating Lease Cost
OperatingLeaseCost
2915000
us-gaap Operating Lease Cost
OperatingLeaseCost
2546000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1291000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1228000
us-gaap Operating Lease Payments
OperatingLeasePayments
2582000
us-gaap Operating Lease Payments
OperatingLeasePayments
2357000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
105000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
200000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
381000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11951000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1369000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1114000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1011000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9829000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1507000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8322000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2653000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3434000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5669000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6361000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8322000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1390000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2735000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2210000

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