$ACAD
ACADIA PHARMACEUTICALS INC

2020 Q3 Form 10-Q Financial Statement

#000156459020050566 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $120.6M $94.59M $83.21M
YoY Change 27.48% 62.23% 45.81%
Cost Of Revenue $4.800M $2.416M $2.958M
YoY Change 98.68% -37.07% -16.96%
Gross Profit $118.6M $92.17M $80.25M
YoY Change 28.64% 69.22% 49.99%
Gross Profit Margin 98.34% 97.45% 96.44%
Selling, General & Admin $81.60M $72.70M $67.98M
YoY Change 12.24% 18.99% -2.15%
% of Gross Profit 68.82% 78.88% 84.71%
Research & Development $120.1M $62.60M $67.32M
YoY Change 91.85% 17.89% 44.49%
% of Gross Profit 101.29% 67.92% 83.89%
Depreciation & Amortization $710.0K $650.0K $690.0K
YoY Change 9.23% -14.47% -2.82%
% of Gross Profit 0.6% 0.71% 0.86%
Operating Expenses $201.7M $135.3M $135.3M
YoY Change 49.08% 18.48% 16.57%
Operating Profit -$83.13M -$45.42M -$57.09M
YoY Change 83.02% -25.87% -10.91%
Interest Expense $1.200M $2.432M $2.527M
YoY Change -50.66% 97.88% 97.58%
% of Operating Profit
Other Income/Expense, Net -$200.0K $747.0K -$12.00K
YoY Change -126.77% -143.43% -94.0%
Pretax Income -$84.90M -$42.24M -$54.58M
YoY Change 100.98% -31.61% -13.44%
Income Tax -$200.0K -$264.0K $365.0K
% Of Pretax Income
Net Earnings -$84.66M -$41.98M -$54.94M
YoY Change 101.68% -32.44% -13.16%
Net Earnings / Revenue -70.21% -44.38% -66.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$535.7K -$287.9K -$380.5K
COMMON SHARES
Basic Shares Outstanding 144.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $644.4M $683.8M $381.9M
YoY Change -5.76% 219.38% 48.65%
Cash & Equivalents $452.4M $385.5M $74.43M
Short-Term Investments $192.1M $298.4M $307.5M
Other Short-Term Assets $30.00M $21.40M $18.50M
YoY Change 40.19% 42.67% 44.53%
Inventory $7.979M $4.846M $3.824M
Prepaid Expenses $18.51M
Receivables $46.30M $30.80M $31.78M
Other Receivables $1.500M $1.500M $900.0K
Total Short-Term Assets $730.2M $742.3M $436.9M
YoY Change -1.63% 192.13% 45.11%
LONG-TERM ASSETS
Property, Plant & Equipment $56.70M $13.20M $3.427M
YoY Change 329.55% 288.24% 22.39%
Goodwill
YoY Change
Intangibles $2.954M $3.323M
YoY Change -33.33%
Long-Term Investments
YoY Change
Other Assets $7.300M $2.307M $1.588M
YoY Change 216.43% -48.73% -74.79%
Total Long-Term Assets $65.50M $23.29M $23.94M
YoY Change 181.28% 87.79% 72.25%
TOTAL ASSETS
Total Short-Term Assets $730.2M $742.3M $436.9M
Total Long-Term Assets $65.50M $23.29M $23.94M
Total Assets $795.7M $765.6M $460.9M
YoY Change 3.93% 187.27% 46.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $3.444M $4.650M
YoY Change 1.63% 14.8% 40.91%
Accrued Expenses $88.39M $64.30M $59.16M
YoY Change 37.46% 65.3% 28.9%
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 $91.90M $67.74M $63.81M
YoY Change 35.66% 62.07% 29.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $48.90M $2.174M $1.413M
YoY Change 2149.31% 81.17% 41.3%
Total Long-Term Liabilities $48.90M $2.174M $1.413M
YoY Change 2149.31% 81.17% 41.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.90M $67.74M $63.81M
Total Long-Term Liabilities $48.90M $2.174M $1.413M
Total Liabilities $140.8M $76.30M $71.97M
YoY Change 84.54% 77.43% 43.36%
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 $654.9M $689.3M $388.9M
YoY Change
Total Liabilities & Shareholders Equity $795.7M $765.6M $460.9M
YoY Change 3.93% 187.27% 46.31%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$84.66M -$41.98M -$54.94M
YoY Change 101.68% -32.44% -13.16%
Depreciation, Depletion And Amortization $710.0K $650.0K $690.0K
YoY Change 9.23% -14.47% -2.82%
Cash From Operating Activities -$22.79M -$18.85M -$38.39M
YoY Change 20.9% -55.42% -6.07%
INVESTING ACTIVITIES
Capital Expenditures -$1.720M -$80.00K -$20.00K
YoY Change 2050.0% -92.16% -81.82%
Acquisitions
YoY Change
Other Investing Activities $154.7M $10.00M $10.65M
YoY Change 1447.2% -69.51% -378.07%
Cash From Investing Activities $153.0M $9.920M $10.63M
YoY Change 1442.34% -68.79% -369.8%
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 11.71M 320.0M 4.640M
YoY Change -96.34% 152266.67% 57.29%
NET CHANGE
Cash From Operating Activities -22.79M -18.85M -38.39M
Cash From Investing Activities 153.0M 9.920M 10.63M
Cash From Financing Activities 11.71M 320.0M 4.640M
Net Change In Cash 141.9M 311.0M -23.12M
YoY Change -54.37% -3122.74% -44.77%
FREE CASH FLOW
Cash From Operating Activities -$22.79M -$18.85M -$38.39M
Capital Expenditures -$1.720M -$80.00K -$20.00K
Free Cash Flow -$21.07M -$18.77M -$38.37M
YoY Change 12.25% -54.51% -5.86%

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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 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;"><span style="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><span style="font-style:italic;">Simplifying the Accounting for Income Taxes</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. The </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FASB</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">issued this </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASU</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and no material impact on the Company’s consolidated financial statements</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 1.3 years to 10.7 years, some of which include options to extend for up to two five-year terms.
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
some of which include options to extend for up to two five-year terms.
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1835000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1298000
us-gaap Operating Lease Cost
OperatingLeaseCost
4750000
us-gaap Operating Lease Cost
OperatingLeaseCost
3844000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1128000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1240000
us-gaap Operating Lease Payments
OperatingLeasePayments
3710000
us-gaap Operating Lease Payments
OperatingLeasePayments
3600000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
41190000
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
41571000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12815000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3857000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3434000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
45343000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6361000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
49200000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9795000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
732000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5134000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7043000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6485000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6260000
CY2020Q3 acad Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
35684000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
61338000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12138000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M12D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2020Q3 acad Capitalization Of Right Of Use Asset
CapitalizationOfRightOfUseAsset
40300000
CY2020Q3 acad Capitalization Of Lease Liability
CapitalizationOfLeaseLiability
40300000

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