ACADIA Pharmaceuticals Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>ACADIA Pharmaceuticals Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

ACADIA PHARMACEUTICALS INC (ACAD) filed a Annual Report (10-K) with the SEC on February 28, 2024. ACADIA Pharmaceuticals Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in San Diego, CA. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as revenue, net income, and EPS are expected to be detailed within the full report. The report includes information on various financial instruments, equity plans, and lease agreements.

Why It Matters

For investors and stakeholders tracking ACADIA PHARMACEUTICALS INC, this filing contains several important signals. This 10-K filing provides investors with the most up-to-date, audited financial statements and detailed business disclosures for ACADIA Pharmaceuticals Inc., crucial for evaluating the company's performance and future prospects. The comprehensive nature of the 10-K allows for a deep dive into the company's financial health, including revenue streams, expenses, assets, liabilities, and executive compensation, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — ACADIA PHARMACEUTICALS INC shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market competition, as evidenced by the numerous disclosures related to various financial and operational aspects.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess ACADIA's financial health and strategic positioning in the pharmaceutical market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 000-50768 — SEC File Number (SEC file number for ACADIA Pharmaceuticals Inc.)

Key Players & Entities

• ACADIA PHARMACEUTICALS INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240228 (date) — Filed as of date
• 0000950170-24-021473 (other) — Accession Number
• 2834 (other) — Standard Industrial Classification (Pharmaceutical Preparations)
• DE (other) — State of Incorporation
• CA (other) — State of business address
• Stephen R. Davis (person) — Mentioned in context of executive compensation or board membership

FAQ

Industry Context

ACADIA Pharmaceuticals operates within the pharmaceutical industry, focusing on the development and commercialization of treatments for central nervous system disorders.

Regulatory Implications

The pharmaceutical industry is subject to extensive regulation by bodies like the FDA, impacting drug approval processes, marketing, and post-market surveillance.

What Investors Should Do

1. Analyze the detailed financial statements (revenue, net income, EPS) within the 10-K to assess ACADIA's financial performance for FY2023.
2. Review the 'Risk Factors' section to understand potential challenges and threats to ACADIA's business operations and growth.
3. Examine disclosures related to executive compensation and equity incentive plans to evaluate management's alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous filings like quarterly reports (10-Q) or the prior year's 10-K.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ACAD The Nasdaq Stock Mar
• $23.95 — obal Select Market on June 30, 2023 o f $23.95 per share. As of February 21, 2024, 1

Filing Documents

• acad-20231231.htm (10-K) — 2848KB
• acad-ex10_5.htm (EX-10.5) — 97KB
• acad-ex10_13.htm (EX-10.13) — 29KB
• acad-ex10_17.htm (EX-10.17) — 613KB
• acad-ex10_18.htm (EX-10.18) — 22KB
• acad-ex10_19.htm (EX-10.19) — 22KB
• acad-ex10_20.htm (EX-10.20) — 44KB
• acad-ex10_35.htm (EX-10.35) — 356KB
• acad-ex10_36.htm (EX-10.36) — 289KB
• acad-ex10_37.htm (EX-10.37) — 63KB
• acad-ex10_38.htm (EX-10.38) — 367KB
• acad-ex21_1.htm (EX-21.1) — 8KB
• acad-ex23_1.htm (EX-23.1) — 10KB
• acad-ex31_1.htm (EX-31.1) — 12KB
• acad-ex31_2.htm (EX-31.2) — 12KB
• acad-ex32_1.htm (EX-32.1) — 7KB
• acad-ex32_2.htm (EX-32.2) — 7KB
• acad-ex97_1.htm (EX-97.1) — 33KB
• img236306118_0.jpg (GRAPHIC) — 156KB
• img236306118_1.jpg (GRAPHIC) — 44KB
• 0000950170-24-021473.txt (&nbsp;) — 14751KB
• acad-20231231.xsd (EX-101.SCH) — 1472KB
• acad-20231231_htm.xml (XML) — 2524KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 62 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 73 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 73 Item 9A.

Controls and Procedures

Controls and Procedures . 73 Item 9B Other Information. 76 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 76 PART III Item 10. Directors, Executive Officers and Corporate Governance. 77 Item 11.

Executive Compensation

Executive Compensation . 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 77 Item 13. Certain Relationships and Related Transactions, and Director Independence. 77 Item 14. Principal Accountant Fees and Services. 77 PART IV Item 15. Exhibits and Financial Statement Schedules . 78 Item 16. Form 10-K Summary 81 i PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report and the information incorporated herein by reference contain forward-looking statements that involve a number of risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements. Forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "hopes," "may," "will," "plans," "intends," "estimates," "could," "should," "would," "continue," "seeks," "aims," "projects," "predicts," "pro forma," "anticipates," "potential" or other similar words (including their use in the negative), or by discussions of future matters such as the benefits to be derived from NUPLAZID (pimavanserin), DAYBUE (trofinetide) and our drug candidates, the potential market opportunities for NUPLAZID and DAYBUE and our drug candidates, our strategy for the commercialization of NUPLA

B usiness

Item 1. B usiness. Company Overview We are a biopharmaceutical company focused on the development and commercialization of innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases. We have a portfolio of commercial stage products, in-development product opportunities, and research programs that are designed to address significant unmet needs in CNS disorders and rare diseases. In order to achieve significant long-term growth, we will develop our current portfolio, expand our pipeline of early- and late-stage programs through strategic business development, and invest in targeted internal research efforts. Our commercial portfolio includes two products. In April 2016, the U.S. Food and Drug Administration (FDA) approved NUPLAZID for the treatment of hallucinations and delusions associated with PDP, which is the first and only drug approved in the United States for this condition. In March 2023, the FDA approved DAYBUE for the treatment of Rett syndrome, which is the first and only drug approved for this condition. DAYBUE became available for prescription in the United States in April 2023. NUPLAZID is a selective serotonin inverse agonist/antagonist, preferentially targeting 5-HT 2A receptors with no appreciable affinity for dopaminergic, histaminergic, or muscarinic receptors. Through this novel mechanism, NUPLAZID demonstrated significant efficacy in reducing the hallucinations and delusions associated with PDP without negatively impacting motor function in our Phase 3 pivotal trial. NUPLAZID has the potential to avoid many of the debilitating side effects of existing antipsychotics, none of which are approved by the FDA for the treatment of PDP. We hold worldwide commercialization rights to pimavanserin. In August 2018, we acquired an exclusive North American license to develop and commercialize DAYBUE for Rett syndrome and other indications from Neuren Pharmaceuticals Limited (Neuren). Rett syndro