Detailed financial statements for ACADIA Pharmaceuticals Inc. (ACAD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ACADIA Pharmaceuticals Inc. operates as a biopharmaceutical company, primarily dedicated to discovering, developing, and commercializing small molecule therapeutics. Their core focus lies in addressing critical unmet medical needs within the realm of central nervous system (CNS) disorders. The company's marketed product, NUPLAZID (pimavanserin), is prescribed for the management of hallucinations and delusions associated with Parkinson's disease psychosis.
Analysis Summary
ACADIA Pharmaceuticals Inc. reported revenue of $1.07B in the most recent fiscal year, growing at a 5-year CAGR of 19.4%.
Trailing-twelve-month margins: gross margin 91.1%, operating margin 7.6%, net margin 33.4%.
Balance sheet quality for ACAD: current ratio of 3.8, net cash position of $767.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $105.1M represents 27% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.3M | $124.9M | $223.8M | $339.1M | $441.8M | $484.1M | $517.2M | $726.4M | $957.8M | $1.07B |
| Cost of Revenue | $4.4M | $13.1M | $18.3M | $19.6M | $20.6M | $19.1M | $10.2M | $45.7M | $81.8M | $89.0M |
| Gross Profit | $12.9M | $111.8M | $205.5M | $319.5M | $421.2M | $465.0M | $507.1M | $680.7M | $876.0M | $982.5M |
| Research & Development | $99.3M | $149.2M | $187.2M | $240.4M | $319.1M | $239.4M | $361.6M | $351.6M | $303.2M | $328.8M |
| Selling, General & Admin | $186.5M | $255.1M | $265.8M | $325.6M | $388.7M | $396.0M | $369.1M | $402.5M | $488.4M | $548.9M |
| Operating Expenses | $285.7M | $404.3M | $452.9M | $566.0M | $707.8M | $635.4M | $730.7M | $754.1M | $645.2M | $877.7M |
| Operating Income | -$272.8M | -$292.4M | -$247.4M | -$246.5M | -$286.6M | -$170.4M | -$223.6M | -$73.4M | $230.8M | $104.8M |
| EBITDA | -$271.0M | -$289.7M | -$244.4M | -$243.8M | -$283.7M | -$164.2M | -$211.4M | -$45.5M | $100.2M | $150.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$270.1M | -$288.3M | -$243.9M | -$234.4M | -$281.0M | -$167.5M | -$213.4M | -$51.0M | $258.1M | $138.9M |
| Income Tax | $1.3M | $1.1M | $1.3M | $876000 | $611000 | $351000 | $2.5M | $10.2M | $31.6M | -$252.1M |
| Net Income | -$271.4M | -$289.4M | -$245.2M | -$235.3M | -$281.6M | -$167.9M | -$216.0M | -$61.3M | $226.5M | $391.0M |
| EPS | $-2.34 | $-2.36 | $-1.94 | $-1.60 | $-1.79 | $-1.05 | $-1.34 | $-0.37 | $1.37 | $2.32 |
| EPS (Diluted) | $-2.34 | $-2.36 | $-1.94 | $-1.60 | $-1.79 | $-1.05 | $-1.34 | $-0.37 | $1.36 | $2.29 |
| Shares Outstanding (Diluted) | $115.9M | $122.6M | $126.6M | $147.2M | $157.3M | $160.5M | $161.7M | $163.8M | $166.4M | $171.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $278.6M | $284.0M | $268.1M | $308.0M |
| Gross Profit | $257.0M | $257.8M | $243.3M | $279.6M |
| Operating Income | $35.8M | $17.4M | -$4.6M | $37.8M |
| EBITDA | $47.5M | $29.2M | $7.0M | $32.4M |
| Net Income | $71.8M | $273.6M | $3.6M | $31.5M |
| EPS | $0.43 | $1.62 | $0.02 | $0.18 |
| EPS (Diluted) | $0.42 | $1.60 | $0.02 | $0.18 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $163.6M | $69.4M | $134.8M | $189.7M | $326.0M | $147.4M | $114.8M | $188.7M | $319.6M | $177.7M |
| Short-term Investments | $365.4M | $271.9M | $338.8M | $507.7M | $305.9M | $373.3M | $302.0M | $250.2M | $436.4M | $642.0M |
| Receivables | $7.1M | $18.4M | $27.8M | $37.9M | $50.3M | $65.3M | $63.1M | $102.3M | $104.7M | $148.2M |
| Inventory | $4.2M | $5.2M | $4.1M | $6.3M | $9.7M | $7.9M | $6.6M | $35.8M | $21.9M | $34.7M |
| Total Current Assets | $547.9M | $373.5M | $526.1M | $760.2M | $717.6M | $617.8M | $507.9M | $616.1M | $938.3M | $1.06B |
| Property, Plant & Equipment | $3.1M | $2.7M | $3.3M | $12.7M | $56.4M | $66.3M | $61.6M | $56.5M | $50.8M | $54.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $7.0M | $5.5M | $4.1M | $2.6M | $1.1M | 0 | 0 | $65.5M | $119.8M | $108.9M |
| Total Assets | $561.2M | $384.5M | $540.2M | $783.2M | $782.6M | $700.1M | $587.8M | $749.0M | $1.19B | $1.56B |
| Accounts Payable | $3.9M | $8.8M | $3.2M | $7.2M | $8.5M | $6.9M | $12.7M | $17.5M | $16.2M | $10.9M |
| Short-term Debt | 0 | 0 | 0 | $3.4M | $5.1M | 0 | 0 | $9.4M | 0 | $11.6M |
| Total Current Liabilities | $42.6M | $49.0M | $59.6M | $74.8M | $106.0M | $96.1M | $125.6M | $254.3M | $394.9M | $277.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $42.7M | $49.2M | $61.1M | $84.0M | $155.6M | $159.2M | $187.4M | $317.2M | $455.0M | $336.8M |
| Retained Earnings | -$934.0M | -$1.22B | -$1.47B | -$1.70B | -$1.99B | -$2.15B | -$2.37B | -$2.43B | -$2.20B | -$1.81B |
| Total Equity | $518.4M | $335.3M | $479.1M | $699.1M | $627.0M | $540.9M | $400.4M | $431.8M | $732.8M | $1.23B |
| Total Debt | 0 | 0 | 0 | $9.8M | $49.5M | $64.4M | $62.0M | $57.2M | $52.0M | $52.2M |
| Net Debt | -$529.0M | -$341.3M | -$473.5M | -$687.6M | -$582.4M | -$456.3M | -$354.8M | -$381.7M | -$704.0M | -$767.5M |
| Working Capital | $505.3M | $324.4M | $466.5M | $685.4M | $611.6M | $521.8M | $382.3M | $361.9M | $543.4M | $785.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $258.0M | $177.7M | $282.2M | $385.0M |
| Total Assets | $1.33B | $1.56B | $1.61B | $1.74B |
| Total Liabilities | $413.5M | $336.8M | $357.2M | $436.3M |
| Total Equity | $917.3M | $1.23B | $1.25B | $1.31B |
| Total Debt | $54.8M | $52.2M | $50.8M | $73.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$271.4M | -$289.4M | -$245.2M | -$235.3M | -$281.6M | -$167.9M | -$216.0M | -$61.3M | $226.5M | $391.0M |
| Depreciation & Amortization | $1.8M | $2.7M | $3.0M | $2.8M | $2.9M | $3.3M | $2.0M | $5.6M | $15.9M | $11.8M |
| Stock-based Compensation | $55.3M | $75.5M | $81.6M | $82.3M | $84.4M | $63.6M | $68.2M | $66.4M | $67.0M | 0 |
| Change in Working Capital | $4.4M | -$6.4M | -$8.2M | $3.7M | $11.0M | -$24.8M | $38.0M | $18.1M | $4.2M | -$89.8M |
| Operating Cash Flow | -$210.4M | -$217.9M | -$167.5M | -$151.1M | -$136.2M | -$125.7M | -$114.0M | $16.7M | $157.7M | $109.8M |
| Capital Expenditure | -$9.5M | -$812000 | -$2.1M | -$1.1M | -$7.6M | -$1.1M | 0 | -$40.0M | -$523000 | -$4.7M |
| Acquisitions | $8.0M | 0 | $44000 | $164.7M | -$200.1M | $70.0M | 0 | -$32.0M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$219.9M | -$218.7M | -$169.6M | -$152.3M | -$143.8M | -$126.8M | -$114.0M | -$23.3M | $157.2M | $105.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $74.3M | -$48.7M | $34.0M | $134.8M |
| Capital Expenditure | -$388000 | -$4.0M | -$5.2M | -$10.3M |
| Free Cash Flow | $73.9M | -$52.7M | $28.8M | $124.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13.2M | 0 | $14.7M | $31.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +620.7% | +79.2% | +51.5% | +30.3% | +9.6% | +6.8% | +40.4% | +31.8% | +11.9% | |
| Net Income Growth (YoY) | -6.6% | +15.3% | +4.1% | -19.7% | +40.4% | -28.7% | +71.6% | +469.5% | +72.7% | |
| EPS Growth (YoY) | -0.9% | +17.8% | +17.5% | -11.9% | +41.3% | -27.6% | +72.4% | +470.3% | +69.3% | |
| Shares Change (YoY) | +5.8% | +3.2% | +16.3% | +6.9% | +2.0% | +0.7% | +1.3% | +1.6% | +3.0% | |
| FCF Growth (YoY) | +0.6% | +22.4% | +10.2% | +5.6% | +11.8% | +10.1% | +79.5% | +773.3% | -33.1% | |
| Gross Margin | 74.6% | 89.5% | 91.8% | 94.2% | 95.3% | 96.0% | 98.0% | 93.7% | 91.5% | 91.7% |
| Operating Margin | -1574.1% | -234.1% | -110.6% | -72.7% | -64.9% | -35.2% | -43.2% | -10.1% | 24.1% | 9.8% |
| EBITDA Margin | -1563.6% | -231.9% | -109.2% | -71.9% | -64.2% | -33.9% | -40.9% | -6.3% | 10.5% | 14.1% |
| Net Margin | -1565.9% | -231.7% | -109.6% | -69.4% | -63.7% | -34.7% | -41.8% | -8.4% | 23.6% | 36.5% |
| FCF Margin | -1268.9% | -175.1% | -75.8% | -44.9% | -32.5% | -26.2% | -22.0% | -3.2% | 16.4% | 9.8% |
| Effective Tax Rate | -0.5% | -0.4% | -0.5% | -0.4% | -0.2% | -0.2% | -1.2% | -20.1% | 12.3% | -181.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.90 | $-1.78 | $-1.34 | $-1.03 | $-0.91 | $-0.79 | $-0.71 | $-0.14 | $0.94 | $0.61 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $115.9M | $122.6M | $126.6M | $147.2M | $157.3M | $160.5M | $161.7M | $163.8M | $165.7M | $169.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Gross Margin | 91.13% |
| Operating Margin | 7.59% |
| Net Margin | 33.42% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 3.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -12.32 | -12.76 | -8.34 | -26.74 | -29.87 | -22.23 | -11.88 | -84.62 | 13.39 | 11.51 |
| P/B | 6.45 | 11.01 | 4.27 | 9.01 | 13.41 | 6.93 | 6.43 | 11.88 | 4.15 | 3.69 |
| P/S | 192.80 | 29.56 | 9.15 | 18.57 | 19.04 | 7.74 | 4.98 | 7.06 | 3.17 | 4.22 |
| Gross Margin | 74.6% | 89.5% | 91.8% | 94.2% | 95.3% | 96.0% | 98.0% | 93.7% | 91.5% | 91.7% |
| Operating Margin | -1574.1% | -234.1% | -110.6% | -72.7% | -64.9% | -35.2% | -43.2% | -10.1% | 24.1% | 9.8% |
| Net Margin | -1565.9% | -231.7% | -109.6% | -69.4% | -63.7% | -34.7% | -41.8% | -8.4% | 23.6% | 36.5% |
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Explore sector: Healthcare · Biotechnology
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