Acadia Pharmaceuticals Inc

• Observed GAAP P/E is about 11.43x.
• Return on equity is about 31.3%.
• Debt to equity is about 0.0x.
• [TRIGGER] allocator_boost: allocator_boost (allocator) on ACAD — watcher=allocator; producer_version=ws49-p2a-v2; plan_date=2026-08-01; rank=3; ev=8.506247; company_id=d475d410-e68c-4f62-9174-63b2bf392cb6; jurisdiction=US; term_contributions={'event_proximity': 1.646435, 'gradability': 2.0, 'staleness': 3.7612, 'credibility_interest': 1.098612}; days_since_analysis=42; pending_promises=2; reason=Allocator coverage boost rank #3 EV=8.506247 for ACAD (hot+stale; days_since=42); calendar_week={'next_event_date': '2026-08-04', 'days_until': 3, 'bases': ['expected (estimated date)'], 'in_plan_rows': True, 'never_analyzed': True}; contributing_watchers=allocator (source=allocator; url=allocator:2026-08-01:ACAD)
• CONDENSED CONSOLIDA TED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 (unaudited) Assets Cash and cash equivalents $ 282,212 $ 177,695 Investment securities, available-for-sale 569,246 641,991 Accounts receivable, net 135,350 121,457 Interest and other receivables 13,034 26,774 Inventory 31,574 34,670 Prepaid expenses 64,600 59,526 Total current assets 1,096,016 1,062,113 Property and equipment, net 14,652 7,511 Operating lease right-of-use assets 46,274 47,354 Intangible assets, net 106,171 108,893 Restricted cash 7,846 7,845 Long-term inventory 80,719 76,704 Deferred tax assets 249,624 249,879 Other assets 3,928 3,896 Total assets $ 1,605,230 $ 1,564,195 Liabilities and stockholders’ equity Accounts payable $ 12,246 $ 10,903 Accrued liabilities 293,278 266,211 Total current liabilities 305,524 277,114 Operating lease liabilities 39,003 40,554 Other long-term liabilities 12,637 19,137 Total liabilities 357,164 336,805 Commitments and contingencies (Note 9) Stockholders’ equity: Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025 — — Common stock, $ 0.0001 par value; 225,000,000 shares authorized at March 31, 2026 and December 31, 2025; 171,086,205 shares and 170,309,376 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 16 16 Additional paid-in capital 3,058,362 3,039,315 Accumulated deficit ( 1,809,749 ) ( 1,813,386 ) Accumulated other comprehensive (loss) income ( 563 ) 1,445 Total stockholders’ equity 1,248,066 1,227,390 Total liabilities and stockholders’ equity $ 1,605,230 $ 1,564,195 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
• CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (in thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 3,637 $ 18,987 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 14,698 11,380 Amortization of premiums and accretion of discounts on investment securities ( 453 ) ( 2,116 ) Amortization of intangible assets 2,722 2,722 Depreciation 271 229 Deferred Income Taxes ( 94 ) — Changes in operating assets and liabilities: Accounts receivable, net ( 13,893 ) ( 7,004 ) Interest and other receivables 13,740 ( 2,015 ) Inventory 78 ( 10,453 ) Prepaid expenses ( 5,074 ) 2,978 Other assets ( 32 ) ( 585 ) Operating lease right-of-use assets 2,164 2,137 Accounts payable 1,343 1,903 Accrued liabilities 23,557 ( 116 ) Operating lease liabilities ( 2,183 ) 369 Long-term liabilities ( 6,500 ) 1,907 Net cash provided by operating activities 33,981 20,323 Cash flows from investing activities Purchases of investment securities ( 15,007 ) ( 156,011 ) Maturity of investment securities 86,500 130,800 Payment of milestone and contingent payments in connection with asset acquisition — ( 98,838 ) Purchases of property and equipment ( 5,212 ) — Net cash provided by (used in) investing activities 66,281 ( 124,049 ) Cash flows from financing activities Proceeds from issuance of common stock, net of issuance costs 4,231 1,838 Net cash provided by financing activities 4,231 1,838 Effect of exchange rate changes on cash 25 ( 5 ) Net increase (decrease) in cash, cash equivalents and restricted cash 104,518 ( 101,893 ) Cash, cash equivalents and restricted cash Beginning of period 185,540 328,359 End of period $ 290,058 $ 226,466 Supplemental disclosure of noncash information: Accrued inventory purchases $ 879 $ 759 Property and equipment purchases in accrued liabilities $ 2,200 $ — Stock-based compensation capitalized $ 118 $ 94 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Bull / Bear case

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