ACADIA PHARMACEUTICALS INC
ACAD evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ACAD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ACAD
ACADIA Pharmaceuticals Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders, with approved products NUPLAZID and DAYBUE and a pipeline including remlifanserin and ACP-204.
Key risk: IRA impact on NUPLAZID sales
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 47 clinical trials · 8 catalysts · 4 FDA decisions for ACADIA PHARMACEUTICALS INC.
ACADIA Pharmaceuticals Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders, with approved products NUPLAZID and DAYBUE and a pipeline including remlifanserin and ACP-204.
- As of 2026-06-30, ACADIA reported cash & equivalents of $385.0M, total revenue of $308.0M, net income of $31.5M, and shareholders' equity of $732.8M [sec].
- The company has two approved products: NUPLAZID (for Parkinson's disease psychosis) and DAYBUE/DAYBUE STIX (for Rett syndrome) [sec].
- Net revenues increased 9% in 2025 compared to 2024, driven by growth in net product sales of both NUPLAZID and DAYBUE [sec · filed 2026-04-24].
- The company did not achieve its 2025 NUPLAZID net product sales target due to the one-year impact of the Inflation Reduction Act (IRA) adjustment [sec · filed 2026-04-24].
- ACADIA's pipeline includes late-stage programs for remlifanserin (Prader-Willi syndrome, Alzheimer's disease psychosis, Lewy body dementia psychosis) and ACP-204 (Alzheimer's disease psychosis, Lewy body dementia psychosis) [sec_mda].
What works
- ACADIA has two approved products generating revenue, with net revenues increasing 9% in 2025 [sec · filed 2026-04-24].
- The company's cash and investment securities, plus anticipated product sales, are expected to fund operations through and beyond the next 12 months [sec_mda · as of 2026-08-05].
- The company has a diversified pipeline with multiple late-stage programs targeting CNS disorders, including remlifanserin and ACP-204 [sec_mda].
- ACADIA's annualized TSR was 46% for the one-year period ending December 31, 2025, ranking slightly above the median of its peer group [sec · filed 2026-04-24].
What to weigh
- The company did not achieve its 2025 NUPLAZID net product sales target due to the Inflation Reduction Act adjustment [sec · filed 2026-04-24].
- ACADIA may require additional financing in the future to fund operations, with capital requirements depending on factors such as R&D costs and acquisitions [sec_mda · as of 2026-08-05].
- The company's annualized TSR for 2024 was 41%, ranking in the lower quartile of its peer group [sec · filed 2025-04-25].
- Clinical development timelines and regulatory approval probabilities are uncertain, and the company anticipates making ongoing determinations about which programs to fund [sec_mda · as of 2026-05-07].
From the filings
Quoted directly from source documents.
ACADIA did not achieve its 2025 NUPLAZID net product sales target due to the IRA adjustment.
“The Company did not achieve its 2025 NUPLAZID net product sales target, despite strong operational performance, due to the one-year impact of the Inflation Reduction Act (IRA) adjustment.”
SEC filings · April 24, 2026
Net revenues increased 9% in 2025 compared to 2024.
“Net revenues increased 9% compared to 2024, reflecting strong growth in net product sales of both NUPLAZID and DAYBUE.”
SEC filings · April 24, 2026
Cash and investments are expected to fund operations through and beyond the next 12 months.
“cash equivalents and investment securities, as well as funds generated by anticipated sales of our products, will be sufficient to fund our planned operations through and beyond the next 12 months.”
SEC MD&A · August 5, 2026
ACADIA's annualized TSR for 2025 was 46%, ranking slightly above the median of its peer group.
“The Company's annualized TSR was 46% for the one-year period ending December 31, 2025, which ranked slightly above the median of its company-selected 2025 peer group.”
SEC filings · April 24, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · remlifanserin — Phase 2 Readout: remlifanserin — Topline data from a Phase 2 study of remlifanserin will be released, providing initial efficacy and safety signals.
- 2026-12-31 · Phase2_Topline · remlifansirin — Phase 2 Readout: remlifansirin — Topline data from a Phase 2 study of remlifansirin will be released, providing initial efficacy and safety signals.
- 2028-02-01 · Phase3_Topline — Phase 3 Topline: A Master Protocol for Three Independent, Seamlessly Enrolling, Double-blind, Placebo-controlled Effi — Topline data from a Phase 3 master protocol study will be released, evaluating efficacy and safety.
- 2029-03-01 · Phase3_Topline · acp-204 — Phase 3 Topline: 52-Week, Phase 3, Open-Label Extension Study of ACP-204 in Adults With Lewy Body Dementia Psychosis — Topline data from a Phase 3 open-label extension study of ACP-204 in Lewy body dementia psychosis will be released.
- 2029-05-01 · Phase3_Topline · acp-204 — Phase 3 Topline: A 52-Week, Open-Label Extension Study of ACP-204 in Adults With Alzheimer's Disease Psychosis — Topline data from a Phase 3 open-label extension study of ACP-204 in Alzheimer's disease psychosis will be released.
- 2038-08-27 · Patent_Expiry · NUPLAZID — Patent/Exclusivity Expiry: NUPLAZID — NUPLAZID's patent or exclusivity protection expires, potentially allowing generic competition.
- 2042-07-12 · Patent_Expiry · DAYBUE — Patent/Exclusivity Expiry: DAYBUE — DAYBUE's patent or exclusivity protection expires, potentially allowing generic competition.
- 2042-07-12 · Patent_Expiry · DAYBUE STIX — Patent/Exclusivity Expiry: DAYBUE STIX — DAYBUE STIX's patent or exclusivity protection expires, potentially allowing generic competition.
Risks & what to watch (4)›
Key risks
- IRA impact on NUPLAZID sales — The Inflation Reduction Act adjustment negatively impacted 2025 NUPLAZID sales, and future impacts are uncertain [sec · filed 2026-04-24].
- Need for additional financing — The company may require additional financing to fund operations, depending on R&D costs and acquisitions [sec_mda · as of 2026-08-05].
- Clinical development uncertainty — Clinical timelines and regulatory approval probabilities are uncertain, and the company may adjust program priorities [sec_mda · as of 2026-05-07].
- Patent expirations — NUPLAZID patent/exclusivity expires in 2038, and DAYBUE/DAYBUE STIX in 2042, which could impact future revenue [catalyst_timeline].
What to watch
- Phase 2 topline data for remlifanserin expected by end of 2026 [catalyst_timeline].
- Phase 3 topline data for ACP-204 in Alzheimer's disease psychosis expected in 2029 [catalyst_timeline].
- Phase 3 topline data for ACP-204 in Lewy body dementia psychosis expected in 2029 [catalyst_timeline].
- Impact of the Inflation Reduction Act on NUPLAZID sales in future periods [sec · filed 2026-04-24].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.33 · 1% dilution
Lead: Approved
4 candidates
8 upcoming, next in ~123d
0 buys · 20 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
342
Total value held
$3.80B
| Holder | Shares | Value |
|---|---|---|
| baker bros. advisors lp | 42,896,690 | $954.9M |
| blackrock, inc. | 21,550,921 | $479.7M |
| vanguard capital management llc | 11,322,800 | $252.0M |
| vanguard portfolio management llc | 8,671,645 | $193.0M |
| state street corp | 8,332,771 | $185.5M |
| rtw investments, lp | 7,144,524 | $159.0M |
| geode capital management, llc | 3,464,689 | $77.1M |
| first trust advisors lp | 3,343,868 | $74.4M |
| dimensional fund advisors lp | 3,155,160 | $70.2M |
| palo alto investors lp | 2,872,695 | $63.9M |
Showing top 10 of 342 institutional holders of ACADIA PHARMACEUTICALS INC. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 10.3%
- Days to cover
- 6.4
- Shares short
- 11,156,379
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ACAD short interestGovernance
Frequently asked questions
What is the AI investment thesis for ACADIA PHARMACEUTICALS INC?
ACADIA Pharmaceuticals Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders, with approved products NUPLAZID and DAYBUE and a pipeline including remlifanserin and ACP-204.
What is ACADIA PHARMACEUTICALS INC's lead drug candidate?
ACADIA PHARMACEUTICALS INC's most advanced tracked candidate is NUPLAZID (Approved) for Schizophrenia.
What is ACADIA PHARMACEUTICALS INC's next catalyst?
ACADIA PHARMACEUTICALS INC's next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: remlifanserin" — expected December 31, 2026.
Who is the CEO of ACADIA PHARMACEUTICALS INC?
Ms. Catherine E. Owen Adams is the chief executive officer of ACADIA PHARMACEUTICALS INC (ACAD).
Where is ACADIA PHARMACEUTICALS INC headquartered?
ACADIA PHARMACEUTICALS INC (ACAD) is headquartered in San Diego, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.