ACADIA Pharmaceuticals
Annual Report 2004

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(cid:79)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:34)(cid:36)(cid:34)(cid:37)(cid:42)(cid:34)(cid:1)(cid:78)(cid:80)(cid:87)(cid:70)(cid:84)(cid:1)(cid:68)(cid:77)(cid:80)(cid:84)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:83)(cid:74)(cid:79)(cid:72)(cid:14)
(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:15)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.

(Mark One)
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2004

Or

‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934
For the transition period from

to

Commission File Number: 000-50768

ACADIA PHARMACEUTICALS INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of
Incorporation or Organization)

3911 Sorrento Valley Boulevard
San Diego, California
(Address of Principal Executive Office)

06-1376651
(I.R.S. Employer
Identification Number)

92121
(Zip Code)

Registrant’s telephone number, including area code:
(858) 558-2871

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

None

Name of Each Exchange on Which Registered

None

Securities to be registered pursuant to Section 12(g) of the Act:
Common Stock, par value $0.0001 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or

15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes È No ‘

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained

herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. È

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule

12b-2). Yes ‘ No È

As of June 30, 2004, the last business day of the registrant’s most recently completed second fiscal quarter,

the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was
approximately $68.7 million, based on the closing price of the registrant’s common stock on the Nasdaq National
Market on June 30, 2004 of $6.20 per share.

As of March 14, 2005, 18,051,197 shares of registrant’s common stock, $0.0001 par value, were

outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange

Commission by May 2, 2005 are incorporated by reference into Part III of this report.

ACADIA PHARMACEUTICALS INC.

TABLE OF CONTENTS
FORM 10-K
For the Year Ended December 31, 2004
INDEX

PART I

Item 1.

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 2.

Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 3.

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 4.

Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 6.

Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . .

Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 8.

Consolidated Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . .

Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART III

Item 10. Directors and Executive Officers of the Registrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder

Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 13. Certain Relationships and Related Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 14.

Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page

2

37

37

37

38

39

40

47

47

47

47

48

49

49

49

49

49

Item 15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50

PART IV

i

PART I

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.

Forward-looking statements can be identified by the use of forward-looking words such as “believes,”
“expects,” “hopes,” “may,” “will,” “plan,” “intends,” “estimates,” “could,” “should,” “would,” “continue,”
“seeks,” “pro forma” or “anticipates,” or other similar words (including their use in the negative), or by
discussions of future matters such as the development of new products, technology enhancements, possible
changes in legislation and other statements that are not historical. These statements include but are not limited to
statements under the captions “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” as well as other sections in this report. You should be aware that
the occurrence of any of the events discussed under the heading “Item 1. Business—Risk Factors” and elsewhere
in this report could substantially harm our business, results of operations and financial condition. If any of these
events occurs, the trading price of our common stock could decline and you could lose all or a part of the value of
your shares of our common stock.

The cautionary statements made in this report are intended to be applicable to all related forward-looking
statements wherever they may appear in this report. We urge you not to place undue reliance on these forward-
looking statements, which speak only as of the date of this report.

1

Item 1. Business

Overview

We are a biopharmaceutical company focused on the discovery, development and commercialization of

small molecule drugs for the treatment of central nervous system disorders. We currently have four drug
programs in clinical development and several additional programs in preclinical and discovery stages. Our three
Phase II clinical programs are ACP-103 for treatment-induced dysfunctions in Parkinson’s disease, ACP-103 as
an adjunctive therapy for schizophrenia, and ACP-104 for the treatment of schizophrenia. We have retained
worldwide commercialization rights for these programs. We also have a neuropathic pain program in Phase I
clinical trials and a glaucoma program in preclinical development, each in collaboration with Allergan, Inc.
Using our proprietary drug discovery platform, we have discovered all of the drug candidates in our product
pipeline.

The annual worldwide market for drugs used to treat schizophrenia and other psychoses exceeds $12 billion
and the annual worldwide market for drugs used to treat Parkinson’s disease exceeds $2 billion. Current therapies
in each of these two markets have substantial limitations, and we believe that significant opportunities exist for
improved therapies.

In our first clinical program, we are developing ACP-103 to treat the debilitating psychiatric and

neurological dysfunctions that frequently result from currently prescribed Parkinson’s disease therapies. We have
completed a Phase Ib/IIa clinical trial that demonstrated safety and tolerability of ACP-103 in Parkinson’s
disease patients, and we are currently conducting a multi-center Phase II clinical trial designed to evaluate the
efficacy and safety of this drug candidate in Parkinson’s disease patients suffering from treatment-induced
psychosis.

In our second clinical program, we are developing ACP-103 as an adjunctive therapy for schizophrenia,
which means that, if approved, it will be used together with other drugs. We believe that the use of ACP-103
adjunctively will result in an improved antipsychotic therapy with better efficacy and lower side effects relative
to existing therapies. We have completed a clinical study in healthy volunteers that showed that ACP-103
reduced side effects associated with treatment with haloperidol, an existing antipsychotic drug. We are currently
conducting a multi-center Phase II clinical trial designed to evaluate the ability of ACP-103 to treat
antipsychotic-induced side effects in patients with schizophrenia. We are preparing to conduct a larger multi-
center Phase II clinical trial designed to evaluate the ability of ACP-103 when used adjunctively with other
antipsychotic drugs to provide an improved therapy for patients with schizophrenia.

In our third clinical program, we are developing ACP-104 as a novel approach for the treatment of
schizophrenia. Currently prescribed treatments often do not effectively address or may exacerbate cognitive
disturbances associated with schizophrenia. We believe that ACP-104 may provide an effective antipsychotic
therapy that may have the added advantage of improved cognitive function for patients with schizophrenia. We
are currently conducting initial Phase II clinical trials for ACP-104 in patients with schizophrenia.

In our fourth clinical program, we have discovered a new class of compounds in collaboration with Allergan

Inc. that we believe may represent a significant breakthrough in the treatment of neuropathic pain. Allergan is
currently conducting Phase I clinical trials in this program. In addition to our clinical programs, we have
discovered, and in collaboration with Allergan, are developing AC-262271, a small molecule drug candidate for
the treatment of glaucoma. AC-262271 has been found to have a promising preclinical profile and has been
selected for testing for lowering intraocular pressure in humans.

We have built a proprietary drug discovery platform that we use to rapidly discover new compounds that
may serve as potential treatments for significant unmet medical needs. Our platform encompasses proprietary
target-based and chemistry-based technologies that we integrate with our discovery and development
capabilities. We believe that the breadth of our discovery and development programs and the rapid pace at which
we have discovered drug candidates provide strong validation of our proprietary platform and a basis for
expanding our pipeline.

2

We leverage our proprietary drug discovery platform and expertise through collaborations with leading
pharmaceutical and biotechnology companies. We have three collaborations with Allergan and one with Sepracor
Inc. for the discovery and development of small molecule drug candidates and a technology license agreement
with Aventis. To date, we have received research funding, upfront and milestone payments from our
collaborators, and an equity investment from each of Allergan and Sepracor. We may receive additional
payments, including research support, milestone payments and royalties on product sales.

We have assembled a management team with significant industry experience to lead the discovery,

development and commercialization of our drug candidates. Members of our management team have contributed
to the discovery, development and approval of multiple drug candidates to treat central nervous system disorders
and are also experts in the application of gene, target and chemical technologies in drug discovery. We
complement our management team with a network of scientific and clinical advisors that includes recognized
experts in the fields of schizophrenia, Parkinson’s disease, and other central nervous system disorders.

We were originally incorporated in Vermont on July 16, 1993 as Receptor Technologies, Inc. In 1997, we

reincorporated in Delaware. “ACADIA” and “R-SAT” are our trademarks. Our logos and trademarks are the
property of ACADIA Pharmaceuticals Inc. All other brand names or trademarks appearing in this report are the
property of their respective holders. Use or display by us of other parties’ trademarks, trade dress or products in
this report is not intended to, and does not imply a relationship with, or endorsements or sponsorship of, us by the
trademark or trade dress owners.

We maintain a website at www.acadia-pharm.com. We make available free of charge on our website our

periodic and current reports as reasonably practicable after such reports are filed with the Securities and
Exchange Commission, or SEC. Information contained on, or accessible through, our website is not part of this
report or our other filings with the SEC.

Our Strategy

Our goal is to become a leader in the discovery, development and commercialization of novel small

molecule drugs for the treatment of central nervous system disorders and other areas of unmet medical need. Key
elements of our strategy are to:

• Develop and commercialize our lead drug candidates. We are focused on advancing the development
of our three internal clinical programs, ACP-103 for treatment-induced dysfunctions in Parkinson’s
disease, ACP-103 as an adjunctive therapy for schizophrenia, and ACP-104 for the treatment of
schizophrenia. We intend to complete Phase II clinical trials in each of these programs. In therapeutic
indications in which we have a cost-effective development path and believe our drug candidates could
effectively be marketed by us, we intend to engage in late-stage clinical development and
commercialization.

• Expand our pipeline of drug candidates for the treatment of central nervous system and related

disorders. We plan to continue using our proprietary drug discovery platform and expertise to expand
our pipeline of drug candidates for the treatment of central nervous system disorders and related
disorders. We believe that these disorders represent significant market opportunities because current
treatment options are suboptimal and produce adverse effects. We plan to expand our pipeline to include
additional clinical programs that address a range of neuropsychiatric and related disorders. We believe
that our diversified pipeline of programs will mitigate the risks inherent in drug discovery and
development and increase the likelihood of commercial success.

•

Selectively establish strategic collaborations to advance and maximize the commercial potential of
our pipeline. We will continue to pursue selective strategic collaborations to leverage the development,
regulatory and commercialization expertise of our partners. However, we plan to retain selected
commercialization rights to our products where we can pursue specialty markets that could result in

3

significant financial return on our investment. In therapeutic indications that do not have a cost-effective
development path or require a large sales force, we plan to complete late-stage clinical development and
commercialization of our drug candidates through, or in collaboration with, collaborators.

•

Leverage our proprietary drug discovery platform to identify novel drug candidates outside of our core
focus. In addition to our focus on central nervous system disorders, we are leveraging our proprietary drug
discovery platform to identify novel drug candidates in therapeutic areas outside of our core focus that we
may develop independently or in partnerships. Our platform has broad applicability in a variety of
therapeutic areas, including ophthalmology, endocrinology, metabolic disorders and oncology. To date, we
have formed collaborations with Allergan in the area of ophthalmology. We may continue to selectively
partner or out-license drug candidates in therapeutic areas outside of our core focus.

• Maintain and enhance our technology leadership position. We believe we are a leader in small

molecule discovery with expertise in molecular biology, ultra-high throughput screening, pharmacology
and chemistry. Currently we have three proprietary target-based platforms that incorporate some of the
largest gene families that include the most relevant targets for small molecule drug discovery. These
platforms utilize proprietary screening and pharmacology tools. We are also developing additional target
platforms that incorporate other gene families of pharmaceutical interest. In addition, we will continue
to augment our proprietary combinatorial chemistries and expand our diverse compound library.

• Opportunistically in-license or acquire complementary technologies and drug candidates. Although
we have discovered all of the drug candidates currently in our pipeline, we believe that in-licensing or
acquiring technologies and drug candidates that complement our capabilities may enable us to expand
our product pipeline more rapidly and enhance our state-of-the-art discovery capabilities. Therefore, in
the future, we may elect to in-license or acquire complementary technologies and augment our internal
pipeline with clinical products.

Our Drug Development Programs

Our drug development programs include four programs in clinical development and one program in

preclinical development. Our programs address diseases that are not well served by currently available therapies
and represent large commercial market opportunities. We believe that our drug candidates offer innovative
therapeutic approaches and may provide significant advantages relative to current therapies. The following table
summarizes our five drug development programs:

Drug Program

Stage of Development

Commercialization Rights

ACP-103 for treatment-induced
dysfunctions in Parkinson’s
disease

ACP-103 as an adjunctive therapy for

schizophrenia

ACP-104 for schizophrenia
AGN-XX and AGN-YY for

neuropathic pain

AC-262271 for glaucoma

Phase II

Phase II

Phase II
Phase I

Preclinical development

Treatment-Induced Dysfunctions in Parkinson’s Disease

Disease and Market Overview

ACADIA

ACADIA

ACADIA
Allergan

Allergan

Parkinson’s disease is a chronic, progressive neurological disorder that results from the degeneration of
neurons in a region of the brain that controls movement. This degeneration creates a shortage of an important
brain signaling chemical, or neurotransmitter, known as dopamine, rendering patients unable to initiate their
movements in a normal manner. Parkinson’s disease is characterized by a number of symptoms including
tremors, limb stiffness, slowness of movements, and difficulties with posture and balance. The severity of
Parkinson’s disease symptoms tends to worsen over time.

4

According to the American Parkinson’s Disease Association, over 1.5 million people in the United States

suffer from this disease. Parkinson’s disease is more prevalent in people over 60 years of age, and the incidence
and prevalence of this disease is expected to increase as the average age of the population increases. In 2003,
approximately $2.3 billion was spent on drug therapy worldwide to treat Parkinson’s disease.

Parkinson’s disease patients are currently treated with dopamine replacement therapies such as levodopa,

commonly referred to as L-dopa, and dopamine agonists, which are molecules that mimic the action of
dopamine. These therapies are relatively effective in controlling the symptoms of the disease in most patients.
However, the use of these agents normally is required throughout the course of the disease and often results in a
range of side effects that are not effectively treated with marketed drugs. These side effects may include
neuropsychiatric abnormalities such as hallucinosis and psychosis, as well as uncontrollable movements of the
limbs, referred to as dyskinesias. Studies have suggested that approximately 30% of Parkinson’s disease patients
that are undergoing dopamine replacement therapies will develop hallucinosis, typically consisting of visual
hallucinations, with a smaller portion of these patients developing a state of psychosis. These abnormalities are
often disabling, and drug-induced psychosis is the most important factor leading to nursing home placements of
Parkinson’s disease patients. In addition, drug-induced dyskinesias are estimated to occur in up to 80% of
Parkinson’s disease patients after five years of receiving available therapies. Currently, there is a large unmet
medical need for new therapies that will effectively control or eliminate the dose-limiting side effects that result
from the use of dopamine replacement therapies in the treatment of Parkinson’s disease.

There have been numerous attempts to use existing antipsychotic drugs to treat the neuropsychiatric
abnormalities caused by the treatment of Parkinson’s disease patients. Because antipsychotic agents worsen the
preexisting brain dopamine deficit, these drugs are generally not well-tolerated by Parkinson’s disease patients.
One antipsychotic drug therapy that has demonstrated efficacy in reducing the treatment-induced psychosis in
Parkinson’s disease patients without further impairing motor function is low-dose treatment with the generic drug
clozapine. Our studies suggest that this unique clinical utility of clozapine arises from its ability to block a key
serotonin receptor, a protein that responds to the neurotransmitter serotonin, known as the 5-HT2A receptor. The
U.S. Food and Drug Administration, or FDA, has not approved any therapy for treatment-induced psychotic
disorders in Parkinson’s disease. However, in Europe, the use of low-dose clozapine has been approved for this
indication. Seroquel, an antipsychotic drug, is also used off-label for this indication in both the United States and
in Europe.

ACP-103 for Treatment-Induced Dysfunctions in Parkinson’s Disease

Overview

ACP-103 is a small molecule drug candidate that we discovered and are developing to treat the debilitating

psychiatric and neurological dysfunctions produced by current Parkinson’s disease therapies, thereby
significantly improving the quality of life for Parkinson’s disease patients. ACP-103 is a potent and selective
5-HT2A inverse agonist, a compound that blocks the activity of the 5-HT2A receptor. We believe that ACP-103
may effectively treat the hallucinosis, psychosis and dyskinesias that frequently result from the use of existing
Parkinson’s disease medications. Because ACP-103 does not interact with dopamine receptors, it is not expected
to impair motor function.

Development Status

We are currently conducting a multi-center, double-blind, placebo-controlled Phase II trial designed to

evaluate the efficacy and safety of ACP-103 in Parkinson’s disease patients suffering from treatment-induced
psychosis without impairing motor skills. We expect to enroll a total of 60 Parkinson’s disease patients in this
trial at several clinical sites in the United States. The study involves once-daily oral administration of either
ACP-103 at selected doses or a placebo for four weeks to patients who also receive their stable
dopamine-replacement therapy. Efficacy is assessed by a battery of standard rating scales and by physicians’
global impressions of change at multiple times throughout the study period. We modeled the study design of this

5

clinical trial after a study conducted by The Parkinson Study Group, which was a double-blind,
placebo-controlled trial that demonstrated the efficacy of clozapine at low doses in this indication. We are
planning to report results from this trial at two points during the study. By mid-2005, we intend to report on
potential trends in patient responses to ACP-103 seen in the first 30 patients to complete the study. This initial
examination will be limited to trends relative to the trial’s endpoints of efficacy. We are continuing to enroll
patients in this trial and we expect to report results from a complete statistical analysis of all clinical endpoints on
all 60 patients in late-2005 or early-2006. We also have an ongoing study involving the extended use of ACP-103
in Parkinson’s disease patients with treatment-induced psychosis who have completed the aforementioned
Phase II trial and may, in the opinion of the treating physician, benefit from continued treatment with ACP-103.
This is an open-label extension study, which is designed to determine the safety of ACP-103 during long-term
administration.

During the second quarter of 2004, we reported results from a double-blind, placebo-controlled Phase Ib/IIa

clinical trial with ACP-103 comprised of 12 Parkinson’s disease patients on standard dopamine replacement
therapy. This clinical trial evaluated the safety and tolerability of ACP-103 in Parkinson’s disease patients
following administration of 25 and 100 milligram doses once-daily for 14 days. ACP-103 was well-tolerated in
these patients. Importantly, the motor skills of these patients did not deteriorate, an effect commonly seen with
other antipsychotic drugs. In addition, patients who entered this trial with treatment-induced dyskinesias
exhibited indications of antidyskinetic activity after ACP-103 administration. This outcome is consistent with the
previously demonstrated antidyskinetic activity of ACP-103 in a monkey model of Parkinson’s disease.
Following this Phase Ib/IIa clinical trial, we initiated a clinical pharmacology study to further evaluate the ability
of ACP-103 to treat levodopa-induced dyskinesias in patients with Parkinson’s disease. This study is being
conducted at the National Institutes of Neurological Disorders and Stroke, an institute of the National Institutes
of Health, and is expected to enroll up to twenty patients.

In 2003, we completed two Phase I clinical trials that assessed the safety, tolerability and blood levels of

ACP-103 following oral administration in a total of 57 healthy volunteers. These randomized, double-blind,
placebo-controlled, dose-escalation trials encompassed both single-dose and multiple-dose studies. The single-
dose study evaluated five different dose levels ranging from 20 to 300 milligrams, which resulted in mean
maximum plasma levels ranging from nine to 152 nanograms per milliliter. The multiple dose-escalation study
evaluated three different dose levels, ranging from 50 to 150 milligrams administered once-daily for 14 days,
which resulted in mean maximum plasma levels at steady state ranging from 93 to 247 nanograms per milliliter.
In both the single-dose and multiple-dose studies, ACP-103 exhibited consistent drug levels in the blood and a
long half-life that we believe make our drug candidate ideal for once-daily dosing. ACP-103 was well-tolerated
at plasma levels of 229 nanograms per milliliter and below with no changes in cardiovascular or neurological
function and no serious adverse events in the healthy volunteers at any plasma level of ACP-103.

In addition to our Phase I clinical trials of ACP-103, we also conducted drug receptor occupancy studies in

healthy volunteers in collaboration with the Karolinska Institute, a prominent Swedish research center, using
non-invasive, positron emission tomography, or PET, with various single doses of ACP-103. This study
demonstrated that even low acute oral doses of this drug candidate produce significant occupancy of 5-HT2A
receptors in the human brain. We believe that the results from this PET study support that ACP-103 has a wide
separation between the plasma drug levels that are predicted for clinical efficacy and the plasma levels shown to
be safe and well-tolerated in our Phase I and Phase Ib/IIa clinical trials.

6

Figure 1: Composite of Two Human Brains Demonstrating High 5-HT2A Receptor Occupancy of ACP-103

Figure 1 is a composite of PET images of two human brains. The left half of the figure is from a subject
given placebo, and the right half of the figure is from a subject given a single five milligram dose of ACP-103
that yields an estimated plasma drug level of approximately three nanograms per milliliter. This dose leads to
significant occupancy of 5-HT2A receptors in the neocortex of the brain. Darker regions in the neocortex on the
left half of the image show the PET-labeled 5-HT2A receptors. These receptors are not visible on the right
because they are being blocked, or occupied, by ACP-103 treatment. Based on these PET data and the results of
our Phase I and Phase Ib/IIa clinical trials, we believe that low doses of ACP-103 will be sufficient to
demonstrate efficacy in our clinical trials.

Schizophrenia

Disease and Market Overview

Schizophrenia is a debilitating mental illness characterized by disturbances in thinking, emotional reaction

and behavior. These disturbances may include positive symptoms, such as hallucinations and delusions and a
range of negative symptoms, including cognitive disturbances. Schizophrenia is associated with persistent
impairment in a patient’s social functioning and productivity. It is believed that cognitive disturbances prevent
patients with schizophrenia from readjusting to society. As a result, schizophrenia requires patients to be under
medical care for their entire lives.

According to the National Institute of Mental Health, approximately one percent of the population develops

schizophrenia during their lifetime and more than two million people in the United States suffer from this
disease. Worldwide sales of drugs to treat schizophrenia and other psychoses totaled approximately $12.2 billion
in 2003. Currently, schizophrenia is treated by administration of first generation, known as typical, or second
generation, known as atypical, antipsychotic agents. The typical antipsychotic agents that were introduced in the
late-1950s block dopamine receptors. This class of compounds is effective against positive symptoms of
schizophrenia but also produces disabling motor disturbances, including akathesia, an extremely distressful
motor disturbance characterized by feelings of inner restlessness and an urge to move. Typical antipsychotic
drugs fail to address or worsen most of the negative symptoms of schizophrenia, and their use has decreased in
the United States and Europe.

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Atypical antipsychotic drugs produce fewer motor disturbances than typical antipsychotic agents, but also

fail to address most of the negative symptoms of schizophrenia. It is believed that the efficacy of atypical
antipsychotic drugs is due to their interactions with dopamine and 5-HT2A receptors. The side effects produced
by the atypical agents include severe obesity, type II diabetes and cardiovascular side effects. We believe that
these side effects arise from non-essential receptor interactions that are unrelated to their actions at receptors
driving their efficacy.

In spite of the availability of a variety of antipsychotic agents, only a portion of the negative symptoms of

schizophrenia are treatable and, in particular, the cognitive disturbances are poorly addressed by current
therapies. Clozapine, more so than other atypical antipsychotics, appears to have the ability to partially address
cognitive disturbances while typical antipsychotic drugs frequently worsen the cognitive function of the patients.
We believe there is a large unmet medical need for therapies that address both the positive and negative
symptoms of schizophrenia and produce fewer side effects.

We have two development programs that we believe offer innovative therapeutic solutions to major unmet

medical needs in schizophrenia.

ACP-103 as an Adjunctive Therapy for Schizophrenia

Overview

We are developing ACP-103 as an adjunctive therapy to be used together with other antipsychotic drugs to

treat schizophrenia. ACP-103 can be taken orally and is a small molecule drug candidate that acts as a potent and
selective inverse agonist at 5-HT2A receptors. Antipsychotic drugs produce a range of side effects that arise
either from off-target receptor interactions or excessive dopamine blockade. By identifying and correlating the
molecular properties of marketed antipsychotic drugs with their clinical actions, we have identified inverse
agonism at 5-HT2A receptors as essential to the improved clinical profile of atypical antipsychotic drugs. By
adding ACP-103 to existing treatment regimens, we believe the optimal combination of dopamine receptor
blockade and 5-HT2A inverse agonism can be achieved with a range of typical and atypical antipsychotic drugs.
This adjunctive therapy may result in better efficacy and lower side effects.

Development Status

We are currently conducting a multi-center, double-blind, placebo-controlled Phase II clinical trial designed

to evaluate the ability of ACP-103 to treat side effects associated with chronic treatment with haloperidol, a
typical antipsychotic drug, in up to 40 patients with schizophrenia. This clinical study involves once-daily oral
administration of either ACP-103 or a placebo for a five-day period. Efficacy is assessed by the use of standard
rating scales at multiple times throughout the study period. We are planning to report results from this trial
during the second half of 2005.

We currently are preparing to initiate the clinical phase of a multi-center, double-blind, placebo-controlled

Phase II clinical trial designed to evaluate the ability of ACP-103 when used adjunctively with other
antipsychotic drugs to provide an improved therapy for patients with schizophrenia. This clinical trial will
explore the ability of ACP-103 in adjunctive therapy with each of risperidone, an atypical antipsychotic drug, and
haloperidol to reduce acute exacerbations of schizophrenia. We expect to enroll up to 400 patients with
schizophrenia, who will be randomly assigned to one of five treatment groups. These groups will include
treatment with ACP-103 together with selected doses of either risperidone or haloperidol, and three additional
groups consisting of treatment with specified doses of risperidone or haloperidol. We will assess efficacy on
positive and negative symptoms and tolerability using a battery of standard psychiatric and neurological rating
scales. A formal interim analysis is planned for this study after 200 patients have completed the trial. We expect
to begin the clinical phase of this trial during the second quarter of 2005.

During the third quarter of 2004, we reported results of a clinical study designed to assess the ability of
ACP-103 to reduce the side effects associated with drug treatment with haloperidol. This double-blind, placebo-

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controlled study involved 18 healthy volunteers. All subjects were administered a single 7.5 milligram dose of
haloperidol and the majority of these subjects developed measurable akathisia. In addition, the haloperidol
treatment induced approximately a three-fold increase in prolactin secretion. This condition of elevated prolactin
secretion may adversely affect menstrual and sexual function and bone formation. The results of the study
indicated that a single dose of ACP-103 reduced akathisia symptoms in most subjects. In addition, ACP-103
reduced haloperidol-induced increases in prolactin secretion by 33%.

ACP-104 as a Treatment for Schizophrenia Providing Potential Cognitive Benefits

Overview

ACP-104 is a small molecule drug candidate that we are developing as a novel, stand-alone therapy for
schizophrenia. It is known that large amounts of ACP-104, or N-desmethylclozapine, are formed in the body
after administration of clozapine. That is, clozapine is metabolized to ACP-104. We discovered that ACP-104
has a unique ability to stimulate m1 muscarinic receptors. The m1 muscarinic receptors are widely known to play
an important role in cognition. Since clozapine itself blocks the m1 muscarinic receptor, patients need to
extensively metabolize clozapine into ACP-104 to stimulate this receptor and thereby overcome the blocking
action of clozapine. Administration of ACP-104 will avoid the variability of this metabolic process and the
competing action of clozapine. Like clozapine, ACP-104 interacts with dopamine and 5-HT2A receptors. We
believe that ACP-104 represents a new approach to schizophrenia therapy that combines an atypical
antipsychotic efficacy profile with the added advantage of beneficial cognitive effects.

Development Status

We are currently conducting the initial studies in our Phase II clinical program for ACP-104. The initial
studies are double-blind, placebo-controlled, single-dose and multiple-dose escalation trials in patients with
schizophrenia. These trials are focused primarily on safety and drug levels in the blood, but may also provide
preliminary indications of the efficacy of ACP-104 in patients with schizophrenia. We plan to use these studies to
determine the doses required to achieve plasma levels of ACP-104 similar to those seen after clozapine
administration. We are also conducting a preliminary assessment of antipsychotic and cognitive efficacy of
ACP-104 using standard rating scales in these two trials. We are planning to report results from these initial
studies in the second half of 2005. Following completion of these initial studies, we plan to conduct additional
studies to further assess the efficacy of ACP-104 in the treatment of patients with schizophrenia and cognitive
disturbances.

We have analyzed data on clozapine and ACP-104 plasma levels relative to clinical response from two

clinical trials that included 92 patients with schizophrenia treated with clozapine for up to six months. We
demonstrated in this study that the plasma drug ratio of ACP-104 to clozapine positively predicts improvement in
cognitive functioning and quality of life parameters in these patients. This study indicated that a higher ratio of
ACP-104 relative to clozapine resulted in a better response by these patients in a wide range of standard
cognitive functioning and quality of life clinical measures. The results of this study and our preclinical tests
suggest that due to its robust m1 receptor activation, ACP-104 is responsible for the unique cognitive benefits of
clozapine.

As ACP-104 is a metabolite of clozapine, millions of patients worldwide have been exposed to ACP-104

over the last 30 years. Over 70 clinical studies are available in the scientific literature in which the serum levels
of ACP-104 were reported in patients with schizophrenia treated with clozapine. The total patient exposure to
ACP-104 presented in these studies alone exceeds 2,000 patients. ACP-104 serum levels are highly correlated
with clozapine serum concentrations and on average are approximately 70% of clozapine levels. Across the 25 to
1,000 milligrams per day dose range of clozapine used in these studies, the steady state serum level of ACP-104
achieved in patients with schizophrenia was as high as 1,500 nanograms per milliliter. Importantly, clozapine
therapy and the resulting ACP-104 levels of this magnitude were tolerated by the patients in these studies. These
studies provide an extensive clinical database that enables us to select doses that yield a wide range of plasma

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levels of ACP-104, corresponding to those plasma levels of ACP-104 that are achieved in clozapine-treated
patients. Therefore, we believe that we may be able to rely on the significant previous exposure of ACP-104 in
humans to demonstrate and support the safety of ACP-104.

Neuropathic Pain

Disease and Market Overview

Neuropathic pain is a common and growing subset of pain that is thought to involve an alteration in nervous

system function or a reorganization of nervous system structure. Neuropathic pain can be associated with nerve
damage caused by trauma, diseases such as diabetes, shingles, irritable bowel syndrome, late-stage cancer or the
toxic effects of chemotherapy. In many patients, damage to sensory nerves is accompanied by varying degrees of
pain. The experience can range from mildly increased sensitivity to touch or temperature to excruciating pain.
This kind of pain is usually chronic and extremely difficult to manage clinically because it fails to respond to
most medications currently used to treat other forms of pain. According to Pharmaprojects, a healthcare
publication, each year approximately 26 million people worldwide suffer from some form of neuropathic pain.

Drugs such as opioid painkillers and nonsteroidal anti-inflammatory agents that are effective in treating
inflammatory and acute pain usually are not effective in treating neuropathic pain. Opioid painkillers provide
suboptimal pain management and have significant adverse side effects that limit their usefulness, including
respiratory depression, nausea, vomiting, dizziness, sedation, mental clouding, constipation, urinary retention and
severe itching. In addition, prolonged chronic use of opioid painkillers can lead to the need for increasing dosage
and potentially to addiction. Currently, the market leading treatment for neuropathic pain is Neurontin, which had
worldwide sales of approximately $2.7 billion in 2004. In addition, two drugs, Lyrica (pregabalin) and Cymbalta,
have been recently approved for this indication. We believe that there is a large unmet medical need for new
therapies with improved efficacy and side effect profiles.

Our Drug Candidates for Neuropathic Pain

In collaboration with Allergan, we have discovered and are developing a new class of small molecule drug

candidates that we believe provide the potential for a significant breakthrough in the treatment of neuropathic
pain. Using our proprietary drug discovery platform, we have identified a previously unappreciated target for
neuropathic pain, which is a key alpha adrenergic receptor subtype. We have discovered and are developing
orally active small molecule drug candidates that selectively activate this target. Our novel and selective alpha
adrenergic agonists provide highly effective pain relief in a wide range of preclinical models, without the side
effects of current pain therapies, including sedation and cardiovascular and respiratory effects. Allergan has
demonstrated that these drug candidates are highly potent and efficacious when administered orally in relevant
animal models and are more efficacious than Neurontin in preclinical models at 300-to-1,000 fold lower doses.
Based on the compelling preclinical profile of our drug candidates, we believe that these drug candidates may
represent a new class of highly effective and safe therapeutics for neuropathic pain.

Together with Allergan, we have nominated two orally active, small molecule drug candidates, AGN-XX
and AGN-YY, for development. Allergan filed an Investigation New Drug application with the FDA during the
third quarter of 2004 and is currently conducting Phase I clinical trials in this program.

Glaucoma

Disease and Market Overview

Glaucoma is an eye disease that, if left untreated, can lead to degeneration of the optic nerve and blindness.

Glaucoma is the second leading cause of blindness in the United States. A prevalent symptom of glaucoma is
increased fluid pressure within the eye, or intraocular pressure. According to the Glaucoma Research Foundation,
an estimated three million people in the United States and 67 million people worldwide have glaucoma. In 2002,

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worldwide sales for glaucoma therapeutics totaled $2.3 billion. It is expected that worldwide sales of glaucoma
therapeutics will increase significantly as awareness and diagnoses increase and the general population ages.
Currently, physicians treat glaucoma with multiple classes of therapeutics to optimize therapy and minimize side
effects. We believe significant market demand exists for new glaucoma therapies that offers superior efficacy
with minimal side effects.

AC-262271 for treatment of Glaucoma

We have discovered, and in collaboration with Allergan, are developing AC-262271, a small molecule drug
candidate for the treatment of glaucoma. Allergan is currently conducting studies with AC-262271 in preparation
for possible clinical trials. AC-262271 uses a new therapeutic mechanism to produce a highly effective and long
lasting reduction of intraocular pressure in primate models of glaucoma. Using our proprietary drug discovery
platform, we identified a subtype of the muscarinic receptor that controls intraocular pressure and discovered
lead compounds that selectively activate this target. In a primate model of glaucoma, AC-262271 demonstrated
efficacy and a long duration of action without causing visual disturbances, such as accommodation. Preclinical
data for AC-262271 suggests that this drug candidate has the potential to be a promising new therapy for
glaucoma.

Our Preclinical Discovery Programs

In addition to our five development programs, we have established preclinical discovery programs in the
areas of muscarinic receptors, 5-HT2 receptors, and androgen receptors, or ARs. We have extensive expertise
and discovery assets in these areas, which provide us with a wide range of therapeutic opportunities. Our efforts
in these three areas have already led to our three proprietary development programs as well as additional
programs currently in preclinical testing.

Preclinical Muscarinic Program

Our muscarinic program is designed to deliver new drug candidates to treat psychosis, cognitive

disturbances in patients with schizophrenia and dementia, and neuropathic pain. One aspect of our muscarinic
program involves the investigation of our muscarinic agonists that selectively target the m1 muscarinic receptor
and may represent a novel approach to the treatment of cognition in patients with schizophrenia. We have
discovered over 300 potent muscarinic agonists that selectively target the m1 muscarinic receptor. These
muscarinic agonist compounds inhibit behaviors associated with psychotic states and enhance cognitive function
in preclinical animal models. We have also identified the muscarinic receptor subtype that we believe alleviates
neuropathic pain. We have used genetically altered mice that lack the relevant muscarinic receptor subtype to
support our efforts in this program and we have identified novel sites for muscarinic receptor/drug interactions
that yield, for the first time, truly selective muscarinic agonists. Such compounds have not shown the side effects
typical of non-selective muscarinic agents, but show robust effects in animal models of psychosis, cognition and
neuropathic pain. The promising preclinical profile of our selective muscarinic compounds suggests significant
therapeutic potential. In January 2005, we formed a collaboration with Sepracor that will explore potential
clinical candidates resulting from our muscarinic program. We have previously used this program to discover the
unique muscarinic agonist action of ACP-104 and a series of preclinical analogs of ACP-104. We have retained
all rights related to each of these compounds.

Preclinical 5-HT2 Program

We use our 5-HT2 program to generate new drug candidates to treat neuropsychiatric and related central
nervous system disturbances. We discovered ACP-103, a potent and selective 5-HT2A inverse agonist, in this
program. We have synthesized a large number of additional compounds having diverse pharmacological and
pharmaceutical properties that interact with the various 5-HT2 and related receptor subtypes. These compounds
may also be used to modify sleep architecture, particularly deep sleep that is commonly disturbed in the elderly.

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In connection with our collaboration agreement with Sepracor formed in January 2005, Sepracor has the option
to select one preclinical compound from this program for use in combination with LUNESTA, Sepracor’s
insomnia drug, for sleep-related indications. We will retain the rights to all other compounds in this program.

Preclinical AR Program

We have identified novel, potent and selective non-steroidal small molecule agonists of the androgen
receptor. These compounds are orally bioavailable and demonstrate robust testosterone-like endocrine effects
without enlarging the prostate. The potential therapeutic applications for AR agonists include indications such as
hormone replacement therapies to treat osteoporosis, sexual dysfunctions and muscle wasting, as well as
therapies for dry eye and various central nervous system disorders.

Our Drug Discovery Platform and Capabilities

Overview

We have established drug discovery and technical expertise in the areas of molecular biology, ultra-high

throughput screening, molecular and behavioral pharmacology, and combinatorial, medicinal and analytical
chemistry. In addition, we collaborate with world-renowned scientists, clinicians and academic institutions. We
believe that our expertise combined with our proprietary drug discovery platform has allowed us to discover drug
candidates more efficiently than traditional approaches.

All of our drug candidates that are currently in clinical trials, preclinical testing and earlier stages of discovery
were discovered using our proprietary drug discovery platform. We have integrated our discovery and development
capabilities with proprietary target-based and chemistry-based technologies. We have demonstrated that our platform
can be used to rapidly identify drug-like, small molecule chemistries for a wide range of drug targets. We believe that
the breadth of our discovery and development programs and the rapid pace at which we have discovered drug
candidates provide strong validation of our proprietary platform and a basis for expanding our pipeline.

Our Chemical-Genomics Discovery Approach

Our drug discovery approach is designed to introduce chemistry at an early stage in the drug discovery
process and enable selection of the most attractive, drug-like chemistries for desired targets that we validate with
past clinical experience. A key to our approach, which we refer to as a chemical-genomics discovery approach, is
our comprehensive set of proprietary functional test systems, or assays, that we developed for members of two
important gene families, G-protein coupled receptors, or GPCRs, and nuclear receptors, or NRs, which believe
represent the most relevant and feasible targets for small molecule drug discovery. We have also developed
assays for other relevant targets, including tyrosine kinase linked receptors, or RTKs. We use our proprietary
assays to validate drug targets and to discover novel small molecule drug candidates that are specific for these
targets using two complementary approaches.

Our first approach is to validate potential drug targets. We profile our collection of reference drugs,
primarily consisting of currently and formerly marketed central nervous system drugs, over the range of targets
in our functional assays to link clinical and physiological effects of drugs with specific drug targets. Using our
reference-drug approach, we are able to identify key drug targets that are validated with past clinical experience
as well as the targets that we believe are responsible for various side effects of these drugs. Our discoveries of
ACP-103 and ACP-104 resulted from the successful application of our reference-drug approach. The only
property that we have found to predict atypical antipsychotic clinical activity is inverse agonism at the 5-HT2A
receptor. This important finding led us to the discovery of selective 5-HT2A inverse agonists that we are
developing as treatments for a variety of central nervous system disorders. In the case of ACP-104, we found
that, of all of the clinical compounds within our reference library, only ACP-104 was a robust m1 muscarinic
agonist, thus suggesting the cognitive benefits of ACP-104.

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Our second approach is to broadly screen large numbers of targets for the most attractive small molecule
chemistries. These chemistries may be prioritized and used as starting points for our drug discovery programs.
Using this approach, we discovered that one of our target-specific chemistries demonstrated activity in
preclinical models of neuropathic pain, providing the starting point for our collaborative neuropathic pain
development program. Similarly, one of our selective muscarinic agonists was active in a glaucoma model
without showing classical side effects, providing the starting point for our collaborative glaucoma development
program.

Key Components of Our Drug Discovery Platform

Key components of our drug discovery platform are shown in the following diagram and discussed below:

Our Target-Based Discovery Technologies

Overview

The human genome project has provided information about the genetic structure of essentially all of the
potential drug targets in the human genome. This knowledge, when combined with our proprietary technologies,
allows for the efficient testing of the effects of chemical compounds on a wide range of potential drug targets.
Within the human genome there are families of genes that include the most frequent targets of drugs. We focus
our drug discovery efforts on those families of targets that are most likely to be affected by small molecule drugs.

R-SAT Functional Assay Technologies

Our proprietary receptor selection and amplification technology, which we refer to as R-SAT, is a valuable

component of our drug discovery platform. R-SAT is a cell-based assay system where genes are transferred to
cultured cells. The functional activity of the gene products, or potential drug targets, are then evaluated through
signal transduction pathways that lead to cellular growth. The growth signals are reported using marker gene
technologies. Thus, effects of drugs on potential drug targets can be efficiently detected as changes in color or
fluorescence. R-SAT enables the efficient screening of large compound libraries for identification of new
chemistries at given targets, as well as detailed pharmacological testing of compounds at a wide range of targets.
We have developed additional proprietary tools that evaluate compound interaction with these targets. One of
these technologies measures the physical interaction of GPCRs and RTKs with signaling proteins.

Proprietary Receptor Assay Platforms

Our scientists have cloned the genes for the majority of the targets in the G-protein coupled receptor,
nuclear receptor and tyrosine kinsase gene families. These represent some of the largest families of genes

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targeted by known drugs. Our R-SAT assay system has enabled the building of functional assays for most of
these genes yielding robust assay platforms, which we refer to as GPCR-SAT, NR-SAT and RTK-SAT. We also
have developed assays for several additional targets in other relevant gene families.

Our Chemistry-Based Discovery Technologies

Our drug discovery approach aims to identify small molecules that can serve as chemical starting points, or

leads, for optimization efforts providing novel, potent and selective drug candidates for targets that are most
likely to be affected by small molecule drugs. To enable our screening operation to identify high quality leads,
we have assembled a large proprietary chemical library of diverse compounds. This diverse compound library
consists of more than 300,000 small organic molecules. We have also developed proprietary synthetic methods
for library construction and lead optimization. In addition, our reference drug library provides us with the
opportunity to validate targets and is another key component of our drug discovery platform. This reference drug
library includes a wide range of the known central nervous system active drugs.

Drug Discovery Opportunities

Our proprietary drug discovery platform has generated a wide range of novel chemistries that we believe will
continue to provide us with starting points for additional drug programs. We have identified novel chemistries for
more than 100 distinct targets. Using these target-specific chemistries, we have established a portfolio of proprietary
drug discovery assets and projects in four key therapeutic areas. In each of these areas, we have identified novel
chemistries for several different drug targets that we believe play an important role in these major diseases. The
following table illustrates examples of targets where we have discovered novel chemistries.

Therapeutic Area

Targets with Novel Chemistry

Neuropsychiatry
Neuropathic pain, inflammation
Endocrinology
Metabolic syndrome

mGluR5, muscarinic, serotonin, neuropeptides
NPFF2, Mrg, PAR2, lipoxin
AR, ERß, ERR, Ghrelin, RAR
LXR, SSR5, HNF4alpha

Our discovery projects aim to answer specific scientific questions using relatively-limited synthetic
chemistry and biological efforts. When all key criteria have been fulfilled, these earlier-stage discovery projects
may be advanced into preclinical programs.

Collaboration Agreements

We have established three separate collaboration agreements with Allergan, one with Sepracor, and a
technology license agreement with Aventis, to leverage our drug discovery platform and related assets and to
commercialize selected drug candidates. Our collaborations have included upfront payments at initiation of the
collaboration, which may be in the form of an equity investment, research support during the term, milestone
payments upon successful completion of specified development objectives, and royalties based upon sales, if
any, of drugs developed under the collaboration. Our current agreements are as follows:

Allergan

In March 2003, we entered into a collaboration agreement with Allergan to discover, develop and

commercialize new therapeutics predominantly for ophthalmic indications. The research term is for three years
and may be extended by written agreement of the parties. During the research term, the parties will use our
target-specific chemistries to explore a range of discovery opportunities. Allergan will have the right to
exclusively license chemistry and related assets for up to three drug targets for development and
commercialization. Following Allergan’s license of a given target area, we are restricted from conducting
competing research in those target areas. Under the agreement, we received an upfront payment and we are

14

entitled to receive research funding and related fees over the three-year research term. The agreement also
provides Allergan the option to fund additional research in selected areas. We are also eligible to receive license
fees and milestone payments upon the successful achievement of agreed upon clinical and regulatory objectives.
Allergan retains the commercialization rights to the drug candidates in the three target areas they exclusively
license from us, and we are eligible to receive royalties on future product sales, if any, worldwide. Assuming the
successful development of products for each of the three target areas, we could receive up to approximately $60.0
million in aggregate payments under the agreement, excluding product royalties. Through December 31, 2004,
we had received a total of $7.9 million pursuant to this collaboration.

In July 1999, we entered into a collaboration agreement with Allergan to discover, develop and

commercialize selective muscarinic drugs for the treatment of glaucoma based on our compounds. Under this
agreement, we provided our chemistry and discovery expertise to enable Allergan to select a compound in
November 2003 for development. We granted Allergan exclusive worldwide rights to commercialize products
based on this compound for the treatment of ocular disease. As of December 31, 2004, we had received an
aggregate of $8.7 million in payments under the agreement, consisting of upfront fees, research funding and
milestone payments. We are also eligible to receive additional milestone payments of up to approximately $15.2
million, and would receive royalties on future product sales worldwide, if any. Allergan may terminate this
agreement upon 90 days’ notice. However, if terminated, Allergan’s rights to the selected compound would
revert to us.

In September 1997, we entered into a collaboration agreement with Allergan focused primarily on the
discovery and development of new therapeutics for neuropathic pain and ophthalmic indications. This agreement
was subsequently amended in conjunction with the execution of the March 2003 collaboration agreement and
provides for the continued development of drug candidates for one target area. Pursuant to the agreement, we
granted Allergan exclusive worldwide rights to commercialize products resulting from the collaboration. In
exchange, we had received an aggregate of $9.5 million in research funding and milestone payments through
December 31, 2004. We are also eligible to receive additional milestone payments of up to $11.0 million as well
as royalties on future worldwide sales of products, if any, resulting from this collaboration. In connection with
the execution of the collaboration agreement in 1997, Allergan made a $6.0 million equity investment in us.

The general terms of our collaboration agreements with Allergan continue until the later of the expiration of
the last to expire patent covering a drug candidate licensed under the collaboration and at least 10 years from the
date of first commercial sale of a drug candidate. In addition, each of our Allergan collaboration agreements
includes a research term that is shorter but may be renewed by the parties.

Sepracor

In January 2005, we entered into a collaboration agreement with Sepracor for the development of new drug

candidates targeted toward the treatment of central nervous system disorders. Under the agreement, the parties
will investigate potential clinical candidates resulting from our preclinical muscarinic program. The agreement
also includes an option to select a preclinical compound from our 5-HT2A program for use in combination with
LUNESTA, Sepracor’s insomnia drug, for sleep-related indications. In connection with the collaboration,
Sepracor purchased 1,077,029 shares of our common stock in January 2005 at a price per share of approximately
$9.28 for aggregate proceeds of $10 million. Sepracor also agreed to purchase an additional $10 million of our
common stock in January 2006 at a 25 percent premium to the 30-day trailing average closing price at that time,
subject to specified closing conditions. We will also receive research funding over a three-year term and, if
certain conditions are met, we are eligible to receive milestone payments as well as applicable royalties on
worldwide product sales, if any. Assuming the successful development of a single product in the muscarinic
program, we may receive up to $40 million in aggregate payments, plus applicable royalties. In addition, should
the collaboration successfully develop a combination product with LUNESTA, we may receive up to
approximately $35 million in aggregate payments plus applicable royalties.

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The general terms of this agreement continue until the later of the expiration of the last to expire patent
covering a drug candidate licensed under the collaboration and the earlier of the date a generic version of the
product is launched or a specified number of years from the date of the first commercial sale of the product. In
addition, this agreement may terminate at the end of the research term if no compound has been selected for
advancement.

The Stanley Medical Research Institute

In May 2004, we entered into a development agreement with The Stanley Medical Research Institute, or

SMRI, a leading nonprofit organization that supports research on the treatment of schizophrenia. The
development term is for three years and may be extended for additional consecutive one-year periods by written
agreement of the parties. Under this agreement, we are entitled to receive up to $5 million in funding to support
the further development of ACP-104. Assuming the successful development and commercialization of ACP-104,
we are required to pay to SMRI royalties on product sales of ACP-104 up to a specified level. SMRI may
terminate this agreement in selected instances, including if we enter into a strategic alliance covering ACP-104 or
do not reasonably progress its development. In connection with this agreement, we issued a $1 million
convertible promissory note to SMRI. Upon the closing of our initial public offering on June 2, 2004, the
principal and accrued interest under this note automatically converted into 143,914 shares of our common stock
at a conversion price equal to the initial public offering price of $7.00 per share.

Aventis

In July 2002, we entered into an agreement with Aventis under which we have licensed a portion of our

technology for their use in a specified area that we are not presently pursuing.

Intellectual Property

We currently hold eight issued U.S. patents and 24 issued foreign patents. All of these patents originated

from us. In addition, we have 46 provisional and utility U.S. patent applications and 116 foreign patent
applications.

Patents or other proprietary rights are an essential element of our business. Our strategy is to file patent
applications in the United States and any other country that represents an important potential commercial market
to us. In addition, we seek to protect our technology, inventions and improvements to inventions that are
important to the development of our business. Our patent applications claim proprietary technology, including
methods of screening and chemical synthetic methods, novel genomic targets and novel compounds identified
using our technology.

We also rely upon trade secret rights to protect other technologies that may be used to discover and validate

targets and that may be used to identify and develop novel drugs. We protect our trade secrets in part through
confidentiality and proprietary information agreements. We are a party to various other license agreements that
give us rights to use certain technologies in our research and development.

ACP-103

Two patents that provide generic coverage for ACP-103 have been issued in the United States. Similar

claims for ACP-103 have also been allowed in South Africa. We continue to prosecute patent applications
directed to ACP-103 and to methods of treating various diseases using ACP-103, either alone or in combination
with other agents, worldwide.

ACP-104

The chemical structure of ACP-104 is unpatentable, as it has been known and disclosed to the public for

many years. We have filed patent applications with claims that will be directed to the use of ACP-104 as a

16

treatment for neuropsychiatric disease, either alone or in combination with various other agents, including
ACP-103. We have also filed a provisional patent application covering methods of synthesis of ACP-104 and
applications directed to the analogs of ACP-104 and their uses for the treatment of disease. We are aware of an
issued patent, not owned by us, that claims the use of ACP-104 for treatment of analgesia.

Our Drug Discovery Platform

Our core R-SAT technology is protected by three issued U.S. patents and 20 foreign patents.

Other Drug Candidates

We have two issued U.S. patents and four issued foreign patents with claims for compounds that affect

muscarinic receptor activity and we continue to pursue patent applications in this area in the U.S. and in other
countries.

Competition

We face, and will continue to face, intense competition from pharmaceutical and biotechnology companies,
as well as numerous academic and research institutions and governmental agencies, both in the United States and
abroad. We compete with existing and new products being developed by our competitors. Some of these
competitors are pursuing the development of pharmaceuticals that target the same diseases and conditions that
our research programs target. In each of our development programs, we intend to complete clinical trials
designed to evaluate the potential advantages of our drug candidates as compared to the current standard of care.

Even if we and our collaborators are successful in developing our drug candidates, the resulting products
would compete with a variety of established drugs in the areas of Parkinson’s disease, schizophrenia, neuropathic
pain and glaucoma. For example, our potential product for treatment-induced psychosis in Parkinson’s disease
will compete with off-label use of Seroquel, marketed by Astra-Zeneca, and clozapine, a generic drug.

Our potential products for the treatment of schizophrenia would compete with Zyprexa, marketed by

Eli Lilly, Risperdal, marketed by Johnson & Johnson, Seroquel, and clozapine. Zyprexa is the market leader with
worldwide sales of $4.3 billion in 2003, corresponding to an estimated 35% market share. While proven effective
in schizophrenia and bipolar mania, it produces a variety of adverse events including weight gain, orthostatic
hypertension, and other side effects.

In the area of neuropathic pain, our potential products would compete with Neurontin and Lyrica

(Pregabalin), each marketed by Pfizer, and Cymbalta, marketed by Eli Lilly, as well as with a variety of generic
or proprietary opioids. In 2003, Neurontin was the first product to be approved by the FDA for the treatment of
neuropathic pain. Neurontin had worldwide sales of approximately $2.7 billion in 2004. Neurontin is only
partially effective and is associated with a range of central nervous system related side effects.

Our potential products for the treatment of glaucoma would compete with Xalatan, marketed by Pfizer, and

Lumigan and Alphagan, marketed by Allergan. Xalatan is the leading drug for glaucoma treatment and had
worldwide sales in excess of $1 billion in 2004. It is an effective anti-glaucoma agent but frequently causes an
increased pigmentation of the iris that may lead to a change of iris color. Other side effects of Xalatan include
blurred vision and burning and stinging sensations in the eye.

17

In addition, the companies described above and other competitors may have a variety of drugs in

development or awaiting FDA approval that could reach the market and become established before we have a
product to sell. Our competitors may also develop alternative therapies that could further limit the market for any
drugs that we may develop. Some of our competitors are using functional genomics technologies or other
methods to identify and validate drug targets and to discover novel small molecule drugs. Many of our
competitors and their collaborators have significantly greater experience than we do in the following:

•

•

•

•

identifying and validating targets;

screening compounds against targets;

preclinical and clinical trials of potential pharmaceutical products; and

obtaining FDA and other regulatory clearances.

In addition, many of our competitors and their collaborators have substantially greater advantages in the

following areas:

•

•

capital resources;

research and development resources;

• manufacturing capabilities; and

•

sales and marketing.

Smaller companies also may prove to be significant competitors, particularly through proprietary research

discoveries and collaborative arrangements with large pharmaceutical and established biotechnology companies.
Many of our competitors have products that have been approved or are in advanced development. We face
competition from other companies, academic institutions, governmental agencies and other public and private
research organizations for collaborative arrangements with pharmaceutical and biotechnology companies, in
recruiting and retaining highly qualified scientific and management personnel and for licenses to additional
technologies. Our competitors, either alone or with their collaborators, may succeed in developing technologies
or drugs that are more effective, safer, and more affordable or more easily administered than ours and may
achieve patent protection or commercialize drugs sooner than us. Developments by others may render our drug
candidates or our technologies obsolete. Our failure to compete effectively could have a material adverse affect
on our business.

Government Regulation

The manufacturing and marketing of our potential products and our ongoing research and development
activities are subject to extensive regulation by numerous governmental authorities in the United States and other
countries. Before marketing in the United States, any drug developed by us must undergo rigorous preclinical
testing and clinical trials and an extensive regulatory clearance process implemented by the FDA under the
federal Food, Drug, and Cosmetic Act, as amended. The FDA regulates, among other things, the development,
testing, manufacture, safety, efficacy, record keeping, labeling, storage, approval, advertising, promotion, sale
and distribution of biopharmaceutical products. None of our drug candidates has been approved for sale in the
United States or any foreign market. The regulatory review and approval process, which includes preclinical
testing and clinical trials of each drug candidate, is lengthy, expensive and uncertain.

In the United States, drug candidates are tested in animals until adequate proof of safety is established.

Clinical trials for new drug candidates are typically conducted in three sequential phases that may overlap. In
Phase I, the initial introduction of the drug candidate into healthy human volunteers, the emphasis is on testing
for safety or adverse effects, dosage, tolerance, metabolism, distribution, excretion and clinical pharmacology.
Phase II involves studies in a limited patient population to determine the initial efficacy of the pharmaceutical for
specific targeted indications, to determine dosage tolerance and optimal dosage and to identify possible adverse

18

side effects and safety risks. Once a compound shows evidence of effectiveness and is found to have an
acceptable safety profile in Phase II evaluations, Phase III trials are undertaken to more fully evaluate clinical
outcomes. Before commencing clinical investigations in humans, we or our collaborators must submit to the
FDA an Investigational New Drug Application, or IND, which must also be approved by the FDA. Regulatory
authorities may require additional data before allowing the clinical studies to commence or proceed from one
phase to another, and could demand that the studies be discontinued or suspended at any time if there are
significant safety issues. We have in the past and may in the future rely on some of our collaborators to file INDs
and generally direct the regulatory approval process for many of our potential products. Clinical testing must also
meet requirements for institutional review board oversight, informed consent and good clinical practices.

Securing FDA approval requires the submission of extensive preclinical and clinical data and supporting
information to the FDA for each indication to establish a drug candidate’s safety and efficacy. These data are
submitted to the FDA in the form of a New Drug Application, or NDA. The approval process takes many years and
requires the expenditure of substantial resources. Information generated in this process is susceptible to varying
interpretations that could delay, limit or prevent regulatory approval at any stage of the process. The failure to
demonstrate adequately the quality, safety and efficacy of a drug candidate under development would delay or
prevent regulatory approval of the drug candidate. We cannot assure you that, even if clinical trials are completed,
either our collaborators or we will submit applications for required authorizations to manufacture and/or market
potential products or that any such application will be reviewed and approved by the appropriate regulatory
authorities in a timely manner, if at all. Under applicable laws and FDA regulations, each NDA submitted for FDA
approval is usually given an internal administrative review within 45 to 60 days following submission of the NDA.
If deemed complete, the FDA will “file” the NDA, thereby triggering substantive review of the application. The
FDA can refuse to file any NDA that it deems incomplete or not properly reviewable. The FDA has established
internal goals of six months for priority NDAs and 10 months for regular NDAs. However, the FDA is not legally
required to complete its review within these periods and these performance goals may change over time. Moreover,
the outcome of the review, even if generally favorable, typically is not an actual approval but an “action letter” that
describes additional work that must be done before the NDA can be approved. The FDA’s review of an NDA may
involve review and recommendations by an independent FDA advisory committee.

Before receiving FDA clearance to market a potential product, we or our collaborators must demonstrate
through adequate and well-controlled clinical studies that the potential product is safe and effective on the patient
population that will be treated. If regulatory clearance of a potential product is granted, this clearance will be
limited to those disease states and conditions for which the product is useful, as demonstrated through clinical
studies. Marketing or promoting a drug for an unapproved indication is generally prohibited. Furthermore,
clearance may entail ongoing requirements for post-marketing studies. Even if this regulatory clearance is
obtained, a marketed product, its manufacturer and its manufacturing facilities are subject to continuing review
and periodic inspections by the FDA. Discovery of previously unknown problems with a product, manufacturer
or facility may result in restrictions on this product or manufacturer, including labeling changes, costly recalls or
withdrawal of the product from the market.

Any drug is likely to produce some toxicities or undesirable side effects in animals and in humans when
administered at sufficiently high doses and/or for sufficiently long periods of time. Unacceptable toxicities or
side effects may occur at any dose level at any time in the course of studies in animals designed to identify
unacceptable effects of a drug candidate, known as toxicological studies, or clinical trials of our potential
products. The appearance of any unacceptable toxicity or side effect could cause us or regulatory authorities to
interrupt, limit, delay or abort the development of any of our drug candidates and could ultimately prevent their
clearance by the FDA or foreign regulatory authorities for any or all targeted indications.

We and our collaborators and contract manufacturers also are required to comply with the applicable FDA
current good manufacturing practice regulations. Good manufacturing practice regulations include requirements
relating to quality control and quality assurance as well as the corresponding maintenance of records and
documentation. Manufacturing facilities are subject to inspection by the FDA. These facilities must be approved

19

before we can use them in commercial manufacturing of our potential products. We or our collaborators or
contract manufacturers may not be able to comply with the applicable good manufacturing practice requirements
and other FDA regulatory requirements.

Outside of the United States, our ability to market a product is contingent upon receiving a marketing
authorization from the appropriate regulatory authorities. The requirements governing the conduct of clinical
trials, marketing authorization, pricing and reimbursement vary widely from country to country. At present,
foreign marketing authorizations are applied for at a national level, although within the European Community, or
EC, registration procedures are available to companies wishing to market a product in more than one EC member
state. If the regulatory authority is satisfied that adequate evidence of safety, quality and efficacy has been
presented, a marketing authorization will be granted. This foreign regulatory approval process involves all of the
risks associated with FDA clearance discussed above.

Drugs for Serious or Life-Threatening Illnesses

The Federal Food, Drug and Cosmetic Act, as amended, and FDA regulations provide certain mechanisms

for the accelerated “Fast Track” approval of potential products intended to treat serious or life-threatening
illnesses which have been studied for safety and effectiveness and which demonstrate the potential to address
unmet medical needs. The procedures permit early consultation and commitment from the FDA regarding the
preclinical and clinical studies necessary to gain marketing approval. Provisions of this regulatory framework
also permit, in certain cases, NDAs to be approved on the basis of valid surrogate markers of product
effectiveness, thus accelerating the normal approval process. Certain potential products employing our
technology might qualify for this accelerated regulatory procedure. Even if the FDA agrees that these potential
products qualify for accelerated approval procedures, the FDA may deny approval of our drugs or may require
that additional studies be required before approval. The FDA may also require us to perform post-approval, or
Phase IV, studies as a condition of such early approval. In addition, the FDA may impose restrictions on
distribution and/or promotion in connection with any accelerated approval, and may withdraw approval if post-
approval studies do not confirm the intended clinical benefit or safety of the potential product.

Other U.S. Regulatory Requirements

In the United States, the research, manufacturing, distribution, sale, and promotion of drug products are
potentially subject to regulation by various federal, state and local authorities in addition to the FDA, including
the Centers for Medicare and Medicaid Services (formerly the Health Care Financing Administration), other
divisions of the United States Department of Health and Human Services, including, for example, the Office of
Inspector General, and state and local governments. For example, sales, marketing and scientific/educational
grant programs must comply with the Medicare-Medicaid Anti-Fraud and Abuse Act, as amended, the False
Claims Act, also as amended, the privacy provisions of the Health Insurance Portability and Accountability Act,
or HIPAA, and similar state laws. Pricing and rebate programs must comply with the Medicaid rebate
requirements of the Omnibus Budget Reconciliation Act of 1990, as amended, and the Medicare Prescription
Drug Improvement and Modernization Act of 2003. If drug products are made available to authorized users of
the Federal Supply Schedule of the General Services Administration, additional laws and requirements apply. All
of these activities are also potentially subject to federal and state consumer protection and unfair competition
laws.

Marketing, Sales and Distribution

We currently have no marketing, sales or distribution capabilities. In order to commercialize any of our drug

candidates, we must develop these capabilities internally or through collaboration with third parties. In selected
therapeutic areas where we feel that our products can be commercialized by a specialty sales force that calls on a
limited and focused group of physicians, we plan to commercialize our products. In therapeutic areas that require
a large sales force selling to a large and diverse prescribing population, we plan to partner our drug candidates for
commercialization.

20

Manufacturing

We outsource and plan to continue to outsource manufacturing responsibilities for our existing and future
drug candidates for development and commercial purposes. The production of ACP-103 and ACP-104 employs
small molecule synthetic organic chemistry procedures that are standard in the pharmaceutical industry. Our
collaboration agreements provide for our partners to arrange for the production of our drug candidates for use in
clinical trials and potential commercialization.

Employees

At December 31, 2004, we had 101 full time employees, of whom 39 hold Ph.D. or other advanced degrees.

Of our total workforce, 87 are engaged in research and development activities and 14 are engaged in business
development, finance and administration. Sixty-six of our employees are located in the United States and 35 are
located in Denmark. None of our employees is represented by a collective bargaining agreement, nor have we
experienced work stoppages. We believe that our relations with our employees are good.

21

RISK FACTORS

You should consider carefully the following information about the risks described below, together with the
other information contained in this report and in our other public filings in evaluating our business. If any of the
following risks actually occurs, our business, financial condition, results of operations and future growth
prospects would likely be materially and adversely affected. In these circumstances, the market price of our
common stock would likely decline.

Risks Related to Our Business

We expect our net losses to continue for at least several years and are unable to predict the extent of future
losses or when we will become profitable, if ever.

We have experienced significant net losses since our inception. As of December 31, 2004, we had an
accumulated deficit of approximately $94.3 million. We expect our annual net losses to increase over the next
several years as we expand our research and development activities, incur significant preclinical and clinical
development costs, and enhance our infrastructure.

We have not received, and do not expect to receive for at least the next several years, any revenues from the
commercialization of our drug candidates. Our primary source of revenues for the year ended December 31, 2004
was from research and milestone payments under our collaboration agreements with Allergan. For the year ended
December 31, 2004, we received 98% of our revenues from our collaborations with Allergan. We anticipate that
our collaborations with pharmaceutical companies will continue to be our primary source of revenues for the next
several years, which provide us with research funding and potential milestone payments and royalties. We cannot
be certain that the milestones required to trigger revenues will be reached or that we will secure additional
collaboration agreements. To obtain revenues from our drug candidates, we must succeed, either alone or with
others, in developing, obtaining regulatory approval for, and manufacturing and marketing drugs with significant
market potential. We may never succeed in these activities, and may never generate revenues that are significant
enough to achieve profitability.

Our most advanced clinical products are in clinical trials, which are long, expensive and unpredictable, and
there is a high risk of failure.

Preclinical testing and clinical trials are long, expensive and unpredictable processes that can be subject to

delays. It may take several years to complete the preclinical testing and clinical development necessary to
commercialize a drug, and delays or failure can occur at any stage. Interim results of clinical trials do not
necessarily predict final results, and success in preclinical testing and early clinical trials does not ensure that
later clinical trials will be successful. A number of companies in the pharmaceutical and biotechnology industries
have suffered significant setbacks in advanced clinical trials even after promising results in earlier trials.

All of our drug candidates are at an early stage of development and the historical rate of failures for drug

candidates is extremely high. Our three Phase II-stage clinical programs are ACP-103 for treatment-induced
dysfunctions in Parkinson’s disease, ACP-103 as an adjunctive therapy for schizophrenia, and ACP-104 for the
treatment of schizophrenia.

In connection with clinical trials, we face risks that:

•

•

•

•

a drug candidate may not prove to be efficacious;

patients may die or suffer other adverse effects for reasons that may or may not be related to the drug
candidate being tested;

the results may not confirm the positive results of earlier trials; and

the results may not meet the level of statistical significance required by the FDA or other regulatory
agencies.

22

If we do not successfully complete preclinical and clinical development, we will be unable to market and

sell products derived from our drug candidates and to generate product revenues. Even if we do successfully
complete our Phase I and Phase II clinical trials, those results are not necessarily predictive of results of future
trials. Of the large number of drugs in development, only a small percentage result in the submission of a new
drug application to the FDA and even fewer are approved for commercialization.

Delays, suspensions and terminations in our clinical trials could result in increased costs to us and delay our
ability to generate product revenues.

The commencement of clinical trials can be delayed for a variety of reasons, including delays in:

•

•

demonstrating sufficient safety and efficacy to obtain regulatory approval to commence a clinical trial;

reaching agreement on acceptable terms with prospective contract research organizations and clinical
trial sites;

• manufacturing sufficient quantities of a drug candidate;

•

•

•

obtaining approval of an IND from the FDA;

obtaining institutional review board approval to conduct a clinical trial at a prospective site; and

insufficient patient enrollment, which is a function of many factors, including the size of the patient
population, the nature of the protocol, the proximity of patients to clinical sites, the availability of
effective treatments for the relevant disease and the eligibility criteria for the clinical trial.

Once a clinical trial has begun, it may be delayed, suspended or terminated due to a number of factors,

including:

•

•

•

•

•

ongoing discussions with regulatory authorities regarding the scope or design of our clinical trials or
requests by them for supplemental information with respect to our clinical trial results;

failure to conduct clinical trials in accordance with regulatory requirements;

lower than anticipated retention rate of patients in clinical trials;

serious adverse events or side effects experienced by participants; and

insufficient supply or deficient quality of drug candidates or other materials necessary for the conduct of
our clinical trials.

Many of these factors may also ultimately lead to denial of regulatory approval of a current or potential drug
candidate. If we experience delays in our clinical trials, the commercial prospects for our drug candidates will be
harmed, and our ability to generate product revenues will be delayed.

If we fail to obtain the capital necessary to fund our operations, we will be unable to successfully develop
products.

We have consumed substantial amounts of capital since our inception. For the year ended December 31,

2004 we used $20.7 million in cash, cash equivalents and investment securities to fund our activities. Although
we believe our existing cash resources and anticipated payments from existing agreements with our collaborators
will be sufficient to fund our anticipated cash requirements through 2006, we will require significant additional
financing in the future to fund our operations. Our future capital requirements will depend on, and could increase
significantly as a result of, many factors, including:

•

•

progress in, and the costs of, our preclinical studies and clinical trials and other research and
development programs;

the scope, prioritization and number of research and development programs;

23

•

•

•

•

the ability of our collaborators and us to reach the milestones, and other events or developments, under
our collaboration agreements or to otherwise make payments under these agreements;

the costs involved in filing, prosecuting, enforcing and defending patent claims and other intellectual
property rights;

the costs of securing manufacturing arrangements for clinical or commercial production; and

the costs of establishing or contracting for sales and marketing capabilities if we obtain regulatory
clearances to market our drug candidates.

Until we can generate significant continuing revenues, we expect to satisfy our future cash needs through
strategic collaborations, private or public sales of our securities, or debt financings or by licensing all or a portion
of our drug candidates or technology. We cannot be certain that additional funding will be available to us on
acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or
eliminate one or more of our research or development programs or our commercialization efforts. Additional
funding may significantly dilute existing stockholders.

We depend on collaborations with third parties to develop and commercialize selected drug candidates and to
provide the majority of our revenues.

A key aspect of our strategy is to selectively enter into collaborations with third parties. We currently rely,

and will continue to rely, on our collaborators for financial resources and for development, commercialization
and regulatory expertise for selected drug candidates. For the year ended December 31, 2004, we received 98%
of our revenues from our collaborations with Allergan. We expect that nearly all of our revenues for the
foreseeable future will be generated by collaborations, although there is no guarantee that revenues from our
collaborations will continue at current or past levels.

Our collaborators may fail to develop or effectively commercialize products using our drug candidates or

technologies because they:

•

•

•

do not have sufficient resources or decide not to devote the necessary resources due to internal
constraints such as limited cash or human resources;

decide to pursue a competitive potential product developed outside of the collaboration; or

cannot obtain the necessary regulatory approvals.

The continuation of our collaborations is dependent on our collaborators’ periodic renewal of the governing

agreements. Allergan and Sepracor can terminate our existing collaborations before the full term of these
collaborations under specific circumstances, including in some cases the right to terminate upon notice. We may
not be able to renew these collaborations on acceptable terms, if at all. We also face competition in our search for
new collaborators.

If conflicts arise with our collaborators, they may act in their self interests, which may be adverse to our
interests.

Conflicts may arise in our collaborations due to one or more of the following:

•

•

•

disputes with respect to payments that we believe are due under the applicable agreements;

disagreements with respect to ownership of intellectual property rights;

unwillingness on the part of a collaborator to keep us informed regarding the progress of its
development and commercialization activities, or to permit public disclosure of these activities;

24

•

•

delay of a collaborator’s development or commercialization efforts with respect to our drug candidates; or

termination or non-renewal of the collaboration.

Conflicts arising with our collaborators could harm our reputation, result in a loss of revenues, reduce our

cash position and cause a decline in our stock price.

In addition, in each of our collaborations, we generally have agreed not to conduct independently, or with

any third party, any research that is competitive with the research conducted under our collaborations. Our
collaborations may have the effect of limiting the areas of research that we may pursue, either alone or with
others. Our collaborators, however, may develop, either alone or with others, products in related fields that are
competitive with the products or potential products that are the subject of these collaborations.

We have collaborations with Allergan for the development of drug candidates related to neuropathic pain

and glaucoma. Allergan currently markets therapeutic products to treat glaucoma and is engaged in other
research programs related to glaucoma and other ophthalmic products that are independent from our development
program in this therapeutic area. Allergan is also pursuing other research programs related to pain management
that are independent from our collaboration in this therapeutic area. Our collaboration with Sepracor includes a
option to pursue a combination drug to treat sleep disorders. Sepracor currently markets a therapeutic product to
treat sleep disorders and is engaged in other research programs related to this field that are independent from our
development program in this therapeutic area. Competing products, either developed by our collaborators or to
which our collaborators have rights, may result in their withdrawal of support for our drug candidates.

We rely on third parties to coordinate our clinical trials and perform data collection and analysis, which may
result in costs and delays that prevent us from successfully commercializing drug candidates.

Although we design and manage our current preclinical studies and clinical trials, we currently do not have

the ability to coordinate clinical trials for our drug candidates. In addition to our collaborators, we rely on
contract research organizations, medical institutions, clinical investigators and contract laboratories to perform
data collection and analysis and other aspects of our clinical trials. In addition, we also rely on third parties to
assist with our preclinical studies, including studies regarding biological activity, safety, absorption, metabolism
and excretion of drug candidates.

Our preclinical development activities or clinical trials may be delayed, suspended or terminated if:

•

•

•

these third parties do not successfully carry out their contractual duties or fail to meet regulatory
obligations or expected deadlines;

these third parties need to be replaced; or

the quality or accuracy of the data obtained by third parties is compromised due to their failure to adhere
to our clinical protocols or regulatory requirements or for other reasons.

Failure to perform by these third parties may increase our development costs, delay our ability to obtain
regulatory approval and prevent the commercialization of our drug candidates. We currently use several contract
research organizations to perform services for our preclinical studies and clinical trials. While we believe that
there are numerous alternative sources to provide these services, in the event that we seek such alternative
sources, we may not be able to enter into replacement arrangements without delays or additional expenditures.
We cannot estimate these costs or delays with certainty but do not expect them to be material.

Even if we successfully complete the clinical trials of our drug candidates, they may fail for other reasons.

Even if we successfully complete the clinical trials of our drug candidates, they may fail for other reasons,

including the possibility that the drug candidates will:

•

fail to receive the regulatory clearances required to market them as drugs;

25

•

•

•

be subject to proprietary rights held by others requiring the negotiation of a license agreement prior to
marketing;

be difficult or expensive to manufacture on a commercial scale; or

fail to compete with drug candidates or other treatments commercialized by our competitors.

Our drug candidates may not gain acceptance among physicians, patients and the medical community,
thereby limiting our potential to generate revenues.

Even if our drug candidates are approved for commercial sale by the FDA or other regulatory authorities,

the degree of market acceptance of any approved drug candidate by physicians, healthcare professionals and
third-party payors and our profitability and growth will depend on a number of factors, including:

•

•

•

•

•

•

•

our ability to provide acceptable evidence of safety and efficacy;

relative convenience and ease of administration;

the prevalence and severity of any adverse side effects;

availability of alternative treatments;

pricing and cost effectiveness, which may be subject to regulatory control;

effectiveness of our or our collaborators’ sales and marketing strategy; and

our ability to obtain sufficient third-party insurance coverage or reimbursement.

If any drug candidate that we discover and develop does not provide a treatment regimen that is as
beneficial as the current standard of care or otherwise does not provide patient benefit, that product will not
achieve market acceptance and we will not generate sufficient revenues to achieve or maintain profitability.

We do not know whether one of our drug candidates, ACP-104, will have the same adverse effects as
clozapine, a currently available therapy.

One of our drug candidates under development is ACP-104 for the treatment of schizophrenia. ACP-104 is

formed in the body from clozapine, a generic drug that is currently approved as a “second-line” therapy for
schizophrenia in the United States. This means that clozapine will only be prescribed to a patient after a doctor
determines that the patient has failed to progress under a “first-line” therapy consisting of antipsychotic drugs.
Clozapine is associated with the occurrence of a rare and potentially fatal blood disorder leading to a complete
loss of white blood cells, known as agranulocytosis, in approximately 1% of patients treated with clozapine. As a
result, patients being treated with clozapine are subject to weekly or bi-weekly blood monitoring. In addition, one
of the other side effects of clozapine is the occurrence of seizures, which is found in approximately 5% of users.
ACP-104 may have the same adverse effects of clozapine or other significant adverse effects and, if successfully
developed, may also only be approved as a “second-line” therapy. These factors could substantially limit the
commercial potential of ACP-104 and may substantially restrict its potential market.

If we are unable to attract, retain and motivate key management and scientific staff, our drug development
programs and our research and discovery efforts may be delayed and we may be unable to successfully
develop or commercialize our drug candidates.

Our success depends on our ability to attract, retain and motivate highly qualified management and

scientific personnel. In particular, our drug discovery and development programs depend on our ability to attract
and retain highly skilled chemists, biologists, pharmacologists and development personnel, especially in the
fields of central nervous system disorders, including neuropsychiatric and pain disorders. In addition, we will
need to hire additional personnel as we continue to expand our clinical development and other research and
development activities. We face competition for experienced scientists and other technical personnel from

26

numerous companies and academic and other research institutions. Competition for qualified personnel is
particularly intense in the San Diego, California area. If we are unable to attract and retain the necessary
personnel, this will significantly impede the achievement of our research and development objectives and our
ability to meet the demands of our collaborators in a timely fashion.

Although we have employment agreements with key members of management, all of our employees are “at

will” employees, which means that any employee may quit at any time and we may terminate any employee at
any time. We do not carry “key person” insurance covering members of senior management.

We do not know whether our drug discovery platform will lead to the discovery or development of
commercially viable drug candidates.

Our drug discovery platform uses new and unproven methods to identify and develop drug candidates that
we believe will be safe, well-tolerated and effective in humans. We have never successfully completed clinical
development of any of our drug candidates, and there are no drugs on the market that have been discovered using
our drug discovery platform.

Much of our research focuses on small molecule drugs for the treatment of central nervous system disorders.

Due to our limited resources, we may have to forego potential opportunities with respect to discovering drug
candidates to treat diseases or conditions in other areas. If we are not able to use our technologies to discover and
develop drug candidates that can be commercialized, we may not achieve profitability. In the future, we may find
it necessary to license the technology of others, or in-license, or acquire additional drug candidates to augment
the results of our internal discovery activities. If we are unable to identify new drug candidates using our drug
discovery platform, we may be unable to establish or maintain a clinical development pipeline or generate
product revenues.

We may not be able to continue or fully exploit our collaborations with outside scientific and clinical advisors,
which could impair the progress of our clinical trials and our research and development efforts.

We work with scientific and clinical advisors at academic and other institutions who are experts in the field

of central nervous system disorders. They assist us in our research and development efforts and advise us with
respect to our clinical trials. These advisors are not our employees and may have other commitments that would
limit their future availability to us. Although our scientific and clinical advisors and collaborators generally agree
not to engage in competing work, if a conflict of interest arises between their work for us and their work for
another entity, we may lose their services, which may impair our reputation in the industry and delay the clinical
development of our drug candidates.

We will need to increase the size of our organization, and we may encounter difficulties managing our growth,
which could adversely affect our results of operations.

We will need to expand and effectively manage our operations and facilities in order to advance our drug

development programs, achieve milestones under our collaboration agreements, facilitate additional
collaborations and pursue other development activities. It is possible that our human resources and infrastructure
may be inadequate to support our future growth. To manage our growth, we will be required to continue to
improve our operational, financial and management controls, reporting systems and procedures in at least two
countries and to attract and retain sufficient numbers of talented employees. In addition, we may have to develop
sales, marketing and distribution capabilities if we decide to market any drug that we may successfully develop
without partnering with third parties. We may not successfully manage the expansion of our operations and,
accordingly, may not achieve our research, development and commercialization goals.

27

We face financial and administrative challenges in coordinating the operations of our European activities
with our activities in California, which could have on adverse impact on our operations.

Our subsidiary in Denmark, ACADIA Pharmaceuticals A/S, employs approximately 35% of our total
personnel, and is engaged in research and development activities with primary responsibility for combinatorial,
medicinal and analytical chemistry. Our principal executive offices, however, are located in San Diego. The
additional administrative expense required to follow and coordinate activities in both Europe and California
could divert management resources from other important endeavors and, in turn, delay any development and
commercialization efforts. In addition, currency fluctuations involving our Danish operations may cause foreign
currency translation gains and losses. These exchange-rate fluctuations could have a negative effect on our
operations. We do not engage in currency hedging transactions.

We face financial and administrative challenges in opening our new chemistry research facility in Malmo,
Sweden, which could have on adverse impact on our operations.

We have announced that we have entered into a lease for a chemistry research and development facility in
Malmo, which is located near our current facilities in the Copenhagen region. We will incur additional costs in
setting up and adjusting to operations in a new country with a new Swedish subsidiary. In addition, we may not
be able to retain all of our current European employees when we establish our new facility in Malmo. In addition,
like our current Danish operations, currency fluctuations involving our Swedish operations may cause foreign
currency translation gains and losses. These exchange-rate fluctuations could have a negative effect on our
operations. As mentioned above, we do not engage in currency hedging transactions.

We expect that our results of operations will fluctuate, which may make it difficult to predict our future
performance from period to period.

Our quarterly operating results have fluctuated in the past and are likely to do so in the future. Some of the

factors that could cause our operating results to fluctuate from period to period include:

•

the status of development of ACP-103 and ACP-104 and the preclinical and clinical development of our
other drug candidates;

• whether we generate revenues by achieving specified research or commercialization milestones under

any agreements or otherwise receive potential payments under these agreements;

•

•

•

•

•

•

the incurrence of preclinical or clinical expenses that could fluctuate significantly from period to period;

the initiation, termination or reduction in the scope of our collaborations during these periods or any
disputes regarding these collaborations;

the timing of our satisfaction of applicable regulatory requirements;

the rate of expansion of our clinical development and other internal research and development efforts;

the effect of competing technologies and products and market developments; and

general and industry specific economic conditions.

We believe that quarterly comparisons of our financial results are not necessarily meaningful and should not

be relied upon as an indication of our future performance.

Relying on third-party manufacturers may result in delays in our clinical trials and product introductions.

We have no manufacturing facilities and have no experience in the manufacturing of drugs or in designing
drug-manufacturing processes. We have contracted with third-party manufacturers to produce, in collaboration
with us, our drug candidates for clinical trials. If any of our drug candidates are approved by the FDA or other
regulatory agencies for commercial sale, we may need to contract with a third party to manufacture them in

28

larger quantities. We currently use third-party manufacturers to produce ACP-103 and ACP-104 for us. While we
believe that there are alternative sources available to manufacture our drug candidates, in the event that we seek
such alternative sources, we may not be able to enter into replacement arrangements without delays or additional
expenditures. We cannot estimate these delays or costs with certainty but do not expect them to be material.

Our manufacturers are obliged to operate in accordance with FDA-mandated current good manufacturing

practices, or cGMPs. A failure of any of our contract manufacturers to establish and follow cGMPs and to
document their adherence to such practices may lead to significant delays in clinical trials or obtaining regulatory
approval of drug candidates or the ultimate launch of our products into the market. Failure by our third-party
manufacturers or us to comply with applicable regulations could result in sanctions being imposed on us,
including fines, injunctions, civil penalties, failure of the government to grant premarket approval of drugs,
delays, suspension or withdrawal of approvals, seizures or recalls of products, operating restrictions and criminal
prosecutions.

Our management has broad discretion over the use of our cash, and we may not use our cash effectively,
which could adversely affect our results of operations.

Our management has significant flexibility in applying the our cash resources and could use these resources

for corporate purposes that do not increase our profitability or our market value, or in ways with which our
stockholders may not agree. We may use our cash resources for corporate purposes that do not yield a significant
return or any return at all for our stockholders, which may cause our stock price to decline.

We may incur increased costs as a result of recently enacted and proposed changes in laws and regulations
relating to corporate governance and other matters.

Recently enacted and proposed changes in the laws and regulations affecting public companies, including
the provisions of the Sarbanes-Oxley Act of 2002, or SOA, and rules adopted or proposed by the Securities and
Exchange Commission and by the Nasdaq Stock Market, will result in increased costs to us as we evaluate the
implications of any new rules and respond to their requirements. Although we are not required to issue an
evaluation of our internal control over financial reporting under Section 404 of SOA until March 2006, at the
earliest, preparations for the issuance of this report have already resulted in increased costs to us, which will
increase further. If we are not able to issue an evaluation of our internal control over financial reporting as
required or we or our independent accounting firm determine that our internal control over financial reporting is
not effective, we could face potential penalties that would have an adverse effect on our business and financial
results and the price of our common stock could be negatively affected. The new rules could make it more
difficult or more costly for us to obtain certain types of insurance, including director and officer liability
insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs
to obtain the same or similar coverage. The impact of these events could also make it more difficult for us to
attract and retain qualified persons to serve on our board of directors, our board committees or as executive
officers. We cannot predict or estimate the amount of the additional costs we may incur or the timing of such
costs to comply with these rules and regulations.

Changes in stock option accounting treatment may adversely affect our results of operations.

Changes in stock option accounting treatment commencing July 1, 2005 will require us to account for
employee stock options as compensation expense in our financial statements. In December 2004, the Financial
Accounting Standards Board, or FASB, issued SFAS No. 123 (revised 2004), Share-Based Payment (“SFAS
123(R)”), which requires that compensation costs relating to share-based payment transactions be recognized in
financial statements. We are required to implement SFAS 123(R) in our third quarter of 2005. We are currently
evaluating the requirements of SFAS 123(R) and we have not yet fully determined the impact on our
consolidated financial statements. However, implementation of SFAS 123(R) could materially and adversely
affect our reported results of operations and our timing to achieve profitability.

29

If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell
and market any products we may develop, we may not be able to generate product revenue.

We do not currently have an organization for the sales, marketing and distribution of pharmaceutical
products. In order to market any products that may be approved by the FDA, we must build our sales, marketing,
managerial and other non-technical capabilities or make arrangements with third parties to perform these
services. If we are unable to establish adequate sales, marketing and distribution capabilities, whether
independently or with third parties, we may not be able to generate product revenue and may not become
profitable.

If we engage in any acquisition, we will incur a variety of costs and may never realize the anticipated benefits
of the acquisition.

We may attempt to acquire businesses, technologies, services or products or in-license technologies that we

believe are a strategic fit with our business. We have limited experience in identifying acquisition targets,
successfully completing proposed acquisitions and integrating any acquired businesses, technologies, services or
products into our current infrastructure. The process of integrating any acquired business, technology, service or
product may result in unforeseen operating difficulties and expenditures and may divert significant management
attention from our ongoing business operations. As a result, we will incur a variety of costs in connection with an
acquisition and may never realize its anticipated benefits.

Earthquake damage to our facilities could delay our research and development efforts and adversely affect
our business.

Our headquarters and research and development facilities in San Diego are located in a seismic zone, and
there is the possibility of an earthquake, which could be disruptive to our operations and result in delays in our
research and development efforts. In the event of an earthquake, if our facilities or the equipment in our facilities
is significantly damaged or destroyed for any reason, we may not be able to rebuild or relocate our facilities or
replace any damaged equipment in a timely manner and our business, financial condition and results of
operations could be materially and adversely affected. We do not have insurance for damages resulting from
earthquakes.

Risks Related to Our Intellectual Property

Our ability to compete may decline if we do not adequately protect our proprietary rights.

Our commercial success depends on obtaining and maintaining proprietary rights to our drug candidates and
technologies and their uses, as well as successfully defending these rights against third-party challenges. We will
only be able to protect our drug candidates, proprietary technologies and their uses from unauthorized use by
third parties to the extent that valid and enforceable patents or effectively protected trade secrets cover them.
Although we have filed several patent applications with respect to ACP-104 and ACP-103, we have not been
issued any patents with respect to ACP-104, and have been issued only two patents with respect to ACP-103.

Our ability to obtain patent protection for our products and technologies is uncertain due to a number of

factors, including:

• we may not have been the first to make the inventions covered by our pending patent applications or

issued patents;

• we may not have been the first to file patent applications for our drug candidates or the technologies we

rely upon;

•

others may independently develop similar or alternative technologies or duplicate any of our
technologies;

30

•

•

our disclosures in patent applications may not be sufficient to meet the statutory requirements for
patentability;

any or all of our pending patent applications may not result in issued patents;

• we may not seek or obtain patent protection in all countries that will eventually provide a significant

business opportunity;

•

•

•

•

any patents issued to us or our collaborators may not provide a basis for commercially viable products,
may not provide us with any competitive advantages or may be challenged by third parties;

our proprietary technologies may not be patentable;

others may design around our patent claims to produce competitive products which fall outside of the
scope of our patents; or

others may identify prior art which could invalidate our patents.

Even if we have or obtain patents covering our drug candidates or technologies, we may still be barred from
making, using and selling our drug candidates or technologies because of the patent rights of others. Others have
or may have filed, and in the future are likely to file, patent applications covering compounds, assays, genes,
gene products or therapeutic products that are similar or identical to ours. There are many issued U.S. and foreign
patents relating to genes, nucleic acids, polypeptides, chemical compounds or therapeutic products, and some of
these may encompass reagents utilized in the identification of candidate drug compounds or compounds that we
desire to commercialize. Numerous U.S. and foreign issued patents and pending patent applications owned by
others exist in the area of central nervous system disorders and the other fields in which we are developing
products. These could materially affect our ability to develop our drug candidates or sell our products. Because
patent applications can take many years to issue, there may be currently pending applications, unknown to us,
that may later result in issued patents that our drug candidates or technologies may infringe. These patent
applications may have priority over patent applications filed by us.

We regularly conduct searches to identify patents or patent applications that may prevent us from obtaining
patent protection for our proprietary compounds or that could limit the rights we have claimed in our patents and
patent applications. In particular, we are aware of claims that have been allowed by, and are pending before, the
United States Patent and Trademark Office that, if issued as currently drafted, would encompass the chemical
structure of ACP-103. While we do not believe that these pending claims would be valid if issued in their current
form, there can be no assurance that a court would find these claims invalid or that the text or substance of these
claims will not be modified upon further prosecution of the application. If valid, these claims could limit our
rights with respect to ACP-103.

Disputes may arise regarding the ownership or inventorship of our inventions. It is difficult to determine

how such disputes would be resolved. Others may challenge the validity of our patents. If our patents are found
to be invalid, we will lose the ability to exclude others from making, using or selling the inventions claimed
therein.

Some of our academic institutional licensors, research collaborators and scientific advisors have rights to
publish data and information to which we have rights. If we cannot maintain the confidentiality of our technology
and other confidential information in connection with our collaborations, then our ability to receive patent
protection or protect our proprietary information will be impaired. In addition, in-licensed technology may
become important to some aspects of our business. We generally will not control the patent prosecution,
maintenance or enforcement of in-licensed technology.

31

We have limited proprietary rights to one of our drug candidates, ACP-104, which may limit our ability to
prevent competitors from exploiting that compound.

One of our drug candidates, ACP-104, is a publicly available compound, and we will have limited

proprietary rights in this candidate. Other companies may obtain patents or regulatory approvals to use the same
drug for treatments other than to treat the indications for which we have filed for patent protection. We are aware
of an issued patent not owned by us that claims the use of N-desmethylclozapine, which is the chemical name for
ACP-104, to induce analgesia. ACP-104, which we are developing for treatment of schizophrenia, is formed in
the body from clozapine and its structure was known prior to our filing of patent applications relating to its use to
treat certain conditions. Accordingly, we will not be able to obtain composition of matter patents for ACP-104.
We have filed a method of use patent application for ACP-104, but a competitor could use ACP-104, and patent
its method of use, for a treatment not covered by our patent application. In addition, while we have filed a patent
application directed to methods of synthesis of ACP-104, those claims will not prevent a potential competitor
from making ACP-104 altogether.

Confidentiality agreements with employees and others may not adequately prevent disclosure of our trade
secrets and other proprietary information and may not adequately protect our intellectual property, which
could limit our ability to compete.

Because we operate in the highly technical field of drug discovery and development of small molecule drugs,

we rely in part on trade secret protection in order to protect our proprietary technology and processes. However,
trade secrets are difficult to protect. We enter into confidentiality and intellectual property assignment agreements
with our corporate partners, employees, consultants, outside scientific collaborators, sponsored researchers and
other advisors. These agreements generally require that the other party keep confidential and not disclose to third
parties all confidential information developed by the party or made known to the party by us during the course of
the party’s relationship with us. These agreements also generally provide that inventions conceived by the party in
the course of rendering services to us will be our exclusive property. However, these agreements may not be
honored and may not effectively assign intellectual property rights to us. Enforcing a claim that a party illegally
obtained and is using our trade secrets is difficult, expensive and time consuming and the outcome is unpredictable.
In addition, courts outside the United States may be less willing to protect trade secrets. The failure to obtain or
maintain trade secret protection could adversely affect our competitive position. In addition, we have not entered
into any noncompete agreements with any of our employees other than Dr. Brann.

A dispute concerning the infringement or misappropriation of our proprietary rights or the proprietary rights
of others could be time consuming and costly, and an unfavorable outcome could harm our business.

There is significant litigation in our industry regarding patent and other intellectual property rights. While

we are not currently subject to any pending intellectual property litigation, and are not aware of any such
threatened litigation, we may be exposed to future litigation by third parties based on claims that our drug
candidates, technologies or activities infringe the intellectual property rights of others. In particular, there are
many patents relating to specific genes, nucleic acids, polypeptides or the uses thereof to identify drug
candidates. Some of these may encompass genes or polypeptides that we utilize in our drug development
activities. If our drug development activities are found to infringe any such patents, we may have to pay
significant damages or seek licenses to such patents. A patentee could prevent us from using the patented genes
or polypeptides for the identification or development of drug compounds. There are also many patents relating to
chemical compounds and the uses thereof. If our compounds are found to infringe any such patents, we may have
to pay significant damages or seek licenses to such patents. A patentee could prevent us from making, using or
selling the patented compounds. We may need to resort to litigation to enforce a patent issued to us, protect our
trade secrets or determine the scope and validity of third-party proprietary rights. From time to time, we may hire
scientific personnel formerly employed by other companies involved in one or more areas similar to the activities
conducted by us. Either we or these individuals may be subject to allegations of trade secret misappropriation or
other similar claims as a result of their prior affiliations. If we become involved in litigation, it could consume a

32

substantial portion of our managerial and financial resources, regardless of whether we win or lose. We may not
be able to afford the costs of litigation. Any legal action against our company or our collaborators could lead to:

•

•

payment of damages, potentially treble damages, if we are found to have willfully infringed a party’s
patent rights;

injunctive or other equitable relief that may effectively block our ability to further develop,
commercialize and sell products; or

• we or our collaborators having to enter into license arrangements that may not be available on

commercially acceptable terms, if at all.

As a result, we could be prevented from commercializing current or future products.

The patent applications of pharmaceutical and biotechnology companies involve highly complex legal and
factual questions, which, if determined adversely to us, could negatively impact our patent position.

The patent positions of pharmaceutical and biotechnology companies can be highly uncertain and involve
complex legal and factual questions. For example, some of our patent applications will cover gene sequences and
products and the uses of those gene sequences and products. Public disclosures and patent applications related to
the Human Genome Project and other genomics efforts may limit the scope of our claims or make unpatentable
subsequent patent applications. No consistent policy regarding the breadth of claims allowed in biotechnology
patents has emerged to date. The United States Patent and Trademark Office’s standards are uncertain and could
change in the future. Consequently, the issuance and scope of patents cannot be predicted with certainty. Patents,
if issued, may be challenged, invalidated or circumvented. U.S. patents and patent applications may also be
subject to interference proceedings, and U.S. patents may be subject to reexamination proceedings in the United
States Patent and Trademark Office (and foreign patents may be subject to opposition or comparable proceedings
in the corresponding foreign patent office), which proceedings could result in either loss of the patent or denial of
the patent application or loss or reduction in the scope of one or more of the claims of the patent or patent
application. In addition, such interference, reexamination and opposition proceedings may be costly.
Accordingly, rights under any issued patents may not provide us with sufficient protection against competitive
products or processes.

In addition, changes in or different interpretations of patent laws in the United States and foreign countries
may permit others to use our discoveries or to develop and commercialize our technology and products without
providing any compensation to us. The laws of some countries do not protect intellectual property rights to the
same extent as U.S. laws and those countries may lack adequate rules and procedures for defending our
intellectual property rights. For example, some countries, including many in Europe, do not grant patent claims
directed to methods of treating humans, and in these countries patent protection may not be available at all to
protect our drug candidates.

If we fail to obtain and maintain patent protection and trade secret protection of our drug candidates,
proprietary technologies and their uses, we could lose our competitive advantage and competition we face would
increase, reducing our potential revenues and adversely affecting our ability to attain or maintain profitability.

Risks Related to Our Industry

We will be subject to stringent regulation in connection with the marketing of any products derived from our
drug candidates, which could delay the development and commercialization of our products.

The pharmaceutical industry is subject to stringent regulation by the FDA and other regulatory agencies in

the United States and by comparable authorities in other countries. Neither we nor our collaborators can market a
pharmaceutical product in the United States until it has completed rigorous preclinical testing and clinical trials
and an extensive regulatory clearance process implemented by the FDA. Satisfaction of regulatory requirements

33

typically takes many years, depends upon the type, or complexity and novelty of the product and requires
substantial resources. Even if regulatory approval is obtained, it may impose significant restrictions on the
indicated uses, conditions for use, labeling, advertising, promotion and/or marketing of such products, and
requirements for post-approval studies, including additional research and development and clinical trials. These
limitations may limit the size of the market for the product or result in the incurrence of additional costs. Any
delay or failure in obtaining required approvals could have a material adverse effect on our ability to generate
revenues from the particular drug candidate.

Outside the United States, the ability to market a product is contingent upon receiving approval from the

appropriate regulatory authorities. The requirements governing the conduct of clinical trials, marketing
authorization, pricing and reimbursement vary widely from country to country. Only after the appropriate
regulatory authority is satisfied that adequate evidence of safety, quality and efficacy has been presented will it
grant a marketing authorization. Approval by the FDA does not automatically lead to the approval by regulatory
authorities outside the United States, and similarly approval by regulatory authorities outside the United States
will not automatically lead to FDA approval.

In addition, U.S. and foreign government regulations control access to and use of some human or other
tissue samples in our research and development efforts. U.S. and foreign government agencies may also impose
restrictions on the use of data derived from human or other tissue samples. Accordingly, if we fail to comply with
these regulations and restrictions, the commercialization of our drug candidates may be delayed or suspended,
which may delay or impede our ability to generate product revenues.

If our competitors develop and market products that are more effective than our drug candidates, they may
reduce or eliminate our commercial opportunity.

Competition in the pharmaceutical and biotechnology industries is intense and expected to increase. We
face competition from pharmaceutical and biotechnology companies, as well as numerous academic and research
institutions and governmental agencies, both in the United States and abroad. Some of these competitors have
products or are pursuing the development of drugs that target the same diseases and conditions that are the focus
of our drug development programs.

For example, our potential product for treatment-induced dysfunctions in Parkinson’s disease would

compete with off-label use of Seroquel, marketed by Astra-Zeneca, and the generic drug clozapine. Our potential
products for the treatment of schizophrenia would compete with Zyprexa, marketed by Eli Lilly, Risperdal,
marketed by Johnson & Johnson, Seroquel, marketed by Astra-Zeneca, and clozapine. In the area of neuropathic
pain, our potential products would compete with Neurontin and Lyrica (pregabalin), marketed by Pfizer, and
Cymbalta, marketed by Eli Lilly, as well as a variety of generic or proprietary opioids. Our potential products for
the treatment of glaucoma would compete with Xalatan, marketed by Pfizer, and Lumigan and Alphagan,
marketed by Allergan.

Many of our competitors and their collaborators have significantly greater experience than we do in the

following:

•

•

•

•

identifying and validating targets;

screening compounds against targets;

preclinical studies and clinical trials of potential pharmaceutical products; and

obtaining FDA and other regulatory approvals.

In addition, many of our competitors and their collaborators have substantially greater capital and research and

development resources, manufacturing, sales and marketing capabilities, and production facilities. Smaller
companies also may prove to be significant competitors, particularly through proprietary research discoveries and

34

collaboration arrangements with large pharmaceutical and established biotechnology companies. Many of our
competitors have products that have been approved or are in advanced development and may develop superior
technologies or methods to identify and validate drug targets and to discover novel small molecule drugs. Our
competitors, either alone or with their collaborators, may succeed in developing drugs that are more effective, safer,
more affordable or more easily administered than ours and may achieve patent protection or commercialize drugs
sooner than us. Our competitors may also develop alternative therapies that could further limit the market for any
drugs that we may develop. Our failure to compete effectively could have a material adverse affect on our business.

Any claims relating to improper handling, storage or disposal of biological, hazardous and radioactive
materials used in our business could be costly and delay our research and development efforts.

Our research and development activities involve the controlled use of potentially harmful hazardous
materials, including volatile solvents, biological materials such as blood from patients that has the potential to
transmit disease, chemicals that cause cancer and various radioactive compounds. Our operations also produce
hazardous waste products. We face the risk of contamination or injury from the use, storage, handling or disposal
of these materials. We are subject to federal, state and local laws and regulations governing the use, storage,
handling and disposal of these materials and specified waste products. The cost of compliance with these laws
and regulations could be significant, and current or future environmental regulations may impair our research,
development or production efforts. If one of our employees were accidentally injured from the use, storage,
handling or disposal of these materials, the medical costs related to his or her treatment would be covered by our
workers’ compensation insurance policy. However, we do not carry specific biological or hazardous waste
insurance coverage and our general liability insurance policy specifically excludes coverage for damages and
fines arising from biological or hazardous waste exposure or contamination. Accordingly, in the event of
contamination or injury, we could be subject to criminal sanctions or fines or held liable for damages, our
operating licenses could be revoked, or we could be required to suspend or modify our operations and our
research and development efforts.

Consumers may sue us for product liability, which could result in substantial liabilities that exceed our
available resources and damage our reputation.

Researching, developing and commercializing drug products entails significant product liability risks.
Liability claims may arise from our and our collaborators’ use of products in clinical trials and the commercial
sale of those products. Consumers may make these claims directly and our collaborators or others selling these
products may seek contribution from us if they receive claims from consumers. Although we currently have
product liability insurance that covers our clinical trials, we will need to increase and expand this coverage as we
commence larger scale trials and if our drug candidates are approved for commercial sale. This insurance may be
prohibitively expensive or may not fully cover our potential liabilities. Inability to obtain sufficient insurance
coverage at an acceptable cost or otherwise to protect against potential product liability claims could prevent or
inhibit the commercialization of products that we or our collaborators develop. Product liability claims could
have a material adverse effect on our business and results of operations. Our liability could exceed our total
assets if we do not prevail in a lawsuit from any injury caused by our drug products.

Risks Related to Our Common Stock

Our stock price may be particularly volatile because we are a drug discovery and development company.

The market prices for securities of biotechnology companies in general, and early-stage drug discovery and

development companies in particular have been highly volatile and may continue to be highly volatile in the
future. The following factors, in addition to other risk factors described in this section, may have a significant
impact on the market price of our common stock:

•

the development status of our drug candidates, including results of our clinical trials for ACP-103,
ACP-104, and our neuropathic pain collaboration;

35

• market conditions or trends related to biotechnology and pharmaceutical industries, or the market in

general;

•

•

•

•

•

•

•

•

announcements of technological innovations, new commercial products or other material events by our
competitors or us;

disputes or other developments concerning our proprietary rights;

changes in, or failure to meet, securities analysts’ or investors’ expectations of our financial
performance;

additions or departures of key personnel;

discussions of our business, products, financial performance, prospects or stock price by the financial
and scientific press and online investor communities such as chat rooms;

public concern as to, and legislative action with respect to, genetic testing or other research areas of
biopharmaceutical companies, the pricing and availability of prescription drugs or the safety of drugs
and drug delivery techniques;

regulatory developments in the United States and foreign countries; or

economic and political factors, including wars, terrorism and political unrest.

In the past, following periods of volatility in the market price of a particular company’s securities, securities

class action litigation has often been brought against that company. We may become subject to this type of
litigation, which is often extremely expensive and diverts management’s attention.

If our officers, directors and largest stockholders choose to act together, they may be able to control our
management and operations, acting in their best interests and not necessarily those of other stockholders.

Our directors, executive officers and holders of 5% or more of our outstanding common stock and their affiliates

beneficially owned approximately 67% of our common stock, based on their beneficial ownership at December 31,
2004. As a result, these stockholders, acting together, have the ability to significantly influence all matters requiring
approval by our stockholders, including the election of all of our directors, amendments to our certificate of
incorporation, going-private transactions and the approval of mergers or other business combination transactions. The
interests of this group of stockholders may not always coincide with our interests or the interests of other stockholders,
and they may act in a manner that advances their best interests and not necessarily those of other stockholders.

If our stockholders sell substantial amounts of our common stock, the market price of our common stock may
decline.

A significant number of shares of our common stock are held by a small number of stockholders. Sales of a

significant number of shares of our common stock, or the expectation that such sales may occur, could
significantly reduce the market price of our common stock. As of January 15, 2005, holders of at least 10 million
shares of our common stock have rights to cause us to file a registration statement on their behalf or include their
shares in registration statements that we may file on our behalf or on behalf of other stockholders.

Anti-takeover provisions in our charter documents and under Delaware law may make an acquisition of us
more complicated and the removal and replacement of our directors and management more difficult.

Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions

that may delay or prevent a change in control, discourage bids at a premium over the market price of our
common stock and adversely affect the market price of our common stock and the voting and other rights of the
holders of our common stock. These provisions may also make it difficult for stockholders to remove and replace
our board of directors and management. These provisions:

•

establish that members of the board of directors may be removed only for cause upon the affirmative
vote of stockholders owning at least a majority of our capital stock;

36

•

•

•

•

•

•

establish that members of the board of directors may be removed only for cause upon the affirmative
vote of stockholders owning at least a majority of our capital stock;

authorize the issuance of “blank check” preferred stock that could be issued by our board of directors to
increase the number of outstanding shares and prevent or delay a takeover attempt;

limit who may call a special meeting of stockholders;

establish advance notice requirements for nominations for election to the board of directors or for
proposing matters that can be acted upon at stockholder meetings;

prohibit our stockholders from making certain changes to our amended and restated certificate of
incorporation or amended and restated bylaws except with 66 2⁄ 3% stockholder approval; and

provide for a board of directors with staggered terms.

We are also subject to provisions of the Delaware corporation law that, in general, prohibit any business
combination with a beneficial owner of 15% or more of our common stock for five years unless the holder’s
acquisition of our stock was approved in advance by our board of directors. Although we believe these provisions
collectively provide for an opportunity to receive higher bids by requiring potential acquirors to negotiate with
our board of directors, they would apply even if the offer may be considered beneficial by some stockholders.

Item 2. Properties

Our primary facilities consist of approximately 36,000 square feet of research and office space located in

San Diego, California that is leased to us until the fourth quarter of 2005. We have an option to renew the leases
for these facilities for one additional period of five years. We also have approximately 21,000 square feet of
research and office space located near Copenhagen, Denmark that is leased to us until June 2005. We have
entered into a lease for an approximately 30,000 square foot chemistry research and development facility in
Malmo, Sweden that is scheduled to commence in June 2005. We believe that our existing facilities are adequate
for our current needs. When our leases expire, we may look for additional or alternate space for our operations
and we believe that suitable additional or alternative space will be available in the future on commercially
reasonable terms.

Item 3. Legal Proceedings

We are not currently a party to any material legal proceedings.

Item 4. Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during the quarter ended December 31, 2004.

37

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Securities

(a) Our common stock has been traded on the Nasdaq National Market since May 27, 2004 under the
symbol ACAD. Prior to that time, there was no public market for our common stock. The following table sets
forth the high and low sale prices for our common stock as reported on the Nasdaq National Market for the
periods indicated.

2004

High

Low

Second Quarter (from May 27, 2004) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$7.50
$8.00
$7.90

$5.79
$4.95
$5.70

As of March 8, 2005, there were approximately 98 stockholders of record of our common stock. We have

not paid any cash dividends to date and do not anticipate any being paid in the foreseeable future.

(b) The initial public offering of our common stock, par value $0.0001 (the “Offering”), was effected

through a Registration Statement on Form S-1 (File No. 333-113137) that was declared effective by the
Securities and Exchange Commission on May 26, 2004. On June 2, 2004, 5.0 million shares of common stock
were sold on our behalf at an initial public offering price of $7.00 per share, resulting in aggregate net proceeds
of approximately $31.1 million. There has been no material change in the planned use of proceeds described in
our prospectus for the Offering.

38

Item 6. Selected Financial Data

The following data has been derived from our audited financial statements, including the consolidated
balance sheet at December 31, 2004 and 2003 and the related consolidated statements of operations for the three
years ended December 31, 2004 and related notes appearing elsewhere in this report. The statement of operations
data for the years ended December 31, 2001 and 2000 and the balance sheet data as of December 31, 2002, 2001,
and 2000 are derived from our audited consolidated financial statements that are not included in this report. You
should read the selected financial data set forth below in conjunction with “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and our financial statements and related notes
included elsewhere in this report.

Years Ended December 31,

2004

2003

2002

2001

2000

(In thousands, except per share data)

Consolidated Statement of Operations Data:
Revenues:

Collaborative revenues—related party . . . . . . . . . .
Other research revenues . . . . . . . . . . . . . . . . . . . . .
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,529
75
4,604

$ 4,953
2,425
7,378

$ 3,655
2,621
6,276

$ 3,714
—
3,714

$ 4,193
119
4,312

Operating expenses:

Research and development
. . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . .
Total operating expenses . . . . . . . . . . . . . . . . .
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23,454
4,889
2,356
30,699
(26,095)
607
(429)

9,728
2,999
2,854
15,581
(11,269)
1,516
(441)
$(25,917) $(14,092) $(12,868) $(14,406) $(10,194)

14,921
2,818
1,163
18,902
(12,626)
420
(662)

13,090
3,756
2,147
18,993
(15,279)
1,494
(621)

16,935
2,791
1,392
21,118
(13,740)
360
(712)

Net loss available to common stockholders . . . . . . . . . .

$(17,331) $ (1,813) $ (3,246) $ (3,614) $ (2,040)

Net loss per common share, basic and diluted . . . . . . . .

$

(1.67) $

(1.24) $

(2.24) $

(2.99) $

(1.91)

Weighted average shares used in computing net loss per
common share, basic and diluted(1) . . . . . . . . . . . . . .

Net loss available to participating preferred

10,354

1,459

1,452

1,208

1,070

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (8,586) $(12,279) $ (9,622) $(10,792) $ (8,154)

Net loss per participating preferred share, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(0.87) $

(1.46) $

(2.23) $

(2.50) $

(2.15)

Weighted average participating preferred shares

outstanding, basic and diluted(1) . . . . . . . . . . . . . . . . .

9,901

8,412

4,313

4,313

3,788

(1) Please see Note 2 of the notes to our consolidated financial statements appearing elsewhere in this report for

an explanation of the determination of the number of shares used in computing per share data. All amounts
reflect a 1-for-2 reverse stock split effected by the Company on May 25, 2004.

At December 31,

2004

2003

2002

2001

2000

($ in thousands)

Consolidated Balance Sheet Data:
Cash, cash equivalents and investment securities . . . . . . .
Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt, less current portion . . . . . . . . . . . . . . . . .
Convertible preferred stock . . . . . . . . . . . . . . . . . . . . . . .
Total stockholders’ equity (deficit) . . . . . . . . . . . . . . . . . .

$35,927
29,178
40,365
1,044
—
30,680

$ 27,214
20,046
31,693
1,624
74,514
(52,671)

$ 12,439
7,098
16,023
3,458
46,502
(40,090)

$ 17,830
15,646
21,959
1,323
46,502
(28,640)

$ 28,896
25,330
34,113
5,789
46,502
(22,508)

39

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our consolidated financial condition and results of operations
should be read in conjunction with our consolidated financial statements and related notes included elsewhere in
this report. This discussion contains forward-looking statements, which involve a number of risks and
uncertainties. Forward-looking statements are not guarantees of performance. Actual results or events may differ
materially from those anticipated in these forward-looking statements as a result of various factors, including
those set forth under the caption “Business—Risk Factors” in Item 1 of this report. Information in the following
discussion for a yearly period means for the year ended December 31 of the indicated year.

Overview

Background

We are a biopharmaceutical company focused on the discovery, development and commercialization of

small molecule drugs for the treatment of central nervous system disorders. We currently have four drug
programs in clinical development and several additional programs in preclinical and discovery stages. Our three
Phase II clinical programs are ACP-103 for treatment-induced dysfunctions in Parkinson’s disease, ACP-103 as
an adjunctive therapy for schizophrenia, and ACP-104 for the treatment of schizophrenia. We have retained
worldwide commercialization rights for these programs. We also have a neuropathic pain program in Phase I
clinical trials and a glaucoma program in preclinical development, each in collaboration with Allergan, Inc.

We have incurred substantial operating losses since our inception due in large part to expenditures for our

research and development activities. At December 31, 2004, we had an accumulated deficit of $94.3 million. We
expect our operating losses to increase for at least the next several years as we pursue the clinical development of
our lead drug candidates and expand our discovery and development pipeline.

Revenues

We have not generated any revenues from product sales to date, and we do not expect to generate revenues

from product sales for at least the next several years, if at all. Our revenues to date have been generated
substantially from research and milestone payments under our collaboration agreements. We have entered into
three separate collaboration agreements with Allergan. We have also entered into a development agreement with
The Stanley Medical Research Institute, a technology license agreement with Aventis and smaller scale
collaboration agreements with other parties. As of December 31, 2004, we had received an aggregate of $32.0
million in payments under these agreements, including research funding and related fees and upfront and
milestone payments. In addition, in January 2005, we entered into a collaboration agreement with Sepracor Inc.

We expect our revenues for the next several years to consist of payments under our current agreements and
any additional collaborations, including upfront payments upon execution of new agreements, research funding
and related fees throughout the research term of the agreements and milestone payments contingent upon
achievement of agreed-upon objectives. Pursuant to the terms of our March 2003 collaboration agreement with
Allergan, we have received an aggregate of $7.9 million in research funding and related fees through December
31, 2004, and we are entitled to receive additional research funding and related fees through March 2006. In
addition, we may receive milestone payments and royalties on product sales, if any, under each of our three
collaboration agreements with Allergan. Revenues from our collaboration agreements with Allergan, a
stockholder, are classified as “Collaborative revenues—related party” in the accompanying condensed
consolidated financial statements. Pursuant to the terms of our January 2005 collaboration agreement with
Sepracor, we are entitled to receive research funding for a three-year period and, if certain conditions are met, we
are eligible to receive license fees and milestone payments as well as royalties on product sales, if any. Each of
our collaboration agreements is subject to early termination by the collaborator upon specified events, including
if we breach the agreement or, in one case, if we have a change in control. Upon the conclusion of the research
term under each agreement, our collaborator may terminate the agreement by notice.

40

Research and Development Expenses

Our research and development expenses consist primarily of salaries and related personnel expenses, fees

paid to external service providers, laboratory supplies and costs for facilities and equipment. We charge all
research and development expenses to operations as incurred. Our research and development activities are
primarily focused on our most advanced clinical and preclinical programs. We are responsible for all costs
incurred in the development of ACP-103 for both schizophrenia and treatment-induced dysfunctions in
Parkinson’s disease patients and ACP-104 for schizophrenia, as well as the research costs associated with our
other internal drug programs. We are not responsible for, nor have we incurred, development expenses, including
costs related to clinical trials, in the drug programs that we are pursuing under our collaboration agreements,
including our clinical program for neuropathic pain and our preclinical development program for glaucoma, each
of which we are pursuing in collaboration with Allergan.

We use our internal research and development resources, including our employees and discovery
infrastructure, across several projects and many of our costs are not attributable to a specific project but are
directed to broadly applicable research projects. Accordingly, we do not account for our internal research and
development costs on a project basis. We use external service providers to manufacture our drug candidates to be
used in clinical trials and for the substantial majority of the services performed in connection with the preclinical
and clinical development of our drug candidates. To the extent that costs associated with external service
providers are not attributable to a specific project, they are included in other external costs. The following table
summarizes our research and development expenses for the years ended December 31, 2004, 2003 and 2002.

Years Ended December 31,

2004

2003

2002

(in thousands)

Costs of external service providers:

ACP-103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ACP-104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unallocated internal costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,859
1,335
1,513

7,707
15,747

$ 3,090
234
866

4,190
12,745

$ 1,539
—
726

2,265
12,656

Total research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$23,454

$16,935

$14,921

At this time, due to the risks inherent in the clinical trial process and given the early stage of development of

our drug programs, we are unable to estimate with any certainty the costs we will incur in the continued
development of our drug candidates for potential commercialization. Due to these same factors, we are unable to
determine the anticipated completion dates for our current research and development programs. Clinical
development timelines, probability of success, and development costs vary widely. While we are currently
focused on advancing the clinical development of ACP-103 and ACP-104, we anticipate that we will make
determinations as to which programs to pursue and how much funding to direct to each program on an ongoing
basis in response to the scientific and clinical success of each drug candidate, as well as an ongoing assessment
as to the drug candidate’s commercial potential. In addition, we cannot forecast with any degree of certainty
which drug candidates will be subject to future collaborative or licensing arrangements, when such arrangements
will be secured, if at all, and to what degree such arrangements would affect our development plans and capital
requirements. As a result, we cannot be certain when and to what extent we will receive cash inflows from the
commercialization of our drug candidates.

We expect our research and development expenses to be substantial and to increase as we continue the
development of our clinical programs, as well as continue and expand our preclinical and discovery programs.
The lengthy process of completing clinical trials and seeking regulatory approval for our drug candidates requires
the expenditure of substantial resources. Any failure by us or delay in completing clinical trials, or in obtaining
regulatory approvals could cause our research and development expenses to increase and, in turn, have a material
adverse effect on our results of operations.

41

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based on our consolidated

financial statements. We have identified the accounting policies that we believe require application of
management’s most subjective judgments, often requiring the need to make estimates about the effect of matters
that are inherently uncertain and may change in subsequent periods. Our actual results may differ substantially
from these estimates under different assumptions or conditions. While our significant accounting policies are
described in more detail in note 2 of the notes to consolidated financial statements included in this report, we
believe that the following accounting policies require the application of significant judgments and estimates.

Revenue Recognition

We recognize revenues in accordance with Securities and Exchange Commission Staff Accounting Bulletin,

or SAB, No. 104, Revenue Recognition. SAB No. 104 requires that four basic criteria must be met before
revenue can be recognized: persuasive evidence of an arrangement exists; delivery has occurred or services have
been rendered; the fee is fixed and determinable; and collectibility is reasonably assured. Our revenues are
primarily related to our collaboration agreements, and such agreements provide for various types of payments to
us, including research funding, upfront payments, milestone payments, and royalties.

Upfront, nonrefundable payments under collaboration agreements are recognized ratably over the term of
the agreement. Payments for research funding are recognized as revenues as the related research activities are
performed. Our collaborations do not require scientific achievement as a performance obligation, and amounts
received under the agreements are nonrefundable. Revenues from nonrefundable milestones are recognized when
earned, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the
inception of the agreement and (ii) we do not have ongoing performance obligations. Any amounts received
under the agreements in advance of performance are recorded as deferred revenue. Revenues from licenses of our
technology are generally recognized at the inception of the license term. When arrangements contain extended
payment terms, revenues are recognized upon the receipt of the payment. None of the revenues recognized to
date are refundable even if the related research activities are not successful.

Accrued Expenses

We are required to estimate accrued expenses as part of our process of preparing financial statements. This

process involves estimating the level of service performed on our behalf and the associated cost incurred in
instances where we have not been invoiced or otherwise notified of actual costs. Examples of areas in which
subjective judgments may be required include costs associated with services provided by contract organizations for
preclinical development, manufacturing of clinical materials, and clinical trials. We account for expenses associated
with these external services by determining the total cost of a given study based on the terms of the related contract.
We accrue for costs incurred as the services are being provided by monitoring the status of the trials and the
invoices received from our external service providers. In the case of clinical trials, a portion of the estimated cost
normally relates to the projected cost to treat a patient in our trials and we recognize this cost over the estimated
term of the study based on the number of patients enrolled in the trial on an ongoing basis, beginning with patient
enrollment. As actual costs become known to us, we adjust our accruals. To date, our estimates have not differed
significantly from the actual costs incurred. However, we expect to expand the level of our clinical trials and related
research and development services in the future. As a result, we anticipate that our estimated accruals for clinical
and research services will be more material to our operations in future periods. Subsequent changes in estimates
may be a material change in our accrual, which could also materially affect our results of operations.

Stock-based Compensation

We currently account for employee stock options using the intrinsic value method in accordance with

Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, and related
interpretations, and provide pro forma disclosures of net income (loss) as if a fair value method had been applied

42

in measuring compensation expense. Stock compensation expense, which is a non-cash charge, is measured as
the excess, if any, of the fair value of our underlying common stock at the date of grant over the amount an
employee must pay to acquire such stock. This compensation cost is amortized over the related vesting periods,
generally four years, using an accelerated method.

In December 2004, the FASB issued SFAS No. 123 (revised 2004), Share-Based Payment (“SFAS

123(R)”), which requires that compensation costs relating to share-based payment transactions be recognized in
financial statements. We are required to implement SFAS 123(R) in our third quarter of 2005. We are currently
evaluating the requirements of SFAS 123(R) and we have not yet fully determined the impact on our
consolidated financial statements.

Results of Operations

Fluctuations in Operating Results

Our results of operations have fluctuated significantly from period to period in the past and are likely to
continue to do so in the future. We anticipate that our quarterly and annual results of operations will be impacted
for the foreseeable future by several factors, including the timing and amount of payments received pursuant to
our current and future collaborations, and the progress and timing of expenditures related to our discovery and
development efforts. Due to these fluctuations, we believe that the period-to-period comparisons of our operating
results are not a good indication of our future performance.

Comparison of the Years Ended December 31, 2004 and 2003

Revenues

Revenues decreased to $4.6 million in 2004 from $7.4 million in 2003 primarily due to a decrease in other
collaborative research revenues, following the completion of the research term of our collaboration agreement
with Amgen Inc. in late 2003. Revenues from our collaboration agreements with Allergan totaled $4.5 million
and $5.0 million in 2004 and 2003, respectively, and are reflected as “collaborative revenues—related party” in
our consolidated financial statements.

Research and Development Expenses

Research and development expenses increased to $23.5 million in 2004 from $16.9 million in 2003. This

increase was primarily due to $3.5 million in increased fees paid to external service providers, and increased
costs associated with our internal research and development activities, including $1.3 million in increased
salaries and related personnel costs, $918,000 in increased laboratory supplies, and $730,000 in increased facility
and equipment costs. External service costs totaled $7.7 million in 2004, or 33% of our research and
development expenses, compared to $4.2 million in 2003, or 25% of our research and development expenses.
The increase in external service costs in 2004 compared to 2003 was primarily attributable to increased clinical
development expenses associated with ACP-103 and ACP-104. We expect that fees paid to external service
providers will continue to increase in future periods as we continue to develop our drug candidates.

General and Administrative Expenses

General and administrative expenses, which consist primarily of salaries and related personnel expenses and

facilities costs for employees serving in executive, finance, business development and business operations
functions, as well as professional fees associated with legal and accounting services, increased to $4.9 million in
2004 from $2.8 million in 2003. The increase in general and administrative expenses was primarily due to $1.1
million in increased professional services and insurance costs and $828,000 in increased personnel and related
expenses associated with operating as a public company, beginning in June 2004.

43

Stock-Based Compensation Expenses

Stock-based compensation expense totaled $2.4 million in 2004, compared to $1.4 million in 2003. The

increase in stock-based compensation expense resulted from an increase in the amortization of deferred stock-
based compensation associated with employee stock options and compensation expense from the valuation of
options granted to consultants. We recorded deferred stock-based compensation totaling $1.5 million and $3.0
million in 2004 and 2003, respectively, in connection with the grant of stock options to employees.

Interest Income

Interest income increased to $607,000 in 2004 from $360,000 in 2003. The increase in interest income was
primarily due to higher average levels of cash and investment securities resulting from the proceeds of our initial
public offering, which closed in June 2004.

Interest Expense

Interest expense decreased to $429,000 in 2004 from $713,000 in 2003. The decrease in interest expense

was primarily due to repayments of and decreased borrowings under our loan agreements.

Comparison of the Years Ended December 31, 2003 and 2002

Revenues

Revenues increased to $7.4 million in 2003 from $6.3 million in 2002. The increase in revenues was
primarily due to $1.3 million in increased revenues from our collaborations with Allergan with the inception of
our third collaboration agreement in March 2003, and a $408,000 increase in revenues recognized under an
agreement with Amgen, which were offset in part by lower revenues recognized under our technology license
agreement with Aventis. Revenues from our collaboration agreements with Allergan totaled $5.0 million and
$3.7 million in 2003 and 2002, respectively.

Research and Development Expenses

Research and development expenses increased to $16.9 million in 2003 from $14.9 million in 2002. This
increase primarily reflected increased fees paid to external service providers, which totaled $4.2 million in 2003,
or 25% of our research and development expenses, up from $2.3 million, or 15% of our research and
development expenses, in 2002. The increase in external service fees in 2003 was primarily attributable to
increased clinical and preclinical expenses associated with ACP-103.

The costs associated with our internal research and development activities, consisting primarily of salaries
and related personnel expenses, laboratory supplies, and costs for facilities and equipment, totaled $12.7 million
in 2003 and $12.6 million in 2002. Each component of our internal research and development costs was
comparable in 2003 and 2002.

General and Administrative Expenses

General and administrative expenses totaled $2.8 million in 2003 and in 2002. Each component of these
expenses, which consisted primarily of salaries and related personnel expenses and facilities costs for employees
serving in executive, finance, business development and business operations functions, as well as professional
fees associated with legal and accounting services, was comparable in 2003 and 2002.

Stock-based Compensation Expenses

Stock-based compensation expense totaled $1.4 million in 2003 compared to $1.2 million in 2002. Stock-

based compensation expense resulted from the amortization of deferred stock-based compensation associated

44

with employee stock options and compensation expense from the valuation of options granted to consultants. We
recorded deferred stock-based compensation, net of forfeitures, totaling $3.0 million in 2003 and $(32,000) in
2002 in connection with the grant of stock options to employees.

Interest Income

Interest income decreased to $360,000 in 2003 from $420,000 in 2002. The decrease in interest income was

primarily attributable to declining interest rates during the periods.

Interest Expense

Interest expense increased to $713,000 in 2003 from $662,000 in 2002. This increase in interest expense

was primarily due to increased borrowings under our loan agreements.

Liquidity and Capital Resources

Since inception, we have funded our operations primarily through sales of our equity securities, payments

under our collaboration agreements, debt financing and interest income. As of December 31, 2004, we had
received $114.7 million in net proceeds from sales of our equity securities, including $6.9 million in debt we had
retired through the issuance of our stock, $32.0 million in payments from collaboration agreements, $19.3
million in debt financing, and $6.1 million in interest income.

At December 31, 2004, we had approximately $35.9 million in cash, cash equivalents and investment
securities compared to $27.2 million at December 31, 2003. In addition, in January 2005 we received $10 million
in proceeds from the sale of 1,077,029 shares of our common stock to Sepracor in connection with a new
collaboration agreement. Sepracor has also agreed to purchase an additional $10 million of our common stock on
the one-year anniversary of the agreement, subject to specified closing conditions set forth in a stock purchase
agreement entered into by the parties. We have invested a substantial portion of our available cash in investment
securities consisting of high quality, marketable debt instruments of corporations and financial institutions. We
have adopted an investment policy and established guidelines relating to diversification and maturities of our
investments to preserve principal and maintain liquidity.

Net cash used in operating activities totaled $20.7 million in 2004, compared to $9.8 million in 2003 and
$9.2 million in 2002. The increase in net cash used in operations in 2004 relative to 2003 was primarily due to an
increase in our net loss, partially offset by increased non-cash, stock-based compensation expense and increases
in accounts payable and accrued expenses. The increase in accounts payable and accrued expenses was primarily
due to the increase in activity with external service providers and employee related expenses. The increase in net
cash used in operations in 2003 relative to 2002 was primarily due to increases in our net loss, partially offset by
an increase of $1.0 million in deferred revenues from our collaboration agreements.

Net cash used in investing activities (excluding purchases and maturities of investment securities) reflects

our purchases of property and equipment. From inception through December 31, 2004, we purchased $10.1
million in property and equipment, the majority of which we have funded through equipment financing
agreements and other debt facilities.

Net cash provided by financing activities totaled $30.1 million in 2004 compared to $26.4 million in 2003

and $4.4 million in 2002. The net cash provided by financing activities in 2004 was primarily due to net proceeds
of approximately $31.1 million raised in our initial public offering, partially offset by $1.4 million in net
repayments of our long-term debt. The increase in net cash provided by financing activities in 2003 relative to
2002 was primarily due to net proceeds of $28.0 million from the sale of preferred stock, partially offset by lower
proceeds from long-term debt, net of repayments.

45

We have entered into equipment financing agreements from time to time, which we have utilized to fund the

majority of our property and equipment acquisitions. The agreements contain interest rates ranging from 7.93%
to 9.58% per annum. At December 31, 2004, we had $2.0 million in outstanding borrowings under these
agreements, which are secured by the related equipment. In May 2002, we also issued a secured promissory note
to a lender for $5.0 million, which we utilized to finance equipment, leasehold improvements and other working
capital needs. We had an outstanding balance of $560,000 under this promissory note at December 31, 2004,
which was fully repaid in the first quarter of 2005. This note accrued interest at a rate of 10.73% per annum and
was collateralized by substantially all personal property of the Company, excluding its intellectual property. We
were in compliance with required financial covenants and conditions at December 31, 2004.

The following table summarizes our long-term contractual obligations at December 31, 2004:

Operating leases . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . .
Long-term debt

$10,622,900
2,530,400

$1,672,800
1,486,400

$2,874,400
1,044,000

$1,893,700
—

$4,182,000

—

Total

. . . . . . . . . . . . . . . . . . . . . . . . . .

$13,153,300

$3,159,200

$3,918,400

$1,893,700

$4,182,000

Total

Less than 1
Year

1 -3 Years

4 -5 Years

After
5 Years

We have consumed substantial amounts of capital since our inception. Although we believe our existing
cash resources plus the anticipated payments from our stock purchase agreement with Sepracor and under our
existing collaboration agreements will be sufficient to fund our anticipated cash requirements through 2006, we
will require significant additional financing in the future to fund our operations. Our future capital requirements
will depend on, and could increase significantly as a result of, many factors, including:

•

•

•

•

•

•

progress in, and the costs of, our preclinical studies and clinical trials and other research and
development programs;

the scope, prioritization and number of research and development programs;

the ability of our collaborators and us to reach the milestones, and other events or developments,
under our collaboration agreements;

the costs involved in filing, prosecuting, enforcing and defending patent claims and other
intellectual property rights;

the costs of securing manufacturing arrangements for clinical or commercial production; and

the costs of establishing or contracting for sales and marketing capabilities if we obtain regulatory
clearances to market our drug candidates.

Until we can generate significant continuing revenues, we expect to satisfy our future cash needs through
strategic collaborations, private or public sales of our securities, debt financings or by licensing all or a portion of
our drug candidates or technology. We cannot be certain that additional funding will be available to us on
acceptable terms, or at all. If funds are not available, we may be required to delay, reduce the scope of, or
eliminate one or more of our research or development programs or our commercialization efforts.

To date, we have not had any relationships with unconsolidated entities or financial partnerships, such as

entities referred to as structured finance or special purpose entities, which are established for the purpose of
facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Recently Issued Accounting Standards

In December 2004, the FASB issued SFAS No. 123 (revised 2004), Share-Based Payment (“SFAS

123(R)”). This Statement is a revision of SFAS No. 123, Accounting for Stock-Based Compensation, and
supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and its related implementation

46

guidance. SFAS 123(R) requires that compensation cost relating to share-based payment transactions be
recognized in financial statements. That cost will be measured based on the fair value of the equity or liability
instruments issued. This statement is effective beginning with the third quarter of 2005. We are currently
evaluating the requirements of SFAS 123(R) and we have not yet fully determined the impact on our
consolidated financial statements.

In March 2004, the FASB issued EITF Issue No. 03-01, The Meaning of Other-Than-Temporary
Impairment and Its Application to Certain Investments (“EITF 03-01”), which provides new guidance for
assessing impairment losses on investments. Additionally, EITF 03-01 includes new disclosure requirements for
investments that are deemed to be temporarily impaired. In September, 2004 the FASB delayed the accounting
provisions of EITF 03-01; however the disclosure requirements remain effective for annual periods ending after
June 15, 2004. We will evaluate the impact of EITF 03-01 once the final guidance is issued.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We invest our excess cash in investment-grade, interest-bearing securities. The primary objective of our
investment activities is to preserve principal while at the same time maximizing yields without significantly
increasing risk. To achieve this objective, we invest in highly liquid and high quality marketable debt instruments
of corporations, government agencies and financial institutions with maturities of less than two years. If a 10%
change in interest rates were to have occurred on December 31, 2004, this change would not have had a material
effect on the fair value of our investment portfolio as of that date.

Foreign Currency Risk

We have a wholly owned subsidiary in Denmark, ACADIA Pharmaceuticals A/S, which exposes us to
foreign exchange risk. The functional currency of our subsidiary is the Danish kroner. Accordingly, all assets and
liabilities of our subsidiary are translated to U.S. dollars based on the exchange rate on the balance sheet date.
Expense components are translated to U.S. dollars at weighted average exchange rates in effect during the period.
Gains and losses resulting from foreign currency translation are included as a component of our stockholders’
equity (deficit). Other foreign currency transaction gains and losses are included in our results of operations and,
to date, have not been significant. We have not hedged exposures denominated in foreign currencies or any other
derivative financial instrument.

Item 8. Financial Statements and Supplementary Data

The consolidated financials statements required pursuant to this item are included in Item 15 of this report

and are presented beginning on page F-1.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be

disclosed in our periodic and current reports that we file with the SEC is recorded, processed, summarized and
reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated
and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure

47

controls and procedures, management recognized that any controls and procedures, no matter how well designed
and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives.
In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in
evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system
of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over
time, control may become inadequate because of changes in conditions, or the degree of compliance with policies
or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system,
misstatements due to error or fraud may occur and not be detected.

As of the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation,
under the supervision and with the participation of our management, including our Chief Executive Officer and
Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and
procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure
controls and procedures were effective as of the end of the year ended December 31, 2004.

Changes in Internal Control Over Financial Reporting

An evaluation was also performed under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, of any change in our internal control over
financial reporting that occurred during our last fiscal quarter and that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting. That evaluation did not identify any
change in our internal control over financial reporting that occurred during our latest fiscal quarter and that has
materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

None.

48

PART III

Item 10. Directors and Executive Officers of the Registrant

The information required by this Item will be set forth in the section headed “Proposal 1—Election of
Directors” in our definitive Proxy Statement for our 2005 Annual Meeting of Stockholders to be filed with the
SEC by May 2, 2005 (the “Proxy Statement”), and is incorporated in this report by reference.

We have adopted a code of ethics for directors, officers (including our principal executive officer, principal
financial officer and principal accounting officer) and employees, known as the Code of Ethics. The Code of Ethics
is available on our website at http://www.acadia-pharm.com under the Corporate Governance section of our
Investors page. Stockholders may request a free copy of the Code of Ethics from our corporate compliance officer,
Glenn F. Baity c/o ACADIA Pharmaceuticals Inc., 3911 Sorrento Valley Boulevard, San Diego, CA 92121.

Item 11. Executive Compensation

The information required by this Item will be set forth in the section headed “Executive Compensation and

Other Information” in the Proxy Statement and is incorporated in this report by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this Item will be set forth in the section headed “Security Ownership of Certain

Beneficial Owners and Management” in the Proxy Statement and is incorporated in this report by reference.

Information regarding our equity compensation plans will be set forth in the section entitled “Executive
Compensation—Equity Compensation Plan Information” in our Proxy Statement and is incorporated in this
report by reference.

Item 13. Certain Relationships and Related Transactions

The information required by this Item will be set forth in the section headed “Certain Relationships and

Related Transactions” in the Proxy Statement and is incorporated in this report by reference.

Item 14. Principal Accountant Fees and Services

The information required by this Item will be set forth in the section headed “Independent Auditors Fees” in

the Proxy Statement, and is incorporated in this report by reference.

49

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this report.

PART IV

1. The following financial statements of ACADIA Pharmaceuticals Inc. and Reports of

PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, are included in this report:

Page Number

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Balance Sheets at December 31, 2004 and 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Operations for Each of the Three Years Ended December 31, 2004,

2003 and 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Cash Flows for Each of the Three Years Ended December 31, 2004,

2003 and 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Income (Loss) for

Each of the Three Years Ended December 31, 2004, 2003 and 2002 . . . . . . . . . . . . . . . . . . . . . . .
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F-1
F-2

F-3

F-4

F-5
F-6

2. List of financial statement schedules. All schedules are omitted because they are not applicable or the

required information is shown in the financial statements or notes thereto.

3. List of Exhibits required by Item 601 of Regulation S-K. See part (b) below.

(b) Exhibits. See the Exhibit Index and Exhibits filed as part of this report.

50

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this

report to be signed on its behalf by the undersigned thereunto duly authorized.

SIGNATURES

ACADIA PHARMACEUTICALS INC.

/s/ ULI HACKSELL
Uli Hacksell, Ph.D.
Chief Executive Officer

Date: March 18, 2005

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below
constitutes and appoints Uli Hacksell and Thomas H. Aasen, and each of them, his true and lawful attorneys-in-
fact and agents with full power of substitution, for him and in his name, place and stead, in any and all capacities,
to sign any and all amendments to this Form 10-K, and to file the same, with all exhibits thereto and all
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-
in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or
his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below

by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/s/ ULI HACKSELL

Uli Hacksell

Chief Executive Officer

(Principal Executive Officer)

March 18, 2005

/s/ THOMAS H. AASEN

Chief Financial Officer

March 18, 2005

Thomas H. Aasen

(Principal Financial Officer and
Principal Accounting Officer)

/s/ GORDON BINDER

Director

Gordon Binder

/s/ MARK R. BRANN

Director

Mark R. Brann

/s/ CARL GORDON

Carl Gordon

/s/ LESLIE IVERSEN

Leslie Iversen

Director

Director

/s/ LESTER KAPLAN

Director

Lester Kaplan

/s/ TORSTEN RASMUSSEN

Director

Torsten Rasmussen

/s/ MARTIEN VAN OSCH

Director

Martien van Osch

/s/ ALAN WALTON

Alan Walton

Director

51

March 18, 2005

March 18, 2005

March 18, 2005

March 18, 2005

March 18, 2005

March 18, 2005

March 18, 2005

March 18, 2005

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
ACADIA Pharmaceuticals Inc.

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
operations, of stockholders’ equity (deficit) and comprehensive income (loss) and of cash flows present fairly, in
all material respects, the financial position of ACADIA Pharmaceuticals Inc. and its subsidiary at December 31,
2003 and 2004, and the results of their operations and their cash flows for each of the three years in the period
ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of
America. These financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on these financial statements based on our audits. We conducted our audits of these
statements in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Diego, California
March 18, 2005

F-1

ACADIA PHARMACEUTICALS INC.

CONSOLIDATED BALANCE SHEETS

December 31,

2004

2003

Assets
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment securities, available-for-sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property and equipment, net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,301,700
27,625,700
1,890,700

37,818,100
2,546,900
—

$ 6,308,100
20,905,900
1,058,200

28,272,200
3,117,000
303,800

$ 40,365,000

$ 31,693,000

Liabilities and Stockholders’ Equity (Deficit)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

2,152,800
3,681,100
1,320,300
1,486,400

$ 1,532,700
2,130,900
1,320,000
3,242,300

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,640,600

8,225,900

Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,044,000

1,624,100

Commitments and contingencies
Convertible preferred stock, $0.01 par value; no shares and 21,169,067 shares
authorized at December 31, 2004 and 2003, respectively; no shares and
9,900,913 shares issued and outstanding at December 31, 2004 and 2003,
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 5,000,000 shares and no shares authorized at
December 31, 2004 and 2003, respectively; no shares issued and outstanding
at December 31, 2004 and 2003, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . .

Common stock, $0.0001 par value; 75,000,000 shares and 30,000,000 shares

authorized at December 31, 2004 and 2003, respectively; 16,922,850 shares
and 1,462,062 shares issued and outstanding at December 31, 2004 and 2003,
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unearned stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

74,514,000

—

—

1,700
126,755,100
(94,283,000)
(2,107,800)
314,400

300
18,193,600
(68,365,900)
(2,923,100)
424,100

Total stockholders’ equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,680,400

(52,671,000)

$ 40,365,000

$ 31,693,000

The accompanying notes are an integral part of these consolidated financial statements.

F-2

ACADIA PHARMACEUTICALS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 31,

2004

2003

2002

Revenues
Collaborative revenues—related party . . . . . . . . . . . . . . . . . . . . . .
Other collaborative research revenues . . . . . . . . . . . . . . . . . . . . . .

$ 4,529,300
75,000

$ 4,952,700
2,425,700

$ 3,654,500
2,621,100

Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,604,300

7,378,400

6,275,600

Operating expenses
Research and development(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23,454,000
4,889,800
2,355,800

16,935,000
2,790,900
1,392,500

14,920,700
2,818,200
1,162,600

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,699,600

21,118,400

18,901,500

Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(26,095,300)
607,100
(428,900)

(13,740,000)
360,000
(712,600)

(12,625,900)
419,600
(661,900)

Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(25,917,100) $(14,092,600) $(12,868,200)
(9,622,200)
(12,279,300)

(8,586,500)

Net loss available to common stockholders . . . . . . . . . . . . . .

(17,330,600)

(1,813,300)

(3,246,000)

Net loss per common share, basic and diluted . . . . . . . . . . . . . . . .

$

(1.67) $

(1.24) $

(2.24)

Weighted average common shares outstanding, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,353,351

1,459,214

1,452,005

Net loss available to participating preferred stockholders . . .

$ (8,586,500) $(12,279,300) $ (9,622,200)

Net loss per participating preferred share, basic and diluted

(through June 2, 2004)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(0.87) $

(1.46) $

(2.23)

Weighted average participating preferred shares outstanding,

basic and diluted (through June 2, 2004)(2) . . . . . . . . . . . . . . . .

9,900,913

8,411,329

4,312,951

(1) Excludes stock-based compensation as follows:

Research and development
. . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . . . . . .

$ 1,335,200
1,020,600

$

778,100
614,400

$

611,900
550,700

$ 2,355,800

$ 1,392,500

$ 1,162,600

(2) Weighted average shares used for the year-ended December 31, 2004, was the number of shares outstanding

as of the closing of the Company’s initial public offering on June 2, 2004.

The accompanying notes are an integral part of these consolidated financial statements.

F-3

ACADIA PHARMACEUTICALS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net loss to cash used in operating

activities:

Years Ended December 31,

2004

2003

2002

$(25,917,100) $(14,092,600) $(12,868,200)

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other noncash expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities:

Prepaid expenses and other current assets . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,305,600
2,355,800
7,400

(601,100)
106,800
577,600
1,471,300
300

1,343,600
1,392,500
—

1,402,800
1,162,600

—

(177,700)
81,600
319,800
317,400
999,000

(191,200)
10,400
538,300
381,100
321,000

Net cash used in operating activities . . . . . . . . . . . .

(20,693,400)

(9,816,400)

(9,243,200)

Cash flows from investing activities
Purchases of investment securities . . . . . . . . . . . . . . . . . . . . . . . . .
Maturities of investment securities . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . .

Net cash provided by (used in) investing

(36,646,400)
29,853,000
(585,300)

(37,063,600)
24,150,000
(1,777,300)

(11,992,000)
16,221,000
(380,600)

activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7,378,700)

(14,690,900)

3,848,400

Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance

costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31,501,000

19,700

15,000

Proceeds from issuance of preferred stock, net of issuance

costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from issuance of long-term debt
Repayments of long-term debt

—

1,952,100
(3,346,700)

28,004,700
1,451,500
(3,071,800)

—

5,889,000
(1,518,400)

Net cash provided by financing activities . . . . . . . .

30,106,400

26,404,100

4,385,600

Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . .

(40,700)

(42,300)

(48,000)

Net increase (decrease) in cash and cash

equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,993,600

1,854,500

(1,057,200)

Cash and cash equivalents
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,308,100

4,453,600

5,510,800

End of year

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 8,301,700

$ 6,308,100

$ 4,453,600

Supplemental schedule of cash flow information
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental schedule of noncash investing and financing

activities

$

356,600

$

570,600

$

474,600

Unrealized gain (loss) on investment securities . . . . . . . . . . . . . . .
Conversion of debt to common stock . . . . . . . . . . . . . . . . . . . . . . .
Conversion of convertible preferred stock to common stock upon
initial public offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of stock warrants related to note payable . . . . . . . . . . . . .

(73,600)
1,007,400

74,514,000
—

6,600
—

—
—

(104,700)

—

—
304,000

The accompanying notes are an integral part of these consolidated financial statements.

F-4

.

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I

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Nature of Operations

ACADIA Pharmaceuticals Inc. (the “Company”), was originally incorporated in Vermont on July 16, 1993

as Receptor Technologies, Inc. The Company reincorporated in Delaware in 1997. ACADIA is focused on the
discovery and development of small molecule drugs for the treatment of central nervous system disorders.
ACADIA Pharmaceuticals A/S, a wholly owned subsidiary of the Company based near Copenhagen, Denmark,
was established in 1997 to conduct the Company’s chemistry research operations.

The Company has not been profitable and has generated substantial operating losses since its inception. The
Company’s operations are subject to certain risks and uncertainties, including those associated with the history of
operating losses and risk of continued losses, early stage of development, dependence on the outcome of clinical
trials, and dependence on regulatory approval to sell products. At December 31, 2004, the Company’s
accumulated losses were approximately $94.3 million. The Company expects to increase its operating expenses
over the next several years as it expands its research and development activities. Accordingly, the Company will
require additional financing in the future to fund its operations. The Company does not know whether additional
financing will be available when needed, or if it will be available on favorable terms. If adequate funds are not
available or are not available on acceptable terms, the Company’s ability to fund its operations, take advantage of
opportunities, develop drug candidates and technologies or otherwise respond to competitive pressures could be
significantly limited.

2. Summary of Significant Accounting Policies

Significant accounting policies followed in the preparation of these financial statements are as follows:

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and ACADIA

Pharmaceuticals A/S, its wholly owned subsidiary. All intercompany accounts and transactions have been
eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an initial maturity date at the date of purchase of

three months or less to be cash equivalents.

Investment Securities

Investment securities are considered to be available-for-sale and are carried at fair value. Unrealized gains
and losses, if any, are reported as a separate component of stockholders’ equity (deficit). The cost of investment
securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to
maturity. Such amortization and accretion are included in interest income. Realized gains and losses are also
included in interest income. The cost of securities sold is based on the specific identification method.

Fair Value of Financial Instruments

For financial instruments consisting of cash and cash equivalents, accounts payable and accrued expenses

included in the Company’s financial statements, the carrying amounts are reasonable estimates of fair value due
to their short maturities. Estimated fair values for investment securities, which are separately disclosed

F-6

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

elsewhere, are based on quoted market prices for the same or similar instruments. Based on borrowing rates
currently available to the Company, the carrying value of the equipment financing lines approximate fair value.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally
three to ten years) using the straight line method. Leasehold improvements are amortized over the shorter of their
estimated useful lives or the term of the respective leases by use of the straight line method. Maintenance and
repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are
removed from the respective accounts and any gain or loss is recognized.

Revenues

The Company recognizes revenues in accordance with Securities and Exchange Commission Staff Accounting

Bulletin, or SAB, No. 104, Revenue Recognition. SAB No. 104 requires that four basic criteria must be met before
revenue can be recognized: persuasive evidence of an arrangement exists; delivery has occurred or services have
been rendered; the fee is fixed and determinable; and collectibility is reasonably assured. The Company’s revenues
are primarily related to its collaboration agreements, and such agreements provide for various types of payments to
the Company, including research funding, upfront payments, future milestone payments, and royalties.

Upfront, nonrefundable payments under collaboration agreements are recognized ratably over the term of
the agreement. Payments for research funding are recognized as revenues as the related research activities are
performed. The Company’s collaborations do not require scientific achievement as a performance obligation, and
amounts received under the agreements are nonrefundable. Revenues from nonrefundable milestones are
recognized when earned, provided that (i) the milestone event is substantive and its achievability was not
reasonably assured at the inception of the agreement and (ii) the Company does not have ongoing performance
obligations. Any amounts received under the agreements in advance of performance are recorded as deferred
revenue. Revenues from licenses of our technology are generally recognized at the inception of the license term.
When arrangements contain extended payment terms, revenues are recognized upon the receipt of the payment.
None of the revenues recognized to date are refundable even if the related research activities are not successful.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs include costs

associated with services provided by contract organizations for preclinical development, manufacturing of
clinical materials, and clinical trials. In the case of clinical trials, a portion of the estimated cost normally relates
to the projected cost to treat a patient in the trials and this cost is recognized over the estimated term of the study
based on the number of patients enrolled in the trial on an ongoing basis, beginning with patient enrollment. The
Company determines the total cost of a given study based on the terms of the related contract. The Company
accrues for costs incurred as the services are being provided by monitoring the status of the trial and the invoices
received from its external service providers. As actual costs become known, the Company adjusts its accruals.
Certain research and development projects are funded under agreements with collaboration partners, and the
costs related to these activities are included in research and development expense. The charges to collaboration
partners are based upon negotiated rates for full-time equivalent scientists of the Company, and such rates are
intended to approximate the Company’s anticipated cost.

F-7

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Concentrations of Risk

Financial instruments which potentially subject the Company to concentrations of credit risk principally
consist of cash, cash equivalents and investment securities. The Company invests its excess cash primarily in
marketable debt securities of government agencies, corporations and financial institutions with strong credit
ratings. The Company has adopted an investment policy that includes guidelines relative to diversification and
maturities to maintain safety and liquidity.

During the years ended December 31, 2004, 2003 and 2002, revenue from two customers comprised 100
percent, 99 percent and 88 percent of revenues, respectively, of which 98 percent, 67 percent and 58 percent,
respectively, were from Allergan, a related party. At December 31, 2004 and 2003, deferred revenue from
Allergan was $1,320,300 and $1,320,000, respectively.

Foreign Currency Translation

The functional currency of ACADIA Pharmaceuticals A/S is the local currency. Accordingly, assets and
liabilities of this entity are translated at the current exchange rate at the balance sheet date and historical rates for
equity. Revenue and expense components are translated at weighted average exchange rates in effect during the
period. Gains and losses resulting from foreign currency translation are included as a component of stockholders’
equity (deficit). At December 31, 2004 and 2003, the balance within accumulated and other comprehensive
income from foreign currency translation was $380,300 and $416,400, respectively. Other foreign currency
transaction gains and losses are included in the results of operations and, to date, have not been significant.

Stock-Based Compensation

The Company measures compensation expense for its employee stock-based compensation plans using the

intrinsic value method and provides pro forma disclosures of net income (loss) as if a fair value method had been
applied in measuring compensation expense. Accordingly, compensation cost for stock awards is measured as the
excess, if any, of the fair value of the Company’s common stock at the date of grant over the amount an
employee must pay to acquire the stock. Compensation cost is amortized over the related vesting periods using
an accelerated method. Accrued compensation costs for unvested awards that are forfeited are reversed against
compensation expense or unearned stock-based compensation, as appropriate, in the period of forfeiture.

Stock-based awards issued to nonemployees are accounted for using a fair value method and are remeasured
to fair value at each period end until the earlier of the date that performance by the nonemployee is complete or a
performance commitment has been obtained. The fair value of each award is estimated using the Black-Scholes
option pricing model.

Pro forma information regarding net income (loss) has been determined as if the Company had accounted

for its employee stock options and its employee stock purchase plan under the fair value methodology.

F-8

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The value of each employee stock option granted is estimated on the grant date under the fair value method
using the Black-Scholes option pricing model. Prior to the initial public trading of the Company’s stock on May 27,
2004, the value of each employee stock option grant was estimated on the date of grant using the minimum value
method. Under the minimum value method, a volatility factor of 0.0 percent is assumed. The following assumptions
were used for the employee stock purchase plan, which became effective on May 26, 2004: dividend yield of 0.0
percent; volatility of 50.0 percent; risk-free interest rate of 3.0 percent; and expected life (in years) of 0.5. The
weighted average fair value of employee stock purchase rights granted during the year ended December 31, 2004
was approximately $2.01. The following weighted average assumptions were used for employee stock options:

Year ended December 31,

2004

2003

2002

Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected life (in years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pro forma information follows for the periods:

0.0% 0.0% 0.0%
70.0% 0.0% 0.0%
3.0% 3.0% 6.0%
5

5

5

Net loss, as reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add: Total stock-based employee compensation costs included in
the determination of net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deduct: Total stock-based employee compensation costs that

would have been included in net loss if the fair value method
had been applied . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Years Ended December 31,

2004

2003

2002

$(25,917,100) $(14,092,600) $(12,868,200)

2,306,000

1,306,400

1,252,800

(2,673,500)

(1,460,300)

(1,454,600)

Pro forma net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(26,284,600) $(14,246,500) $(13,070,000)
(9,773,700)
(12,413,000)

(8,641,100)

Pro forma net loss available to common stockholders . . . . . . . . . .

$(17,643,500) $ (1,833,500) $ (3,296,300)

Actual net loss per common share, basic and diluted . . . . . . . . . . .
Pro forma net loss per common share, basic and diluted . . . . . . . .
Pro forma net loss available to participating preferred

$
$

(1.67) $
(1.70) $

(1.24) $
(1.26) $

(2.24)
(2.27)

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (8,641,100) $(12,413,000) $ (9,773,700)

Actual net loss per participating preferred share, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pro forma net loss per participating preferred share, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

(0.87) $

(1.46) $

(2.23)

(0.87) $

(1.48) $

(2.27)

Income Taxes

Current income tax expense or benefit represents the amount of income taxes expected to be payable or

refundable for the current year. A deferred income tax asset or liability is computed for the expected future
impact of differences between the financial reporting and income tax bases of assets and liabilities and for the
expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred income tax expense or
benefit represents the net change during the year in the deferred income tax asset or liability. Deferred tax assets
are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some
portion or all of the deferred tax assets will not be realized.

F-9

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the

United States of America requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from these estimates.

Long Lived Assets

The Company assesses potential impairments to its long lived assets when there is evidence that events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment
loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset and its
eventual disposition is less than its carrying amount. The amount of the impairment loss, if any, will generally be
measured as the difference between the net book value of the assets and their estimated fair values. No such
impairment losses have been recorded by the Company.

Comprehensive Income (Loss)

All components of comprehensive income (loss), including net income (loss), are reported in the financial
statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in
equity (net assets) of a business enterprise during a period from transactions and other events and circumstances
from nonowner sources. Accordingly, in addition to reporting net income (loss) under the current rules, the
Company is required to display the impact of any fluctuations in its foreign currency translation adjustments and
any unrealized gains or losses on its investment securities as components of comprehensive income (loss) and to
display an amount representing total comprehensive income (loss) for each period.

Net Income (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings
(loss) per common share is computed by dividing net income (loss) available to common stockholders by the
weighted average number of common shares outstanding during the period increased to include potential dilutive
common shares that were outstanding during the period. The dilutive effect of outstanding stock options and
warrants is reflected, when dilutive, in diluted earnings (loss) per common share by application of the treasury
stock method.

The Company has excluded all outstanding stock options and warrants from the calculation of diluted net

loss per common share because all such securities are antidilutive for all periods presented. The total number of
potential common shares excluded from the calculation of diluted net loss per common share, prior to application
of the treasury stock method for options and warrants, was 1,992,222, 1,546,148 and 1,003,060 for the years
ended December 31, 2004, 2003 and 2002, respectively. The Company computes its net income (loss) per share
using the two-class method; therefore, the Company’s income (loss) is allocated between the common
stockholders and the preferred stockholders based on their respective rights to share in dividends. For the years
ended December 31, 2003 and 2002, the method by which the Company allocated net income (loss) to the
preferred stock was based on the number of preferred shares outstanding compared to the total combined
preferred and common shares outstanding at the end of the year. The remaining net income (loss) was allocated
to common stockholders. The amounts allocated to each class were then divided by the weighted average number
of shares of each class outstanding during the year to determine income (loss) per share. Upon the closing of the

F-10

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Company’s initial public offering on June 2, 2004, all outstanding preferred stock was reclassified or converted
into common stock. For the year ended December 31, 2004, the Company allocated net income (loss) through the
date of the initial public offering to the preferred stock based on the number of preferred shares outstanding as of
June 2, 2004 compared to the total combined preferred and common shares outstanding as of that date. The
remaining income (loss) for this period was allocated to the common stock, along with any income (loss) for the
remainder of the year. The amount allocated to the common stock was divided by the weighted average number
of common shares outstanding during 2004 to determine income (loss) per common share. The amount allocated
to the preferred stock for 2004 was divided by the weighted average number of preferred shares outstanding from
the beginning of the year through June 2, 2004, when all of the shares of preferred stock were reclassified or
converted into common stock, to calculate income (loss) per preferred share through the date of the initial public
offering.

The basic and diluted net loss per common share amounts for the year ended December 31, 2004, presented

in the consolidated statements of operations, include the effect, on a weighted average basis, of the 5.0 million
shares of common stock issued in the Company’s initial public offering that closed on June 2, 2004 and the
approximately 9.9 million shares of common stock issued upon conversion or reclassification of the Company’s
preferred stock in conjunction with the closing of the initial public offering.

The following table presents the calculation of net loss per share:

Year ended December 31,

2004

2003

2002

Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(25,917,100) $(14,092,600) $(12,868,200)
(9,622,200)
(12,279,300)

(8,586,500)

Net loss available to common stockholders . . . . . . . . . . . . . . . . . .

(17,330,600)

(1,813,300)

(3,246,000)

Basic and diluted net loss per common share . . . . . . . . . . . . . . . . .

$

(1.67) $

(1.24) $

(2.24)

Weighted-average shares used in computing net loss per common
share, basic and diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,353,351

1,459,214

1,452,005

Net loss available to participating preferred stockholders . . . . . . .

$ (8,586,500) $(12,279,300) $ (9,622,200)

Basic and diluted net loss per participating preferred share . . . . . .

$

(0.87) $

(1.46) $

(2.23)

Weighted average shares used in computing net loss per

participating preferred share, basic and diluted(1) . . . . . . . . . . .

9,900,913

8,411,329

4,312,951

(1) Weighted average shares used for the year-ended December 31, 2004, was the number of shares outstanding

as of the closing of the Company’s initial public offering on June 2, 2004.

Shares used in calculating basic and diluted net loss per common share above exclude these potential

common shares:

Antidilutive options to purchase common stock . . . . . . . . . . . .
Antidilutive warrants to purchase common stock . . . . . . . . . . .
Restricted vesting common stock . . . . . . . . . . . . . . . . . . . . . . .

1,747,649
74,073
170,500

1,472,075
74,073
—

959,851
43,209
—

1,992,222

1,546,148

1,003,060

Year Ended December 31,

2004

2003

2002

F-11

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Warrants to purchase common stock represented the right to purchase preferred stock prior to the

completion of the Company’s initial public offering which closed on June 2, 2004.

Segment Reporting

Management has determined that the Company operates in one business segment. All revenues for the years
ended December 31, 2004 and 2003 were generated in the United States. Information regarding long-lived assets
by geographic area is as follows:

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,364,500
1,182,400

$1,660,300
1,760,500

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,546,900

$3,420,800

December 31,

2004

2003

Recently Issued Accounting Standards

In December 2004, the FASB issued SFAS No. 123 (revised 2004), Share-Based Payment (“SFAS

123(R)”). This Statement is a revision of SFAS No. 123, Accounting for Stock-Based Compensation, and
supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and its related implementation
guidance. SFAS 123(R) requires that compensation cost relating to share-based payment transactions be
recognized in financial statements. That cost will be measured based on the fair value of the equity or liability
instruments issued. This statement will be effective beginning with the Company’s third quarter of 2005. The
Company is currently evaluating the requirements of SFAS 123(R) and has not yet fully determined the impact
on its consolidated financial statements.

In March 2004, the FASB issued EITF Issue No. 03-01, The Meaning of Other-Than-Temporary
Impairment and Its Application to Certain Investments (“EITF 03-01”), which provides new guidance for
assessing impairment losses on investments. Additionally, EITF 03-01 includes new disclosure requirements for
investments that are deemed to be temporarily impaired. In September, 2004 the FASB delayed the accounting
provisions of EITF 03-01; however the disclosure requirements remain effective for annual periods ending after
June 15, 2004. The Company will evaluate the impact of EITF 03-01 once the final guidance is issued.

3. Investment Securities

Investment securities are comprised entirely of marketable debt securities of corporations and financial

institutions. The fair value of available-for-sale securities by contractual maturity is as follows:

Corporate securities due within one year . . . . . . . . . . . . . . . . . . . . . . . .
Corporate securities due after one year . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,554,800
2,070,900

$15,522,300
5,383,600

$27,625,700

$20,905,900

December 31,

2004

2003

The fair value of investment securities at December 31, 2004 was lower than historical cost and, therefore,
an unrealized loss of $65,900 is included in accumulated other comprehensive income in stockholders’ equity.
The fair value of investment securities at December 31, 2003 was higher than historical cost, thus an unrealized
gain of $7,700 is included in accumulated other comprehensive income in stockholders’ deficit.

F-12

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

4. Balance Sheet Components

Property and equipment, net consist of:

Estimated
Useful
Lives
(Years)

December 31,

2004

2003

Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . .
Computers and software . . . . . . . . . . . . . . . . . . . . . . . . .
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . .

5
3
3–10
life of lease

$ 5,735,400
2,463,300
137,700
2,608,200

$ 5,146,500
2,258,700
130,500
2,445,300

Accumulated depreciation and amortization . . . . . . . . . .

10,944,600
(8,397,700)

9,981,000
(6,864,000)

$ 2,546,900

$ 3,117,000

Depreciation and amortization of property and equipment was $1,246,900, $1,209,200 and $1,294,200 for

the years ended December 31, 2004, 2003 and 2002, respectively.

Accrued expenses consist of:

Accrued compensation and benefits . . . . . . . . . . . . . . . . . . . . . .
Accrued clinical and research services . . . . . . . . . . . . . . . . . . . .
Accrued professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,822,700
1,012,700
551,500
294,200

$1,181,700
536,800
155,500
256,900

$3,681,100

$2,130,900

December 31,

2004

2003

5. Long-Term Debt

The Company has entered into equipment financing agreements that were used by the Company to finance

$6.7 million of capital expenditures. The agreements provide for equal monthly installments to be paid over a
three to four year period, with interest at rates ranging from 7.93 percent to 9.58 percent per annum. Outstanding
borrowings under these agreements are collateralized by the related equipment. At December 31, 2004 and 2003,
the Company had $1,970,100 and $2,260,200, respectively, in outstanding borrowings under these agreements.
The Company was in compliance with certain required financial covenants and conditions at December 31, 2004
and 2003.

In May 2002, the Company issued a secured promissory note for $5,000,000. At December 31, 2004 and
2003, the Company had balances of $560,400 and $2,606,100, respectively, outstanding under this promissory
note. The note payable accrues interest at a rate of 10.73 percent with monthly interest only payments through
August 2002, followed by monthly principal and interest payments through March 2005. The note payable is
collateralized by substantially all personal property of the Company, excluding its intellectual property. In
connection with the note payable, the Company issued to the lender warrants to purchase shares of its convertible
preferred stock, which are now exercisable for shares of the Company’s common stock. The fair value of the
warrant was deducted from the total proceeds resulting in a debt discount of $304,000 (Note 7), which is being
amortized to interest expense over the term of the note payable.

F-13

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

At December 31, 2004, future payments under the Company’s long-term debt are as follows:

Years Ending

2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: Unamortized discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,486,400
674,900
312,500
58,400

2,532,200
(1,800)
(1,486,400)

Long-term portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,044,000

6. Collaborative Research and Licensing Agreements

In March 2003, the Company entered into a three year collaboration agreement with Allergan, Inc. to

discover, develop and commercialize new therapeutics predominantly for ophthalmic indications. Under the
agreement, Allergan will have the exclusive right to license chemistry and related assets for up to three drug
targets. The Company received an upfront payment and is entitled to receive research funding and additional fees
over the three-year term. The Company is also eligible to receive license fees and milestone payments as well as
royalties on future product sales worldwide, if any. Revenue recognized under this agreement during the years
ended December 31, 2004 and 2003 totaled $3.9 million and $2.7 million, respectively.

In July 1999, the Company entered into a collaboration agreement with Allergan to discover, develop and

commercialize drugs for glaucoma based on the Company’s compounds. Under the agreement, the Company
provided its drug discovery expertise to enable the selection by Allergan of a drug candidate for development and
commercialization. Allergan was granted worldwide rights to products based on this compound for the treatment
of ocular disease. As of December 31, 2004, the Company had received an aggregate of $8.7 million in payments
under the agreement, consisting of upfront fees, research and development funding and milestone payments. In
addition, the Company is eligible to receive additional milestone payments as well as royalties on future product
sales worldwide, if any. Revenue recognized under this agreement totaled $165,000, $1.8 million and $1.9
million during the years ended December 31, 2004, 2003 and 2002, respectively.

In September 1997, the Company entered into a collaboration agreement with Allergan focused primarily on

the discovery and development of new therapeutics for neuropathic pain and ophthalmic indications. This
agreement was subsequently amended in conjunction with the execution of the March 2003 collaboration
agreement and provides for the continued development of drug candidates for one target area. Pursuant to the
1997 agreement, the Company granted Allergan exclusive worldwide rights to commercialize products resulting
from the collaboration. In exchange, the Company received an aggregate of $9.5 million in research funding and
milestone payments through December 31, 2004. The Company is also eligible to receive additional milestone
payments as well as royalties on future worldwide sales of products, if any. Revenue recognized under this
agreement totaled $500,000, $463,100 and $1.7 million during the years ended December 31, 2004, 2003 and
2002, respectively. In connection with the execution of the collaboration agreement in 1997, Allergan made a
$6.0 million equity investment in the Company.

In May 2004, the Company entered into a development agreement with The Stanley Medical Research Institute,

or SMRI. The development term is for three years and may be extended for additional one-year periods by written
agreement of the parties. Under this agreement, the Company is entitled to receive up to $5 million in funding to
support the further development of one of the Company’s drug candidates for the treatment of schizophrenia.

F-14

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Assuming the successful development and commercialization of this drug candidate, the Company is required to pay to
SMRI royalties on product sales up to a specified level. SMRI may terminate this agreement in selected instances,
including if the Company enters into a strategic alliance covering the drug candidate or does not reasonably progress its
development. Upon signing this agreement, the Company also received $1 million from SMRI in exchange for a
convertible promissory note issued to SMRI bearing interest at 9% per annum (the “SMRI Note”). Upon the closing of
the Company’s initial public offering on June 2, 2004, the SMRI Note and accrued interest automatically converted
into 143,914 shares of the Company’s common stock at the initial public offering price of $7.00 per share. As of
December 31, 2004, no revenues have been recognized under this development agreement.

In July 2002, the Company entered into an agreement with Aventis under which the Company granted
Aventis a license to utilize certain of the Company’s technology for a specified use. The agreement provided for
an initial payment and annual payments thereafter. The agreement terminates upon expiration of the Company’s
patent underlying the licensed technology. Revenue recognized under this agreement totaled $75,000, $50,000
and $500,000 during the years ended December 31, 2004, 2003 and 2002, respectively.

In December 2001, the Company entered into a collaboration agreement with Amgen to discover novel

small molecule drugs using the Company’s proprietary drug discovery platform. The Company received
aggregate payments of $4.3 million under the agreement through December 31, 2003, at which time the research
term was completed. Revenue recognized under this agreement totaled $2.4 million and $1.9 million during the
years ended December 31, 2003 and 2002, respectively.

7. Convertible Preferred Stock and Stockholders’ Equity (Deficit)

Reverse Stock Split

On May 25, 2004, the Company effected a 1-for-2 reverse stock split of the outstanding preferred stock and

common stock. The accompanying financial statements give retroactive effect to the 1-for-2 reverse stock split
for all periods presented.

Initial Public Offering

On June 2, 2004, the Company completed the initial public offering of 5.0 million shares of its common

stock for proceeds of $31.1 million, net of underwriting discounts and commissions and offering expenses.

Convertible Preferred Stock

Each outstanding share of the Company’s Series A, B, D, E and F preferred stock was reclassified and each

share of the Company’s Series C preferred stock was converted into one share of its common stock upon the
closing of the initial public offering on June 2, 2004.

A summary of the Company’s preferred stock as of December 31, 2003 is as follows:

Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Series C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Series D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Series E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares
Authorized

Shares Issued and
Outstanding

2,372,548
738,384
1,000,000
1,908,135
4,000,000
11,150,000

21,169,067

1,186,271
369,190
500,000
790,826
1,841,664
5,212,962

9,900,913

F-15

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Prior to the reclassification or conversion of the Company’s preferred stock upon the completion of its
initial public offering, the holders of the preferred stock had rights and preferences with respect to conversion,
voting, dividends, liquidation and rights of first refusal, among other things. Other than registration rights with
respect to the common shares now held by the preferred stockholders, all rights and preferences relating to the
preferred stock under the Company’s Certificate of Incorporation expired upon the reclassification or conversion
into common stock and other rights of the preferred stock terminated upon the closing of the initial public
offering on June 2, 2004. The preferred stock was considered mezzanine equity for presentation in the
December 31, 2003 consolidated balance sheet.

Warrants

At December 31, 2004, the Company had outstanding warrants to purchase an aggregate of 74,073 shares of

its common stock. Each of the warrants has an exercise price of $8.10 per share and expires in May 2012. The
warrants were issued in connection with a secured promissory note in 2002 (Note 5). The fair value of the
warrants at the time of grant was determined by management to be $304,000 based upon the application of the
Black-Scholes option pricing model using the following assumptions: contractual life of ten years, risk free
interest rate of 4.9%, volatility of 80% and expected dividend yield of zero. The fair value of the warrants was
recorded as a debt discount.

Stock Option Plans

The 1997 stock option plan (the “1997 Plan”), as amended, provided for the grant of incentive stock options

and nonqualified stock options to employees, officers, directors, consultants and advisors of the Company
representing the right to purchase up to an aggregate of 3,080,000 shares of common stock. The exercise price of
each option grant was set at the fair market value for the Company’s common stock as determined by the
Company’s Board of Directors and each option’s maximum term was ten years. Options granted under the 1997
Plan generally vest over a four-year period. The 1997 Plan permitted grants to certain employees allowing those
employees to early exercise their options for restricted shares of the Company’s common stock that were subject
to the original vesting terms of the option. Restricted shares are generally subject to a repurchase option in favor
of the Company that is exercisable upon termination of the employment of the optionee at an amount per share
equal to the purchase price of the restricted shares. For financial reporting purposes, these options are not
considered exercised until the repurchase feature lapses. Therefore, the amount of cash received by the Company
for the purchase of restricted shares is included as a liability until the repurchase feature lapses. Furthermore, for
financial reporting purposes restricted shares subject to repurchase are excluded from the calculation of basic
earnings per share (and only included in the computation of diluted earnings per share to the extent their effect is
dilutive). No restricted shares subject to repurchase were outstanding prior to January 2004. At December 31,
2004, 143,720 restricted shares were subject to repurchase by the Company and $159,400 was recorded as an
accrued expense. Upon the closing of the initial public offering on June 2, 2004, all shares that remained eligible
for grant under the 1997 Plan were transferred to the 2004 Equity Incentive Plan. Therefore, at December 31,
2004, no shares remain available for new grants under the 1997 Plan but shares may still be issued thereunder
upon the exercise of options granted prior to the closing of the initial public offering on June 2, 2004.

The 2004 Equity Incentive Plan (the “2004 Plan”) was approved by the stockholders in May 2004 and
became effective upon the closing of the initial public offering on June 2, 2004. The 2004 Plan permits the grant
of options to directors, officers, other employees and consultants. In addition, the 2004 Plan permits the grant of
stock bonuses, rights to purchase restricted stock, stock and other stock awards. The number of shares authorized
for issuance under the 2004 Plan is 945,233 shares of common stock, which includes the 745,233 shares that
remained eligible for grant under the 1997 Plan at June 2, 2004, the date of the closing of the Company’s initial
public offering. The 2004 Plan share reserve may also be increased by the number of shares, if any, that would

F-16

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

otherwise have reverted to the 1997 Plan reserve after June 2, 2004. The 2004 Plan includes an “evergreen”
provision providing that an additional number of shares will automatically be added to the shares authorized for
issuance at each annual meeting of stockholders for a period of five years beginning in 2005. At December 31,
2004, 796,467 shares of common stock were available for new grants under the 2004 Plan.

Stock option transactions under the 1997 Plan and 2004 Plan during the years ended December 31, 2004,

2003 and 2002 are presented below:

Balance at December 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canceled/forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance at December 31, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canceled/forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance at December 31, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canceled/forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of
Shares

899,712
193,000
(10,888)
(62,718)

1,019,106
876,625
(7,143)
(34,500)

1,854,088
361,873
(397,569)
(44,517)

Balance at December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,773,875

Weighted-
Average
Exercise
Prices

$2.83
$2.83
$1.38
$1.96

$2.78
$1.08
$2.76
$3.80

$1.95
$4.15
$1.17
$3.70

$2.52

At December 31, 2004, 2003 and 2002 there were 1,421,514, 1,573,872 and 708,754 options exercisable,

respectively. Were these options to have been exercised, 473,530, 822,241 and 110,000 shares would have been
subject to repurchase by the Company at December 31, 2004, 2003 and 2002, respectively.

The following table summarizes information about stock options outstanding at December 31, 2004:

Options Outstanding

Options Exercisable

Range of
Exercise
Prices

$0.02–$0.50
$0.80–$1.20
$1.50–$2.00
$3.00–$4.00
$5.60–$6.81
$8.00

Number of
Shares

49,312
749,949
512,388
160,895
186,000
115,331

1,773,875

Weighted-
Average
Remaining
Contractual
Life

2.2
7.9
6.5
6.1
9.8
6.9

Weighted-
Average
Exercise
Price

$0.25
$1.09
$1.78
$3.81
$6.38
$8.00

Weighted-
Average
Exercise
Price

$0.25
$1.10
$1.79
$3.81
$6.10
$8.00

Number of
Shares

49,312
626,121
483,638
153,639
23,625
85,179

1,421,514

The weighted average fair value of options granted during the years ended December 31, 2004, 2003 and

2002 was approximately $7.34, $3.80 and $2.44, respectively.

F-17

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

During the years ended December 31, 2004 and 2003, in connection with the grant of various stock options
to employees, the Company recorded unearned stock-based compensation, net of forfeitures, of $1,478,400 and
$3,049,600, respectively, representing the difference between the exercise price and the estimated market value
of the Company’s common stock on the date such stock options were granted. Unearned stock-based
compensation is included as a component of stockholders’ deficit and is being amortized to expense over the
vesting period of the options in accordance with FASB Interpretation No. 28, Accounting for Stock Appreciation
Rights and Other Variable Stock Option or Award Plans. During the years ended December 31, 2004, 2003 and
2002, the Company recorded amortization of unearned stock-based compensation expense of $2,306,000,
$1,306,400 and $1,252,800, respectively.

During the years ended December 31, 2004, 2003 and 2002, in connection with the grant of stock options to

consultants, the Company recorded expense of $49,800, $86,100 and a credit of $90,200, respectively. For
purposes of determining this compensation expense, the fair value of each option grant is estimated on the
measurement date using the Black-Scholes option pricing model with the following assumptions used for each of
the years ended December 31, 2004, 2003 and 2002: dividend yield of 0.0 percent; volatility of 100 percent; and
contractual life of ten years for all periods. Risk free interest rates of 4 percent, 4 percent and 6 percent were
assumed for the years ended December 31, 2004, 2003 and 2002, respectively.

Employee Stock Purchase Plan

The Company’s 2004 Employee Stock Purchase Plan (the “Purchase Plan”) was approved by the stockholders
in May 2004 and became effective upon the closing of the initial public offering on June 2, 2004. A total of 125,000
shares of common stock have been reserved for issuance under the Purchase Plan. The Purchase Plan includes an
“evergreen” provision providing that an additional number of shares will automatically be added to the shares
authorized for issuance at each annual meeting of stockholders for a period of ten years beginning in 2005. Eligible
employees who elect to participate in an offering under the Purchase Plan may have up to 15% of their earnings
withheld, subject to certain limitations, to purchase shares of common stock pursuant to the Purchase Plan. The
price of common stock purchased under the Purchase Plan is equal to 85% of the lower of the fair market value of
the common stock at the commencement date of each offering period or the relevant purchase date. During the year
ended December 31, 2004, 18,392 shares of common stock were issued under the Purchase Plan.

Common Stock Reserved For Future Issuance

At December 31, 2004, 1,773,875 and 74,073 shares of common stock were reserved for issuance upon the

exercise of stock options and warrants, respectively.

8. 401(k) Plan

Effective January 1997, the Company established a deferred compensation plan (the “401(k) Plan”) pursuant to

Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), whereby substantially all
employees are eligible to contribute up to 60 percent of their pretax earnings, not to exceed amounts allowed under
the Code. The Company makes contributions to the 401(k) Plan equal to 100 percent of each employee’s pretax
contributions up to 5 percent of his or her eligible compensation. The Company’s total contributions to the 401(k)
Plan were $219,600, $204,700, $214,100, for the years ended December 31, 2004, 2003 and 2002, respectively.

9. Income Taxes

At December 31, 2004, the Company had both federal and state net operating loss carryforwards of
approximately $70,600,000 and $14,700,000, respectively, which will begin to expire in 2013 and 2007,

F-18

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

respectively. The Company has $1,650,000 of federal research and development credit carryforwards that will
begin to expire in 2012. In addition, the Company has $1,749,000 of state research and development credit
carryforwards that have no expiration date. The Company also has foreign net operating loss carryforwards of
approximately $4,900,000 that will begin to expire in 2005. In certain circumstances, as specified in the Code, an
ownership change of fifty percent or more by certain combinations of the Company’s stockholders during any
three-year period could result in an annual limitation on the Company’s ability to utilize portions of the domestic
net operating loss and research and development credit carryforwards.

The components of the deferred tax asset are as follows:

Net operating loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchased intellectual property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property and equipment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitalized research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 26,326,700
3,065,600
1,054,000
1,473,200
2,861,300
1,060,000

$ 18,280,700
2,609,100
1,141,900
1,109,200
1,631,100
537,100

2004

2003

Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,840,800
(35,840,800)

25,309,100
(25,309,100)

$

— $

—

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which

are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance.

A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate

to the net loss is summarized as follows:

2004

2003

2002

Amounts computed at statutory federal rate . . . . . . . . . . . . . . . . . . . . .
Permanent Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal research and development credits . . . . . . . . . . . . . . . . . . . . . .
Change in valuation allowance of deferred tax assets . . . . . . . . . . . . .
State taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign tax rate difference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (8,811,600) $(4,791,200) $(4,375,300)
456,600
(261,900)
4,833,700
(762,700)
(4,600)
114,200

534,000
(429,600)
10,562,100
(1,724,200)
(8,700)
(122,000)

473,400
(254,100)
5,650,300
(1,011,600)
(14,800)
(52,000)

$

— $

— $

—

10. Commitments and Contingencies

The Company and its subsidiary lease office/laboratory facilities and certain equipment under noncancelable

operating leases that expire at various dates through May 2015. Under the terms of the facilities leases, the
Company is required to pay its proportionate share of property taxes, insurance and normal maintenance costs.

F-19

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Future minimum payment obligations under noncancelable operating lease arrangements are as follows at

December 31, 2004:

Years Ending

2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter

$ 1,672,800
965,000
962,500
946,900
6,075,700

$10,622,900

Rent expense was $1,449,300, $1,189,100 and $1,128,800 for the years ended December 31, 2004, 2003 and
2002, respectively. Facility operating leases contain escalation clauses. The Company recognized rent expense on
a straight-line basis over the lease term.

The Company is party to a civil action brought by a former employee whose employment was terminated by

the Company. The Company believes that this lawsuit is without merit and intends to vigorously defend itself.
While the amount of damages sought has not been specified, it is the opinion of the Company, after consultation
with its outside legal counsel regarding the claims specified in the complaint, that the resolution of this matter
will not have a material impact on the Company’s business, results of operations, or financial condition.
However, as with most litigation, the ultimate resolution of this matter is subject to uncertainties.

11. Subsequent Event (Unaudited)

On January 10, 2005, the Company entered into a collaboration agreement with Sepracor Inc. (“Sepracor”)

for the development of new drug candidates targeted toward the treatment of central nervous system disorders.
The agreement also includes an option to select a preclinical compound from the Company for use in
combination with LUNESTA, Sepracor’s insomnia drug, for sleep-related indications. In connection with this
collaboration, Sepracor purchased 1,077,029 shares of the Company’s common stock for $10 million, a price of
approximately $9.28 per share, representing a 40% premium to the 30-day trailing average closing price.
Sepracor also agreed to purchase up to $10 million of ACADIA common stock at a 25 percent premium to the
30-day trailing average closing price on the one-year anniversary date of the collaboration, subject to customary
closing conditions. These stock purchases, in the aggregate, shall not exceed 19.99 percent of the Company’s
outstanding common stock after giving effect to the second purchase. The Company will receive research
funding from Sepracor over a three-year term and, if certain conditions are met, is eligible to receive milestone
payments as well as royalties on future product sales worldwide, if any.

F-20

ACADIA PHARMACEUTICALS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

12. Selected Quarterly Financial Data (Unaudited)

2004

March 31,

June 30,

September 30, December 31,

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Collaborative revenues—related party . . . . . . . . .
Other research revenues . . . . . . . . . . . . . . . . . . . . .

$

923,900

$ 1,015,700
—

$ 1,506,300
75,000

$ 1,083,400

—

Operating Expenses

Research and development* . . . . . . . . . . . . . . . . .
General and administrative* . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . .

5,749,300
911,400
695,200

5,406,600
879,900
614,500

5,923,200
1,311,000
669,600

6,374,900
1,787,500
376,500

Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation of preferred stock . . . . . . . . . . . . . . . . . . .
Net loss available to common stockholders . . . . . . . . .
Net loss per common share, basic and diluted . . . . . . . .
Net loss available to participating preferred

(5,886,500)
(3,109,900)

(6,481,200)
(5,615,900)
$ (865,300) $(2,776,600) $(6,214,500) $(7,334,900)
(0.44)
$

(6,214,500)

(7,334,900)

(0.42) $

(0.37) $

(0.58) $

—

—

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5,615,900) $(3,109,900) $

— $

Net loss per participating preferred share, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(0.57) $

(0.31) $

— $

—

—

2003

Revenues

March 31,

June 30,

September 30, December 31,

Collaborative revenues—related party . . . . . . . . .
Other research revenues . . . . . . . . . . . . . . . . . . . . .

$

978,000
871,600

$ 1,352,100
929,200

$ 1,249,900
425,000

$ 1,372,700
199,900

Operating Expenses

Research and development* . . . . . . . . . . . . . . . . .
General and administrative* . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . .

4,130,700
746,200
225,000

4,323,600
643,600
218,000

3,989,400
642,500
358,500

4,491,300
758,600
591,000

Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation of preferred stock . . . . . . . . . . . . . . . . . . .
Net loss available to common stockholders . . . . . . . . .
Net loss per common share, basic and diluted . . . . . . . .
Net loss available to participating preferred

(2,976,600)
(2,594,400)

(3,410,400)
(4,329,200)
(3,772,200)
(2,949,900)
$ (460,500) $ (382,200) $ (433,700) $ (557,000)
(0.38)
$

(3,376,400)
(2,942,700)

(0.30) $

(0.26) $

(0.32) $

stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(2,949,900) $(2,594,400) $(2,942,700) $(3,772,200)

Net loss per participating preferred share, basic and

diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(0.49) $

(0.27) $

(0.30) $

(0.38)

* Excludes stock-based compensation

F-21

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