ACAD Stock — ACADIA Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We have two core franchises in neurological and rare diseases. Our neurological disease franchise is anchored by the commercial product NUPLAZID (pimavanserin), which is the first and only drug approved by the U.S. Food and Drug Administration (FDA) for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP).

Source: 10-K FY2025 via SEC EDGAR

Share price

$21.23

Market cap

$3,658.0M

Cash

$976.5M

Enterprise value

$2,681.6M

Balance sheet

Cash	$976.5M
Debt	$0.0M
Net cash	$976.5M
Enterprise value	$2,681.6M
Basic shares	172.8M shares
Fully diluted shares	193.1M shares
Fully diluted market cap	$4,098.9M
Cash per share	$5.65
Quarterly burn	+$100.8M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

172.3M

Pre-funded warrants

0.0M

Options

14.7M

RSUs

4.3M

Warrants

0.5M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.3M

FDSO

193.1M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ACP-211 · Sep 12 - Oct 24 in 10 mo · Phase 2 · Major Depressive Disorder (MDD); Depressive Disorder, Treatment-Resistant

Recently reported

remlifanserin Phase 2 Missed primary · 2026-09-24

RADIANT · alzheimer's disease psychosis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24 in 10 mo	ACP-211	Phase 2	Major Depressive Disorder (MDD); Depressive Disorder, Treatment-Resistant	—
Mar 14 - Apr 25 in 16 mo	ACP-204	Phase 2	Lewy Body Dementia Psychosis	—
Mar 15 - Apr 26 in 29 mo	ACP-204	Phase 3	Lewy Body Dementia Psychosis	—
May 13 - Jun 24 in 31 mo	ACP-204	Phase 3	Alzheimer's Disease Psychosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Pimavanserin (NUPLAZID)

Approved · Active

Target 5-HT2A receptor

Indications

Parkinson's disease psychosis (PDP) (Approved)

Status note First and only FDA-approved drug for hallucinations and delusions associated with PDP (approved April 2016; launched May 2016).

Trofinetide (DAYBUE)

Approved · Active

Aliases DAYBU, DAYBUE STIX

Target IGF-1

Partnerships Neuren Pharmaceuticals: $10M upfront (2018, North America) + up to $455M milestones, tiered double-digit royalties; expanded Jul 2023: $100M upfront, up to $426.3M milestones (trofinetide ex-NA), mid-teens to low-twenties royalties ex-NA; Neuren entitled to one-third of $146.5M PRV sale proceeds.

Indications

Rett syndrome (Approved)

Status note First and only approved Rett syndrome therapy: US Mar 2023, Canada Oct 2024, Israel Dec 2025; DAYBUE STIX approved Dec 2025 (limited availability Q1 2026, broader launch Q2 2026). CHMP adopted positive opinion Jun 2026 (re-examination) recommending EU marketing authorization for DAYBU; EC decision pending.

Remlifanserin

Phase 2/3 · Active

Target serotonergic system

Indications

Alzheimer's disease psychosis (ADP) (Phase 2/3)
Lewy Body Dementia psychosis (LBDP) (Phase 2)

Catalysts

— September-October 2026

Status note Most advanced current product candidate per this filing. RADIANT ADP program: Phase 2 portion enrollment complete, Phase 3 portion screening/enrolling (judgment call PHASE_2_3); additional Phase 2 study in LBDP initiated Sep 2025. FDA Fast Track granted Jul 2026 for ADP.

ACP-211

Phase 2 · Active

Indications

Major depressive disorder (MDD) (Phase 2)

Status note Phase 2 study in MDD initiated Q4 2025. 10-Q states no topline timing.

ACP-711

Phase 1 · Active

Target GABAA-a3

Partnerships Saniona A/S: $28M upfront; up to $582M milestones ($147M development/commercial for first and second indications + $435M sales thresholds); tiered royalties mid-single digits to low double digits.

Indications

Essential tremor (Phase 1)

Catalysts

— 2027

Status note Highly selective GABAA-a3 positive allosteric modulator; Phase 1 complete; Phase 2 in essential tremor expected to begin in 2027.

ACP-271

Phase 1 · Active

Target GPR88

Status note GPR88 agonist; first-in-human study in healthy volunteers initiated Q1 2026. 10-Q states no indication.

NNZ-2591

Stage not disclosed · Active

Aliases ercanetide

Partnerships Neuren Pharmaceuticals: global rights under Jul 2023 expanded agreement; up to $831.3M NNZ-2591 development/sales milestones; royalties identical to trofinetide tiers.

Indications

Rett syndrome (Stage not disclosed)
Fragile X syndrome (Stage not disclosed)

Status note Neuren development candidate; 10-Q states licensed global rights in Rett syndrome and Fragile X syndrome but no clinical stage.

SYNGAP1 program

Stage not disclosed · Active Modality: RNA-based medicine

Target SYNGAP1

Partnerships Stoke Therapeutics: $60M upfront; up to $245M milestones; 50/50 worldwide cost/profit share on the SYNGAP1 program.

Indications

SYNGAP1-related neurodevelopmental disease (Stage not disclosed)

Status note RNA-based medicines collaboration for severe and rare genetic neurodevelopmental CNS diseases; 10-Q states no stage.

MECP2 program

Stage not disclosed · Terminated

Target MECP2

Partnerships Stoke Therapeutics (licenses terminating; activities winding down).

Indications

Rett syndrome (Stage not disclosed)

Status note Discontinued May 2025; licenses to the MECP2 program terminating and activities winding down.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06159673	Phase 3	Recruiting	Sponsor	ACAD	—	Alzheimer's Disease Psychosis	—
NCT07095465	Phase 3	Enrolling by invitation	Sponsor	ACAD	—	Lewy Body Dementia Psychosis	—
NCT06194799	Phase 3	Enrolling by invitation	Sponsor	ACAD	—	Alzheimer's Disease Psychosis	—
NCT06173531	Phase 3	Active, not recruiting	Sponsor	ACAD	—	Hyperphagia in Prader-Willi Syndrome	—
NCT07284667	Phase 2	Recruiting	Sponsor	ACAD	—	Major Depressive Disorder (MDD); Depressive Disorder, Treatment-Resistant	—
NCT07029581	Phase 2	Recruiting	Sponsor	ACAD	—	Lewy Body Dementia Psychosis	—
NCT05895513	Phase 2	Recruiting	Collaborator	Ohio State University	—	Intermittent Explosive Disorder	—
NCT05999240	Phase 2	Recruiting	Collaborator	New York State Psychiatric Institute	—	Autism Spectrum Disorder	—
NCT05357612	Not disclosed	Recruiting	Collaborator	Vanderbilt University Medical Center	—	Neurodegenerative Diseases; Parkinson Disease; Parkinson Disease Psychosis	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 9 active trials for ACADIA Pharmaceuticals Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	42,912,904	+16,214	5.44%	2026-08-14
RTW Investments	7,144,524	no change	1.54%	2026-08-14
Braidwell LP	1,646,399	-824,800	1.54%	2026-08-14
Frazier Life Sciences	1,438,198	no change	0.79%	2026-08-14
Sphera Biotech	356,534	+100,332	1.29%	2026-08-14
Logos Global Management	250,000	-500,000	0.27%	2026-08-14
OrbiMed Advisors	137,000	+137,000	0.07%	2026-08-14
ADAR1 Capital Management	38,955	+38,955	0.05%	2026-08-14
Ikarian Capital	28,099	no change	0.12%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ACAD — ACADIA Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

ACAD — ACADIA Pharmaceuticals Inc.