ACADIA Pharmaceuticals (ACAD) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC.
Entity Central Index Key	0001070494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		161,429,360
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-50768
Entity Tax Identification Number	06-1376651
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	12830 El Camino Real, Suite 400
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	558-2871
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 204,920	$ 147,435
Investment securities, available-for-sale	241,057	373,271
Accounts receivable, net	62,713	64,366
Interest and other receivables	769	978
Inventory	7,009	7,881
Prepaid expenses	25,755	23,892
Total current assets	542,223	617,823
Property and equipment, net	7,531	8,047
Operating lease right-of-use assets	58,186	58,268
Restricted cash	5,770	5,770
Long-term inventory	6,205	6,217
Other assets	4,336	3,997
Total assets	624,251	700,122
Liabilities and stockholders’ equity
Accounts payable	10,768	6,876
Accrued liabilities	108,835	89,192
Total current liabilities	119,603	96,068
Operating lease liabilities	55,478	56,126
Other long-term liabilities	4,373	7,034
Total liabilities	179,454	159,228
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 225,000,000 shares authorized at March 31, 2022 and December 31, 2022; 161,381,813 shares and 161,012,695 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	16	16
Additional paid-in capital	2,712,025	2,694,646
Accumulated deficit	(2,266,632)	(2,153,576)
Accumulated other comprehensive loss	(612)	(192)
Total stockholders’ equity	444,797	540,894
Total liabilities and stockholders’ equity	$ 624,251	$ 700,122

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	161,381,813	161,012,695
Common stock, shares outstanding	161,381,813	161,012,695

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Total revenues	$ 115,468	$ 106,554
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of product sales	$ 2,950	$ 2,185
License fees and royalties	0	2,507
Research and development	128,855	56,973
Selling, general and administrative	96,679	111,661
Total operating expenses	228,484	173,326
Loss from operations	(113,016)	(66,772)
Interest income, net	105	200
Other income (expense)	340	(145)
Loss before income taxes	(112,571)	(66,427)
Income tax expense	485	21
Net loss	$ (113,056)	$ (66,448)
Net loss per common share, basic and diluted	$ (0.70)	$ (0.42)
Weighted average common shares outstanding, basic and diluted	161,231	160,011

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (113,056)	$ (66,448)
Other comprehensive income:
Unrealized (loss) gain on investment securities	(422)	6
Foreign currency translation adjustments	2	(4)
Comprehensive loss	$ (113,476)	$ (66,450)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (113,056)	$ (66,448)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	14,963	13,184
Amortization of premiums and accretion of discounts on investment securities	447	689
Amortization of intangible assets	0	370
Gain on strategic investment	(339)	(145)
Depreciation	516	525
Changes in operating assets and liabilities:
Accounts receivable, net	1,653	(8,585)
Interest and other receivables	209	1,477
Inventory	833	(492)
Prepaid expenses	(1,863)	(2,821)
Operating lease right-of-use assets	1,522	1,589
Other assets		10
Accounts payable	3,892	356
Accrued liabilities	19,672	2,761
Operating lease liabilities	(2,117)	(1,052)
Long-term liabilities	(2,661)	(1,567)
Net cash used in operating activities	(76,329)	(60,149)
Cash flows from investing activities
Purchases of investment securities	0	(127,864)
Maturities of investment securities	131,345	159,817
Purchases of property and equipment	0	(1,076)
Net cash provided by investing activities	131,345	30,877
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	2,467	7,726
Net cash provided by financing activities	2,467	7,726
Effect of exchange rate changes on cash	2	5
Net increase (decrease) in cash, cash equivalents and restricted cash	57,485	(21,541)
Cash, cash equivalents and restricted cash
Beginning of period	153,205	331,798
End of period	210,690	310,257
Supplemental disclosure of noncash information:
Property and equipment purchases in accounts payable and accrued liabilities	$ 0	$ 45

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2020	$ 627,009	$ 16	$ 2,612,663	$ (1,985,706)	$ 36
Issuance of common stock from exercise of stock options and units			7,726
Stock-based compensation			13,321
Net loss	(66,448)			(66,448)
Other comprehensive loss					(2)
Ending balance at Mar. 31, 2021	581,606	16	2,633,710	(2,052,154)	34
Beginning balance at Dec. 31, 2021	540,894	16	2,694,646	(2,153,576)	(192)
Issuance of common stock from exercise of stock options and units			2,467
Stock-based compensation			14,912
Net loss	(113,056)			(113,056)
Other comprehensive loss					(420)
Ending balance at Mar. 31, 2022	$ 444,797	$ 16	$ 2,712,025	$ (2,266,632)	$ (612)

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Organization and Business	1. Organization and Business Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The Company was originally incorporated in Vermont in 1993 as Receptor Technologies, Inc. and reincorporated in Delaware in 1997. In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID ® (pimavanserin), for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP). NUPLAZID became available for prescription in the United States in May 2016.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates. Risk and Uncertainties The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted the Company’s business. Since the beginning of the pandemic, the growth of sales of NUPLAZID have been negatively impacted by ongoing conditions related to the pandemic. At this time the Company cannot predict the magnitude of the pandemic or the full impact that it may have on the Company’s financial condition, operations, suppliers, and workforce. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): March 31, 2022 March 31, 2021 Beginning of End of Beginning of End of Cash and cash equivalents $ 147,435 $ 204,920 $ 326,028 $ 304,487 Restricted cash 5,770 5,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 153,205 $ 210,690 $ 331,798 $ 310,257 Accounts Receivable Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. The Company has not historically experienced significant credit losses. Based on its assessment, as of March 31, 2022 the Company determined that an allowance for credit loss was not required. License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale. Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. The Company includes the costs of asset acquisitions as component of cash flows from operations on the consolidated statements of cash flows.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, employee stock purchase plan rights, restricted stock units, and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be anti-dilutive. The Company incurred net losses for all periods presented and there were no reconciling items for potentially dilutive securities. More specifically, at March 31, 2022 and 2021 , stock options, employee stock purchase plan rights, restricted stock units, and warrants totaling approximately 17,540,000 shares and 20,297,000 shares, respectively, were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	4. Stock-Based Compensation The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Cost of product sales $ 323 $ 163 Research and development 5,464 4,830 Selling, general and administrative 9,176 8,191 $ 14,963 $ 13,184 The fair value of each employee stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model, which requires the Company to make a number of assumptions including the estimated expected life of the award and related volatility. The fair value of restricted stock units is estimated based on the market price of the Company’s common stock on the date of grant. The estimated fair values of stock options, purchase plan rights, and restricted stock units are then expensed over the requisite service period, which is generally the vesting period. For restricted stock units requiring satisfaction of both market and service conditions, the estimated fair values are generally expensed over the longest of the explicit, implicit and derived service periods. Performance-based stock awards vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these performance-based stock awards is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Balance Sheet Details	5. Balance Sheet Details Inventory consisted of the following (in thousands): March 31, December 31, Finished goods $ 1,728 $ 1,114 Work in process 5,281 6,767 Raw material 6,205 6,217 $ 13,214 $ 14,098 Reported as: Inventory $ 7,009 $ 7,881 Long-term inventory 6,205 6,217 Total $ 13,214 $ 14,098 Amount reported as long-term inventory consisted of raw materials as of March 31, 2022 and December 31, 2021. The Company has raw materials beyond one year production plan that help limit the exposures from potential supply interruption. Those raw materials that beyond one year production plan were classified as long-term inventory. Accrued liabilities consisted of the following (in thousands): March 31, December 31, Accrued sales allowances $ 31,497 $ 15,717 Accrued research and development services 29,918 27,270 Accrued compensation and benefits 21,645 25,896 Current portion of lease liabilities 8,944 8,304 Accrued consulting and professional fees 8,641 9,319 Current portion of accrued branded prescription drug fees 7,021 1,959 Other 1,169 727 $ 108,835 $ 89,192

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Investments	6. Investments The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands): March 31, 2022 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 97,873 $ — $ ( 211 ) $ 97,662 Government sponsored enterprise securities 49,507 — ( 141 ) 49,366 Municipal bonds 21,087 — ( 31 ) 21,056 Commercial paper 73,216 — ( 243 ) 72,973 $ 241,683 $ — $ ( 626 ) $ 241,057 December 31, 2021 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 140,287 $ — $ ( 100 ) $ 140,187 Government sponsored enterprise securities 49,512 — ( 38 ) 49,474 Corporate debt securities 26,006 — ( 22 ) 25,984 Commercial paper 157,670 9 ( 53 ) 157,626 $ 373,475 $ 9 $ ( 213 ) $ 373,271 The Company has classified all of its available-for-sale investment securities as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company has classified all equity securities as other assets on its consolidated balance sheets. At March 31, 2022 and December 31, 2021, the Company had 32 and 39 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands): Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized March 31, 2022 U.S. Treasury notes $ 97,873 $ ( 211 ) $ — $ — $ 97,873 $ ( 211 ) Government sponsored enterprise securities 49,507 ( 141 ) — — 49,507 ( 141 ) Municipal bonds 21,087 ( 31 ) — — 21,087 ( 31 ) Commercial paper 70,216 ( 243 ) — — 70,216 ( 243 ) Total $ 238,683 $ ( 626 ) $ — $ — $ 238,683 $ ( 626 ) Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2021 U.S. Treasury notes $ 140,287 $ ( 100 ) $ — $ — $ 140,287 $ ( 100 ) Government sponsored enterprise securities 49,512 ( 38 ) — — 49,512 ( 38 ) Corporate debt securities 26,006 ( 22 ) — — 26,006 ( 22 ) Commercial paper 75,192 ( 53 ) — — 75,192 ( 53 ) Total $ 290,997 $ ( 213 ) $ — $ — $ 290,997 $ ( 213 ) At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. The Company does not intend to sell the investments in unrealized loss position and it is unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at March 31, 2022 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, U.S. Treasury notes, and high quality, marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy, and equity securities. The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s. The Company’s cash equivalents, available-for-sale investment securities and equity securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities and equity securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices, and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of March 31, 2022 and December 31, 2021. In November 2021, the Company established a plan whereby substantially all full-time employees excluding executive management are eligible to receive a series of cash bonuses based on achievement of certain conditions as described in more detail in Note 8. The Company estimated the fair value of the cash awards using a Monte Carlo simulation, which utilizes level 3 inputs such as volatility, probabilities of success, and other inputs that are not observable in active markets. The cash awards are required to be measured at fair value on a recurring basis each reporting period, with changes in the fair value recognized as compensation cost over the derived service period of the awards. The Company has not transferred any investment securities between the classification levels. The recurring fair value measurements of the Company’s financial assets and liabilities measured at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): Fair Value Measurements at March 31, Quoted Prices Significant Significant Assets Money market fund $ 193,477 $ 193,477 $ — $ — U.S. Treasury notes 97,662 97,662 — — Equity securities 3,978 3,978 — — Government sponsored enterprise securities 49,366 — 49,366 — Municipal bonds 21,056 — 21,056 — Commercial paper 72,973 — 72,973 — Total $ 438,512 $ 295,117 $ 143,395 $ — Liabilities Cash awards $ 1,497 $ — $ — $ 1,497 Total $ 1,497 $ — $ — $ 1,497 Fair Value Measurements at December 31, Quoted Prices Significant Significant Assets Money market fund $ 122,876 $ 122,876 $ — $ — U.S. Treasury notes 140,187 140,187 — — Equity securities 3,638 3,638 — — Government sponsored enterprise securities 49,474 — 49,474 — Municipal bonds 25,984 — 25,984 — Commercial paper 157,626 — 157,626 — Total $ 499,785 $ 266,701 $ 233,084 $ — Liabilities Cash awards $ 603 $ — $ — $ 603 Total $ 603 $ — $ — $ 603 Changes in estimated fair value of contingent cash awards during the three months ended March 31, 2022 are as follows (in thousands): Balance as of December 31, 2021 $ 603 Expense recorded 873 Expense forfeited ( 30 ) Change in fair value 51 Balance as of March 31, 2022 $ 1,497

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity In November 2021, the Company established a plan whereby substantially all full-time employees excluding executive management are eligible to receive a series of cash bonuses over certain periods based on continued employment and the Company’s stock price reaching a pre-specified target. The maximum potential payout of the cash awards at the grant date was $ 15.1 million. The Company has determined that the cash awards were classified as liabilities pursuant to ASC Topic 718, Compensation – Stock Compensation . The Company estimates the fair value of the awards at each reporting period using the Monte Carlo simulation, which is recognized as compensation cost over the derived service period . Total fair value of the awards at the grant date was $ 4.4 million. The maximum potential payout at March 31, 2022 after adjusting for forfeitures was $ 13.9 million. The fair value of the awards at March 31, 2022 was approximately $ 5.5 million. During the three months ended March 31, 2022, the Company recorded a total of $ 0.9 million compensation cost related to the awards.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Collaboration, License and Merger Agreements The Company has entered into various collaboration, licensing and merger agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront license fees, development and commercial milestone payments upon achievement of certain clinical and commercial development and annual net sales milestones, as well as royalties calculated as a percentage of product revenues, with rates that vary by agreement. As of March 31, 2022, the Company may be required to make milestone payments up to $ 3.1 billion in the aggregate. In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, the Company paid Neuren an upfront license fee of $ 10.0 million and it may be required to pay up to an additional $ 455.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company may be required to pay Neuren tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $ 10.0 million was expensed to research and development in the third quarter of 2018 as there is no alternative use for the asset. In March 2020, the Company entered into a license agreement and research collaboration with Vanderbilt University and obtained exclusive worldwide rights to develop and commercialize novel drug candidates targeting positive allosteric modulators of the muscarinic M1 receptor (the M1 PAM program) with the potential to treat a range of central nervous system disorders. Under the terms of the agreement , the Company paid Vanderbilt University an upfront license fee of $ 10.0 million and may be required to pay up to $ 515.0 million in milestone payments based on the achievement of certain clinical development and commercial and annual net sales milestones. In addition, the Company may be required to pay Vanderbilt University tiered royalties based on net sales. Furthermore, the Company is required to spend a minimum annual amount in development and the pursuit of regulatory approval for the M1 PAM compounds over the first three years of the license agreement. Such amounts are not material to the Company. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $ 10.0 million was expensed to research and development in the first quarter of 2020 as there is no future alternative use for the assets. In August 2020, the Company entered into the Merger Agreement with CerSci. The lead development program is a unique Reactive Species Decomposition Accelerant, a non-opioid mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage programs, including brain penetrant compounds, with potential for symptomatic and disease modifying treatment utility in neurodegenerative diseases. The Company incurred an aggregate of $ 52.8 million in upfront consideration and transaction costs, of which, $ 44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock. In addition, under the terms of the Merger Agreement, the Company may be required to pay CerSci’s former equity holders up to $ 887.0 million in cash upon the achievement of certain development, commercialization and sales milestones, in addition to tiered cash royalties in the mid-single digits based on annual net sales. As substantially all of the fair value of the gross assets acquired was concentrated in the in-process research and development intangible assets acquired, the Company concluded that this transaction did not meet the definition of a business combination pursuant to FASB Accounting Standard Codification Topic 805, Business Combinations. As such, the transaction was accounted for as an asset acquisition and the upfront consideration of $ 45.7 million was expensed to research and development in the third quarter of 2020 as there is no future alternative use for the assets. In January 2022, the Company entered a license and collaboration agreement with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for potential treatment of severe and rare genetic neurodevelopmental diseases of the CNS. The collaboration includes SYNGAP1 syndrome, Rett syndrome (MECP2), and an undisclosed neurodevelopmental target. For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits. In addition, Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones. For the MECP2 program and the undisclosed neurodevelopmental program, the Company acquired an exclusive worldwide license to develop and commercialize MECP2 program and the undisclosed neurodevelopmental program. Stoke will lead research and pre-clinical development activities, while the Company will lead clinical development and commercialization activities. The Company will fund research and pre-clinical development activities related to these two targets and Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones as well as tiered royalty payments on worldwide sales starting in the mid-single digit range and escalating to the mid-teens based on revenue levels. Under the terms of the agreement, the Company paid Stoke a $ 60.0 million upfront payment which was accounted for as an asset acquisition and was expensed to research and development in the first quarter of 2022 as there is no alternative use for the asset. The Company may be required to pay up to an additional $ 907.5 million in milestones as well as royalties on future sales. Corporate Credit Card Program In connection with the Company’s credit card program, the Company established a letter of credit for $ 2.0 million, which has automatic annual extensions and is fully secured by restricted cash. Fleet Program In connection with the Company’s fleet program, the Company established a letter of credit for $ 0.4 million, which has automatic annual extensions and is fully secured by restricted cash. Legal Proceedings On February 7, 2020, a purported stockholder of the Company filed a derivative complaint (captioned Barney v. Davis et al., Case No. 20-cv-0238) in the U.S. District Court for the Southern District of California against the Company’s directors and certain of the Company’s current and former executive officers. The complaint asserted claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment arising from allegations similar to those in the related federal securities class action (captioned In re Acadia Pharmaceuticals Inc. Securities Litigation, Case No. 18-cv-01647). On September 9, 2020, the Court substituted plaintiffs and re-captioned the case Shumacher v. Davis et al., Case No. 20-cv-0238. On June 23, 2020, a second derivative complaint (captioned Lazarus v. Davis et al., Case No. 20-cv-0843) was filed in the U.S. District Court for the District of Delaware. On September 9, 2020, the Court transferred the Lazarus case to the U.S. District Court for the Southern District of California and re-captioned the case Lazarus v. Davis et al., Case No. 20-cv-1774. On January 15, 2021, the Court consolidated the Shumacher and Lazarus cases under the name In re ACADIA Pharmaceuticals Inc. Stockholder Derivative Litigation, Case No. 20-cv-0238, appointed lead counsel for the plaintiffs, and designated the complaint in the Shumacher case as the operative complaint. The consolidated derivative case was stayed until the defendants in the related federal securities class action filed an answer, or the federal securities class action was dismissed with prejudice and all appeals were exhausted, or any party to the stipulation to stay gave 15 days’ written notice that it no longer consents to the voluntary stay. The federal securities class action was dismissed with prejudice on January 3, 2022, and the deadline to appeal that dismissal expired on February 2, 2022. On March 21, 2022, plaintiffs voluntarily dismissed the derivative action. On July 24, 2020, the Company filed complaints against (i) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against (i) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. The cases have been assigned to the Honorable Richard G. Andrews. On September 1, 2020, Aurobindo filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 22, 2020, the Company filed its answer to Aurobindo’s counterclaims. On August 31, 2020, Teva filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 21, 2020, the Company filed its answer to Teva’s counterclaims. On October 5, 2020, Hetero filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On October 26, 2020, the Company filed its answer to Hetero’s counterclaims. On September 30, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 5, 2020, the Company filed its first amended complaint against MSN in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 19, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On December 10, 2020, the Company filed its answer to MSN’s counterclaims. On November 2, 2020, Zydus filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On November 23, 2020, the Company filed its answer to Zydus’s counterclaims. On December 8, 2020, the parties’ joint proposed scheduling order was entered by Judge Andrews. On April 7, 2021, the Company filed its first amended complaints against Hetero and Teva and its second amended complaint against MSN, to include an additional Orange Book-listed patent covering NUPLAZID. On April 8, 2021, the Company filed its first amended complaint against Zydus and on April 9, 2021, the Company filed its first amended complaint against Aurobindo. On April 20, 2021, MSN filed its answer, affirmative defenses, and counterclaims to the Company ’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company ’s Orange Book-listed patents covering NUPLAZID. On April 21, 2021, Teva filed its answer, affirmative defenses, and counterclaims to Company ’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On April 22, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to Company ’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity . On April 22, 2021, Aurobindo filed its answer, affirmative defenses, and counterclaims to the Company ’s first amended complaint, seeking declaratory judgments of noninfringement and invalidity. On May 11, 2021, the Company filed its answer to MSN’s counterclaims. On May 12, the Company filed its answer to Teva’s counterclaims. On May 13, the Company filed its answer to Zydus’s counterclaims and its answer to Aurobindo’s counterclaims. A joint trial in the matters is scheduled for May 15, 2023. The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on July 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021. On August 27, 2021, the Company filed its second amended complaint against Zydus to include an additional Orange Book-listed patent covering NUPLAZID. On September 10, 2021, Zydus filed its answer, affirmative defenses, and counterclaims to the Company ’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity. Also on September 10, 2021, the parties filed their Joint Claim Construction Chart. On October 1, 2021, the Company filed its answer to Zydus’s counterclaims. On November 30, 2021, the Company filed a stipulation and proposed order to dismiss two of its Orange Book-listed patents covering NUPLAZID against Teva, which was ordered by the Court on December 1, 2021. On January 28, 2022, the parties filed their Joint Claim Construction Brief and Appendix. On February 23, 2022, the Court heard oral argument on claim construction. On April 6, 2022, the Court issued a Memorandum Opinion construing several terms at issue, adopting the Company’s construction on two terms, Defendants’ construction on two terms, and one agreed-upon construction. On February 28, 2022, the Company filed a stipulation and proposed order to dismiss one patent against MSN, which was ordered by the Court on March 1, 2022. On March 10, 2022, the Company filed a stipulation and proposed order to dismiss one patent against Teva, which was ordered by the Court on March 10, 2022. On March 22, 2022, the Company filed a stipulation and proposed order to dismiss seven patents against Aurobindo, which was ordered by the Court on March 22, 2022. On March 30, 2022, the Company filed a stipulation and proposed order to dismiss two patents against Zydus, which was ordered by the Court on March 31, 2022. On April 19, 2021, a purported stockholder of the Company filed a putative securities class action complaint (captioned Marechal v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of the Company’s current executive officers. The complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that the materials submitted in support of its sNDA seeking approval of pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis contained statistical and design deficiencies and that the FDA was unlikely to approve the sNDA in its current form. The complaint seeks unspecified monetary damages and other relief. On June 21, 2021, five motions for lead plaintiff and lead counsel were filed. Thereafter, four of the five movants either withdrew their motions or filed statements of non-opposition. On September 29, 2021, the Court issued an order designating lead plaintiff and lead counsel. On December 10, 2021, lead plaintiff filed an amended complaint. Defendants filed a motion to dismiss the amended complaint on February 15, 2022. Lead plaintiff filed an opposition to Defendants’ motion to dismiss on April 18, 2022. Defendants’ reply is due June 2, 2022, and a hearing on Defendants’ motion to dismiss is scheduled for June 9, 2022. Management currently believes that none of the foregoing claims or other actions pending against the Company as of March 31, 2022 is likely to have, individually or in the aggregate, a material adverse effect on the Company’s business, liquidity, financial position, or results of operations. Given the unpredictability inherent in litigation, however, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	0. Leases The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 1.8 years to 9.2 years, some of which include options to extend for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options. The operating lease costs were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 2,110 $ 2,378 Supplemental cash flow information related to the Company’s leases were as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,190 $ 1,014 Right-of-use assets obtained in exchange for operating lease obligations: 1,440 17,417 The balance sheet classification of the Company’s lease liabilities was as follows (in thousands): March 31, December 31, Operating lease liabilities Current portion included in accrued liabilities $ 8,944 $ 8,304 Operating lease liabilities 55,478 56,126 Total operating lease liabilities $ 64,422 $ 64,430 Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2022 $ 6,869 Years ending December 31, 2023 9,338 2024 8,327 2025 8,407 2026 7,771 Thereafter 36,563 Total lease payments 77,275 Less: Imputed interest ( 12,853 ) Total operating lease liabilities $ 64,422 Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of March 31, 2022 , the weighted average remaining lease term was 8.7 years and the weighted average discount rate used to determine the operating lease liability was 4.3 %. In the fourth quarter of 2018, the Company entered into an agreement to lease the 4 th and 5 th floors of corporate office space in San Diego, California with total minimum lease payments of $ 50.4 million over an initial term of 10 years and 9 months . In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2 nd floor of corporate office space in San Diego, California with total minimum lease payments of $ 25.3 million over an initial term of approximately 10 years and 7 months . In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $ 51.4 million. In the third quarter of 2020 , the lease for the 4 th and 5 th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $ 40.3 million. In the first quarter of 2021, the lease for the 2 nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $ 19.2 million. In connection with this lease and the amendment , the Company established a letter of credit for $ 3.1 million, which has automatic annual extensions and is fully secured by restricted cash.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates.
Risk and Uncertainties	Risk and Uncertainties The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted the Company’s business. Since the beginning of the pandemic, the growth of sales of NUPLAZID have been negatively impacted by ongoing conditions related to the pandemic. At this time the Company cannot predict the magnitude of the pandemic or the full impact that it may have on the Company’s financial condition, operations, suppliers, and workforce.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): March 31, 2022 March 31, 2021 Beginning of End of Beginning of End of Cash and cash equivalents $ 147,435 $ 204,920 $ 326,028 $ 304,487 Restricted cash 5,770 5,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 153,205 $ 210,690 $ 331,798 $ 310,257
Accounts Receivable	Accounts Receivable Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. The Company has not historically experienced significant credit losses. Based on its assessment, as of March 31, 2022 the Company determined that an allowance for credit loss was not required.
License Fees and Royalties	License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.
Acquisitions	Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. The Company includes the costs of asset acquisitions as component of cash flows from operations on the consolidated statements of cash flows.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): March 31, 2022 March 31, 2021 Beginning of End of Beginning of End of Cash and cash equivalents $ 147,435 $ 204,920 $ 326,028 $ 304,487 Restricted cash 5,770 5,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 153,205 $ 210,690 $ 331,798 $ 310,257

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-based Compensation Expense Included in Statements of Operations	The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Cost of product sales $ 323 $ 163 Research and development 5,464 4,830 Selling, general and administrative 9,176 8,191 $ 14,963 $ 13,184

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): March 31, December 31, Finished goods $ 1,728 $ 1,114 Work in process 5,281 6,767 Raw material 6,205 6,217 $ 13,214 $ 14,098 Reported as: Inventory $ 7,009 $ 7,881 Long-term inventory 6,205 6,217 Total $ 13,214 $ 14,098 Amount reported as long-term inventory consisted of raw materials as of March 31, 2022 and December 31, 2021. The Company has raw materials beyond one year production plan that help limit the exposures from potential supply interruption. Those raw materials that beyond one year production plan were classified as long-term inventory.
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, Accrued sales allowances $ 31,497 $ 15,717 Accrued research and development services 29,918 27,270 Accrued compensation and benefits 21,645 25,896 Current portion of lease liabilities 8,944 8,304 Accrued consulting and professional fees 8,641 9,319 Current portion of accrued branded prescription drug fees 7,021 1,959 Other 1,169 727 $ 108,835 $ 89,192

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type	The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands): March 31, 2022 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 97,873 $ — $ ( 211 ) $ 97,662 Government sponsored enterprise securities 49,507 — ( 141 ) 49,366 Municipal bonds 21,087 — ( 31 ) 21,056 Commercial paper 73,216 — ( 243 ) 72,973 $ 241,683 $ — $ ( 626 ) $ 241,057 December 31, 2021 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 140,287 $ — $ ( 100 ) $ 140,187 Government sponsored enterprise securities 49,512 — ( 38 ) 49,474 Corporate debt securities 26,006 — ( 22 ) 25,984 Commercial paper 157,670 9 ( 53 ) 157,626 $ 373,475 $ 9 $ ( 213 ) $ 373,271
Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position	The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands): Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized March 31, 2022 U.S. Treasury notes $ 97,873 $ ( 211 ) $ — $ — $ 97,873 $ ( 211 ) Government sponsored enterprise securities 49,507 ( 141 ) — — 49,507 ( 141 ) Municipal bonds 21,087 ( 31 ) — — 21,087 ( 31 ) Commercial paper 70,216 ( 243 ) — — 70,216 ( 243 ) Total $ 238,683 $ ( 626 ) $ — $ — $ 238,683 $ ( 626 ) Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2021 U.S. Treasury notes $ 140,287 $ ( 100 ) $ — $ — $ 140,287 $ ( 100 ) Government sponsored enterprise securities 49,512 ( 38 ) — — 49,512 ( 38 ) Corporate debt securities 26,006 ( 22 ) — — 26,006 ( 22 ) Commercial paper 75,192 ( 53 ) — — 75,192 ( 53 ) Total $ 290,997 $ ( 213 ) $ — $ — $ 290,997 $ ( 213 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities	The recurring fair value measurements of the Company’s financial assets and liabilities measured at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): Fair Value Measurements at March 31, Quoted Prices Significant Significant Assets Money market fund $ 193,477 $ 193,477 $ — $ — U.S. Treasury notes 97,662 97,662 — — Equity securities 3,978 3,978 — — Government sponsored enterprise securities 49,366 — 49,366 — Municipal bonds 21,056 — 21,056 — Commercial paper 72,973 — 72,973 — Total $ 438,512 $ 295,117 $ 143,395 $ — Liabilities Cash awards $ 1,497 $ — $ — $ 1,497 Total $ 1,497 $ — $ — $ 1,497 Fair Value Measurements at December 31, Quoted Prices Significant Significant Assets Money market fund $ 122,876 $ 122,876 $ — $ — U.S. Treasury notes 140,187 140,187 — — Equity securities 3,638 3,638 — — Government sponsored enterprise securities 49,474 — 49,474 — Municipal bonds 25,984 — 25,984 — Commercial paper 157,626 — 157,626 — Total $ 499,785 $ 266,701 $ 233,084 $ — Liabilities Cash awards $ 603 $ — $ — $ 603 Total $ 603 $ — $ — $ 603
Schedule of Changes in Estimated Fair Value of Contingent Cash Awards	Changes in estimated fair value of contingent cash awards during the three months ended March 31, 2022 are as follows (in thousands): Balance as of December 31, 2021 $ 603 Expense recorded 873 Expense forfeited ( 30 ) Change in fair value 51 Balance as of March 31, 2022 $ 1,497

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Operating Lease Costs	The operating lease costs were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 2,110 $ 2,378
Supplemental Cash Flow Information Related to the Company's Leases	Supplemental cash flow information related to the Company’s leases were as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,190 $ 1,014 Right-of-use assets obtained in exchange for operating lease obligations: 1,440 17,417
Summary of Balance Sheet Classification of Lease Liabilities	The balance sheet classification of the Company’s lease liabilities was as follows (in thousands): March 31, December 31, Operating lease liabilities Current portion included in accrued liabilities $ 8,944 $ 8,304 Operating lease liabilities 55,478 56,126 Total operating lease liabilities $ 64,422 $ 64,430
Summary of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2022 $ 6,869 Years ending December 31, 2023 9,338 2024 8,327 2025 8,407 2026 7,771 Thereafter 36,563 Total lease payments 77,275 Less: Imputed interest ( 12,853 ) Total operating lease liabilities $ 64,422

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations [Abstract]
Cash and cash equivalents	$ 204,920	$ 147,435	$ 304,487	$ 326,028
Restricted cash	5,770	5,770	5,770	5,770
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 210,690	$ 153,205	$ 310,257	$ 331,798

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Amortization of intangible assets	$ 0	$ 370

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities to purchase common stock	17,540,000	20,297,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost Line Items
Stock-based compensation expense	$ 14,963	$ 13,184
Cost Of Sales Member
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost Line Items
Stock-based compensation expense	323	163
Research And Development Expense Member
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost Line Items
Stock-based compensation expense	5,464	4,830
Selling General And Administrative Expenses Member
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost Line Items
Stock-based compensation expense	$ 9,176	$ 8,191

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 1,728	$ 1,114
Work in process	5,281	6,767
Raw material	6,205	6,217
Inventory	13,214	14,098
Short term inventory	7,009	7,881
Long-term inventory	$ 6,205	$ 6,217

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued sales allowances	$ 31,497	$ 15,717
Accrued research and development services	29,918	27,270
Accrued compensation and benefits	21,645	25,896
Current portion of lease liabilities	8,944	8,304
Accrued consulting and professional fees	8,641	9,319
Current portion of accrued branded prescription drug fees	7,021	1,959
Other	1,169	727
Accrued liabilities	$ 108,835	$ 89,192

Investments - Carrying Value an

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 241,057	$ 373,271
Debt and equity securities, Amortized Cost	241,683	373,475
Debt and equity securities, Unrealized Gains	0	9
Debt and equity securities, Unrealized Losses	(626)	(213)
Debt and equity securities, Estimated Fair Value	241,057	373,271
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	97,873	140,287
Debt securities, Unrealized Gains	0	0
Debt securities, Unrealized Losses	(211)	(100)
Debt securities, Estimated Fair Value	97,662	140,187
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	49,507	49,512
Debt securities, Unrealized Gains	0	0
Debt securities, Unrealized Losses	(141)	(38)
Debt securities, Estimated Fair Value	49,366	49,474
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	21,087
Debt securities, Unrealized Gains	0
Debt securities, Unrealized Losses	(31)
Debt securities, Estimated Fair Value	21,056
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost		26,006
Debt securities, Unrealized Gains		0
Debt securities, Unrealized Losses		(22)
Debt securities, Estimated Fair Value		25,984
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	73,216	157,670
Debt securities, Unrealized Gains	0	9
Debt securities, Unrealized Losses	(243)	(53)
Debt securities, Estimated Fair Value	$ 72,973	$ 157,626

Investments - Additional Inform

Investments - Additional Information (Detail) - Security	Mar. 31, 2022	Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]
Number of available-for-sale investment securities in unrealized loss position	32	39

Investments - Summary of Gross

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 238,683	$ 290,997
Less Than 12 Months, Unrealized Losses	(626)	(213)
Total, Estimated Fair Value	238,683	290,997
Total, Unrealized Losses	(626)	(213)
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	97,873	140,287
Less Than 12 Months, Unrealized Losses	(211)	(100)
Total, Estimated Fair Value	97,873	140,287
Total, Unrealized Losses	(211)	(100)
US Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	49,507	49,512
Less Than 12 Months, Unrealized Losses	(141)	(38)
Total, Estimated Fair Value	49,507	49,512
Total, Unrealized Losses	(141)	(38)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	70,216	75,192
Less Than 12 Months, Unrealized Losses	(243)	(53)
Total, Estimated Fair Value	70,216	75,192
Total, Unrealized Losses	(243)	(53)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	21,087
Less Than 12 Months, Unrealized Losses	(31)
Total, Estimated Fair Value	21,087
Total, Unrealized Losses	$ (31)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		26,006
Less Than 12 Months, Unrealized Losses		(22)
Total, Estimated Fair Value		26,006
Total, Unrealized Losses		$ (22)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	$ 438,512	$ 499,785
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	1,497	603
Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	193,477	122,876
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	295,117	266,701
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	193,477	122,876
Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	143,395	233,084
Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	1,497	603
U.S. Treasury notes
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	97,662	140,187
U.S. Treasury notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	97,662	140,187
Equity securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	3,978	3,638
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	3,978	3,638
US Government Sponsored Enterprises Debt Securities [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	49,366	49,474
US Government Sponsored Enterprises Debt Securities [Member] | Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	49,366	49,474
Municipal bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	21,056	25,984
Municipal bonds | Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	21,056	25,984
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	72,973	157,626
Commercial paper | Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	72,973	157,626
Cash awards
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	1,497	603
Cash awards | Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure	$ 1,497	$ 603

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Contingent Cash Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Disclosures [Abstract]
Balance as of December 31, 2021	$ 603
Expense recorded	873
Expense forfeited	(30)
Change in fair value	51
Balance as of March 31, 2022	$ 1,497

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2022	Nov. 02, 2021
Class Of Stock Line Items
Maximum amount paid as cash awards to employees		$ 13,900	$ 15,100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 4,400	5,500
Expense recorded		$ 873

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	1 Months Ended				3 Months Ended				12 Months Ended
	Jan. 31, 2022	Aug. 31, 2020	Mar. 31, 2020	Aug. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Gain (loss) on strategic investment					$ 339	$ 145
Research and development					128,855	56,973
Restricted cash					5,770	$ 5,770				$ 5,770	$ 5,770
Letter of Credit | Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash					2,000
Letter of Credit | Fleet Program
Other Commitments [Line Items]
Restricted cash					400
Cersci Therapeutics
Other Commitments [Line Items]
Upfront consideration and transaction costs		$ 52,800
Upfront payment		$ 44,300
Upfront payment conditions		The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock.
Cersci Therapeutics | Research And Development Expense Member
Other Commitments [Line Items]
Assets acquisition and upfront payment							$ 45,700
Stoke Therapeutics, Inc. [Member]
Other Commitments [Line Items]
Upfront payment	$ 60,000
Mile stone payments payable	$ 907,500
License Agreements | Neuren | North America
Other Commitments [Line Items]
Upfront payment			$ 10,000
Upfront license fee				$ 10,000
License Agreements | Neuren | Research And Development Expense Member | North America
Other Commitments [Line Items]
Upfront payment								$ 10,000	$ 10,000
Maximum
Other Commitments [Line Items]
Mile stone payments payable					$ 3,100,000
Maximum | Cersci Therapeutics
Other Commitments [Line Items]
Common stock issuance		1.2
Maximum | Cersci Therapeutics | Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Compensation expense related to mergers to former holders		$ 887,000
Maximum | License Agreements | Neuren | North America
Other Commitments [Line Items]
Mile stone payments payable			$ 515,000	$ 455,000				$ 515,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022USD ($)Term	Sep. 30, 2021	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Feb. 29, 2020USD ($)	Dec. 31, 2018USD ($)
Lessee Lease Description [Line Items]
Operating lease, description	The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 1.8 years to 9.2 years, some of which include options to extend for up to two five-year terms.
Operating lease, option to extend		true
Operating lease, options to extend	some of which include options to extend for up to two five-year terms.
Weighted average remaining lease term	8 years 8 months 12 days
Weighted average discount rate	4.30%
Capitalization of right of use asset	$ 19,200					$ 40,300
Capitalization of lease liability	19,200					$ 40,300
Restricted cash	5,770		$ 5,770	$ 5,770	$ 5,770
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating lease remaining lease term								10 years 7 months	10 years 9 months
Operating leases arrangement term								10 years 7 months
Corporate Office Space Lease Agreement | Letter of Credit
Lessee Lease Description [Line Items]
Restricted cash	$ 3,100
California | Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Minimum lease payment amount							$ 51,400	$ 25,300	$ 50,400
Lease commencement period		third quarter of 2020
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining lease term	1 year 9 months 18 days
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	9 years 2 months 12 days
Number of renewal option terms | Term	2

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Cost [Abstract]
Operating lease cost	$ 2,110	$ 2,378

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Cost [Abstract]
Operating cash flows from operating leases	$ 2,190	$ 1,014
Right-of-use assets obtained in exchange for operating lease obligations:	$ 1,440	$ 17,417

Leases - Summary of Balance She

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Current portion of lease liabilities	$ 8,944	$ 8,304
Operating Lease Liability Current Statement Of Financial Position Extensible List	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 55,478	$ 56,126
Total operating lease liabilities	$ 64,422	$ 64,430

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Lease Liabilities [Abstract]
Remainder of 2022	$ 6,869
2023	9,338
2024	8,327
2025	8,407
2026	7,771
Thereafter	36,563
Total lease payments	77,275
Less:
Imputed interest	(12,853)
Total operating lease liabilities	$ 64,422	$ 64,430