ACADIA Pharmaceuticals (ACAD) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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 Current Reporting Status	Yes
Entity Shell Company	false
Securities Act 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
Entity Address, Address Line Two	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
Entity Common Stock, Shares Outstanding		166,391,891

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 155,149	$ 188,657
Investment securities, available-for-sale	410,181	250,208
Accounts receivable, net	98,209	98,267
Interest and other receivables	12,154	4,083
Inventory	61,041	35,819
Prepaid expenses	51,550	39,091
Total current assets	788,284	616,125
Property and equipment, net	3,988	4,612
Operating lease right-of-use assets	44,253	51,855
Intangible assets, net	105,515	65,490
Restricted cash	8,770	5,770
Long-term inventory	25,699	4,628
Other assets	359	476
Total assets	976,868	748,956
Liabilities and stockholders’ equity
Accounts payable	19,081	17,543
Accrued liabilities	324,864	236,711
Total current liabilities	343,945	254,254
Operating lease liabilities	40,421	47,800
Other long-term liabilities	15,322	15,147
Total liabilities	399,688	317,201
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 225,000,000 shares authorized at September 30, 2024 and December 31, 2023; 166,351,715 shares and 164,650,219 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	16	16
Additional paid-in capital	2,924,434	2,862,552
Accumulated deficit	(2,348,128)	(2,430,837)
Accumulated other comprehensive income	858	24
Total stockholders’ equity	577,180	431,755
Total liabilities and stockholders’ equity	$ 976,868	$ 748,956

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	166,351,715	164,650,219
Common stock, shares outstanding	166,351,715	164,650,219

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Total revenues	$ 250,401	$ 211,699	$ 698,195	$ 495,396
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of product sales	$ 18,857	$ 14,622	$ 60,038	$ 23,747
Research and development	66,606	156,963	202,518	284,878
Selling, general and administrative	133,294	97,890	358,348	295,094
Total operating expenses	218,757	269,475	620,904	603,719
Income (loss) from operations	31,644	(57,776)	77,291	(108,323)
Interest income, net	6,586	4,125	18,451	12,475
Other income	576	1,508	1,248	5,109
Income (loss) before income taxes	38,806	(52,143)	96,990	(90,739)
Income tax expense	6,041	13,033	14,281	16,344
Net Income (Loss)	$ 32,765	$ (65,176)	$ 82,709	$ (107,083)
Earnings (net loss) per share, basic	$ 0.2	$ (0.4)	$ 0.5	$ (0.65)
Earnings (net loss) per share, diluted	$ 0.2	$ (0.4)	$ 0.5	$ (0.65)
Weighted average common shares outstanding, basic	165,974	164,234	165,443	163,488
Weighted average common shares outstanding, diluted	166,178	164,234	166,136	163,488

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 32,765	$ (65,176)	$ 82,709	$ (107,083)
Other comprehensive income (loss):
Unrealized gain on investment securities	1,239	223	868	662
Foreign currency translation adjustments	(42)	(7)	(34)	(6)
Comprehensive income (loss)	$ 33,962	$ (64,960)	$ 83,543	$ (106,427)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 82,709	$ (107,083)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	56,599	48,398
Amortization of premiums and accretion of discounts on investment securities	(6,487)	(5,754)
Amortization of intangible assets	9,975	2,728
Gain on strategic investment	0	(5,109)
Loss on sale of investment securities	0	524
Depreciation	694	1,187
Changes in operating assets and liabilities:
Accounts receivable, net	58	(30,607)
Interest and other receivables	(8,071)	(845)
Inventory	(45,126)	(13,741)
Prepaid expenses	(12,459)	(16,552)
Other assets	117	(32)
Operating lease right-of-use assets	5,124	5,029
Accounts payable	1,538	(436)
Accrued liabilities	40,285	55,037
Operating lease liabilities	(7,793)	(5,017)
Long-term liabilities	175	3,586
Net cash provided by (used in) operating activities	117,338	(68,687)
Cash flows from investing activities
Purchases of investment securities	(369,333)	(265,878)
Sale and maturity of investment securities	216,715	326,020
Proceeds from sales of strategic investment	0	12,253
Purchases of property and equipment	(70)	(50)
Intangible assets	0	(40,000)
Net cash (used in) provided by investing activities	(152,688)	32,345
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	4,876	19,695
Net cash provided by financing activities	4,876	19,695
Effect of exchange rate changes on cash	(34)	(6)
Net decrease in cash, cash equivalents and restricted cash	(30,508)	(16,653)
Cash, cash equivalents and restricted cash
Beginning of period	194,427	120,616
End of period	163,919	103,963
Supplemental disclosure of noncash information:
Accrued inventory purchases	760	0
Accrued milestone and contingent payments in connection with asset acquisition	$ 50,000	$ 29,583

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 (Loss) Income
Beginning balance at Dec. 31, 2022	$ 400,413	$ 16	$ 2,770,923	$ (2,369,551)	$ (975)
Issuance of common stock from exercise of stock options and units			17,032
Issuance of common stock pursuant to employee stock purchase plan			2,663
Stock-based compensation			48,493
Net Income (Loss)	(107,083)			(107,083)
Other comprehensive income (loss):					656
Ending balance at Sep. 30, 2023	362,174	16	2,839,111	(2,476,634)	(319)
Beginning balance at Jun. 30, 2023	395,793	16	2,807,770	(2,411,458)	(535)
Issuance of common stock from exercise of stock options and units			12,751
Issuance of common stock pursuant to employee stock purchase plan			0
Stock-based compensation			18,590
Net Income (Loss)	(65,176)			(65,176)
Other comprehensive income (loss):					216
Ending balance at Sep. 30, 2023	362,174	16	2,839,111	(2,476,634)	(319)
Beginning balance at Dec. 31, 2023	431,755	16	2,862,552	(2,430,837)	24
Issuance of common stock from exercise of stock options and units			1,384
Issuance of common stock pursuant to employee stock purchase plan			3,492
Stock-based compensation			57,006
Net Income (Loss)	82,709			82,709
Other comprehensive income (loss):					834
Ending balance at Sep. 30, 2024	577,180	16	2,924,434	(2,348,128)	858
Beginning balance at Jun. 30, 2024	516,700	16	2,897,916	(2,380,893)	(339)
Issuance of common stock from exercise of stock options and units			268
Issuance of common stock pursuant to employee stock purchase plan			0
Stock-based compensation			26,250
Net Income (Loss)	32,765			32,765
Other comprehensive income (loss):					1,197
Ending balance at Sep. 30, 2024	$ 577,180	$ 16	$ 2,924,434	$ (2,348,128)	$ 858

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 32,765	$ (65,176)	$ 82,709	$ (107,083)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2024
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 (CNS) disorders and rare diseases. 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. In March 2023, the FDA approved the Company’s second drug, DAYBUE™ (trofinetide), for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older. DAYBUE became available for prescription in the United States in April 2023. In October 2024, Health Canada granted marketing authorization of DAYBUE™ (trofinetide) for the treatment of Rett syndrome in adult and pediatric patients 2 years of age and older.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated financial statements and the accompanying notes. Actual results could differ materially from those estimates. Risk and Uncertainties Global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, recession risks, recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures and potential disruptions from geopolitical and military conflicts and related sanctions. The Company continues to actively monitor the impact of these macroeconomic factors on its financial condition, liquidity, operations and workforce. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated statements of cash flows that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Beginning of End of Beginning of End of Cash and cash equivalents $ 188,657 $ 155,149 $ 114,846 $ 98,193 Restricted cash 5,770 8,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 194,427 $ 163,919 $ 120,616 $ 103,963 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 September 30, 2024 the Company determined that an allowance for credit loss was not required. Revenues The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, all of which are sales in the U.S. Revenues by product are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NUPLAZID $ 159,186 $ 144,828 $ 446,518 $ 405,308 DAYBUE 91,215 66,871 251,677 90,088 Product sales, net $ 250,401 $ 211,699 $ 698,195 $ 495,396 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. The Company has capitalized a total of $ 119.6 million as intangible assets following the FDA approval and sale of DAYBUE pursuant to its 2018 license agreement with Neuren Pharmaceuticals Limited (Neuren), as disclosed in Note 9. The intangible assets are amortized on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded total amortization expense related to these intangible assets of $ 2.3 million and $ 1.4 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded total amortization expense related to these intangible assets of $ 10.0 million and $ 2.7 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, estimated future amortization expense related to the Company’s intangible assets was $ 2.3 million for the remainder of 2024, and $ 9.4 million for each subsequent year. Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized. Intangible Assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such intangible assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of intangible the assets exceeds the estimated fair value of the intangible assets. No impairment loss was recorded on intangible assets during the three and nine months ended September 30, 2024 and 2023.

Earnings (Net Loss) Per Share

Earnings (Net Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Net Loss) Per Share	3. Earnings (Net Loss) Per Share Basic earnings (net loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (net loss) per share is computed by dividing the net income (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 diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net income (loss) - basic and diluted $ 32,765 $ ( 65,176 ) $ 82,709 $ ( 107,083 ) Weighted average shares outstanding: Basic 165,974 164,234 165,443 163,488 Effect of potentially dilutive common shares from: Equity awards 154 — 623 — Employee stock purchase plan rights 50 — 70 — Diluted 166,178 164,234 166,136 163,488 Earnings (net loss) per share: Basic $ 0.20 $ ( 0.40 ) $ 0.50 $ ( 0.65 ) Diluted $ 0.20 $ ( 0.40 ) $ 0.50 $ ( 0.65 ) Potentially dilutive shares excluded from per share amounts as their effect 20,218 22,109 18,444 22,109

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	4. Stock-Based Compensation The following table summarizes the total stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of product sales $ 383 $ 276 $ 898 $ 644 Research and development 3,863 5,063 11,705 12,701 Selling, general and administrative 21,918 13,200 43,996 35,053 $ 26,164 $ 18,539 $ 56,599 $ 48,398 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. The Company issues two different types of performance-based stock awards. Expense related to the performance-based stock awards that vest upon the achievement of certain pre-defined company-specific performance-based criteria is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable. Expense for the performance-based stock awards with a market condition that are earned based on the Company’s relative total stockholder return (rTSR) as compared to a peer group of companies is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the Company prior to the end of the performance period. In connection with the departure of the former Chief Executive Officer (CEO), in September 2024 the Company incurred approximately $ 10.7 million stock-based compensation expense as a result of accelerated equity award vesting and stock modifications under the former CEO’s severance plan.

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	5. Balance Sheet Details Inventory consisted of the following (in thousands): September 30, December 31, Finished goods $ 19,129 $ 5,001 Work in process 25,433 4,134 Raw material 42,178 31,312 $ 86,740 $ 40,447 Reported as: Inventory $ 61,041 $ 35,819 Long-term inventory 25,699 4,628 Total $ 86,740 $ 40,447 Amount reported as long-term inventory consisted of raw materials as of September 30, 2024 and December 31, 2023. The Company has raw materials beyond a one year production plan that help limit the exposures from potential supply interruption. Those raw materials beyond the one year production plan were classified as long-term inventory. Accrued liabilities consisted of the following (in thousands): September 30, December 31, Accrued sales allowances $ 135,943 $ 90,718 Accrued contingent payments 79,583 29,583 Accrued compensation and benefits 37,022 42,718 Accrued consulting and professional fees 28,580 18,804 Accrued research and development services 22,063 32,883 Current portion of lease liabilities 8,949 9,405 Other 12,724 12,600 $ 324,864 $ 236,711

Investments

Investments	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 240,310 $ 562 $ ( 1 ) $ 240,871 Government sponsored enterprise securities 168,987 350 ( 27 ) 169,310 $ 409,297 $ 912 $ ( 28 ) $ 410,181 December 31, 2023 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 75,315 $ 47 $ ( 28 ) $ 75,334 Government sponsored enterprise securities 174,867 119 ( 112 ) 174,874 $ 250,182 $ 166 $ ( 140 ) $ 250,208 The Company has classified all of its available-for-sale investment securities as current assets on its unaudited condensed 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 unaudited condensed consolidated balance sheets. At September 30, 2024 and December 31, 2023 , the Company had 7 and 21 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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 U.S. Treasury notes $ 9,826 $ ( 1 ) $ — $ — $ 9,826 $ ( 1 ) Government sponsored enterprise securities 38,118 ( 27 ) — — 38,118 ( 27 ) Total $ 47,944 $ ( 28 ) $ — $ — $ 47,944 $ ( 28 ) Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2023 U.S. Treasury notes $ 41,366 $ ( 28 ) $ — $ — $ 41,366 $ ( 28 ) Government sponsored enterprise securities 108,587 ( 112 ) — — 108,587 ( 112 ) Total $ 149,953 $ ( 140 ) $ — $ — $ 149,953 $ ( 140 ) 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. As of September 30, 2024, the Company did not intend to sell the investments in unrealized loss position and it was 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 September 30, 2024 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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, municipal bonds , 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 September 30, 2024 and December 31, 2023. 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 to the unaudited condensed consolidated financial statements included in this quarterly report on Form 10-Q (this Quarterly Report). 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 September 30, 2024 and December 31, 2023 consisted of the following (in thousands): Fair Value Measurements at September 30, Quoted Prices Significant Significant Assets Money market fund $ 51,642 $ 51,642 $ — $ — U.S. Treasury notes 263,222 263,222 — — Government sponsored enterprise securities 169,310 — 169,310 — Total $ 484,174 $ 314,864 $ 169,310 $ — Fair Value Measurements at December 31, Quoted Prices Significant Significant Assets Money market fund $ 64,586 $ 64,586 $ — $ — U.S. Treasury notes 75,334 75,334 — — Government sponsored enterprise securities 174,874 — 174,874 — Total $ 314,794 $ 139,920 $ 174,874 $ — Liabilities Cash awards $ 4,506 $ — $ — $ 4,506 Total $ 4,506 $ — $ — $ 4,506 Changes in estimated fair value of contingent cash awards during the nine months ended September 30, 2024 are as follows (in thousands): Balance as of December 31, 2023 $ 4,506 Vesting of awards — Expense forfeited ( 392 ) Change in fair value ( 4,114 ) Balance as of September 30, 2024 $ —

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Performance Stock Units In March 2024, the Company began to issue performance stock units (PSU) with a market condition that are earned based on the Company’s rTSR as compared to a peer group of companies measured over a three-year performance period and continued employment through the performance period. Depending on the actual performance over the measurement period, a rTSR PSU award recipient could receive up to 150 % of the granted award. The grant date fair value of such awards is estimated using a Monte Carlo simulation, which includes assumptions such as expected volatility, risk-free interest rate and dividend yield. These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value. The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the Company prior to the end of the performance period. Contingent Cash Awards 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 a 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 September 30, 2024 after adjusting for forfeitures was $ 9.2 mi llion. However, due to the decrease of the Company’s stock price, the potential payout was deemed unlikely of being earned. Therefore, the fair value of the awards at September 30, 2024 was approximately $ 0.0 million. D uring the three and nine months ended September 30, 2024 , the Company recorded a reversal of $ 0.0 million and $ 4.5 million o f compensation cost related to the awards, respectively. During the three months ended September 30, 2023 , the Company recorded a reversal of $ 1.0 million of compensation cost related to the awards. During the nine months ended September 30, 2023 , the Company recorded a total of $ 0.2 million of compensation cost related to the awards. The awards were forfeited in November 2024 as the Company’s stock price did not reach the pre-specified target. 2024 Equity Incentive Plan The Company’s 2024 Equity Incentive Plan (the 2024 Plan) became effective upon approval of the stockholders in May 2024. The 2024 Plan permits the grant of awards to employees, non-employee directors and consultants. In addition, the 2024 Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other awards. The 2024 Plan provides that, with limited exceptions, no award will vest until at least 12 months following the date of grant of the award; provided, however, that up to 5 % of the aggregate number of shares that may be issued under the 2024 Plan may be subject to awards which do not meet such vesting requirements. The maximum term of any stock option or stock appreciation right awards under 2024 Plan is ten years. All shares that remained eligible for grant under the Company’s 2010 Equity Incentive Plan and 2023 Inducement Plan at the time of approval of the 2024 Plan were transferred to the 2024 Plan. 2024 Inducement Plan The Board adopted the Company’s 2024 Inducement Plan (Inducement Plan) in September 2024. The Inducement Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other stock-related awards. Stock awards granted under the Inducement Plan may only be made to individuals who did not previously serve as employees or non-employee directors of the Company or an affiliate of the Company. In addition, stock awards must be approved by either a majority of the Company’s independent directors or the Compensation Committee. The terms of the Inducement Plan are otherwise substantially similar to the 2024 Plan. The maximum number of shares of Company common stock that may be issued under the Inducement Plan is 2,400,000 shares. At September 30, 2024, there were 1,805,595 shares available for new grants.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, the Company may be required to make milestone payments up to $ 3.4 billion in the aggregate for candidates in its pipeline, of which, pursuant to the license agreement with Neuren, $ 50.0 million is payable to Neuren within 60 days following Neuren’s invoice delivered after December 31, 2024 as the Co mpany ’s aggregate net revenue of trofinetide in North America for the treatment of Rett syndrome exceeded $ 250.0 million in September 2024. The Company capitalized the $ 50.0 million milestone payment as an intangible asset and amortizes it on a straight-line basis over the estimated useful life of the licensed patents. 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 will 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 connection with the FDA approval of DAYBUE, the Company paid a milestone payment of $ 40.0 million to Neuren following the first commercial sale of DAYBUE pursuant to the license agreement. The Company capitalized the $ 40.0 million milestone payment as an intangible asset as it was deemed probable of occurring as of March 31, 2023. In addition, the Company was granted a Rare Pediatric Disease Priority Review Voucher ( PRV) following the FDA approval of DAYBUE. Pursuant to the license agreement, the Company is required to pay Neuren one third of the value of the PRV at the time of sale or use of the PRV. The Company capitalized the $ 29.6 million for the estimated PRV value owed to Neuren as an intangible asset. In July 2023, the Company expanded its licensing agreement for trofinetide with Neuren to acquire rights to the drug outside of North America as well as global rights in Rett syndrome and Fragile X syndrome to Neuren’s development candidate NNZ-2591. Under the terms of the expanded agreement, Neuren received an upfront payment of $ 100.0 million and is eligible to receive up to an additional $ 426.3 million in milestone payments based on the achievement of certain commercial and sales milestones for trofinetide outside of North America and up to $ 831.3 million in milestone payments based on the achievement of certain development and sales milestones for NNZ-2591. In addition, the Company will be required to pay Neuren tiered royalties from the mid-teens to low-twenties percent of trofinetide net sales outside of North America. Percentage royalties related to NNZ-2591 net sales are identical to the trofinetide in each of North America and outside North America. The expanded license agreement was accounted for as an asset acquisition and the upfront cash payment of $ 100.0 million was expensed to research and development in the third quarter of 2023 as there is no alternative use for the asset. In January 2022, the Company entered into a license and collaboration agreement with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for the 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 Patent Infringement 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 (Pimavanserin I Cases). 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 the 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 the 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. 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 February 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 22, 2022, the Company filed a stipulation and proposed order of non-infringement against Aurobindo regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 22, 2022. On April 26, 2022, the Company filed a stipulation and proposed order of non-infringement against MSN regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 26, 2022. On April 26, 2022, the Company filed a stipulation and proposed order of non-infringement against Teva regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on April 27, 2022. On May 10, 2022, the Company filed its second amended complaint against Teva to include an additional Orange Book-listed patent covering NUPLAZID. On May 18, 2022, the Company filed a stipulation and proposed order of non-infringement against Zydus regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID, which was ordered by the Court on May 19, 2022. On May 24, 2022, Teva 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 June 1, 2022, the Company filed its second amended complaint against Aurobindo alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 2, 2022, the Company filed its third amended complaint against Zydus alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On June 14, 2022, the Company filed its answer to Teva’s counterclaims. June 15, 2022, Aurobindo 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 June 16, 2022, Zydus filed its answer, affirmative defenses, and counterclaims to the Company’s third amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On July 6, 2022, the Company filed its answer to Aurobindo’s counterclaims. On September 7, 2022, the consolidated cases were reassigned to the Honorable Judge Gregory B. Williams. On September 30, 2022, the Company filed a stipulation and proposed order to stay the claims currently asserted against Teva and for Teva to be bound by the result of the litigation rendered against the remaining Defendants, which was ordered by the Court on October 4, 2022. On October 21, 2022, the Company filed complaints against Aurobindo, MSN and Zydus in the United States District Court for the District of Delaware alleging infringement of an additional Orange Book-listed patent covering NUPLAZID (Pimavanserin II Cases). On March 29, 2023, following Aurobindo’s conversion of various patent certifications from Paragraph IV certifications to Paragraph III certifications in connection with the Pimavanserin I Case, the Company filed a stipulation and proposed order in the Pimavanserin I Case to dismiss the remaining asserted patents against Aurobindo. This stipulation was ordered by the Court on March 30, 2023. The Company entered into an agreement, effective March 31, 2023, with Zydus settling all claims and counterclaims in the Pimavanserin I Cases and Pimavanserin II Cases. The agreement allows Zydus to launch its generic pimavanserin 10 mg products on September 23, 2036 and 34 mg products on February 27, 2038, subject to certain triggers for earlier launch. On April 4, 2023, the Company filed a stipulation and proposed order to dismiss all claims and counterclaims between the Company and Zydus in the Pimavanserin I Cases and Pimavanserin II Cases, which was ordered by the Court on April 5, 2023. As a result of the above, only MSN remained as an active defendant in the Pimavanserin I Cases. On April 6, 2023, the Company and MSN filed a stipulation and proposed order requesting adjournment of the final pre-trial conference and trial, and requesting resolution of the remaining issue – MSN’s validity challenge of the sole patent in suit – through summary judgment briefing by the parties, which was ordered by the Court on April 10, 2023. Briefing was completed on June 28, 2023 and oral argument took place on September 27, 2023. On December 13, 2023, the Court ruled in the Company’s favor on the summary judgment motions – denying MSN’s motion for summary judgment of invalidity and granting the Company’s cross-motion for no invalidity. MSN had previously stipulated to infringement of the patent-in-suit. On January 11, 2024, the District Court entered final judgment in the Company’s favor that MSN’s submission of ANDA No. 214925 was an act of infringement in the Pimavanserin I Case. On January 18, 2024, MSN filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit from the December 13, 2023 Memorandum Order of the United States District Court for the District of Delaware, and final judgment entered on January 11, 2024. On February 12, 2024, the Company filed an Entry of Appearance for the appeal to the United States Court of Appeals for the Federal Circuit. MSN’s Opening Appeal Brief was filed on March 29, 2024, the Company’s Response Brief was filed on May 29, 2024, MSN’s Reply Brief was filed on June 20, 2024, and the Joint Appendix was filed on June 26, 2024. As of the date of this report, an oral argument in this appeal had not been scheduled. In connection with the Pimavanserin II cases, MSN and Aurobindo are the remaining defendants. On December 13, 2023, the Court issued a claim construction order finding in favor of the Company on all disputed terms of the patent-in-suit. Fact discovery closed on March 21, 2024. Trial is scheduled in the matter for December 3, 2024 to December 5, 2024. Securities Class Action On April 19, 2021, a purported stockholder of the Company filed a putative securities class action complaint (captioned City of Birmingham Relief Retirement Systems 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. 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. The amended complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, by failing to disclose that the materials submitted in support of its Supplemental New Drug Application (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 amended complaint seeks unspecified monetary damages and other relief. On March 11, 2024, the Court granted plaintiffs’ motion for class certification and appointment of class representatives and class counsel. Except for one deposition scheduled in January 2025, fact discovery is closed and the parties are currently engaged in expert discovery. A case management conference is currently set for November 12, 2024. Opt Out Litigation On March 7, 2024, a purported stockholder of the Company filed a complaint (captioned Alger Dynamic Opportunities Fund v. Acadia Pharmaceuticals, Inc. , Case No. 24-cv-00451) in the U.S. District Court for the Southern District of California against the Company and one executive officer. The complaint is based on the same underlying allegations as the Securities Class Action, and alleged claims under federal and state securities laws, and for common law fraud and negligent misrepresentations. On May 24, 2024, Defendants moved to dismiss the complaint. On October 31, 2024, the Court granted in part and denied in part Defendants’ motion to dismiss. The Court dismissed with leave to amend the purported stockholder’s state and common law claims, as well as the claim brought under Section 18(a) of the Securities Exchange Act of 1934. Any amended complaint is due to be filed no later than November 21, 2024. Derivative Suit On December 15, 2023, a purported stockholder of the Company filed a derivative action (captioned Kanner et al v. Biggar et al. , Case No. 23-cv-2293) in the U.S. District Court for the Southern District of California against certain of the Company’s current directors. The Company is named as a nominal defendant. The complaint is based on the same alleged misconduct as the Securities Class Action, and asserts state law claims, on behalf of the Company, against the individual defendants for breach of fiduciary duty, unjust enrichment, abuse of control, waste of corporate assets, and insider trading. The complaint also asserts federal claims under sections 10(b), 21D, and 14(a) of the Securities Exchange Act of 1934, as amended. On December 27, 2023, the action was reassigned to District Judge William Q. Hayes and Magistrate Judge Michael S. Berg due to its relation to the Securities Class Action. On January 30, 2024, the parties jointly requested a stay of the action. The Court granted that request and the action was stayed on February 20, 2024, pending the outcome of our Demand Review Committee’s investigation into the underlying claims. Given the unpredictability inherent in litigation, 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	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	10. Leases The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.4 years to 6.7 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 2,656 $ 2,706 $ 8,293 $ 7,628 Operating sublease income ( 577 ) — ( 1,247 ) — Net operating lease cost $ 2,079 $ 2,706 $ 7,046 $ 7,628 Supplemental cash flow information related to the Company’s leases were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,670 $ 2,342 $ 7,753 $ 7,062 Right-of-use assets obtained in exchange for operating lease obligations: ( 6,662 ) — ( 2,478 ) 214 The balance sheet classification of the Company’s lease liabilities was as follows (in thousands): September 30, December 31, Operating lease liabilities Current portion included in accrued liabilities $ 8,949 $ 9,405 Operating lease liabilities 40,421 47,800 Total operating lease liabilities $ 49,370 $ 57,205 Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2024 $ 2,582 Years ending December 31, 2025 8,763 2026 7,970 2027 8,112 2028 8,337 Thereafter 20,671 Total lease payments 56,435 Less: Imputed interest ( 7,065 ) Total operating lease liabilities $ 49,370 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 September 30, 2024, the weighted average remaining lease term was 6.4 years and the weighted average discount rate used to determine the operating lease liability was 4.2 % . 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. In May 2023, the Company entered into an agreement to sublease its 2 nd floor of corporate office space in San Diego to a sublessee with a total minimum sublease income of $ 18.4 million over a term of approximately 7 years and 6 months . The Company delivered full possession of its 2 nd floor of corporate office space to the sublessee in August 2023 and began receiving sublease payments in December 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes For the three months ended September 30, 2024 and 2023 , the Company recognized an income tax expense of $ 6.0 million on a pre-tax income of $ 38.8 million and income tax expense of $ 13.0 million on a pre-tax loss of $ 52.1 million, respectively, resulting in effective tax rates of 15.5 % and - 25.0 %, respectively. The effective tax rate for the three months ended September 30, 2024 varies from the U.S. federal statutory tax rate of 21 % due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the three months ended September 30, 2023 varies from the U.S. federal statutory tax rate of 21 % due to state income tax expense as a result of current taxable income, offset by valuation allowance. For the nine months ended September 30, 2024 and 2023 , the Company recognized an income tax expense of $ 14.3 million on a pre-tax income of $ 97.0 million and income tax expense of $ 16.3 million on a pre-tax loss of $ 90.7 million, respectively, resulting in effective tax rates of 14.7 % and - 18.0 %, respectively. The effective tax rate for the nine months ended September 30, 2024 varies from the U.S. federal statutory tax rate of 21 % due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the nine months ended September 30, 2023 varies from the U.S. federal statutory tax rate of 21 % due to state income tax expense as a result of current taxable income, offset by valuation allowance.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	12. Subsequent Event In November 2024, the Company entered into a definitive asset purchase agreement to sell its Rare Pediatric Disease PRV for $ 150.0 million. The closing of the transaction is subject to customary closing conditions, including expiration of applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act. Pursuant to the license agreement with Neuren, the Company is required to pay Neuren one third of the net proceeds from the sale of the PRV.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated 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 unaudited condensed consolidated financial statements and the accompanying notes. Actual results could differ materially from those estimates.
Risk and Uncertainties	Risk and Uncertainties Global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, recession risks, recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures and potential disruptions from geopolitical and military conflicts and related sanctions. The Company continues to actively monitor the impact of these macroeconomic factors on its financial condition, liquidity, operations and workforce. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business.
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 unaudited condensed consolidated statements of cash flows that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Beginning of End of Beginning of End of Cash and cash equivalents $ 188,657 $ 155,149 $ 114,846 $ 98,193 Restricted cash 5,770 8,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 194,427 $ 163,919 $ 120,616 $ 103,963
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 September 30, 2024 the Company determined that an allowance for credit loss was not required.
Revenues	Revenues The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, all of which are sales in the U.S. Revenues by product are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NUPLAZID $ 159,186 $ 144,828 $ 446,518 $ 405,308 DAYBUE 91,215 66,871 251,677 90,088 Product sales, net $ 250,401 $ 211,699 $ 698,195 $ 495,396
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. The Company has capitalized a total of $ 119.6 million as intangible assets following the FDA approval and sale of DAYBUE pursuant to its 2018 license agreement with Neuren Pharmaceuticals Limited (Neuren), as disclosed in Note 9. The intangible assets are amortized on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded total amortization expense related to these intangible assets of $ 2.3 million and $ 1.4 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded total amortization expense related to these intangible assets of $ 10.0 million and $ 2.7 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, estimated future amortization expense related to the Company’s intangible assets was $ 2.3 million for the remainder of 2024, and $ 9.4 million for each subsequent year. Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized.
Intangible Assets	Intangible Assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such intangible assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of intangible the assets exceeds the estimated fair value of the intangible assets. No impairment loss was recorded on intangible assets during the three and nine months ended September 30, 2024 and 2023.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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 unaudited condensed consolidated statements of cash flows that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Beginning of End of Beginning of End of Cash and cash equivalents $ 188,657 $ 155,149 $ 114,846 $ 98,193 Restricted cash 5,770 8,770 5,770 5,770 Total cash, cash equivalents and restricted cash shown in $ 194,427 $ 163,919 $ 120,616 $ 103,963
Schedule of revenue consist of product sales to customers	The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, all of which are sales in the U.S. Revenues by product are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NUPLAZID $ 159,186 $ 144,828 $ 446,518 $ 405,308 DAYBUE 91,215 66,871 251,677 90,088 Product sales, net $ 250,401 $ 211,699 $ 698,195 $ 495,396

Earnings (Net Loss) Per Share (

Earnings (Net Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net income (loss) - basic and diluted $ 32,765 $ ( 65,176 ) $ 82,709 $ ( 107,083 ) Weighted average shares outstanding: Basic 165,974 164,234 165,443 163,488 Effect of potentially dilutive common shares from: Equity awards 154 — 623 — Employee stock purchase plan rights 50 — 70 — Diluted 166,178 164,234 166,136 163,488 Earnings (net loss) per share: Basic $ 0.20 $ ( 0.40 ) $ 0.50 $ ( 0.65 ) Diluted $ 0.20 $ ( 0.40 ) $ 0.50 $ ( 0.65 ) Potentially dilutive shares excluded from per share amounts as their effect 20,218 22,109 18,444 22,109

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [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 unaudited condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of product sales $ 383 $ 276 $ 898 $ 644 Research and development 3,863 5,063 11,705 12,701 Selling, general and administrative 21,918 13,200 43,996 35,053 $ 26,164 $ 18,539 $ 56,599 $ 48,398

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): September 30, December 31, Finished goods $ 19,129 $ 5,001 Work in process 25,433 4,134 Raw material 42,178 31,312 $ 86,740 $ 40,447 Reported as: Inventory $ 61,041 $ 35,819 Long-term inventory 25,699 4,628 Total $ 86,740 $ 40,447
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, Accrued sales allowances $ 135,943 $ 90,718 Accrued contingent payments 79,583 29,583 Accrued compensation and benefits 37,022 42,718 Accrued consulting and professional fees 28,580 18,804 Accrued research and development services 22,063 32,883 Current portion of lease liabilities 8,949 9,405 Other 12,724 12,600 $ 324,864 $ 236,711

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 240,310 $ 562 $ ( 1 ) $ 240,871 Government sponsored enterprise securities 168,987 350 ( 27 ) 169,310 $ 409,297 $ 912 $ ( 28 ) $ 410,181 December 31, 2023 Amortized Unrealized Unrealized Estimated U.S. Treasury notes $ 75,315 $ 47 $ ( 28 ) $ 75,334 Government sponsored enterprise securities 174,867 119 ( 112 ) 174,874 $ 250,182 $ 166 $ ( 140 ) $ 250,208
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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 U.S. Treasury notes $ 9,826 $ ( 1 ) $ — $ — $ 9,826 $ ( 1 ) Government sponsored enterprise securities 38,118 ( 27 ) — — 38,118 ( 27 ) Total $ 47,944 $ ( 28 ) $ — $ — $ 47,944 $ ( 28 ) Less Than 12 Months 12 Months or Greater Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2023 U.S. Treasury notes $ 41,366 $ ( 28 ) $ — $ — $ 41,366 $ ( 28 ) Government sponsored enterprise securities 108,587 ( 112 ) — — 108,587 ( 112 ) Total $ 149,953 $ ( 140 ) $ — $ — $ 149,953 $ ( 140 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 consisted of the following (in thousands): Fair Value Measurements at September 30, Quoted Prices Significant Significant Assets Money market fund $ 51,642 $ 51,642 $ — $ — U.S. Treasury notes 263,222 263,222 — — Government sponsored enterprise securities 169,310 — 169,310 — Total $ 484,174 $ 314,864 $ 169,310 $ — Fair Value Measurements at December 31, Quoted Prices Significant Significant Assets Money market fund $ 64,586 $ 64,586 $ — $ — U.S. Treasury notes 75,334 75,334 — — Government sponsored enterprise securities 174,874 — 174,874 — Total $ 314,794 $ 139,920 $ 174,874 $ — Liabilities Cash awards $ 4,506 $ — $ — $ 4,506 Total $ 4,506 $ — $ — $ 4,506
Schedule of Changes in Estimated Fair Value of Contingent Cash Awards	Changes in estimated fair value of contingent cash awards during the nine months ended September 30, 2024 are as follows (in thousands): Balance as of December 31, 2023 $ 4,506 Vesting of awards — Expense forfeited ( 392 ) Change in fair value ( 4,114 ) Balance as of September 30, 2024 $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Operating Lease Costs	The operating lease costs were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 2,656 $ 2,706 $ 8,293 $ 7,628 Operating sublease income ( 577 ) — ( 1,247 ) — Net operating lease cost $ 2,079 $ 2,706 $ 7,046 $ 7,628
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,670 $ 2,342 $ 7,753 $ 7,062 Right-of-use assets obtained in exchange for operating lease obligations: ( 6,662 ) — ( 2,478 ) 214
Summary of Balance Sheet Classification of Lease Liabilities	The balance sheet classification of the Company’s lease liabilities was as follows (in thousands): September 30, December 31, Operating lease liabilities Current portion included in accrued liabilities $ 8,949 $ 9,405 Operating lease liabilities 40,421 47,800 Total operating lease liabilities $ 49,370 $ 57,205
Summary of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2024 $ 2,582 Years ending December 31, 2025 8,763 2026 7,970 2027 8,112 2028 8,337 Thereafter 20,671 Total lease payments 56,435 Less: Imputed interest ( 7,065 ) Total operating lease liabilities $ 49,370

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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	$ 155,149	$ 188,657	$ 98,193	$ 114,846
Restricted cash	8,770	5,770	5,770	5,770
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 163,919	$ 194,427	$ 103,963	$ 120,616

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Revenues consist of product sales to customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 250,401	$ 211,699	$ 698,195	$ 495,396
NUPLAZID
Disaggregation of Revenue [Line Items]
Total revenues	159,186	144,828	446,518	405,308
DAYBUE
Disaggregation of Revenue [Line Items]
Total revenues	$ 91,215	$ 66,871	$ 251,677	$ 90,088

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Intangible assets, net	105,515		105,515		$ 65,490
Amortization of intangible assets			9,975	2,728
Neuren Pharmaceuticals Limited [Member] | License Agreements [Member]
Other Commitments [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2024	2,300		2,300
Amortization of intangible assets	2,300	$ 1,400	10,000	$ 2,700
Finite-Lived Intangible Assets, Amortization Expense, Subsequent year	9,400		9,400
FDA Approval Of DAYBUE [Member] | Neuren Pharmaceuticals Limited [Member] | License Agreements [Member]
Other Commitments [Line Items]
Intangible assets, net	$ 119,600		$ 119,600

Earnings (Net Loss) Per Share -

Earnings (Net Loss) Per Share - Net Income (Loss) Per Common Share - Summary of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) - basic	$ 32,765	$ (65,176)	$ 82,709	$ (107,083)
Net income (loss) - diluted	$ 32,765	$ (65,176)	$ 82,709	$ (107,083)
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted Average Number of Shares Outstanding, Basic	165,974	164,234	165,443	163,488
Earnings Per Share [Abstract]
Earnings Per Share, Basic	$ 0.2	$ (0.4)	$ 0.5	$ (0.65)
Earnings Per Share, Diluted	$ 0.2	$ (0.4)	$ 0.5	$ (0.65)
Potentially dilutive shares excluded from per share amounts as their effectwould have been anti-dilutive	20,218	22,109	18,444	22,109
Effect of potentially dilutive common shares from
Weighted average common shares outstanding, diluted	166,178	164,234	166,136	163,488
Equity Awards [Member]
Effect of potentially dilutive common shares from
Potentially dilutive common shares	154	0	623	0
Employee Stock Purchase Plan Rights [Member]
Effect of potentially dilutive common shares from
Potentially dilutive common shares	50	0	70	0

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 26,164	$ 18,539	$ 56,599	$ 48,398
Cost of Product Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	383	276	898	644
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,863	5,063	11,705	12,701
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 21,918	$ 13,200	$ 43,996	$ 35,053

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Chief Executive Officer (CEO)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 10.7

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 19,129	$ 5,001
Work in process	25,433	4,134
Raw material	42,178	31,312
Total	86,740	40,447
Inventory	61,041	35,819
Long-term inventory	$ 25,699	$ 4,628

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued sales allowances	$ 135,943	$ 90,718
Accrued contingent payments	79,583	29,583
Accrued compensation and benefits	37,022	42,718
Accrued consulting and professional fees	28,580	18,804
Accrued research and development services	22,063	32,883
Current portion of lease liabilities	8,949	9,405
Other	12,724	12,600
Accrued liabilities	$ 324,864	$ 236,711

Investments - Carrying Value an

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 410,181	$ 250,208
Debt and equity securities, Amortized Cost	409,297	250,182
Debt and equity securities, Unrealized Gains	912	166
Debt and equity securities, Unrealized Losses	(28)	(140)
Debt and equity securities, Estimated Fair Value	410,181	250,208
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	240,310	75,315
Debt securities, Unrealized Gains	562	47
Debt securities, Unrealized Losses	(1)	(28)
Debt securities, Estimated Fair Value	240,871	75,334
Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	168,987	174,867
Debt securities, Unrealized Gains	350	119
Debt securities, Unrealized Losses	(27)	(112)
Debt securities, Estimated Fair Value	$ 169,310	$ 174,874

Investments - Additional Inform

Investments - Additional Information (Detail) - Security	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Number of available-for-sale investment securities in unrealized loss position	7	21

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	Sep. 30, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 47,944	$ 149,953
Less Than 12 Months, Unrealized Losses	(28)	(140)
Total, Estimated Fair Value	47,944	149,953
Total, Unrealized Losses	(28)	(140)
US Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	9,826	41,366
Less Than 12 Months, Unrealized Losses	(1)	(28)
Total, Estimated Fair Value	9,826	41,366
Total, Unrealized Losses	(1)	(28)
Government Sponsored Enterprises Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	38,118	108,587
Less Than 12 Months, Unrealized Losses	(27)	(112)
Total, Estimated Fair Value	38,118	108,587
Total, Unrealized Losses	$ (27)	$ (112)

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	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	$ 484,174	$ 314,794
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure		4,506
Money market fund
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	51,642	64,586
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	314,864	139,920
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	51,642	64,586
Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	169,310	174,874
Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure		4,506
U.S. Treasury notes
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	263,222	75,334
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	263,222	75,334
Government Sponsored Enterprises Securities [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	169,310	174,874
Government Sponsored Enterprises Securities [Member] | Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, fair value disclosure	$ 169,310	174,874
Cash awards | Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure		4,506
Cash awards | Significant Unobservable Inputs (Level 3) | Cash
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Financial liabilities, fair value disclosure		$ 4,506

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Contingent Cash Awards (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Balance as of December 31, 2023	$ 4,506
Vesting of Awards	0
Expense forfeited	(392)
Change in fair value	(4,114)
Balance as of September 30, 2024	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 30, 2021	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Maximum amount paid as cash awards to employees	$ 15.1	$ 9.2			$ 9.2
Fair value of awards	$ 4.4				0
Compensation cost related to the awards		$ 0		$ 1	$ 4.5	$ 0.2
Performance-based Stock Awards
Class of Stock [Line Items]
Granted award Percentage			150%
2024 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Shares issued, shares					5
2024 Inducement Plan [Member]
Class of Stock [Line Items]
Shares granted		1,805,595			1,805,595
Maximum [Member] | 2024 Inducement Plan [Member]
Class of Stock [Line Items]
Shares issued, shares		2,400,000			2,400,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended				9 Months Ended
	Jul. 31, 2023	Jan. 31, 2022	Aug. 31, 2018	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2018	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Contractual obligation is payable within 60 days				$ (50,000)				$ (50,000)
Loss (gain) on strategic investment								0	$ 5,109
Research and development				66,606	$ 156,963			202,518	284,878
Restricted cash				8,770	$ 5,770			8,770	5,770	$ 5,770	$ 5,770
Letter of Credit | Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash				2,000				2,000
Letter of Credit | Fleet Program
Other Commitments [Line Items]
Restricted cash				400				400
Stoke Therapeutics, Inc. [Member] | Research and Development [Member]
Other Commitments [Line Items]
Collaborative Arrangements Upfront Consideration And Transaction Payment		$ 60,000
Mile stone payments payable		907,500
Upfront consideration and transaction costs		$ 60,000
Collaboration agreement description		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
License Agreements | North America
Other Commitments [Line Items]
Mile stone payments payable						$ 40,000
License Agreements | Neuren | North America
Other Commitments [Line Items]
Upfront payment	$ 100,000
Mile stone payments payable				50,000				50,000
Upfront license fee			$ 10,000
Net sales								250,000
Milestone payment as intangible asset						40,000
PRV liability						$ 29,600
License Agreements | Neuren | Research and Development [Member] | North America
Other Commitments [Line Items]
Upfront payment							$ 10,000		$ 100,000
License Agreements | Neuren | Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Upfront payment	831,300
Maximum
Other Commitments [Line Items]
Mile stone payments payable				$ 3,400,000				$ 3,400,000
Maximum | License Agreements | Neuren | North America
Other Commitments [Line Items]
Mile stone payments payable	$ 426,300		$ 455,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) Term	Sep. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2024 USD ($) Term	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Dec. 31, 2018 USD ($)
Lessee Lease Description [Line Items]
Operating lease, description				The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.4 years to 6.7 years, some of which include options to extend for up to two five-year terms.
Operating lease, options to extend				some of which include options to extend for up to two five-year terms.
Weighted average remaining lease term	6 years 4 months 24 days			6 years 4 months 24 days
Weighted average discount rate	4.20%			4.20%
Capitalization of lease liability			$ 19,200					$ 40,300
Restricted cash	$ 8,770	$ 5,770		$ 8,770	$ 5,770	$ 5,770	$ 5,770
Operating sublease income	$ 577	$ 0		$ 1,247	$ 0
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating leases arrangement term											10 years 9 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
Operating leases arrangement term										10 years 7 months
Lease commencement period			first quarter of 2021
San Diego
Lessee Lease Description [Line Items]
Sublease Agreement Term	7 years 6 months			7 years 6 months
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining lease term	4 months 24 days			4 months 24 days
Minimum [Member] | San Diego
Lessee Lease Description [Line Items]
Operating sublease income				$ 18,400
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	6 years 8 months 12 days			6 years 8 months 12 days
Number of renewal option terms | Term	2			2
Operating lease, renewal term	5 years			5 years

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 2,656	$ 2,706	$ 8,293	$ 7,628
Operating sublease income	(577)	0	(1,247)	0
Net operating lease cost	$ 2,079	$ 2,706	$ 7,046	$ 7,628

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating cash flows from operating leases	$ 2,670	$ 2,342	$ 7,753	$ 7,062
Right-of-use assets obtained in exchange for operating lease obligations:	$ (6,662)	$ 0	$ (2,478)	$ 214

Leases - Summary of Balance She

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Current portion included in accrued liabilities	$ 8,949	$ 9,405
Operating Lease Liability Current Statement Of Financial Position Extensible List	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 40,421	$ 47,800
Total operating lease liabilities	$ 49,370	$ 57,205

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Lease Liabilities [Abstract]
Remainder of 2024	$ 2,582
2025	8,763
2026	7,970
2027	8,112
2028	8,337
Thereafter	20,671
Total lease payments	56,435
Less:
Imputed interest	(7,065)
Total operating lease liabilities	$ 49,370	$ 57,205

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (6,041)	$ (13,033)	$ (14,281)	$ (16,344)
Income (loss) before income taxes	$ (38,806)	$ 52,143	$ (96,990)	$ 90,739
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%	21%
Effective Income Tax Rate Reconciliation, Deduction, Percent, Total	15.50%	(25.00%)	14.70%	(18.00%)

Subsequent Event (Additional In

Subsequent Event (Additional Information) (Details) $ in Millions	Nov. 30, 2024 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Asset purchase agreement	$ 150