ACADIA Pharmaceuticals (ACAD) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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 Common Stock, Shares Outstanding		160,755,971
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-50768
Entity Tax Identification Number	06-1376651
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	12830 El Camino Real, Suite 400
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	558-2871
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 94,640	$ 326,028
Investment securities, available-for-sale	445,651	305,930
Accounts receivable, net	60,696	48,247
Interest and other receivables	972	2,035
Inventory	14,336	9,682
Prepaid expenses	24,622	25,694
Total current assets	640,917	717,616
Property and equipment, net	8,581	9,161
Operating lease right-of-use assets	60,032	47,283
Restricted cash	5,770	5,770
Other assets	2,373	2,786
Total assets	717,673	782,616
Liabilities and stockholders’ equity
Accounts payable	7,722	8,493
Accrued liabilities	80,496	97,474
Total current liabilities	88,218	105,967
Operating lease liabilities	57,677	44,460
Other long-term liabilities	4,823	5,180
Total liabilities	150,718	155,607
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 225,000,000 shares authorized at September 30, 2021 and December 31, 2020; 160,690,916 shares and 159,637,771 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	16	16
Additional paid-in capital	2,677,422	2,612,663
Accumulated deficit	(2,110,482)	(1,985,706)
Accumulated other comprehensive (loss) income	(1)	36
Total stockholders’ equity	566,955	627,009
Total liabilities and stockholders’ equity	$ 717,673	$ 782,616

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	160,690,916	159,637,771
Common stock, shares outstanding	160,690,916	159,637,771

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Total revenues	$ 131,612	$ 120,577	$ 353,387	$ 320,748
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	$ 3,688	$ 2,005	$ 8,399	$ 7,703
License fees and royalties	2,994	2,796	8,181	7,546
Research and development	58,565	120,083	172,473	257,014
Selling, general and administrative	81,666	81,592	290,116	267,909
Total operating expenses	146,913	206,476	479,169	540,172
Loss from operations	(15,301)	(85,899)	(125,782)	(219,424)
Interest income, net	129	1,242	462	6,056
Other income (expense)	383	(202)	706	(1,262)
Loss before income taxes	(14,789)	(84,859)	(124,614)	(214,630)
Income tax expense	(332)	(199)	162	194
Net loss	$ (14,457)	$ (84,660)	$ (124,776)	$ (214,824)
Net loss per common share, basic and diluted	$ (0.09)	$ (0.54)	$ (0.78)	$ (1.37)
Weighted average common shares outstanding, basic and diluted	160,663	158,129	159,651	156,683

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (14,457)	$ (84,660)	$ (124,776)	$ (214,824)
Other comprehensive income:
Unrealized (loss) gain on investment securities	(41)	(967)	(43)	216
Foreign currency translation adjustments	3	(4)	6	(4)
Comprehensive loss	$ (14,495)	$ (85,631)	$ (124,813)	$ (214,612)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (124,776)	$ (214,824)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	50,735	63,227
Amortization of premiums and accretion of discounts on investment securities	1,766	821
Amortization of intangible assets	1,108	1,108
(Gain) loss on strategic investment	(706)	1,262
Loss on disposal of assets		281
Depreciation	1,701	986
Non-cash in-process research and development		44,280
Changes in operating assets and liabilities:
Accounts receivable, net	(12,449)	(10,563)
Interest and other receivables	1,063	653
Inventory	(4,427)	(1,671)
Prepaid expenses	1,072	(11,403)
Operating lease right-of-use assets	4,794	2,863
Other assets	11	50
Accounts payable	(771)	(3,751)
Accrued liabilities	(17,260)	17,853
Operating lease liabilities	(4,044)	(587)
Long-term liabilities	(357)	737
Net cash used in operating activities	(102,540)	(108,678)
Cash flows from investing activities
Purchases of investment securities	(453,847)	(100,808)
Maturities of investment securities	312,317	415,863
Purchases of property and equipment	(1,121)	(5,588)
Net cash (used in) provided by investing activities	(142,651)	309,467
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	13,797	62,870
Net cash provided by financing activities	13,797	62,870
Effect of exchange rate changes on cash	6	(4)
Net (decrease) increase in cash, cash equivalents and restricted cash	(231,388)	263,655
Cash, cash equivalents and restricted cash
Beginning of period	331,798	194,467
End of period	$ 100,410	458,122
Supplemental disclosure of noncash information:
Common stock issues in connection with merger agreement		44,280
Property and equipment purchases in accounts payable and accrued liabilities		$ 926

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 699,135	$ 15	$ 2,402,945	$ (1,704,122)	$ 297
Issuance of common stock from exercise of stock optionsand units		1	58,899
Common stock issues in connection with merger agreement	44,280		44,280
Issuance of common stock pursuant to employee stockpurchase plan			3,970
Stock-based compensation			63,194
Net loss	(214,824)			(214,824)
Other comprehensive (loss) income	212
Ending balance at Sep. 30, 2020	654,867	16	2,573,288	(1,918,946)	509
Beginning balance at Jun. 30, 2020	663,013	15	2,495,804	(1,834,286)	1,480
Issuance of common stock from exercise of stock optionsand units		1	11,714
Common stock issues in connection with merger agreement			44,280
Stock-based compensation			21,490
Net loss	(84,660)			(84,660)
Other comprehensive (loss) income	(971)
Ending balance at Sep. 30, 2020	654,867	16	2,573,288	(1,918,946)	509
Beginning balance at Dec. 31, 2020	627,009	16	2,612,663	(1,985,706)	36
Issuance of common stock from exercise of stock optionsand units			10,060
Issuance of common stock pursuant to employee stockpurchase plan			3,737
Stock-based compensation			50,962
Net loss	(124,776)			(124,776)
Other comprehensive (loss) income	(37)
Ending balance at Sep. 30, 2021	566,955	16	2,677,422	(2,110,482)	(1)
Beginning balance at Jun. 30, 2021	564,838	16	2,660,809	(2,096,025)	38
Issuance of common stock from exercise of stock optionsand units			1,066
Stock-based compensation			15,547
Net loss	(14,457)			(14,457)
Other comprehensive (loss) income	(39)
Ending balance at Sep. 30, 2021	$ 566,955	$ 16	$ 2,677,422	$ (2,110,482)	$ (1)

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Organization and Business	1. Organization and Business Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The Company was originally incorporated in Vermont in 1993 as Receptor Technologies, Inc. and reincorporated in Delaware in 1997. In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID ®

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2020 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates . Risk and The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted the Company’s business. Sales of NUPLAZID in 2021 were negatively impacted by ongoing conditions related to the COVID-19 pandemic. At this time the Company cannot predict the magnitude of the pandemic or the have on . Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 326,028 $ 94,640 $ 189,680 $ 452,352 Restricted cash 5,770 5,770 4,787 5,770 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 331,798 $ 100,410 $ 194,467 $ 458,122 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, 2021 the Company determined that an allowance for credit loss was not required. License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale. In connection with the FDA approval of NUPLAZID in April 2016, the Company made a one-time milestone payment of $8.0 million pursuant to its 2006 license agreement with the Ipsen Group in which the Company licensed certain intellectual property rights that complement its patent portfolio for its serotonin platform, including NUPLAZID. The Company capitalized the $8.0 million payment as an intangible asset and is amortizing the asset on a straight-line basis over the estimated useful life of the licensed patents through the second half of 2021. The Company recorded amortization expense related to its intangible asset of $0.4 million and $1.1 million for each of the three and nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the intangible asset was fully amortized. Royalties incurred in connection with the Company’s license agreement with the Ipsen Group, as disclosed in Note 9, Commitments and Contingencies, Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed to research and development if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. The Company includes the costs of asset acquisitions as component of cash flows from operations on the consolidated statements of cash flows.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, employee stock purchase plan rights, restricted stock units, and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be anti-dilutive. The Company incurred net losses for all periods presented and there were no reconciling items for potentially dilutive securities .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	4. Stock-Based Compensation The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of product sales $ 439 $ 495 $ 1,025 $ 2,087 Research and development 5,176 7,953 17,325 23,645 Selling, general and administrative 9,931 12,924 32,385 37,495 $ 15,546 $ 21,372 $ 50,735 $ 63,227 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 vesting period. Performance-based stock awards vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these performance-based stock awards is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable. During the nine months ended September 30, 2021, the Company had a change in estimate related to the achievement of certain performance-based criteria for performance-based stock awards which resulted in a reduction in stock-based compensation expenses by approximately $6.8 million.

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Balance Sheet Details	5. Balance Sheet Details Inventory consisted of the following (in thousands): September 30, 2021 December 31, 2020 Finished goods $ 1,449 $ 1,453 Work in process 6,670 6,367 Raw material 6,217 1,862 $ 14,336 $ 9,682 Accrued liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued compensation and benefits $ 21,783 $ 25,811 Accrued research and development services 20,930 28,380 Accrued consulting and professional fees 16,866 18,969 Current portion of lease liabilities 8,150 5,087 Accrued sales allowances 8,050 14,115 Current portion of accrued branded prescription drug fees 1,959 1,845 Other 2,758 3,267 $ 80,496 $ 97,474

Investments

Investments	9 Months Ended
	Sep. 30, 2021
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, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury notes $ 179,885 $ 4 $ (11 ) $ 179,878 Government sponsored enterprise securities 56,018 — (6 ) 56,012 Municipal bonds 19,129 — (7 ) 19,122 Commercial paper 190,631 24 (16 ) 190,639 $ 445,663 $ 28 $ (40 ) $ 445,651 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury notes $ 205,111 $ 6 $ (27 ) $ 205,090 Government sponsored enterprise securities 10,004 — (5 ) 9,999 Corporate debt securities 52,341 47 — * 52,388 Commercial paper 38,443 21 (11 ) 38,453 $ 305,899 $ 74 $ (43 ) $ 305,930 _______________________ * Unrealized loss was less than $500. The Company has classified all of its available-for-sale investment securities as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company has classified all equity securities as other assets on its consolidated balance sheets. At September 30, 2021 and December 31, 2020, the Company had 32 and 24 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, 2021 and December 31, 2020, 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 Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses September 30, 2021 U.S. Treasury notes $ 105,515 $ (11 ) $ — $ — $ 105,515 $ (11 ) Government sponsored enterprise securities 56,012 (6 ) — — 56,012 (6 ) Municipal bonds 19,122 (7 ) — — 19,122 (7 ) Commercial paper 76,688 (16 ) — — 76,688 (16 ) Total $ 257,337 $ (40 ) $ — $ — $ 257,337 $ (40 ) Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2020: U.S. Treasury notes $ 129,631 $ (27 ) $ — $ — $ 129,631 $ (27 ) Government sponsored enterprise securities 10,004 (5 ) — — 10,004 (5 ) Corporate debt securities 6,252 — * — — 6,252 — * Commercial paper 23,466 (11 ) — — 23,466 (11 ) Total $ 169,353 $ (43 ) $ — $ — $ 169,353 $ (43 ) _______________________ * Unrealized loss was less than $500. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. The Company does not intend to sell the investments in unrealized loss position and it is unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at September 30, 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, U.S. Treasury notes, and 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, 2021 and December 31, 2020. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classification levels. The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities and equity securities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): Fair Value Measurements at Reporting Date Using September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund $ 76,248 $ 76,248 $ — $ — U.S. Treasury notes 179,878 179,878 — — Equity securities 2,015 2,015 — — Government sponsored enterprise securities 56,012 — 56,012 — Municipal bonds 19,122 — 19,122 — Commercial paper 200,638 — 200,638 — $ 533,913 $ 258,141 $ 275,772 $ — Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund $ 300,339 $ 300,339 $ — $ — U.S. Treasury notes 230,088 230,088 — — Equity securities 1,309 1,309 — — Government sponsored enterprise securities 9,999 — 9,999 — Corporate debt securities 52,388 — 52,388 — Commercial paper 38,453 — 38,453 — $ 632,576 $ 531,736 $ 100,840 $ —

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity In August 2020, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with CerSci Therapeutics Incorporated (CerSci). Approximately 1.2 million shares of the Company’s common stock with a value of $44.3 million were issued to CerSci’s former equity holders.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Royalty Payments Pursuant to the terms of its 2006 license agreement with the Ipsen Group, the Company is required to make royalty payments of two percent of net sales of NUPLAZID. This obligation terminated in October 2021 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. The Company incurred $5.0 million in milestone payments for the nine months ended September 30, 2021. As of September 30, 2021, the Company may be required to make milestone payments up to $2.2 billion in the aggregate. In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, the Company paid Neuren an upfront license fee of $10.0 million and it may be required to pay up to an additional $455.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company may be required to pay Neuren tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the third quarter of 2018 as there is no alternative use for the asset. In March 2020, Vanderbilt University and obtained exclusive worldwide rights to develop and commercialize novel drug candidates targeting positive allosteric modulators of the muscarinic M1 receptor (the M1 PAM program) with the potential to treat a range of central nervous system disorders. , the Company paid Vanderbilt University an upfront license fee of $10.0 million and may be required to pay up to $515.0 million in milestone payments Vanderbilt University In August 2020, the Company entered into the Merger Agreement with CerSci. The lead development program is a unique Reactive Species Decomposition Accelerant, a non-opioid mechanism focused on interrupting pathways that sensitize neurons to pain. The portfolio contains additional preclinical stage programs, including brain penetrant compounds, with potential for symptomatic and disease modifying treatment utility in neurodegenerative diseases. The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock. In addition, under the terms of the Merger Agreement, the Company may be required to pay CerSci’s former equity holders up to $887.0 million in cash upon the achievement of certain development, commercialization and sales milestones, in addition to tiered cash royalties in the mid-single digits based on annual net sales. As substantially all of the fair value of the gross assets acquired was concentrated in the in-process research and development intangible assets acquired, the Company concluded that this transaction did not meet the definition of a business combination pursuant to FASB Accounting Standard Codification Topic 805, Business Combinations. As such, the transaction was accounted for as an asset acquisition and the upfront consideration of $45.7 million was expensed to research and development in the third quarter of 2020 as there is no future alternative use for the assets. 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 Between July 19 and August 3, 2018, following negative publicity about NUPLAZID, three purported company stockholders filed putative securities class action complaints (captioned Staublein v. Acadia Pharmaceuticals, Inc., Case No. 18-cv-01647, Stone v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01672, and Barglow v. Acadia Pharmaceuticals Inc., Case No. 18-cv-01812) in the U.S. District Court for the Southern District of California against the Company and certain of its current and former executive officers. Thereafter, several putative lead plaintiffs filed motions to consolidate the cases and to appoint a lead plaintiff. On January 3, 2019, the Court consolidated the cases under the caption In re Acadia Pharmaceuticals Inc. Securities Litigation, Case No. 18-cv-01647, and took the lead plaintiff motions under submission. On February 26, 2019, the Court appointed a lead plaintiff and lead counsel. Lead plaintiff filed a consolidated complaint on April 15, 2019. The consolidated complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that adverse events and safety concerns regarding NUPLAZID threatened initial and continuing FDA approval, and by failing to disclose that the Company engaged in business practices likely to attract regulatory scrutiny. The consolidated complaint seeks unspecified monetary damages and other relief. Defendants filed a motion to dismiss the consolidated complaint on June 7, 2019. On June 1, 2020, the Court granted the motion in part and gave lead plaintiff leave to file an amended complaint. On July 16, 2020, lead plaintiff filed the amended complaint. Defendants filed a motion to dismiss the amended complaint on August 28, 2020. Lead plaintiff opposed the motion on September 15, 2020. Defendants’ reply in support of the motion to dismiss was filed on November 11, 2020. On March 29, 2021, the Court granted the defendants’ motion to dismiss with leave to amend. On April 16, 2021, lead plaintiff filed a third amended complaint On February 7, 2020, a purported company stockholder filed a derivative complaint (captioned Barney v. Davis et al., Case No. 20-cv-0238) in the U.S. District Court for the Southern District of California against the Company’s directors and certain of its current and former executive officers. The complaint asserts claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment arising from allegations similar to those in the federal securities class action described above. On September 9, 2020, the Court substituted plaintiffs and re-captioned the case Shumacher v. Davis et al., Case No. 20-cv-0238. On June 23, 2020, a second derivative complaint (captioned Lazarus v. Davis et al., Case No. 20-cv-0843) was filed in the U.S. District Court for the District of Delaware. On September 9, 2020, the Court transferred the Lazarus case to the U.S. District Court for the Southern District of California and re-captioned the case Lazarus v. Davis et al., Case No. 20-cv-1774. On January 15, 2021, the Court consolidated the cases under the name In re ACADIA Pharmaceuticals Inc. Stockholder Derivative Litigation, Case No. 20-cv-0238, appointed lead counsel for the plaintiffs, and designated the complaint in the Shumacher case as the operative complaint. The consolidated case is stayed until the defendants in the federal securities class action answer, or the federal securities class action is dismissed with prejudice and all appeals are exhausted, or any party to the stipulation to stay gives 15 days’ written notice that it no longer consents to the voluntary stay. On July 24, 2020, the Company filed complaints against ( i ) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against ( i ) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. The cases have been assigned to the Honorable Richard G. Andrews. On September 1, 2020, Aurobindo filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 22, 2020, the Company filed its answer to Aurobindo’s counterclaims. On August 31, 2020, Teva filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On September 21, 2020, the Company filed its answer to Teva’s counterclaims. On October 5, 2020, Hetero filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On October 26, 2020, the Company filed its answer to Hetero’s counterclaims. On September 30, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 5, 2020, the Company filed its first amended complaint against MSN in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID. On November 19, 2020, MSN filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On December 10, 2020, the Company filed its answer to MSN’s counterclaims. On November 2, 2020, Zydus filed its answer and counterclaims seeking declaratory judgments of noninfringement and invalidity. On November 23, 2020, the Company filed its answer to Zydus’s counterclaims. On December 8, 2020, the parties’ joint proposed scheduling order was entered by Judge Andrews. On April 7, 2021, the Company filed its first amended complaints against Hetero and Teva and its second amended complaint against MSN , to include an additional Orange Book-listed patent covering NUPLAZID. On April 8, 2021, the Company filed its first amended complaint against Zydus and on April 9, 2021, the Company filed its first amended complaint against Aurobindo. On April 20, 2021, MSN filed its answer, affirmative defenses, and counterclaims to the Company’s second amended complaint, seeking declaratory judgments of noninfringement and invalidity regarding certain of the Company’s Orange Book-listed patents covering NUPLAZID. On April 21, 2021, Teva filed its answer, affirmative defenses, and counterclaims to 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. A joint trial in the matters is scheduled for May 15, 2023. The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on July 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021. On April 19, 2021, a purported Company stockholder filed a putative securities class action complaint (captioned Marechal v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of its current executive officers. The complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the Company’s business, operations, and prospects by failing to disclose that the materials submitted in support of its 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 complaint seeks unspecified monetary damages and other relief. On June 21, 2021, five motions for lead plaintiff and lead counsel were filed. Thereafter, four of the five movants either withdrew their motions or filed statements of non-opposition. On September 29, 2021, the Court issued an order designating lead plaintiff and lead counsel. Management currently believes that none of the foregoing claims or actions pending against the Company as of September 30, 2021 is likely to have, individually or in the aggregate, a material adverse effect on the Company’s business, liquidity, financial position, or results of operations. Given the unpredictability inherent in litigation, however, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	10. Leases The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.3 years to 9.7 years, some of which include options to extend for up to two five-year The operating lease costs were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 2,014 $ 1,835 $ 7,016 $ 4,750 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, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,713 $ 1,128 $ 3,423 $ 3,710 Right-of-use assets obtained in exchange for operating lease obligations: 166 41,190 17,543 41,571 The balance sheet classification of the Company’s lease liabilities was as follows (in thousands): September 30, 2021 December 31, 2020 Operating lease liabilities Current portion included in accrued liabilities $ 8,150 $ 5,087 Operating lease liabilities 57,677 44,460 Total operating lease liabilities $ 65,827 $ 49,547 Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2021 $ 1,848 Years ending December 31, 2022 8,701 2023 8,482 2024 8,275 2025 8,355 Thereafter 44,275 Total lease payments 79,936 Less: Imputed interest (14,109 ) Total operating lease liabilities $ 65,827 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, 2021, the weighted average remaining lease term was 9.2 years and the weighted average discount rate used to determine the operating lease liability was 4.3%. In the fourth quarter of 2018, the Company entered into an agreement to lease the 4 th th $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 th th nd In connection with this lease and the amendment , the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2020 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates .
Risk and Uncertainties	Risk and The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted the Company’s business. Sales of NUPLAZID in 2021 were negatively impacted by ongoing conditions related to the COVID-19 pandemic. At this time the Company cannot predict the magnitude of the pandemic or the have on .
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 326,028 $ 94,640 $ 189,680 $ 452,352 Restricted cash 5,770 5,770 4,787 5,770 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 331,798 $ 100,410 $ 194,467 $ 458,122
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, 2021 the Company determined that an allowance for credit loss was not required.
License Fees and Royalties	License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale. In connection with the FDA approval of NUPLAZID in April 2016, the Company made a one-time milestone payment of $8.0 million pursuant to its 2006 license agreement with the Ipsen Group in which the Company licensed certain intellectual property rights that complement its patent portfolio for its serotonin platform, including NUPLAZID. The Company capitalized the $8.0 million payment as an intangible asset and is amortizing the asset on a straight-line basis over the estimated useful life of the licensed patents through the second half of 2021. The Company recorded amortization expense related to its intangible asset of $0.4 million and $1.1 million for each of the three and nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the intangible asset was fully amortized. Royalties incurred in connection with the Company’s license agreement with the Ipsen Group, as disclosed in Note 9, Commitments and Contingencies,
Acquisitions	Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed to research and development if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. The Company includes the costs of asset acquisitions as component of cash flows from operations on the consolidated statements of cash flows.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 326,028 $ 94,640 $ 189,680 $ 452,352 Restricted cash 5,770 5,770 4,787 5,770 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 331,798 $ 100,410 $ 194,467 $ 458,122

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-based Compensation Expense Included in Statements of Operations	The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of product sales $ 439 $ 495 $ 1,025 $ 2,087 Research and development 5,176 7,953 17,325 23,645 Selling, general and administrative 9,931 12,924 32,385 37,495 $ 15,546 $ 21,372 $ 50,735 $ 63,227

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): September 30, 2021 December 31, 2020 Finished goods $ 1,449 $ 1,453 Work in process 6,670 6,367 Raw material 6,217 1,862 $ 14,336 $ 9,682
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued compensation and benefits $ 21,783 $ 25,811 Accrued research and development services 20,930 28,380 Accrued consulting and professional fees 16,866 18,969 Current portion of lease liabilities 8,150 5,087 Accrued sales allowances 8,050 14,115 Current portion of accrued branded prescription drug fees 1,959 1,845 Other 2,758 3,267 $ 80,496 $ 97,474

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury notes $ 179,885 $ 4 $ (11 ) $ 179,878 Government sponsored enterprise securities 56,018 — (6 ) 56,012 Municipal bonds 19,129 — (7 ) 19,122 Commercial paper 190,631 24 (16 ) 190,639 $ 445,663 $ 28 $ (40 ) $ 445,651 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. Treasury notes $ 205,111 $ 6 $ (27 ) $ 205,090 Government sponsored enterprise securities 10,004 — (5 ) 9,999 Corporate debt securities 52,341 47 — * 52,388 Commercial paper 38,443 21 (11 ) 38,453 $ 305,899 $ 74 $ (43 ) $ 305,930 * Unrealized loss was less than $500.
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, 2021 and December 31, 2020, 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 Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses September 30, 2021 U.S. Treasury notes $ 105,515 $ (11 ) $ — $ — $ 105,515 $ (11 ) Government sponsored enterprise securities 56,012 (6 ) — — 56,012 (6 ) Municipal bonds 19,122 (7 ) — — 19,122 (7 ) Commercial paper 76,688 (16 ) — — 76,688 (16 ) Total $ 257,337 $ (40 ) $ — $ — $ 257,337 $ (40 ) Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2020: U.S. Treasury notes $ 129,631 $ (27 ) $ — $ — $ 129,631 $ (27 ) Government sponsored enterprise securities 10,004 (5 ) — — 10,004 (5 ) Corporate debt securities 6,252 — * — — 6,252 — * Commercial paper 23,466 (11 ) — — 23,466 (11 ) Total $ 169,353 $ (43 ) $ — $ — $ 169,353 $ (43 ) _______________________ * Unrealized loss was less than $500.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 cash equivalents, available-for-sale investment securities and equity securities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): Fair Value Measurements at Reporting Date Using September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund $ 76,248 $ 76,248 $ — $ — U.S. Treasury notes 179,878 179,878 — — Equity securities 2,015 2,015 — — Government sponsored enterprise securities 56,012 — 56,012 — Municipal bonds 19,122 — 19,122 — Commercial paper 200,638 — 200,638 — $ 533,913 $ 258,141 $ 275,772 $ — Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund $ 300,339 $ 300,339 $ — $ — U.S. Treasury notes 230,088 230,088 — — Equity securities 1,309 1,309 — — Government sponsored enterprise securities 9,999 — 9,999 — Corporate debt securities 52,388 — 52,388 — Commercial paper 38,453 — 38,453 — $ 632,576 $ 531,736 $ 100,840 $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Operating lease cost $ 2,014 $ 1,835 $ 7,016 $ 4,750
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, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,713 $ 1,128 $ 3,423 $ 3,710 Right-of-use assets obtained in exchange for operating lease obligations: 166 41,190 17,543 41,571
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, 2021 December 31, 2020 Operating lease liabilities Current portion included in accrued liabilities $ 8,150 $ 5,087 Operating lease liabilities 57,677 44,460 Total operating lease liabilities $ 65,827 $ 49,547
Summary of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of 2021 $ 1,848 Years ending December 31, 2022 8,701 2023 8,482 2024 8,275 2025 8,355 Thereafter 44,275 Total lease payments 79,936 Less: Imputed interest (14,109 ) Total operating lease liabilities $ 65,827

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, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations [Abstract]
Cash and cash equivalents	$ 94,640	$ 326,028	$ 452,352	$ 189,680
Restricted cash	5,770	5,770	5,770	4,787
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 100,410	$ 331,798	$ 458,122	$ 194,467

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2016	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
One-time contingent regulatory milestone payment pursuant to agreement with Ipsen Group	$ 8,000
Finite-lived intangible assets, net	$ 8,000
Amortization of intangible assets		$ 400	$ 1,108	$ 1,108

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities to purchase common stock	18,569,000	19,704,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 15,546	$ 21,372	$ 50,735	$ 63,227
Cost of product sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	439	495	1,025	2,087
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	5,176	7,953	17,325	23,645
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,931	$ 12,924	$ 32,385	$ 37,495

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Performance-based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Reduction in stock-based compensation expense	$ 6.8

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 1,449	$ 1,453
Work in process	6,670	6,367
Raw material	6,217	1,862
Inventory	$ 14,336	$ 9,682

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation and benefits	$ 21,783	$ 25,811
Accrued research and development services	20,930	28,380
Accrued consulting and professional fees	16,866	18,969
Current portion of lease liabilities	8,150	5,087
Accrued sales allowances	8,050	14,115
Current portion of accrued branded prescription drug fees	1,959	1,845
Other	2,758	3,267
Accrued liabilities	$ 80,496	$ 97,474

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, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Estimated Fair Value	$ 445,651	$ 305,930
Equity securities, Amortized Cost	445,663
Equity securities, Unrealized Gains	28
Equity securities, Unrealized Losses	(40)
Equity securities, Estimated Fair Value	445,651
Debt and equity securities, Amortized Cost	445,663	305,899
Debt and equity securities, Unrealized Gains	28	74
Debt and equity securities, Unrealized Losses	(40)	(43)
Debt and equity securities, Estimated Fair Value	445,651	305,930
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	179,885	205,111
Debt securities, Unrealized Gains	4	6
Debt securities, Unrealized Losses	(11)	(27)
Debt securities, Estimated Fair Value	179,878	205,090
US Government Sponsored Enterprises Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	56,018	10,004
Debt securities, Unrealized Losses	(6)	(5)
Debt securities, Estimated Fair Value	56,012	9,999
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	19,129
Debt securities, Unrealized Losses	(7)
Debt securities, Estimated Fair Value	19,122
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost		52,341
Debt securities, Unrealized Gains		47
Debt securities, Estimated Fair Value		52,388
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	190,631	38,443
Debt securities, Unrealized Gains	24	21
Debt securities, Unrealized Losses	(16)	(11)
Debt securities, Estimated Fair Value	$ 190,639	$ 38,453

Investments - Carrying Value _2

Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Parenthetical) (Detail) - Maximum - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
US Government Sponsored Enterprises Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss) on securities	$ 500
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss) on securities		$ (500)

Investments - Additional Inform

Investments - Additional Information (Detail) - Security	Sep. 30, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Number of available-for-sale investment securities in unrealized loss position	32	24

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, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	$ 257,337	$ 169,353
Less Than 12 Months, Unrealized Losses	(40)	(43)
Total, Estimated Fair Value	257,337	169,353
Total, Unrealized Losses	(40)	(43)
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	105,515	129,631
Less Than 12 Months, Unrealized Losses	(11)	(27)
Total, Estimated Fair Value	105,515	129,631
Total, Unrealized Losses	(11)	(27)
US Government Sponsored Enterprises Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	56,012	10,004
Less Than 12 Months, Unrealized Losses	(6)	(5)
Total, Estimated Fair Value	56,012	10,004
Total, Unrealized Losses	(6)	(5)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	76,688	23,466
Less Than 12 Months, Unrealized Losses	(16)	(11)
Total, Estimated Fair Value	76,688	23,466
Total, Unrealized Losses	(16)	(11)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value	19,122
Less Than 12 Months, Unrealized Losses	(7)
Total, Estimated Fair Value	19,122
Total, Unrealized Losses	$ (7)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Estimated Fair Value		6,252
Total, Estimated Fair Value		$ 6,252

Investments - Summary of Gros_2

Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Corporate debt securities | Maximum
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on securities	$ 500	$ 500

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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 533,913	$ 632,576
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	76,248	300,339
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	258,141	531,736
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	76,248	300,339
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	275,772	100,840
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	179,878	230,088
U.S. Treasury notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	179,878	230,088
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	2,015	1,309
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	2,015	1,309
US Government Sponsored Enterprises Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	56,012	9,999
US Government Sponsored Enterprises Debt Securities [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	56,012	9,999
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	19,122
Municipal bonds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	19,122
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	200,638	38,453
Commercial paper | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 200,638	38,453
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		52,388
Corporate debt securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		$ 52,388

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Common stock issues in connection with merger agreement		$ 44,280
Cersci Therapeutics
Class Of Stock [Line Items]
Stock issued in connection with acquisition, shares	1.2
Common stock issues in connection with merger agreement	$ 44,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2020USD ($)shares	Mar. 31, 2020USD ($)	Aug. 31, 2018USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2018USD ($)	Jun. 21, 2021Motion	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Other Commitments [Line Items]
Obligation expiration year						2021
Gain (loss) on strategic investment						$ 706,000	$ (1,262,000)
Restricted cash				$ 5,770,000		5,770,000	$ 5,770,000			$ 5,770,000	$ 4,787,000
Number Of Motions | Motion									5
Letter of Credit | Corporate Credit Card Program
Other Commitments [Line Items]
Restricted cash						2,000,000
Letter of Credit | Fleet Program
Other Commitments [Line Items]
Restricted cash						400,000
Cersci Therapeutics
Other Commitments [Line Items]
Upfront consideration and transaction costs	$ 52,800,000
Upfront payment	$ 44,300,000
Upfront payment conditions	The Company incurred an aggregate of $52.8 million in upfront consideration and transaction costs, of which, $44.3 million was paid through the issuance of approximately 1.2 million shares of the Company’s common stock.
Common stock issuance | shares	1.2
Cersci Therapeutics | Research and development
Other Commitments [Line Items]
Assets acquisition and upfront payment				$ 45,700,000
License Agreements
Other Commitments [Line Items]
Upfront payment						$ 5,000,000
License Agreements | Neuren | North America
Other Commitments [Line Items]
Upfront payment		$ 10,000,000
Upfront license fee			$ 10,000,000
License Agreements | Neuren | Research and development | North America
Other Commitments [Line Items]
Upfront payment					$ 10,000,000			$ 10,000,000
Maximum
Other Commitments [Line Items]
Percentage of royalty payments obligation on net product sales						2.00%
Mile stone payments payable						$ 2,200,000,000
Maximum | Cersci Therapeutics | Development Commercialization and Sales Milestones
Other Commitments [Line Items]
Compensation expense related to mergers to former holders	$ 887,000,000
Maximum | License Agreements | Neuren | North America
Other Commitments [Line Items]
Mile stone payments payable		$ 515,000,000	$ 455,000,000		$ 515,000,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Term	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Lessee Lease Description [Line Items]
Operating lease, description	The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.3 years to 9.7 years, some of which include options to extend for up to two five-year terms.
Operating lease, option to extend	true
Operating lease, options to extend	some of which include options to extend for up to two five-year terms.
Weighted average remaining lease term	9 years 2 months 12 days
Weighted average discount rate	4.30%
Capitalization of right of use asset	$ 19,200		$ 40,300
Capitalization of lease liability	19,200		40,300
Restricted cash	5,770	$ 5,770	$ 5,770			$ 4,787
Corporate Office Space Lease Agreement
Lessee Lease Description [Line Items]
Operating leases arrangement term					10 years 7 months		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
Lease commencement period	third quarter of 2020
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining lease term	3 months 18 days
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	9 years 8 months 12 days
Number of renewal option terms | Term	2
Operating lease, renewal term	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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease Cost [Abstract]
Operating lease cost	$ 2,014	$ 1,835	$ 7,016	$ 4,750

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease Cost [Abstract]
Operating cash flows from operating leases	$ 1,713	$ 1,128	$ 3,423	$ 3,710
Right-of-use assets obtained in exchange for operating lease obligations:	$ 166	$ 41,190	$ 17,543	$ 41,571

Leases - Summary of Balance She

Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Current portion of lease liabilities	$ 8,150	$ 5,087
Operating Lease Liability Current Statement Of Financial Position Extensible List	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating lease liabilities	$ 57,677	$ 44,460
Total operating lease liabilities	$ 65,827	$ 49,547

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Lease Liabilities [Abstract]
Remainder of 2021	$ 1,848
2022	8,701
2023	8,482
2024	8,275
2025	8,355
Thereafter	44,275
Total lease payments	79,936
Less:
Imputed interest	(14,109)
Total operating lease liabilities	$ 65,827	$ 49,547