ACAD - Earnings call transcript Q2 2018 | ACADIA Pharmaceuticals Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the ACADIA Pharmaceuticals' Second Quarter 2018 Financial Results Conference Call. My name is Krista, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

We will be facilitating a question-and-answer session towards the end of today's call. [Operator Instructions] I would now like to turn the presentation over to Elena Ridloff, Senior Vice President of Investor Relations at ACADIA. proceed. Please

Elena Ridloff

Good to you XXXX discuss Krista. on joining financial and call today's ACADIA's afternoon, you, for thank us results. Thank second quarter

Steve Events Dr. Chief on our Michael our and Yang, me the we and Development. Commercial today like our the Officer; ACADIA Joining to section Officer; Head Chief technical and available point Research are quarter using call also this Chief are having supplemental Financial President would Stankovic, Officer; Executive website. are I and in webcast, our our that Todd the Presentation of Serge are Unfortunately, which slides, Young, out from Davis, of we we apologize. with issues

have at will We webcast replay a available time. a later

would call prospects, materially. risks expectations, based business to during of and Reform be a or may future inherently and factors found like expectations change our to of that a that made are to on XXXX. other our meaning the assumptions within number subject making results be Litigation forward-looking I today, goals, differ timing and actual will of the statements with you and our plans, involve uncertainties forward-looking filings current cause associated risks that with number statements are results These information, Act in can SEC. gross events These of potentials, the remind we of Before Securities we Private proceed, includes

our today's Chief which call I'll Officer. the cautioned President made are now You to of Davis, reliance Executive to forward-looking place not date. and Steve over are these undue only as on statements, turn

Steve Davis

opportunities today's today. on of an in overview second our I'll perspectives pipeline thank Thank we updates you you, and provide see afternoon ahead. Elena. for call, and the quarter, joining the on performance us NUPLAZID, Good On everyone

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last the weeks stabilization over this seen eight demand key of we've metric. Importantly,

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on We refill seen therapy than longer patients have or an rates two not discontinuation months. for impact on

long-term return care to unique as appreciate of just only that channel market treatment understand In described Parkinson's and our in first we're physicians are Based we for seeing I addition, demand. profile the early care approved disease bottle and data psychosis. work; the in survey indications long-term most prescribing and our on growth NUPLAZID's confident

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be launching next will We week. these

milligram period, longer a tablets available. Following will be XX no transition

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our [ph]. approved lives therapies to are six In in Phase in program potential This develop of plan Rett either or devastating U.S. is normal no NDA our life treat and therapies for disorders MDD, now no Turning forward to We These quarter, and XXXX strong the options. our Today, treatment need to filing CLARITY Depressive there we could during that, the months a pipeline; programs. I programs disorders. for completed Major trofinetide or in topline in debilitating an X we turn excess million. where new fourth apparently with this study Serge. is following X for sales project Phase recently With Disorder to Also without a the of females patients announce enrollment very American call development approved CNS clinical second there advance the in continue data late-stage is development believe in treatment to license target to for neurological to for a of commercialization announce trofinetide, fit development potential the expect XXXX. disorder the Rett for positive, a of North half on the We be that to $XXX will trofinetide in in the exclusive first Neuren and a to quarter. side, agreement we've syndrome Rett with initiate treatment occurs over syndrome. novel syndrome improve vision of disease. pleased the perfect

Serge Stankovic

the the an approved approved the treatment associated for Thank disease delusions addresses on need. like only you, hallucinations medication with was highly robust clinically Steve. States and previously and Phase X disease. NUPLAZID, in of NUPLAZID provided based with that and along unmet United other Parkinson of with causes important NUPLAZID study Parkinson's pivotal statistically from interfering demonstrated the supported moderate benefit efficacy without data significant clinical studies. symptoms efficacy

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where Turning either are are treatments options. need studies. clinic-stage late-stage advancing there no provide we strong treatment pimavanserin each four now a is approved I to brief for or a our programs; will on update of there these programs development with

leading ages in the people anticipate results fourth cause for completed MDD have to a from who disability XX top we depressive our respond quarter. CLARITY X release of is not anti-depression from do of enrollment initial of Phase First; XX. majority major and studying The therapy. MDD to disorder the study line suffer in

have when pimavanserin. suggests in published expert symptoms which and approved medical Alzheimer's International consensus an in and the consisting commonly disease. XX considering Psychotheriatics approach the psychological report psychosis consensus there Studies of research process last very there [ph] of and Related dementia-related FDA was clear of the a stated for with We trials, with BPSD dementia first publication for Second, most Delphi The pleased that emerging psychosis, promising management only consensus management psychosis line that of know included delusions. a to treatments condition to the serious people International management. with were the expertise pharmacological XX% currently compounds clinical week is is this, panel Delphi in future recommendations the patients that members behavioral for no hallucinations therapy. comprised

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database. complete half NUPLAZID and studies, the enroll further enrollment the expand randomized X,XXX to have monitored force. been will second our full these To-date, We safety changes studies ongoing utility robust data placebo-controlled total, safety continue we studies expect independent of DSMV's In on by their XXXX. our four our patients the requested to monitoring clinical safety the studies Most basis clinical more of of to evaluate reviews. in are in than no the by as

in on-track clinical recent periodic described summary, today consistent remained complete our safety In report the post-marketing also most post-marketing the pharmacovigilance our including NUPLAZID. with to are commitments. benefit NUPLAZID data We and

the females cells, trofinetide scoliosis Evaluating normal currently disease. U.S. study types half disorder initiate In in recently with the Trofinetide central a physician Orphan primary with the questionnaire primarily efficacy approximately of of Syndrome patterns, for Placebo Rett have FDA girls Controlled responsible of to in amino-terminal neuroinflammation Randomized Rett Syndrome and and the U.S. in XXXX has normal plans for Lastly, Phase also caregiver nervous analog behavior a Designation global living. treatment and to based neurological clinical granted Symptoms a major IGF-X, IGF-X our every placebo the Track development trofinetide in call of that The been the following Acadia in IGF-X apparently is Phase a an turn supporting one the following and of is Double-Blind used breathing include to XXX glia. second improvement, potential Drug we disorganized Status to occurs debilitating now and is of development Rett It manufacturing seizures, is and Europe. a occurs of the months females use Growth Rett to are Insulin-Like XX approximately Trofinetide approved activities. of loss independently positive completion disturbances. assessment submit very purposeful breeding Michael performance. portfolio. commercial X Factor. of with And of Fast will in evaluate neurons injury will Syndrome assessment there In with system, for period female NDA reduce first patients no measure and to XXXX conduct syndrome. in study. of between novel medicines activities and endpoint. the inability XX,XXX decline to to designed pleased hand both there tripeptide function. experience of XXXXX births spoken the sleep life. additional as brain to six age, and are call the communication of Typically, to synthetic single on a of by synaptic months added critical and is daily Study. for rapid discuss Syndrome and Syndrome. the trofinetide X development is Rett in Rett of impression and our in both the six I

Michael Yang

education the and we ensure Thank of working increasing that efficacy physicians the understand continue to within community. field awareness label caregivers hard you, psychosis and Serge. data safety patients will team in contained focus The PD NUPLAZID and is with to on and

an had before, only and safety on base Parkinson's and that Psychosis live treatment prescribing non-movement condition. understand profile. to confident psychosis. almost negative symptoms XX% showed We Disorder non-movement said need serious the the quality and movements had on the appreciate NUPLAZID's physicians we symptoms with the As of CNN is our by as from impact most the symptoms. we're Last survey profile efficacy April Parkinson's to A symptoms Alliance and actions from approved And quarter, of conducted reported a experienced challenging and life. then more we their physician Disease communicate for resulting that respondents XX% discussed half and recent engagement industry with article. Movement experts address and questions unique data, Based physicians to first Disease Parkinson's

disease patients to availability and they However, from with getting we lack the work still to PD Parkinson's more the and community misinformation disease approved of awareness symptoms. caregivers. cannot an allow of effective the and We do have care, treat need seeking or Psychosis treatment mainly for NDA patients about hinder their

will detail executing on We shortly. just in are multiple initiatives I touch which

metrics on a quarter basis business temporary This providing share we current several to are trends.

driven new XXXX, the and last a growth late quarter year. campaign strategy commercial of prescriber top of disease XX, initiatives see momentum by two-thirds patients these year, As revenues. initiated which an In optimized fourth last you represents throughout can on and we channel our slide unbranded growth shows The Steve started awareness first quarter we our saw in we the specialty our starts of important is driver the a starts. which which in pharmacy the most and is slide new of graph of significant mentioned patient

and in saw we this by about some in as late article initiating decrease patient hesitation following April, patients CNN a starts expressed treatment. model mid However,

from Importantly, new can acquisition as over the stabilized. weeks of you has this the bottom patients, net slide last eight patient line see

acting relatively addition, NUPLAZID. did as see to first medical administrative the capacity you can pharmacies In that this patients consistent off in In of ordering making on We the business field number our both quarter, XXXX. institutional NUPLAZID quarter result this decisions bottle of through we've take of partially was a long-term slide an had the the second can in of slow. remained believe right stable. growth directors see you Turn and have retail care demand XX, to bottom from growth

and these seeing of care in have with followed-up education a return We to we're growth indication early institutions long-term demand.

efficacy As physicians we appreciate and believe understand mentioned earlier, most and I safety NUPLAZID profile.

are this healthcare several we and actively underway. initiatives to more providers and already communication patients need do and with these continued front we complement increase launched directly on caregivers have will engagement However, our more to efforts working to channel our

patients on directly example, slide caregivers. are can resources For as access information to you and see increasing and to we XX,

doing highlighting PD and this experiences We unbranded and real life Psychosis posting NUPLAZID. caregiver and with our are stories to patients branded and websites

physicians We presentation NUPLAZID safety and physician highlighting our to publications and profile. with numerous and continuing engagement training are independent efficacy

milligrams at over mentioned to slowdown of next these been has XX looking the deploying before, the As in I last we will the term, we weeks. start are the Near We re-catalyze week. believe forward saw we loss grow are few capsule initiatives GDP.

physician, XX support is plan execute start milligram XX order availability patients XX capsule. Our capsules tablets milligrams to both to and transition with to on and her to the period of in milligram

While of not to tablet allows deposit dose optimal is the approved the This patients. treatment. for is titrate physicians XX dose at presentation the is, Today's of dose XX approved milligrams. initiation milligrams

daily that Our titrate milligrams. capsule to We patients XX positioned performance. of care in to given patients turn our market important additions on launch standard it have on underway NUPLAZID for portion its and XX a a are long-term milligrams well unique and Psychosis of research significant to currently XX dose discuss we we is milligrams growth believe the single profile NUPLAZID shows initially I'll the patients are in opportunity Todd starts prescribers current over patients. for and the Psychosis. approved to now the on starting PD from in the PD confident be is mutation financial our XX multiple

Todd Young

outlook. QX Today discuss our Michael. our I'll results Thank financial you, and

year, compared growth the financial in second or quarter an Our we million sales increase afternoon. XXXX in of press million $XX.X of this million are the in $XX.X to recorded In to approximately The $X.X net XX% to $XX.X approximately net approximately to results first available issued compared XXXX. QX half release for we in XX% net QX was sales million the discount of XX%. sales quarter QX QX. gross Compared rate grew this second in of net XX% was

discount quarterly D of Part Medicare year. anticipated in rate mostly billable the incurred the the in obligation as This pace is for quarter the was first decrease established patient our

channel unchanged QX. QX was from inventory of Our

XXXX. including These expense the This goods in $XX.X million all Moving $XX.X down by to driven $XX.X million stock-based $XX.X from was sold million of our same respectively. included QX cost million compensation of million the the expense compared R&D in of for in $XX.X million XXXX non-cash P&L. of operating expenses change and XXXX. Total quarter studies. of period the clinical to in enrolments $XXX.X second increasing quarter second amounts across increased XXXX were

We also XX made capsule milligram XX tablets additional R&D bring milligrams the investments to market. and

As C&A quarter second expenses was to increased direct-to-consumer from to increase campaign. million This QX XXXX disease of $XX.X the million awareness last $XX.X in related primarily year. in our

guidance. revenue to Turning

We expect third be NUPLAZID a with net to sales million approximately quarter million to of for XX%. to $XX $XX net gross the discount

$XXX For the the to are QX the from softness we revenue million prior the our patients new remainder This to million year, full impacts $XXX in on which range for guidance million started to year. NUPLAZID $XXX the saw $XXX of XXXX of revenue reducing million. results during versus we reduction

Michael stabilized to As the catalyze deploying numerous discussed, new are patient weeks starts initiatives eight have we last over growth. and

R&D $XX million. $XX side be for be SG&A expenses the are $XX QX expected R&D we to QX, for fee includes its development. million and the for On the upfront initial the investments trofinetide in expenses million licensing expense which associated with mid approximately to expect

$XX with compared Turning in cash $XX XXXX. the over $XXX approximately of million the to between balance balance had million. the with of operating sheet. for our was anticipate I'll that, to turn at that the cash $XXX year net our the investments back our quarter XXXX cash, million quarter and We QX of call and on this approximately Steve. $XXX second in We million million And be flow second cash will end

Steve Davis

NUPLAZID. progress our important priorities dementia-related in By caregivers. the Thank during Parkinson's by to brand on deliver about effective starts patient important have key despite the delivering the you, to accessibility awareness and and areas challenges long-term for XX Rett Todd. to of growth clinical and information NUPLAZID keeping increasing quarter the and advancing opportunity the near-term use disease program we patients commitment new including And capsule We driving on PDP this to remain safe milligrams steadfast launch, significant made major of the and and in NUPLAZID community now and our knowledge unmet executing psychosis, schizophrenia overall syndrome. depressive need disorder, that for and by on by

are and always, committed As we the open patients hard of lives call work up orders. for now to Operator, questions. all and of the the improving with dedication who appreciate C&S caregivers our of I'll employees

Operator

Your Kasimov question Cory ahead. from comes line Please first [Operator go from JP Instructions] of the Morgan.

Your line is open.

Unidentified Analyst

I I assume with Does XX% that you increases flat XXXX second guys. the those over for updated in it's any the questions. guidance follow-up. do given the you up And as for is I revised good think price with maybe XXXX basically Thank Hi, a guess investors first half growth have taking to the as afternoon one outlook lines and guidance. is the to beyond for and much then my along PDP? comfortable guidance regards get for this half? How first

Steve Davis

going Thank Thanks to Cory. the going take first Great. question is take to as second. you. the Michael I'm

price question? increase this to not the guidance year practices take increase. year. So, does We a of price in current of it. the the include But want Michael, guidance had a second price gave remainder in does not the consistent assume for the increase we standard the pharmaceutical assumed terms you guidance earlier with

Michael Yang

Cory. Hi

hasn't opportunity for the changed. expectations Our in PDP really

you right is are a a now. disease relatively PDP As opportunity know and serious we very underpenetrated

too little So, to to kind begin we now. to of stabilize dynamic. that think we'll early various this add market the to right what formulate It's we of the with as XXXX can call year, balance a

Unidentified Analyst

probably then Serge. is And follow-up the for Okay.

the have not heels ongoing the on whether on noticeably these enrollment pace the in there an pimavanserin, impact Have has on the at they commented curious all? with or CNN on trails especially articles. of DRPX ongoing You of I'm slowed studies been you the but

Serge Stankovic

doing CNN within answer is related are no. recruitment or in studies for well and the of the our article. expectations any slowdown did and DRP and The within to We above question. - the expect acutely plans we not quite any for Thanks as

Operator

next from Ahmad of the America of Merrill Your question comes Bank Lynch. line from Tazeen

Tazeen Ahmad

way guys. couple of to so of some you and talked Hi now, A you tracking good about effect today the Was a questions. you those, see know a Steve did have you patients of immediately in of I from stabilization therapy. new how and taking there but following drop that Thanks afternoon right the in terms it is want about you At start what the and a mean are or and then it CNN terms you was I to you've of know sense guidance if have notice - point don't comfortable guess is my talked me, rise provided you article, I the for that raw peak did more now, or delayed but number? stabilizing then off that? any a

Steve Davis

Thanks Tazeen.

seen patients part first me your first answer caregivers directly more has with that the recently. we've just question. Let and of invitation The risen

just April stated May you time, be we our call early understood if from articles what and while in of CNN Since to among recall was and were as and case. end earnings prescriptions. following bumpy through So, earnings the we then and patients said start therapy middle resulting point impact the the caregivers At not to that to on in expressing the through that resulted messaging that - it's a the medical the hesitation concern as on our X, is the we indicated that in the be full guidance. article. community haven't change year seen on well therapy on XXXX time, continues CNN have their call, that this this, mentioned, and work in business we safety we would surfaced we term near And that meaningful initiate May from some has feedback has our or patients X at

And and this, we've discussed, very future last focused of instance the of varied believe will weeks we As we in community. demand caregiver over currently, underway accurate stabilization initiatives planned as patient did the the we're those indicated, and on catalyze metrics have very, we key and and information the level we growth. eight seen increasing

Tazeen Ahmad

Okay the stable, are deriving current guidance, and you that of patient are in does mean starts you are more deceleration I that potentially assume starts? it how the the baking patient

Steve Davis

further the what mentioned guidance degradation, the we on what did new that and first initiative advance so Part think assumes have, continued the saw a we we that year. I quarter I of in the ability we confident growth. given as in on we've to lies and are not as we No, catalyze stabilization, competence our this

several If very second quarter. and the in last you addition awareness first disease things of in the recall, we resulted quarter ended took those campaign a the initiative in half of significant year out fourth DTC including the starts and tick in patient revenues

a have through of space. dropped As we're from and a whole battery lower initiatives to exercises we that we grow down going now base, this have

Tazeen Ahmad

there that the taking the that about single mg or Is know a then being when is that physicians on new do to that those. with XX put are not Thanks on XX we any pill much mg rest done color mg the just any titrating prefer comments XX might and efficacy doses. treat that and understand is might Steve, better this be any Okay. the titrate XX with titration for drugs see concern way, longer. to and certain motivated you physicians followed, there the to for indications because of available less other are choosing are patients in that that Is and follow-up wanted preferred some that there patients we other full doses can't companies you the

Steve Davis

group have expect and of research their might topic answer question. and his the around Michael you lot as let know this, You an done him I'll awful

Michael Yang

address some We've preparing that the And where of We quite the those research frequently. little of along treatment XX think focus and able market could free to and most and time with been for concerns I our a physicians confident to get with very of be that for on spectrum. that them intense very part the over Yeah, a we're identification understand partners choppy attitude very the we we And they've course physicians think we'll doing physician what feel I we of side, thanks. kind things very with treating a think it working side. and convert this time. been I lot new event and physician's based prepared and a through had have to convert for the well this of will channel, but are paradigm assessment

Operator

from line please Baral of comes Your ahead. Ritu the next go Cowen, question from

open. Your line is

Ritu Baral

Steve prescribers you prescribers guys Are new been as those you has What far talked a between two you you and when more and starts. more and successful see group a prescribe patient one other? prescription repeat one do been from - know than split new seeing between new populations? to willingness And about Michael, as the the differential

Steve Davis

going to is take. Michael,

Michael Yang

prescriptions both think write That I past we've weeks been high that's the on be as continue in for bringing to last thing and users, most so strength or question patients. by Perhaps and impactful robust that the the as weeks a has XX numbers over it great through show new well to in new pretty the prescriptions quarter. been first that was actions prescribers. repeat as actually of will those Sure, has we've eight seen not continues writer seen as that both

not the up pleased enthusiasm described that and any customer But - seen I consistency has to base trying launch. back shown initiatives the with kind of erosion. with or that very guess from our the I turn not we've So, we're and

Ritu Baral

XX, there tick-up there. you - sort you that, it. weeks tell uptick variability not and tick-ups give that What give ending potentials can would a what like as as far that other four guess? any else metrics Got I the us And X, us us you Slide August real confidence is can is show little of

Michael Yang

and I would as to trends tight looking that to all the XX-week They like - range a we're just and of kind from call looking are attention grow maybe the we're there. there. calling that at base pretty within

are stay graphs we those take on is it take right, as acquired that those see think those the funnel. a it's the note rates those they into that in or new right, to coming on consistent the whether from repeat the patients would get very on I basis. quarter are green during eventually in They patient important patients you and bottles, patient - into translates that

for future our to to new and the patient as of try one high growth. as possible, starts focused highest key growth move for to back really the we as items keep is us So, one, get number our

Ritu Baral

outlined. How for last we it. that in I up? about given of question, I'm mean your the quarter with new are my that, think extent next initiative your QX, line that I what's the SG&A Got should that SG&As surprised new the going your if And you guidance is guess -- initiatives

Todd Young

are focus -- while similar going earlier biggest think the each where dynamics is, the outlined while Mike until change SG&A that change the the allocate not to the lot on we you -- have quarter and the the we spinning continue and -- getting and what dollars very may starts We opportunity a are you prescribing his new where the are to patient today. ones money -- can't change goes initiative team focused

Operator

question next the Sachs. from comes line of Your Goldman from Richter Salveen

Unidentified Analyst

you it in age was that -- thinking whether historical to And wanted do antipsychotics? you of what treat this at my and you Thanks do of one study? thing? how how questions. study girls couple, wondering Disorder are design, for taking this outcomes the guys on a have are of Salveen. And Major I think I the another MDD, about the was if studies Depressive I on, for one the to you will planning Rett them about ask the also Mariana [ph] looked and

Steve Davis

to going the answer questions. above is Serge Great.

Serge Stankovic

really MDD, quite didn't on hear clearly first question. your I The

what we that I how asking is pimavanserin you heard antipsychotic used are that doing to I to were think anticipate about attractively? being under relations

Unidentified Analyst

Yes.

Serge Stankovic

X distinguished the that demonstrated antipsychotics quite -- that tolerability see in me data. and of and of our trial, Well, Phase currently is let safety X pimavanserin and back act evidence all, that in we there antagonist first quite we the the a tolerability with SNRIs. will literature that and there and out from in MDD is with X-HTXA are used SSRIs And say that pull profile bit the the attractively Phase just synergistically anticipate

trial. our focused colleagues be of to what Rett in but will this still at respect. determining syndrome, population actually Phase the are that obviously we be question X we point decisive those trial this second do we finalizing from seeing Related to in pediatric anticipate Neuren while I Phase seeing discussions and the So, are the on Phase X we under age efficacy currently, that, design X; with that try so the your advantages having anticipate on wouldn't

Operator

Your from Alan Company. from & Needham line of next comes question Carr the

Alan Carr

FDA a if Quickly, your this for I'm of XXXX using initially? the it are comment what safety then also, profile? percent thoughts you do upfront or you missed with maybe what then but more ongoing was sure this can also, think not gross-to-net, review patients around And And quarter? not, mix, I bit about Thanks.

Todd Young

quarter Alan, was gross-to-net approximately for XX%. the the

Steve Davis

the Serge address FDA review. is going on to question

Serge Stankovic

was that correct? And question Alan, that doing. the FDA is regarding your evaluation respective steps, the is

Alan Carr

Yes.

Serge Stankovic

received say to first the PSI that Certainly, ongoing of we their to we me agency continue just let as have evaluation. requests of we'll -- respond from part the all already

stated have there safety today, the it was new matter identified of in label. on risk; product comment that the mean not as they that safety not we a remind has described that you based that in ongoing data they has adequately does already on the has the specific but fact, is that a the issue evaluation not FDA FDA that determined As don't interaction I will policy, stated happen,

know, is no remains you in this available of months As appropriately labeling. information And confident I have, we we product in there efficacy evaluations of earlier, and unchanged, this profile and based terms safety totality and many described in is take the for requirement mentioned statutory on sometimes evaluation, NUPLAZID of these which duration longer. as the are or

So, you know say about that's we the can most it.

Steve Davis

But we single the are so milligram start the capsule A XX diluted is starting as XX disadvantage XX patients the patients question of important high it's last of on a patients be an think the significantly data milligrams, of and is that the XX. will those who a our drugs, majority proportion start according start to on titrate XX. effect brand. the XX up we in majority patients delayed on of of that on One to mentioned, regarding majority, then development getting do

Alan Carr

XX they they How staying on when titrate? are long

Steve Davis

It varies a lot.

then, haven't few part matter but stayed majority into XX and capsule is getting again, that be not numbers those a they we'd up. which but But lot is titrate a on is there seat up XX important on start got of to XX, effect there moving within a the We point titrate are able faster. high months weeks small specific drive the to There whole of XX lot the see -- that of usually they we milligrams. drug up by full just the to do milligrams or the

Operator

from from Your next question line Jason Butler the of JNP Securities. comes

Jason Butler

Just wondering feedback if of even a on that started drug anecdotal or field the you patients in types of have anymore. any on still started being from being are terms drug not

slowing again, And the practice characteristics or age severity that that specialty disease. continuing in? also, the prescription basis of For institutional select seeing write example, of patients physicians are to type of terms physicians their profile are starting of habits or in or they of on exclude you down of patients any are the to or are

Steve Davis

you, have do that to long-term a business is of care. segment Just we remind our

to earlier and I no specialty and anything from of that So, whole breakdown we more be most of office enthusiastic channel. really we are older say is our relief them patient their of is for to that specific pharmacy kind of space, see spectrum. terms there of in business, life. pattern. the the in any has are see live have the in symptomology that there more the to would segment the kind morbidity symptoms general Obviously, type in I those patient of prescribing In across patients, would don't that And see continue who in patients exclusively more Parkinson's, the

and a helps for is that's insights PDP. patients that are that to So now. the to is has for reduction have And Jason, not is of -- we'd in they that right the that's new is a a patient on context that with other the brand [ph], most care to drug. repeat probably appropriate but new drug, it said lower live prescribers have point and data we patient number still the more the those lot with a patients the that seeing prescribers probably prescribing early we're abandoning is give one that's lot lot that repeat they they where the writing [ph] what now so repeat the the have important stop first, have as of they undertaking of and What effort a is focus rate and consistent that drug are the we starts we we're other again, need indicating starting area really still seen

Operator

comes [ph] from question Paul from next Your the Matiz Stifel. line of

Unidentified Analyst

relating on First impact community just to academic and but to question, you ask seen care color Have you long-term centers I a in wanted lot here an centers. of about the persistence gave articles? senior

Steve Davis

kind anything we or hasn't -- No, there by institution type especially impact -- physician delineated been better. of think of really I haven't

Unidentified Analyst

the depression in on depression provide pimavanserin about was wondering a thoughts I that pipeline And expect for then you I the data. just Phase program. studies? Like your just path for question positive will need your X forward X Phase guess I assuming guess you you two can

Serge Stankovic

Yes.

terms and the developmental In this in study are of anticipation clarity topline clarity quarter for multiple year we of the preparing results strategies. scenarios

ultimate So development forward. X be move of evaluate strategy development after to regarding the course, the best will determine entity made Phase findings and study decision we from the

in have detail strategies results. we but results said, we have these and and once the evaluate be will line to different I developed able we the more top scenarios As speak

Operator

Your Daniel [ph] the from question comes from Piper Jaffray. of next line

Unidentified Analyst

or noticed it specific evenly Just was you where kind regions dispersed? of expanding impacted are the uptake there prescription on impact most uptake, the pretty of the was

Steve Davis

imagine, any see As you to here. We all that specific we've can sliced don't metrics particular various pattern and diced question.

Unidentified Analyst

on then status the what's there? And trofinetide, IP

Steve Davis

to while expect I'm the -- And a through run IP position the all, something which in exclusivity, to XXXX our start designation on believe topic, XXXX. earlier, first under said status and in we drug X XXXX file patent -- to is of that that in is beyond. is of have half just successful if second the or we secondly, The of then And trofinetide patent confirm Phase we is be on they drug. the exclusivity the also open want anticipation we'll in could we study terms

Operator

question And of line from comes from the the final Cowen. today Ritu Baral

Ritu Baral

And to co-primary on it endpoints. -- mean little the give have some has you because sounds of what about dose? what trofinetide, guys you on something Phase work you've you have bit a got I done X like can the been sort those interactions dose are Also about been? there ranging talk FDA thinking been

Serge Stankovic

actually that X in children is the an captured Phase the evaluated as is They next dose. Phase - we with where study three what in a meeting program [indiscernible] and high years positive well building we're X efficacy terms old, X Phase established X successful X doses in and that tolerability FDA XX to interaction efficacy Following as the different of and and Phase have was upon the are discussed program. our as

will the placebo-controlled that with be already just XXX we'll dose dose in of planning placebo Rett approximately study the ranging study X and we're double-blind randomized and syndrome. trofinetide So to Phase one girls done, do evaluate is

CGII. As Rett measure you syndrome mentioned the question and there primary/co-primary efficacy will be your became

Ritu Baral

oral the why make So work hard is or is it formulation the a peptide on extra or manufacturing; difficult?

Serge Stankovic

process with challenges we the Phase it scale the to for do up but need make ability to see don't We X.

Operator

Mr.Davis, please remarks. closing to proceed

Steve Davis

to our Thanks participating call. quarter Great. XXXX you for all in second earnings of

well-being is we address and thank on psychosis conditions NUPLAZID you of medical late-stage standard-of-care advancing our is well it's patients unique profile use are deeply pipeline. individuals medication. call. Our Again, positioned mission and joining to treatments serious the the about BD clinical to we effective care based for about those today's our offer for enthusiastic who to

Operator

call. conference concludes for you presentation. in This the participation Thank your today's

day. Good disconnect. now may You

ACADIA Pharmaceuticals (ACAD) 8 Aug 182018 Q2 Earnings call transcript