ACAD: Highlights from the RBC Healthcare Conference

Research evidence excerpt

ACAD: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Nevin Varghese, Ph.D. (Analyst)

Kevin Meli, Ph.D. (Senior Associate)

May 19, 2026

ACADIA Pharmaceuticals Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: ACAD | USD 20.69 | Outperform | Price Target USD 29.00

Sentiment: Neutral

CFO Mark Schneyer, CCO Tom Garner, and SVP and Head of Clinical Development Sanjeev Pathak presented. We came away feeling

incrementally constructive on the remlifanserin ADP design, which based on learnings from the pimaranserin program is a more

rigorous, higher-powered study. We remain Outperform, PT $29.

• Mgmt highlighted that the central differentiator for remlifanserin vs. pima is the lack of QTc prolongation for the next-gen agent,

which enables higher dosing, higher exposure, and therefore potentially greater efficacy - which could enable efficacy in the

higher 60mg dose (provided that the 30mg dose is approximately equivalent to the 34mg dose of pimavanserin); remlifanserin’s

shorter half-life is also expected to translate to earlier onset of efficacy vs. pima.

• Mgmt detailed several design refinements derived from pima program learnings - enriched pt population (AD confirmed with

biomarkers), highly sensitive endpoints that perform well across multiple sites, and rigorous site training using seasoned staff

who ran the pima program; a higher baseline PTRS is assumed.

• Recall the ADP study is powered at 80% for a moderate effect size of 0.4, and while we continue to believe design choices

represent a meaningful step-up from the prior program giving it a good chance of showing signals of efficacy, the trial is not