ACADIA Pharmaceuticals: Latest Thinking into 2Q26 Results

研报英文原文证据摘录

ACADIA Pharmaceuticals: Latest Thinking into 2Q26 Results

J P M O R G A N North America Equity Research

03 August 2026

ACADIA Pharmaceuticals Overweight

ACAD, ACAD US

Latest Thinking into 2Q26 Results Price (31 Jul 26):$25.87

SMid Biotechnology

As we head into 2Q26 earnings tomorrow (Aug. 4th AMC), we wanted to provide our Tessa T Romero AC

updated thoughts on ACAD and the story from here. The recent months have included (1-212) 622-4484

several updates for the company, including the positive CHMP opinion adopted for tessa.t.romero@jpmchase.com

Daybu (trofinetide) for Rett syndrome (here), as well as completion of enrollment in Caroline Pocher

the phase 2 portion of the RADIANT trial evaluating remlifanserin in Alzheimer’s (1-212) 622-8204

disease psychosis (ADP) that enables topline results in the Sept. to Oct. 2026 caroline.pocher@jpmchase.com

timeframe; additionally, as consistent with RADIANT’s seamless design, screening Mariam Waggeh

and enrollment are underway in the phase 3 studies. Along these lines, we expect focus (1-212) 622-1711

mariam.waggeh@jpmchase.com

in the near-term/on the call to be specifically on the scenarios for remlifanserin into J.P. Morgan Securities LLC

the upcoming ADP results and how to think about potential stock moves. Taking a

broader view, we continue to be encouraged by the overall outlook for ACAD and

expect strong growth for the commercial business in 2026+ (expecting an in-line 2Q),

and we see shares well-positioned for further upside with continued commercial and/

or pipeline momentum.

• On remlifanserin in ADP… Recall, remlifanserin is a potent and highly

selective serotonin 5-HT2A receptor inverse agonist that was recently granted

Fast Track Designation for the treatment of hallucinations and delusions

associated with ADP.