Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Acadia Pharmaceuticals Inc (ACAD)
A forensic read on Acadia Pharmaceuticals Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.8
Distress distance
Watch
Earnings quality
4
Forensic signals
39.9%
ROE
11.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Acadia Pharmaceuticals Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.51×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.51× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+87.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +87.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 33% against +9% in cost of sales and receivables up +23% against revenue +12%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 38% of net operating assets, against an accruals ratio of 87.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
416d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 295 to 416 FY2024→FY2025 (against cost of goods sold; inventory +21% vs +9% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
11.9%
FY2025
Return on invested capital.Return on invested capital is 11.9% in the latest fiscal year, against -18.9% in FY2023, having run between -18.9% and 52.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($58M) in FY2023 and $94M in FY2025, with operating income at -10.1% of revenue in FY2023, 24.1% in FY2024 and 9.8% in FY2025. The capital base behind it grew +159% across FY2023–FY2025, from $306M to $791M, and the return did not fall doing it, so the dollars added over that window earned at least the -18.9% the older base was already earning. $539M of the $791M base at FY2025 is short-term investments (68.1%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$1.07B
Revenue Growth YoY+11.9%
Revenue CAGR (2yr)+21.5%
Net Margin36.5%
Free Cash Flow$105.1M
Return on Equity39.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Acadia Pharmaceuticals Inc's actual 10-K/10-Q/8-K filings?