Biopharmaceutical company ACADIA Pharmaceuticals has reported a net loss of $14 million, or $0.38 per common share, for the fourth quarter of 2008 compared to a net loss of $17 million, or $0.46 per common share, for the fourth quarter of 2007.

For the year ended December 31, 2008, ACADIA reported a net loss of $64.2 million, or $1.73 per common share, compared to a net loss of $56.4 million, or $1.60 per common share, for 2007.

Revenues totaled $325,000 for the fourth quarter of 2008 compared to $1.6 million for the fourth quarter of 2007. The decrease was primarily due to the completion in early 2008 of the term of ACADIA’s agreement with Sepracor as well as lower revenues from its agreements with other parties.

Research and development expenses totaled $12.1 million for the fourth quarter of 2008, including $184,000 in stock-based compensation, compared to $17.3 million for the fourth quarter of 2007, including $306,000 in stock-based compensation.

The decrease in research and development expenses was primarily due to approximately $3.5 million in decreased personnel and other costs associated with ACADIA’s research and development organization following the company’s restructuring in August 2008, as well as $1.6 million in lower external service costs.

At December 31, 2008, ACADIA’s cash, cash equivalents, and investment securities totaled $60.1 million compared to $126.9 million at December 31, 2007. The decrease in cash was primarily due to cash used to fund ACADIA’s operations.