Aldeyra Therapeutics Announces Year-End 2018 Financial Results
- Results from the ALLEVIATE Phase 3 Clinical Trial in Allergic Conjunctivitis Expected in Early 2019
- The RENEW Adaptive Phase 3 Clinical Trial in Dry Eye Disease Expected to Begin in First Half of 2019
- Results from the SOLACE Phase 3 Clinical Trial in Noninfectious Anterior Uveitis Expected in Second Half of 2019
- Results from Part 1 of the RESET Phase 3 Clinical Trial in Sjögren-Larsson Syndrome Expected in Second Half of 2019
- Adaptive Phase 3 Clinical Trial of ADX-2191 in Proliferative Vitreoretinopathy Expected to Begin in Second Half of 2019
- Operations Expected to be Funded Through 2020
"2018 was a landmark year for Aldeyra, highlighted by positive results from our Phase 2b dry eye disease clinical trial, and the subsequent acquisition of Helio Vision in January of this year," commented
Recent Highlights and Corporate Updates
- Retinal Disease Pipeline Expanded with Acquisition of Helio Vision. The acquisition of Helio Vision in
January 2019 broadened Aldeyra's development program in retinal disease with a Phase 3-ready product candidate, ADX-2191, for proliferative vitreoretinopathy (PVR). PVR, a rare inflammatory fibroproliferative disorder with no approved treatment, leads to severe retinal scarring and blindness. ADX-2191 has received Orphan Drug Designation from theU.S. Food and Drug Administration for the prevention of PVR. Following discussions with regulatory authorities, Aldeyra plans to initiate an adaptive Phase 3 clinical trial in PVR during the second half of 2019. - Positive Results Achieved in Dry Eye Disease Phase 2b Clinical Trial. In
September 2018 , Aldeyra announced that 0.25% topical ocular reproxalap demonstrated statistical superiority over vehicle across multiple dry eye disease symptoms and signs. Based on the positive Phase 2b clinical results, in the first half of 2019, Aldeyra plans to initiate Part 1 of the RENEW adaptive Phase 3 clinical trial of 0.25% topical ocular reproxalap in patients with dry eye disease. - Results Expected from the ALLEVIATE Phase 3 Clinical Trial in Allergic Conjunctivitis in Early 2019. The ALLEVIATE trial is a multi-center, double-masked, parallel-group, vehicle-controlled, allergen-challenge Phase 3 clinical trial of 0.25% and 0.5% topical ocular reproxalap in patients with allergic conjunctivitis. Results from the ALLEVIATE trial are expected to be announced in early 2019.
- Results from the SOLACE Phase 3 Clinical Trial in Noninfectious Anterior Uveitis Expected in Second Half of 2019. The SOLACE trial is a randomized, multi-center, double-masked, parallel-group, vehicle-controlled Phase 3 clinical trial of 0.5% topical ocular reproxalap in patients with noninfectious anterior uveitis, a serious ocular inflammatory disease that can lead to loss of vision. Results from the SOLACE trial are expected to be announced in the second half of 2019.
- Results from Part 1 of the RESET Phase 3 Clinical Trial in Sjögren-Larsson Syndrome Expected in the Second Half of 2019. The RESET Trial is a two-part, pivotal, randomized, multi-center, double-masked Phase 3 clinical trial of 1% topical dermal reproxalap for the treatment of ichthyosis associated with Sjögren-Larsson Syndrome, an orphan inborn error of metabolism. Results from Part 1 of the RESET trial are expected to be announced in the second half of 2019.
- Organizational Changes Highlight Preparation for Commercialization. As Aldeyra's pipeline continues to progress towards commercialization, in
January 2019 , Aldeyra announced the promotions ofDavid McMullin to the position of Chief Commercial Officer andStephen G. Machatha , Ph.D. to the position of Senior Vice President of Technical Operations. As the Chief Commercial Officer, Mr. McMullin will oversee Aldeyra's strategic initiatives, commercial planning activities, marketing, and commercial infrastructure development. As the Senior Vice President of Technical Operations, Dr. Machatha will lead chemistry, manufacturing and control activities, and develop Aldeyra's commercial supply infrastructure. - Financing Activity in 2018 Expected to Support Operations through 2020. In
October 2018 , Aldeyra completed an underwritten public offering that raised net proceeds of$67.6 million after deducting underwriting discounts, commissions, and expenses. Based on Aldeyra's current operating plan, cash and cash equivalents as ofDecember 31, 2018 , including proceeds from the financing, are expected to fund currently anticipated operating expenses through 2020, including the planned announcements of top-line data from Phase 3 clinical trials in allergic conjunctivitis, noninfectious anterior uveitis, and Sjögren-Larsson Syndrome (RESET Part 1); the initiation of Phase 3 clinical trials in dry eye disease and PVR; and the initiation of multiple early-stage clinical programs. - Clinical Programs for Systemic Immune-Mediated Disease Expected to Begin in 2019. A Phase 2 clinical trial of ADX-1612 in post-transplant lymphoproliferative disorder and an additional Phase 2 clinical trial of ADX-1612 in mesothelioma, pending discussions with regulatory authorities, are expected to initiate in 2019. A Phase 1 clinical trial of ADX-629 for the treatment of systemic autoimmune disease is expected to begin in the second half of 2019.
Year Ended
Aldeyra reported a net loss of approximately
Research and development expenses were approximately
General and administrative expenses were approximately
Total operating expenses were approximately
Cash, cash equivalents, and marketable securities were
Conference Call & Webcast Information
Aldeyra will hold a conference call on
About Aldeyra Therapeutics
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Aldeyra's strategy, future operations, future financial position, projected costs and expenses, prospects, plans, and objectives and Aldeyra's plans and expectations for its product candidates, including plans to initiate further clinical testing. Aldeyra intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "anticipate," "project," "target," "design," "estimate," "predict," "potential," "aim," "plan" or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions and uncertainties. Aldeyra is at an early stage of development and may not ever have any products that generate significant revenue. All of Aldeyra's development timelines may be subject to adjustment depending on recruitment rate, regulatory review, preclinical and clinical results, and other factors that could delay the initiation or completion of clinical trials. Important factors that could cause actual results to differ materially from those reflected in Aldeyra's forward-looking statements include, among others, the timing of enrollment, commencement and completion of Aldeyra's clinical trials, the timing and success of preclinical studies and clinical trials conducted by Aldeyra and its development partners; updated or refined data based on Aldeyra's continuing review and quality control analysis of clinical data, Aldeyra's ability to design clinical trials with protocols and endpoints acceptable to applicable regulatory authorities, delay in or failure to obtain regulatory approval of Aldeyra's product candidates, the ability to maintain regulatory approval of Aldeyra's product candidates, and the labeling for any approved products; the risk that prior results, such as signals of safety, activity or durability of effect, observed from preclinical or clinical trials, will not be replicated or will not continue in ongoing or future studies or trials involving Aldeyra's product candidates; the scope, progress, expansion, and costs of developing and commercializing Aldeyra's product candidates; uncertainty as to Aldeyra's ability to commercialize (alone or with others) Aldeyra's product candidates following regulatory approval, if any; the size and growth of the potential markets and pricing for Aldeyra's product candidates and the ability to serve those markets; Aldeyra's expectations regarding Aldeyra's expenses and revenue, the sufficiency or use of Aldeyra's cash resources and needs for additional financing; the rate and degree of market acceptance of any of Aldeyra's product candidates; Aldeyra's expectations regarding competition; Aldeyra's anticipated growth strategies; Aldeyra's ability to attract or retain key personnel; Aldeyra's limited sales and marketing infrastructure; Aldeyra's ability to establish and maintain development partnerships; Aldeyra's ability to successfully integrate acquisitions into its business; Aldeyra's expectations regarding federal, state and foreign regulatory requirements; regulatory developments in
In addition to the risks described above and in Aldeyra's other filings with the
Corporate Contact:
Tel: 781-761-4904 ext. 218
dmcmullin@aldeyra.com
Investor Contact:
Westwicke, an
Tel: 339-970-2843
Chris.brinzey@westwicke.com
ALDEYRA THERAPEUTICS, INC. |
|||||||||
BALANCE SHEETS |
|||||||||
December 31, |
December 31, |
||||||||
2018 |
2017 |
||||||||
ASSETS |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents |
$ |
3,357,472 |
$ |
2,023,337 |
|||||
Cash equivalent- reverse repurchase agreements |
44,000,000 |
18,000,000 |
|||||||
Marketable securities |
46,242,220 |
22,923,462 |
|||||||
Prepaid expenses and other current assets |
1,169,594 |
1,018,967 |
|||||||
Total current assets |
94,769,286 |
43,965,766 |
|||||||
Deferred offering costs |
86,644 |
165,930 |
|||||||
Fixed assets, net |
235,225 |
43,262 |
|||||||
Total assets |
$ |
95,091,155 |
$ |
44,174,958 |
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||
Current liabilities: |
|||||||||
Accounts payable |
$ |
3,051,678 |
$ |
1,000,963 |
|||||
Accrued expenses |
5,421,498 |
2,236,465 |
|||||||
Current portion of credit facility |
- |
116,319 |
|||||||
Total current liabilities |
8,473,176 |
3,353,747 |
|||||||
Credit facility, net of current portion and debt discount |
- |
1,220,192 |
|||||||
Total liabilities |
8,473,176 |
4,573,939 |
|||||||
Commitments and contingencies |
|||||||||
Stockholders' equity: |
|||||||||
Preferred stock, $0.001 par value, 15,000,000 shares |
- |
- |
|||||||
Common stock, voting, $0.001 par value; 150,000,000 authorized |
|||||||||
outstanding, respectively |
26,244 |
19,138 |
|||||||
Additional paid-in capital |
225,136,127 |
139,241,635 |
|||||||
Accumulated other comprehensive income (loss) |
(9,224) |
(17,831) |
|||||||
Accumulated deficit |
(138,535,168) |
(99,641,923) |
|||||||
Total stockholders' equity |
86,617,979 |
39,601,019 |
|||||||
Total liabilities and stockholders' equity |
$ |
95,091,155 |
$ |
44,174,958 |
|||||
ALDEYRA THERAPEUTICS, INC. |
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STATEMENT OF OPERATIONS |
||||||||||
Years ended December 31, |
||||||||||
2018 |
2017 |
|||||||||
Operating expenses: |
||||||||||
Research and development |
$ |
29,823,007 |
$ |
16,302,568 |
||||||
General and administrative |
9,876,144 |
6,185,820 |
||||||||
Loss from operations |
(39,699,151) |
(22,488,388) |
||||||||
Other income (expense): |
||||||||||
Interest income |
952,698 |
261,252 |
||||||||
Interest expense |
(146,792) |
(113,453) |
||||||||
Total other income (expense), net |
805,906 |
147,799 |
||||||||
Net loss |
$ |
(38,893,245) |
$ |
(22,340,589) |
||||||
Net loss per share - basic and diluted |
$ |
(1.79) |
$ |
(1.40) |
||||||
Weighted average common shares outstanding - basic and diluted |
21,685,642 |
15,921,884 |
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