Aldeyra Therapeutics Reports Full Year 2014 Financial Results
Recent Highlights
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Opened enrollment in Phase II clinical trial for Sjögren-Larsson Syndrome (SLS) and awaiting
Institutional Review Board (IRB) approval of Phase II clinical trial for noninfectious anterior uveitis -
Secured
$9.79 million in financing through two private placements with leading healthcare investors -
Data on NS2 accepted for poster presentations at major medical conferences:
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2015
American Academy of Allergy Asthma & Immunology Annual Meeting - 2015 Society for Inherited Metabolic Disorders Annual Meeting
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Association for Research in Vision and Ophthalmology 2015 Annual Meeting
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2015
"As we begin 2015, we believe we are well positioned to continue advancing our clinical programs. We have recently opened enrollment in a Phase II trial for SLS and are awaiting IRB review of a Phase II trial for noninfectious anterior uveitis. With our recent capital raise, we have strengthened our balance sheet, which will support our efforts as we work to broaden our development plans."
Year Ended
For the year ended
Research and development expenses were
General and administrative expenses were
In 2014, total operating expenses were approximately
2015 Capital Raise
In
About
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Aldeyra's plans for its product candidates. 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. Important factors that could cause actual results
to differ materially from those reflected in Aldeyra's forward-looking statements include, among others, the
In addition to the risks described above and in Aldeyra's other filings with the
(Financial Statements to follow.)
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Balance Sheets | ||
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December 31, | |
2014 | 2013 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 8,527,304 | $ 3,262,354 |
Prepaid expenses and other current assets | 232,568 | 8,412 |
Total current assets | 8,759,872 | 3,270,766 |
Deferred offering costs | 14,238 | 472,467 |
Fixed assets, net | 12,993 | -- |
Total assets | $ 8,787,103 | $ 3,743,233 |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities: | ||
Accounts payable | $ 341,294 | $ 341,853 |
Convertible notes payable - related parties | -- | 85,000 |
Accrued interest on convertible notes payable - related parties | -- | 2,125 |
Accrued expenses | 908,724 | 117,873 |
Current portion of credit facility | 77,546 | 58,160 |
Total current liabilities | 1,327,564 | 605,011 |
Credit facility, net of current portion and debt discount | 1,175,481 | 1,129,015 |
Accrued deferred offering costs | -- | 394,368 |
Convertible preferred stock warrant liability | -- | 253,247 |
Convertible preferred stock warrant liabilities - related parties | -- | 3,265,620 |
Total liabilities | 2,503,045 | 5,647,261 |
Commitments and contingencies | ||
Redeemable convertible preferred tock: | ||
Series A Preferred Stock, |
-- | 29,291,865 |
Series B Preferred Stock, |
-- | 9,025,433 |
Total redeemable convertible preferred stock | -- | 38,317,298 |
Stockholders' equity (deficit): | ||
Preferred stock, |
-- | -- |
Common stock, voting, |
5,565 | 327 |
Common stock, non-voting, |
-- | -- |
Additional paid-in capital | 52,790,090 | 1,102,685 |
Accumulated deficit | (46,511,597) | (41,324,338) |
Total stockholders' equity (deficit) | 6,284,058 | (40,221,326) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 8,787,103 | $ 3,743,233 |
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Statements Of Operations And Comprehensive Income (Loss) | ||||
Years ended |
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2014 | 2013 | |||
Operating expenses: | ||||
Research and development | $ 3,707,544 | $ 1,541,681 | ||
General and administrative | 3,563,046 | 2,134,726 | ||
Loss from operations | (7,270,590) | (3,676,407) | ||
Other income (expense): | ||||
Change in fair value of preferred stock warrant liabilities | 2,327,502 | 720,785 | ||
Change in fair value of convertible preferred stock rights and rights option liabilities | -- | 16,175,386 | ||
Interest income | 3 | 31 | ||
Interest expense | (244,174) | (159,323) | ||
Total other income, net | 2,083,331 | 16,736,879 | ||
Net (loss) income and comprehensive (loss) income | (5,187,259) | 13,060,472 | ||
Accretion of preferred stock | (333,082) | (822,550) | ||
Allocation of undistributed earnings to preferred stockholders | -- | (11,128,012) | ||
Deemed dividend | (4,053,570) | -- | ||
Net (loss) income attributable to common stockholders | $ (9,573,911) | $ 1,109,910 | ||
Net (loss) income per share attributable to common stockholders: | ||||
Basic | $ (2.51) | $ 3.49 | ||
Diluted | $ (3.09) | $ (17.61) | ||
Weighted average common shares outstanding: | ||||
Basic | 3,818,157 | 318,429 | ||
Diluted | 3,850,612 | 855,508 |
CONTACT: Corporate Contact:Source:Stephen Tulipano Aldeyra Therapeutics, Inc. Tel: +1 781-761-4904 Ext. 205 stulipano@aldeyra.com Investor Contact:David Burke /Lee Roth The Ruth Group Tel: +1 646-536-7009/7012 dburke@theruthgroup.com/lroth@theruthgroup.com
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