Aldeyra Therapeutics Reports Third Quarter and Year to Date 2014 Financial Results
Third Quarter and Nine Months Ended
For the third quarter of 2014, Aldeyra reported net losses attributable to common stockholders of approximately
Research and development expenses totaled approximately
For the third quarter of 2014, general and administrative expenses were approximately
Total operating expenses for the third quarter of 2014 were approximately
For the nine months ended
Research and development expenses totaled approximately
For the first nine months of 2014, general and administrative expenses were approximately
Total operating expenses for the nine months ended
Square 1 Loan Agreement
Aldeyra amended its term loan agreement (the Loan Agreement) with Square 1 Bank. Aldeyra will use the proceeds from the Loan Agreement to refinance its outstanding loans from Square 1, fund expenses related to Aldeyra's clinical trials and for general working capital purposes.
The term loans under the Loan Agreement will be made available to Aldeyra in two tranches. The first tranche of
About NS2
NS2, a product candidate that is designed to trap and allow for disposal of free aldehydes, is under development for the treatment of Sjögren-Larsson Syndrome (SLS), a rare disease caused by mutations in an enzyme that metabolizes fatty aldehydes, and acute anterior uveitis, a rare disease characterized by severe inflammation and pain in the anterior eye.
About
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in
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," "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 timing and success of preclinical studies and clinical trials conducted by Aldeyra and its development partners; the ability to obtain and maintain regulatory approval of Aldeyra's product candidates, and the labeling for any approved products; the scope, progress, expansion, and costs of developing and commercializing Aldeyra's product candidates; the size and growth of the potential markets for Aldeyra's product candidates and the ability to serve those markets; Aldeyra's expectations regarding Aldeyra's expenses and revenue, the sufficiency of Aldeyra's cash resources and needs for additional financing; Aldeyra's ability to satisfy the conditions for the second tranche term loan and its ability to maintain compliance with its obligations under the Loan Agreement; Aldeyra's ability
to attract or retain key personnel; and other factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Aldeyra's Quarterly Report on Form 10-Q for the quarter ended
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 (Unaudited) | ||
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December 31, | |
| 2014 | 2013 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 10,142,137 | $ 3,262,354 |
| Prepaid expenses and other current assets | 202,612 | 8,412 |
| Total current assets | 10,344,749 | 3,270,766 |
| Deferred offering cost | -- | 472,467 |
| Fixed Assets, net | 5,768 | -- |
| Total assets | $ 10,350,517 | $ 3,743,233 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
| Current liabilities: | ||
| Accounts payable | $ 482,470 | $ 341,853 |
| Convertible notes payable - related parties | -- | 85,000 |
| Accrued interest on convertible notes payable - related parties | -- | 2,125 |
| Accrued expenses | 363,661 | 117,873 |
| Current portion of credit facility | -- | 58,160 |
| Total current liabilities | 846,131 | 605,011 |
| Credit facility, net of current portion and debt discount | 1,240,828 | 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 | 2,086,959 | 5,647,261 |
| Commitments and contingencies (Note 13) | ||
| Redeemable convertible preferred stock: | ||
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Series A Preferred Stock, |
-- | 29,291,865 |
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Series B Preferred Stock, |
-- | 9,025,433 |
| Total redeemable convertible preferred stock | -- | 38,317,298 |
| Stockholders' equity (deficit): | ||
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Preferred stock, |
-- | -- |
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Common stock, voting, |
5,565 | 327 |
| Additional paid-in capital | 52,324,911 | 1,102,685 |
| Accumulated deficit | (44,066,918) | (41,324,338) |
| Total stockholders' equity (deficit) | 8,263,558 | (40,221,326) |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 10,350,517 | $ 3,743,233 |
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| STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
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| 2014 | 2013 | 2014 | 2013 | |
| Operating expenses: | ||||
| Research and development | $ 1,195,668 | $ 666,040 | $ 2,303,854 | $ 1,141,323 |
| General and administrative | 772,467 | 500,416 | 2,555,692 | 1,302,361 |
| Loss from operations | (1,968,135) | (1,166,456) | (4,859,546) | (2,443,684) |
| Other income (expense): | ||||
| Change in fair value of preferred stock warrant liabilities | -- | 940,700 | 2,327,502 | 627,100 |
| Change in fair value of convertible preferred stock rights and rights option liabilities | -- | 9,551,186 | -- | 5,628,986 |
| Interest income | -- | 7 | 3 | 23 |
| Other expenses | -- | (1,987) | -- | (1,987) |
| Interest expense | (41,071) | (14,467) | (210,539) | (45,172) |
| Total other income (expense), net | (41,071) | 10,475,439 | 2,116,966 | 6,208,950 |
| Net income (loss) and comprehensive income (loss) | (2,009,206) | 9,308,983 | (2,742,580) | 3,765,266 |
| Accretion of preferred stock | -- | (189,792) | (333,082) | (463,046) |
| Allocation of undistributed earnings to preferred stockholders | -- | (8,241,671) | -- | (2,986,631) |
| Deemed dividend | -- | -- | (4,053,570) | -- |
| Net income (loss) attributable to common stockholders | $ (2,009,206) | $ 877,520 | $ (7,129,232) | $ 315,589 |
| Net income (loss) per share attributable to common stockholders: | ||||
| Basic | $ (0.36) | $ 2.76 | $ (2.21) | $ 1.00 |
| Diluted | $ (0.36) | $ (9.81) | $ (2.89) | $ (5.37) |
| Weighted average common shares outstanding: | ||||
| Basic | 5,565,413 | 317,375 | 3,229,338 | 314,972 |
| Diluted | 5,565,413 | 979,837 | 3,272,730 | 1,106,031 |
CONTACT: Corporate Contact:
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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