Aldeyra Therapeutics Reports Second Quarter 2014 Financial Results
"In addition, we have continued to execute on our business strategy with the expansion of our management team and preparation for the initiation of clinical trials for our lead product candidate, NS2. Notably, we hired
Second Quarter 2014 Financial Review
For the second quarter of 2014, Aldeyra reported a net loss and comprehensive loss of approximately
Research and development expenses totaled approximately
For the second quarter of 2014, general and administrative expenses were approximately
Total operating expenses for the second quarter of 2014 were approximately
Conference Call and Webcast
Aldeyra will hold a conference call today,
After the live webcast, the event will remain archived on Aldeyra's website for one year. In addition, a telephonic replay of the call will be available until
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
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 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 | $ 11,535,788 | $ 3,262,354 |
| Prepaid expenses and other current assets | 269,541 | 8,412 |
| Total current assets | 11,805,329 | 3,270,766 |
| Deferred offering costs | -- | 472,467 |
| Total assets | $ 11,805,329 | $ 3,743,233 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
| Current liabilities: | ||
| Accounts payable | $ 556,061 | $ 341,853 |
| Convertible notes payable - related parties | -- | 85,000 |
| Accrued interest on convertible notes payable - related parties | -- | 2,125 |
| Accrued expenses | 211,346 | 117,873 |
| Current portion of credit facility | 407,120 | 58,160 |
| Total current liabilities | 1,174,527 | 605,011 |
| Credit facility, net of current portion and debt discount | 815,825 | 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 | 1,990,352 | 5,647,261 |
| Commitments and contingencies | ||
| 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 |
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Common stock, non-voting, |
-- | -- |
| Additional paid-in capital | 51,867,123 | 1,102,685 |
| Accumulated deficit | (42,057,711) | (41,324,338) |
| Total stockholders' equity (deficit) | 9,814,977 | (40,221,326) |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 11,805,329 | $ 3,743,233 |
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| STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| OPERATING EXPENSES: | ||||
| Research and development | $ 663,908 | $ 325,050 | $ 1,108,186 | $ 475,283 |
| General and administrative | 982,579 | 660,640 | 1,783,225 | 801,945 |
| Loss from operations | (1,646,487) | (985,690) | (2,891,411) | (1,277,228) |
| OTHER INCOME (EXPENSE): | ||||
| Change in fair value of preferred stock warrant liabilities | 567,588 | (36,100) | 2,327,502 | (313,600) |
| Change in fair value of convertible preferred stock rights and rights option liabilities | — | (531,700) | — | (3,922,200) |
| Interest income | — | 8 | 3 | 16 |
| Interest expense | (56,246) | (15,301) | (169,467) | (30,705) |
| Total other income (expense), net | 511,342 | (583,093) | 2,158,038 | (4,266,489) |
| Net loss and comprehensive loss | (1,135,145) | (1,568,783) | (733,373) | (5,543,717) |
| Accretion of preferred stock | (141,513) | (150,095) | (333,082) | (273,254) |
| Deemed dividend | (4,053,570) | — | (4,053,570) | — |
| Net loss attributable to common stockholders | $ (5,330,228) | $ (1,718,878) | $ (5,120,025) | $ (5,816,971) |
| Net loss per share attributable to common stockholders: | ||||
| Basic | $ (1.43) | $ (5.47) | $ (2.51) | $ (18.50) |
| Diluted | $ (1.56) | $ (5.47) | $ (3.53) | $ (18.50) |
| Weighted average common shares outstanding: | ||||
| Basic | 3,737,675 | 314,419 | 2,041,941 | 314,419 |
| Diluted | 3,769,360 | 314,419 | 2,107,389 | 314,419 |
CONTACT: Corporate Contact:
Stephen Tulipano Aldeyra Therapeutics, Inc.
Tel: +1 617-308-2374
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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