Aldeyra Therapeutics Reports First Quarter 2014 Financial Results
"The past few months have been important for
"With our available capital, we believe that we are well-positioned to execute on our strategy of building a strong executive team capable of establishing Aldeyra as the leader for the treatment of diseases related to free aldehydes," continued Dr. Brady.
First Quarter 2014 Financial Review
For the first quarter of 2014, net income was approximately
Research and development expenses totaled approximately
For the first quarter of 2014, general and administrative expenses were approximately
Total operating expenses for the first quarter of 2014 were approximately
On
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 final prospectus filed under Rule 424(b)(4) with the
(Financial Statements to follow.)
BALANCE SHEETS (Unaudited) | ||
March 31, 2014 | December 31, 2013 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 2,145,621 | $ 3,262,354 |
Prepaid expenses and other current assets | 9,741 | 8,412 |
Total current assets | 2,155,362 | 3,270,766 |
Deferred offering costs | 735,204 | 472,467 |
Total assets | $ 2,890,566 | $ 3,743,233 |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | ||
Current liabilities: | ||
Accounts payable | $ 165,961 | $ 341,853 |
Convertible notes payable - related parties | 155,097 | 85,000 |
Accrued interest on convertible notes payable - related parties | 4,732 | 2,125 |
Accrued expenses | 133,071 | 117,873 |
Current portion of credit facility | 232,640 | 58,160 |
Total current liabilities | 691,501 | 605,011 |
Credit facility, net of current portion and debt discount | 972,418 | 1,129,015 |
Accrued deferred offering costs | 604,264 | 394,368 |
Convertible preferred stock warrant liability | 132,373 | 253,247 |
Convertible preferred stock warrant liabilities - related parties | 1,626,579 | 3,265,620 |
Total liabilities | 4,027,135 | 5,647,261 |
Commitments and contingencies | ||
Redeemable convertible preferred stock: | ||
Series A Preferred Stock, |
29,349,977 | 29,291,865 |
Series B Preferred Stock, |
9,158,889 | 9,025,433 |
Total redeemable convertible preferred stock | 38,508,866 | 38,317,298 |
Stockholders' deficit: | ||
Common stock, voting, |
327 | 327 |
Common stock, non-voting, |
— | — |
Additional paid-in capital | 1,276,803 | 1,102,685 |
Deficit accumulated during the development stage | (40,922,565) | (41,324,338) |
Total stockholders' deficit | (39,645,435) | (40,221,326) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $ 2,890,566 | $ 3,743,233 |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) | |||
Three Months Ended March 31, | Cumulative for the | ||
Period from | |||
August 13, 2004 | |||
(Inception) to | |||
March 31, | |||
2014 | 2013 | 2014 | |
OPERATING EXPENSES: | |||
Research and development |
|
|
|
General and administrative | 800,646 | 141,305 | 7,160,496 |
Loss from operations | (1,244,924) | (291,538) | (20,451,923) |
OTHER INCOME (EXPENSE): | |||
Change in fair value of preferred stock warrant liabilities | 1,759,915 | (277,500) | 2,471,700 |
Change in fair value of convertible preferred stock rights and rights option liabilities | -- | (3,390,500) | 15,539,486 |
Value provided in excess of issuance price of Series B Preferred Stock | -- | -- | (21,484,762) |
Other income | -- | -- | 250,756 |
Interest income | 3 | 8 | 188,741 |
Other expenses | -- | -- | (42,566) |
Interest expense | (113,221) | (15,403) | (1,102,372) |
Total other income (expense), net | 1,646,697 | (3,683,395) | (4,179,017) |
Net income (loss) and comprehensive income (loss) | 401,773 | (3,974,933) | (24,630,940) |
Accretion of preferred stock | (191,568) | (123,159) | (2,128,205) |
Allocation of undistributed earnings to preferred stockholders | (223,442) | -- | (11,351,454) |
Deemed dividend to Series A Preferred stockholders | -- | -- | (15,661,898) |
Net loss attributable to common stockholders |
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|
|
Net income (loss) per share attributable to common stockholders: | |||
Basic |
|
|
|
Diluted |
|
|
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Weighted average common shares outstanding: | |||
Basic | 327,365 | 314,419 | |
Diluted | 443,826 | 314,419 |
CONTACT: Investor Contact:Source:David Burke /Lee Roth The Ruth Group Tel: +1 646-536-7009 / 7012 dburke@theruthgroup.com / lroth@theruthgroup.com
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