Aldeyra Therapeutics Reports First Quarter 2015 Financial and Operating Results
Initiated Two Phase II Clinical Trials and Secured
Follow-On Public Offering Resulting in
Recent Highlights
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Secured
$9.0 million in net proceeds through two private placements in January -
Estimated
$18.8 million in net proceeds through a follow-on public offering expected to close onMay 13, 2015 - Initiated Phase II clinical trial of NS2 for the treatment of noninfectious anterior uveitis
- Initiated Phase II clinical trial of NS2 for the treatment of Sjögren-Larsson Syndrome (SLS)
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Presented novel data on NS2 at the 2015
Society for Inherited Metabolic Disorders Annual Meeting and the 2015American Academy of Allergy Asthma & Immunology Annual Meeting
"Our expected
First Quarter 2015 Financial Results
For the first quarter of 2015, Aldeyra reported a net loss attributable to common stockholders of approximately
Research and development expenses totaled approximately
For the first quarter of 2015, general and administrative expenses were approximately
Total operating expenses for the first quarter of 2015 were approximately
About NS2
NS2 is an aldehyde-binding small molecule based on an innovative platform technology focused on trapping free aldehydes, which are toxic and pro-inflammatory mediators of numerous diseases. By decreasing aldehyde load, NS2 may mitigate excessive inflammation and address diseases where aldehydes are thought to mediate pathology.
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 closing of Aldeyra's follow-on public offering, the timing of enrollment and completion of Aldeyra's clinical trials, 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 to conduct clinical trials and to commercialize 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; 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 ability to establish and maintain development partnerships; 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
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BALANCE SHEETS (Unaudited) | ||
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December 31, | |
2015 | 2014 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 15,721,097 | $ 8,527,304 |
Prepaid expenses and other current assets | 177,074 | 232,568 |
Total current assets | 15,898,171 | 8,759,872 |
Deferred offering costs | 20,000 | 14,238 |
Fixed assets, net | 13,182 | 12,993 |
Total assets | $ 15,931,353 | $ 8,787,103 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 406,145 | $ 341,294 |
Accrued expenses | 436,157 | 908,724 |
Current portion of credit facility | 193,866 | 77,546 |
Total current liabilities | 1,036,168 | 1,327,564 |
Credit facility, net of current portion and debt discount | 1,068,515 | 1,175,481 |
Total liabilities | 2,104,683 | 2,503,045 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, |
-- | -- |
Common stock, voting, |
6,890 | 5,565 |
Additional paid-in capital | 62,467,936 | 52,790,090 |
Accumulated deficit | (48,648,156) | (46,511,597) |
Total stockholders' equity | 13,826,670 | 6,284,058 |
Total liabilities and stockholders' equity | $ 15,931,353 | $ 8,787,103 |
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STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) | ||
Three Months Ended | ||
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2015 | 2014 | |
Operating expenses: | ||
Research and development | $ 1,136,434 | $ 444,278 |
General and administrative | 972,101 | 800,646 |
Loss from operations | (2,108,535) | (1,244,924) |
Other income (expense): | ||
Change in fair value of preferred stock warrant liabilities | -- | 1,759,915 |
Interest income | -- | 3 |
Interest expense | (28,024) | (113,221) |
Total other income, net | (28,024) | 1,646,697 |
Net (loss) income and comprehensive (loss) income | (2,136,559) | 401,773 |
Accretion of preferred stock | -- | (191,568) |
Allocation of undistributed earnings to preferred stockholders | -- | (223,442) |
Net loss attributable to common stockholders | $ (2,136,559) | $ (13,237) |
Net loss per share attributable to common stockholders: | ||
Basic | $ (0.32) | $ (0.04) |
Diluted | $ (0.32) | $ (4.04) |
Weighted average common shares outstanding: | ||
Basic | 6,667,519 | 327,365 |
Diluted | 6,667,519 | 438,975 |
CONTACT: Corporate Contact:Source:Stephen Tulipano Aldeyra Therapeutics, Inc. Tel: +1 781-761-4904 Ext. 205 stulipano@aldeyra.com Investor Contact:Sam Martin The Ruth Group Tel: +1 646-536-7008 smartin@theruthgroup.com
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