For the third quarter, Aldeyra reported a net loss of approximately $5.0 million, compared to a net loss of approximately $4.8 million for the quarter ended September 30, 2016.
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LEXINGTON, Mass., Nov. 9, 2017 /PRNewswire/ -- Aldeyra Therapeutics (NASDAQ: ALDX) ("Aldeyra" or "the Company"), a clinical-stage biotechnology company devoted to treating inflammation, inborn errors of metabolism, and other diseases related to endogenous aldehyde toxicity, today announced financial results for the quarter ended September 30, 2017. "The announcement of clinical results in dry eye disease in the third quarter marks the fifth positive Phase 2 clinical trial of our lead aldehyde trap, reproxalap, formerly known as ADX-102," commented Todd C. Brady, M.D., Ph.D., President and CEO of Aldeyra. "Given the consistent clinical activity of reproxalap across large-market and orphan diseases, we now look to expand our pipeline with new molecules in new indications, and, last quarter, we were pleased to announce development of ADX-103 for retinal disease." Third Quarter Highlights:
Expected Clinical Milestones:
Third Quarter 2017 Financial Results For the third quarter, Aldeyra reported a net loss of approximately $5.0 million, compared to a net loss of approximately $4.8 million for the quarter ended September 30, 2016. Basic and diluted net loss per share was $0.32 for the quarter ended September 30, 2017, compared to basic and diluted net loss of $0.38 per share for the quarter ended September 30, 2016. Losses have resulted from the costs of Aldeyra's clinical trials and research and development programs, as well as from general and administrative expenses. Research and development expenses were $3.5 million for the three months ended September 30, 2017, compared to $3.4 million for the three months ended September 30, 2016. The increase of $0.1 million is primarily related to the increases in external research and development expenditures, including clinical, preclinical, and manufacturing expenses. General and administrative expenses were $1.5 million for the three months ended September 30, 2017, compared to $1.4 million for the three months ended September 30, 2016. Cash, cash equivalents, and marketable securities were $47.9 million as of September 30, 2017, including $26.9 million in net proceeds from the underwritten public offering of common stock that closed on September 21, 2017. Conference Call & Webcast Information Aldeyra will hold a conference call on Thursday, November 9, 2017, at 8:00 a.m. eastern time to discuss the results. The dial-in numbers are 1-877-266-8979 for domestic callers and 1-412-317-5231 for international callers. A live webcast of the conference call will also be available on the investor relations page of the Aldeyra Therapeutics corporate website at www.aldeyra.com. After the live webcast, the event will remain archived on the Aldeyra Therapeutics website for one year. About Aldeyra Therapeutics About Dry Eye Disease About Allergic Conjunctivitis About Noninfectious Anterior Uveitis About Sjögren-Larsson Syndrome Safe Harbor Statement In addition to the risks described above and in Aldeyra's other filings with the SEC, other unknown or unpredictable factors also could affect Aldeyra's results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Aldeyra undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law. Corporate Contact: Investor Contact: Media Contact:
ALDEYRA THERAPEUTICS, INC.
BALANCE SHEETS
September 30, December 31,
2017 2016
(unaudited)
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ASSETS
Current assets:
Cash and cash equivalents $33,103,849 $12,015,061
Marketable securities 14,807,166 12,897,584
Prepaid expenses and other current assets 1,141,727 218,682
Total current assets 49,052,742 25,131,327
Deferred offering costs 138,661 -
Fixed assets, net 38,017 56,352
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Total assets $49,229,420 $25,187,679
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $485,267 $275,441
Accrued expenses 1,507,458 1,946,251
Current portion of credit facility 426,505 77,546
Total current liabilities 2,419,230 2,299,238
Credit facility, net of current portion and debt discount 905,253 1,238,624
Total liabilities 3,324,483 3,537,862
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Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none
issued and
outstanding - -
Common stock, voting, $0.001 par value; 150,000,000 authorized and
19,117,676
and 12,576,325 shares issued and outstanding, respectively 19,118 12,576
Additional paid-in capital 138,574,234 98,938,446
Accumulated other comprehensive income (loss) (1,002) 129
Accumulated deficit (92,687,413) (77,301,334)
Total stockholders' equity 45,904,937 21,649,817
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Total liabilities and stockholders' equity $49,229,420 $25,187,679
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ALDEYRA THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months ended September 30, Nine Months ended September 30,
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2017 2016 2017 2016
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Operating expenses:
Research and development $3,539,368 $3,379,711 $10,757,279 $9,728,494
General and administrative 1,475,904 1,396,734 4,684,574 4,314,483
Loss from operations (5,015,272) (4,776,445) (15,441,853) (14,042,977)
Other income (expense):
Interest income 56,651 27,792 136,652 74,463
Interest expense (27,578) (26,654) (80,878) (79,507)
Total other income (expense), net 29,073 1,138 55,774 (5,044)
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Net loss $(4,986,199) $(4,775,307) $(15,386,079) $(14,048,021)
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Net loss per share - basic and diluted $(0.32) $(0.38) $(1.04) $(1.28)
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Weighted average common shares outstanding - basic and diluted 15,581,426 12,474,609 14,844,914 10,942,127
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Company Codes: NASDAQ-SMALL:ALDX |
