Full Press Release Details
Aldeyra Therapeutics Announces First Quarter 2019 Financial Results and Provides Corporate Update
LEXINGTON, Mass., May 9, 2019 /PRNewswire/ Aldeyra Therapeutics, Inc. (Nasdaq: ALDX)
(Aldeyra), a biotechnology company devoted to developing and commercializing next-generation medicines to improve the lives of patients with immune-mediated diseases, today announced quarter ended March 31, 2019 financial results and provided a
With the announcement of positive results from the Phase 3 ALLEVIATE Trial, the initiation of the Phase 3 RENEW Trial, and the
completion of dosing in the Phase 3 SOLACE Trial, our progress in 2019 has been remarkable, commented Todd C. Brady, M.D., Ph.D., President and CEO of Aldeyra. We look forward to announcing results from the SOLACE Trial and completing
Part 1 of the Phase 3 RESET Trial later this year, as we continue to advance our innovative pipeline towards commercialization across a variety of serious diseases.
Recent Highlights and Corporate Updates
Quarter Ended March 31, 2019 Financial Review
For the quarter ended March 31, 2019, Aldeyra reported a net loss of approximately $15.6 million, compared to a net loss of approximately
$8.4 million for the quarter ended March 31, 2018. Basic and diluted net loss per share was $0.58 for the quarter ended March 31, 2019,
compared to $0.43 per share for the same period in 2018. Losses have resulted from the costs of research and development programs; non-cash charges in
connection with Aldeyra s January 2019 stock-for-stock acquisition of Helio Vision, Inc. (Helio); and general and administrative expenses.
Research and development expenses were $7.8 million for the quarter ended March 31, 2019, compared to $6.6 million for the same period in 2018.
The increase of $1.2 million is primarily related to the increase in research and development expenditures, including manufacturing, preclinical, and clinical development costs; and an increase in personnel costs; and non-cash compensation costs related to a portion of the upfront consideration paid to the founders of Helio.
connection with the Helio acquisition, in-process research and development expenses were $6.6 million for the quarter ended March 31, 2019. There was no such expense for the three months ended
March 31, 2018. The acquired in-process research and development expensed during the quarter was comprised of a non-cash charge related to the fair value of
consideration issued to the Helio non-founders, a cash charge related to Helio acquisition transaction expenses, and a non-cash charge related to the deferred tax
liability arising from the accounting differences for book and tax purposes resulting from the acquisition.
General and administrative expenses were
$3.0 million for the quarter ended March 31, 2019, compared to $1.9 million for the quarter ended March 31, 2018. The increase of $1.1 million is primarily related to an increase in personnel, legal, and patent-related
For the quarter ended March 31, 2019, total operating expenses were approximately $17.4 million, compared to total operating expenses of
approximately $8.5 million for the same period in 2018.
Cash, cash equivalents, and marketable securities were $82.1 million as of
March 31, 2019. In March 2019, Aldeyra entered into a Loan and Security Agreement, which provides up to $60 million in non-dilutive financing. The facility advances capital at Aldeyra s
option based upon certain funding conditions. Aldeyra elected not to draw the initial term loan advance, which expired on April 15, 2019. An additional term loan advance of $15.0 million is expected to be available, and may be drawn at
Aldeyra s option, through September 30, 2019.
Conference Call & Webcast Information
Aldeyra will hold a conference call on Thursday, May 9, 2019, at 8:00 a.m. Eastern Time. 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.
Aldeyra Therapeutics
Aldeyra Therapeutics is a biotechnology company devoted to developing and commercializing next-generation medicines to
improve the lives of patients with immune-mediated diseases. Aldeyra s lead product candidate, reproxalap, is a first-in-class treatment in late-stage development
for dry eye disease, allergic conjunctivitis, noninfectious anterior uveitis, and Sj gren-Larsson Syndrome. The company is also developing other product candidates for proliferative vitreoretinopathy and other retinal diseases, post-transplant
lymphoproliferative disease, autoimmune disease, metabolic disease, and cancer. None of Aldeyra s product candidates have been approved for sale in the U.S. or elsewhere.
Safe Harbor Statement
This release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Aldeyra s strategy, future operations, future financial position, projected costs and expenses, prospects,
plans, and objectives and Aldeyra s plans and expectations for its product candidates, including plans to initiate further clinical testing. Aldeyra intends such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited
to, 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. All of Aldeyra s development timelines may be subject to adjustment depending on recruitment rate, regulatory review, preclinical and clinical results, and other factors that could delay the
initiation or completion of clinical trials. Important factors that could cause actual results to differ materially from those reflected in Aldeyra s forward-looking statements include, among others, the timing of enrollment, commencement and
completion of Aldeyra s clinical trials, the timing and success of preclinical studies and clinical trials conducted by Aldeyra and its development partners; updated or refined data based on Aldeyra s continuing review and quality control
analysis of clinical data, Aldeyra s ability to design clinical trials with protocols and endpoints acceptable to applicable regulatory authorities, delay in or failure to obtain regulatory approval of Aldeyra s product candidates, the
ability to maintain regulatory approval of Aldeyra s product candidates, and the labeling for any approved products; the risk that prior results, such as signals of safety, activity or durability of effect, observed from preclinical or clinical
trials, will not be replicated or will not continue in ongoing or future studies or trials involving Aldeyra s product candidates; the scope, progress, expansion, and costs of developing and commercializing Aldeyra s product candidates;
uncertainty as to Aldeyra s ability to commercialize (alone or with others) Aldeyra s product candidates following regulatory approval, if any; the size and growth of the potential
markets and pricing for Aldeyra s product candidates and the ability to serve those markets; Aldeyra s expectations regarding Aldeyra s expenses and revenue, the sufficiency or use 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 limited sales and marketing infrastructure; Aldeyra s ability to establish and maintain development partnerships; Aldeyra s ability to successfully integrate acquisitions into its business; Aldeyra s
expectations regarding federal, state and foreign regulatory requirements; regulatory developments in the United States and foreign countries; Aldeyra s ability to obtain and maintain intellectual property protection for its product candidates;
the anticipated trends and challenges in Aldeyra s business and the market in which it operates; 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 Annual Report on Form 10-K for the year ended December 31, 2018, which is on file with the Securities and Exchange Commission (SEC) and available on
the SEC s website at www.sec.gov. Additional factors may be described in those sections of Aldeyra s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 expected to be filed in
the second quarter of 2019.
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.
Aldeyra Therapeutics, Inc.
781-761-4904 ext. 218
Westwicke, an ICR Company
ALDEYRA THERAPEUTICS, INC.
| March 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,297,555 | $ | 3,357,472 | ||||
| Cash equivalent - Reverse Repurchase Agreements | 39,000,000 | $ | 44,000,000 | |||||
| Marketable securities | 37,826,635 | 46,242,220 | ||||||
| Prepaid expenses and other current assets | 4,872,067 | 1,169,594 | ||||||
| Total current assets | 86,996,257 | 94,769,286 | ||||||
| Deferred offering costs | 86,644 | |||||||
| Debt issuance costs | 538,038 | |||||||
| Right-of-use assets | 377,920 | |||||||
| Fixed assets, net | 215,908 | 235,225 | ||||||
| Total assets | $ | 88,128,123 | $ | 95,091,155 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,013,362 | $ | 3,051,678 | ||||
| Accrued expenses | 5,257,071 | 5,421,498 | ||||||
| Current portion of operating lease liabilities | 221,112 | |||||||
| Total current liabilities | 9,491,545 | 8,473,176 | ||||||
| Operating lease liabilities, long-term | 156,808 | |||||||
| Total liabilities | 9,648,353 | 8,473,176 | ||||||
| Commitments and contingencies (Notes 14 and 15) | ||||||||
| 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 26,910,355 and 26,244,435 shares issued and outstanding, respectively | 26,910 | 26,244 | ||||||
| Additional paid-in capital | 232,605,244 | 225,136,127 | ||||||
| Accumulated other comprehensive income (loss) | 6,812 | (9,224 | ) | |||||
| Accumulated deficit | (154,159,196 | ) | (138,535,168 | ) | ||||
| Total stockholders equity | 78,479,770 | 86,617,979 | ||||||
| Total liabilities and stockholders equity | $ | 88,128,123 | $ | 95,091,155 |
ALDEYRA THERAPEUTICS, INC.
STATEMENT OF OPERATIONS
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 7,848,590 | $ | 6,600,106 | ||||
| Acquired in-process research and development | 6,597,551 | |||||||
| General and administrative | 2,985,038 | 1,891,303 | ||||||
| Loss from operations | (17,431,179 | ) | (8,491,409 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 499,140 | 122,390 | ||||||
| Interest expense | (1,962 | ) | (28,044 | ) | ||||
| Total other income (expense), net | 497,178 | 94,346 | ||||||
| Loss before income taxes | (16,934,001 | ) | (8,397,063 | ) | ||||
| Income tax benefit | 1,309,973 | |||||||
| Net loss | $ | (15,624,028 | ) | $ | (8,397,063 | ) | ||
| Net loss per share - basic and diluted | $ | (0.58 | ) | $ | (0.43 | ) | ||
| Weighted average common shares outstanding - basic and diluted | 27,053,842 | 19,366,790 |