Adamas Reports First Quarter 2014 Financial Results
"During the first quarter we continued to develop our lead wholly-owned product candidate, ADS-5102, for the treatment of levodopa-induced dyskinesia in patients with Parkinson's disease, and we are now poised to commence our next Phase 3 trial," said
For the quarters ended
Research and development expenses for the quarter ended
General and administrative expenses for the quarter ended
About Adamas
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "may", "will", "expect", "anticipate", "estimate", "intend", "poised" and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. Such statements contained in this press release include expectations regarding the timing of any commencement of a Phase 3 registration study for ADS-5102 in levodopa-induced dyskinesia and the potential advancement of ADS-5102 in additional indications.
For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, as well as risks relating to
Namenda XR® and Namenda® are registered trademarks of Merz Pharma GmbH & Co. KGaA.
-- Financial Tables Attached --
| ||||||
Three Months Ended | ||||||
2014 |
2013 | |||||
Revenue |
|
| ||||
Operating expenses |
||||||
Research and development |
2,758 |
2,078 | ||||
General and administrative |
3,109 |
1,120 | ||||
Total operating expenses |
5,867 |
3,198 | ||||
Income (loss) from operations |
(5,691) |
27,385 | ||||
Other income (expense), net |
(688) |
(421) | ||||
Income (loss) before income taxes |
(6,379) |
26,964 | ||||
Income tax expense |
(1) |
(195) | ||||
Net income (loss) |
|
| ||||
Net income (loss) attributable to common stockholders |
||||||
Basic |
|
| ||||
Diluted |
|
| ||||
Net income (loss) per share attributable to common stockholders |
||||||
Basic |
|
| ||||
Diluted |
|
| ||||
Weighted average number of shares used in computing net income (loss) attributable to common stockholders |
||||||
Basic |
9,525 |
9,496 | ||||
Diluted |
9,525 |
10,798 |
| ||||||
|
| |||||
Assets |
||||||
Current assets |
||||||
Cash and cash equivalents |
$ 79,799 |
$ 85,612 | ||||
Accounts receivable, net |
251 |
129 | ||||
Prepaid expenses and other current assets |
542 |
267 | ||||
Total current assets |
80,592 |
86,008 | ||||
Property and equipment, net |
254 |
199 | ||||
Deferred offering costs and other assets |
1,949 |
9 | ||||
Total assets |
$ 82,795 |
$ 86,216 | ||||
Liabilities, convertible preferred stock and stockholders' equity |
||||||
Current liabilities |
||||||
Accounts payable |
$ 1,985 |
$ 2,097 | ||||
Accrued liabilities |
2,430 |
2,119 | ||||
Other current liabilities |
4 |
2 | ||||
Total current liabilities |
4,419 |
4,218 | ||||
Warrant liability |
4,020 |
6,232 | ||||
Deferred revenue and other liabilities |
11 |
12 | ||||
Total liabilities |
8,450 |
10,462 | ||||
Convertible preferred stock |
23,013 |
19,149 | ||||
Stockholders' equity | ||||||
Common stock |
14 |
14 | ||||
Additional paid-in capital |
78,270 |
77,163 | ||||
Accumulated deficit |
(26,952) |
(20,572) | ||||
Total stockholders' equity |
51,332 |
56,605 | ||||
Total liabilities, convertible preferred stock and stockholders' equity |
$ 82,795 |
$ 86,216 |
SOURCE
News Provided by Acquire Media