Adamas Reports Second Quarter 2015 Financial Results
"Over the past few months, we have expanded and advanced our ADS-5102 clinical program with the initiation of a Phase 2 study for the treatment of major symptoms in multiple sclerosis (MS) patients with walking impairment and completed enrollment in our 26-week Phase 3 study of ADS-5102 in Parkinson's disease patients with levodopa-induced dyskinesia (LID)," said Gregory T. Went, Ph.D., Chairman and CEO of
Dr. Went continued, "As we enter the second half of the year, we look forward to further advancing our Phase 3 ADS-5102 program in LID, pursuing ADS-5102 in major symptoms associated with MS, advancing our programs in earlier stages of development and monitoring the continued success of our partnered products Namzaric and Namenda XR."
Fiscal 2015 Second Quarter and Six-month Results
For the quarters ended
For the six months ended
About
Namzaric™ is a trademark of Merz Pharma GmbH & Co. KGaA.
Namenda XR® is a registered trademark of Merz Pharma GmbH & Co. KGaA.
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, including but not limited to, statements regarding the ongoing development of ADS-5102, including completion of and progress of enrollment, and preparation of a new drug application. 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," "plan," "will," "aim," "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. For a further description of the risks and uncertainties
that could cause actual results to differ from those expressed in forward-looking statements, including risks associated with research and development activities of ADS-5102, including enrollment of clinical trials, and uncertainties associated with regulatory review and requirements, as well as risks relating to Adamas' business in general, see Adamas' Quarterly Report on Form 10-Q filed with the
-- Financial Tables Attached --
Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) |
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Three Months Ended | Six Months Ended | |||
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|
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2015 | 2014 | 2015 | 2014 | |
Revenue |
|
$ 25,154 |
|
$ 25,330 |
Operating expenses | ||||
Research and development | 8,705 | 5,173 | 16,238 | 7,931 |
General and administrative | 5,846 | 3,262 | 10,765 | 6,371 |
Total operating expenses | 14,551 | 8,435 | 27,003 | 14,302 |
Income (loss) from operations | (14,153) | 16,719 | (26,379) | 11,028 |
Interest and other income (expense), net | 102 | (112) | 180 | (800) |
Income (loss) before income taxes | (14,051) | 16,607 | (26,199) | 10,228 |
Income tax expense | — | (178) | (54) | (179) |
Net income (loss) |
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$ 16,429 |
|
$ 10,049 |
Net income (loss) per share attributable to common stockholders: | ||||
Basic |
|
$ 1.05 |
|
$ 0.63 |
Diluted |
|
$ 0.88 |
|
$ 0.53 |
Weighted average number of shares used in computing net income (loss) attributable to common stockholders: | ||||
Basic | 17,955 | 15,604 | 17,800 | 12,581 |
Diluted | 17,955 | 18,590 | 17,800 | 15,404 |
Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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|
|
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2015 | 2014 | |
Assets | ||
Current assets | ||
Cash and cash equivalents |
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$ 61,446 |
Available-for-sale securities | 86,544 | 60,912 |
Accounts receivable | 361 | 524 |
Prepaid expenses and other current assets | 1,586 | 645 |
Total current assets | 126,418 | 123,527 |
Property and equipment, net | 1,963 | 1,228 |
Available-for-sale securities, non-current | 18,645 | 36,364 |
Other assets | 38 | 70 |
Total assets |
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$ 161,189 |
Liabilities and stockholders' equity | ||
Current liabilities | ||
Accounts payable |
|
$ 3,685 |
Accrued liabilities | 5,846 | 8,595 |
Other current liabilities | 298 | 265 |
Total current liabilities | 10,003 | 12,545 |
Non-current liabilities | 1,940 | 1,570 |
Total liabilities | 11,943 | 14,115 |
Commitments and Contingencies | ||
Stockholders' equity | ||
Common stock, |
||
17,551,375 shares issued and outstanding at |
23 | 22 |
Additional paid-in capital | 171,746 | 157,581 |
Accumulated other comprehensive income (loss) | (46) | (180) |
Accumulated deficit | (36,602) | (10,349) |
Total stockholders' equity | 135,121 | 147,074 |
Total liabilities and stockholders' equity |
|
$ 161,189 |
Unaudited Consolidated Statement of Cash Flows (in thousands) |
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Six Months Ended | ||
|
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2015 | 2014 | |
Cash flows from operating activities | ||
Net income (loss) |
|
$ 10,049 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 156 | 57 |
Stock-based compensation | 4,582 | 2,870 |
Change in preferred stock warrant value | — | 983 |
Net accretion of discounts and amortization of premiums of available-for-sale securities | 609 | — |
Changes in assets and liabilities | ||
Accrued interest of available-for-sale securities | (38) | — |
Prepaid expenses and other assets | (652) | (750) |
Accounts receivable | 163 | (89) |
Accounts payable | (181) | 611 |
Accrued liabilities and other liabilities | (2,433) | 437 |
Net cash provided by (used in) operating activities | (24,047) | 14,168 |
Cash flows from investing activities | ||
Purchases of property and equipment | (447) | (194) |
Purchases of available-for-sale securities | (18,435) | — |
Maturities of available-for-sale securities | 10,085 | — |
Net cash used in investing activities | (8,797) | (194) |
Cash flows from financing activities | ||
Net proceeds from public offerings | 8,507 | 43,214 |
Proceeds from issuance of common stock upon exercise of stock options | 637 | 250 |
Proceeds from employee stock purchase plan | 181 | — |
Proceeds from issuance of common and preferred stock upon exercise of warrants | — | 1,557 |
Net cash provided by financing activities | 9,325 | 45,021 |
Net increase (decrease) in cash and cash equivalents | (23,519) | 58,995 |
Cash and cash equivalents at beginning of period | 61,446 | 85,612 |
Cash and cash equivalents at end of period |
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$ 144,607 |
CONTACT:Source:Susan Lehner Corporate Communications & Investor Relations Adamas Pharmaceuticals, Inc. Phone: 510-450-3567
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