Adamas Reports First Quarter 2015 Financial Results
May 13 2015 - 4:00PM
Adamas Pharmaceuticals, Inc. (Nasdaq:ADMS) today reported financial
results for the first quarter of 2015.
"In 2015, we have made continued progress throughout our
business, including receiving orphan drug designation for our lead
product candidate, ADS-5102, for the treatment of levodopa-induced
dyskinesia (LID), a complication associated with the treatment of
Parkinson's disease and further increasing our patent estate," said
Gregory T. Went, Ph.D., Chairman and CEO of Adamas Pharmaceuticals,
Inc. "In the coming months, we look forward to expanding our
wholly-owned product pipeline with the initiation of a Phase 2
clinical trial of ADS-5102 for a second CNS-related indication,
completing enrollment in one of two ongoing Phase 3 trials
assessing ADS-5102 for the treatment of LID, and the US launch of
Namzaric™ by our collaborator, Actavis."
Fiscal 2015 First Quarter Results
For the quarter ended March 31, 2015, the company reported a net
loss attributable to common stockholders of $12.2 million, or $0.69
per share. In the same period last year, the company reported a net
loss attributable to common stockholders of $6.4 million, or $0.67
per share. Adamas ended the current quarter with $145.0 million in
cash, cash equivalents, and marketable securities compared to
$158.7 million at December 31, 2014.
For the quarters ended March 31, 2015 and March 31, 2014, Adamas
reported total revenues of $226,000 and $176,000, respectively.
Revenues recognized in both periods were from development expense
reimbursements associated with Adamas' collaboration with Forest
Laboratories, Inc. and from government grants and contracts.
Research and development expenses for the quarter ended March 31,
2015 were $7.5 million, including $0.7 million in stock-based
compensation expense, compared to $2.8 million for the quarter
ended March 31, 2014, which included $0.4 million in stock-based
compensation expense. The increase was related primarily to
investments in the ADS-5102 clinical program. General and
administrative expenses for the quarter ended March 31, 2015 were
$4.9 million, including $1.4 million in stock-based compensation
expense, compared to $3.1 million for the quarter ended March 31,
2014, which included $0.6 million in stock-based compensation
expense. The increase was due primarily to higher headcount-related
costs and related stock-based compensation expense.
About Adamas Pharmaceuticals
Adamas Pharmaceuticals, Inc. is a specialty pharmaceutical
company driven to improve the lives of those affected by chronic
disorders of the central nervous system. The company achieves this
by modifying the pharmacokinetic profiles of approved drugs to
create novel therapeutics for use alone or in fixed-dose
combination products. Adamas is currently developing its lead
wholly-owned product candidate, ADS-5102, for a complication
associated with the treatment of Parkinson's disease known as
levodopa-induced dyskinesia, or LID, and is evaluating other
potential indications. The company's portfolio also includes two
approved products with Forest Laboratories Holdings Limited (a
subsidiary of Actavis plc), Namzaric™ and Namenda XR®. Forest is
responsible for marketing both products in the United States under
an exclusive license from Adamas. For more information, please
visit www.adamaspharma.com.
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
expected timing for the launch of Namzaric, and the ongoing
development of ADS-5102, including completion of enrollment, and
initiation of additional clinical trials for a second indication.
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. 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 relating to commercialization of
Namzaric, and challenges associated with research and development
activities of ADS-5102, including initiation and enrollment of
clinical trials, as well as risks relating to Adamas' business in
general, see Adamas' Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on May 13, 2015.
Namenda XR® is a registered trademark of Merz Pharma GmbH &
Co. KGaA.
Namzaric™ is a trademark of Actavis plc or its affiliates.
-- Financial Tables Attached --
ADAMAS PHARMACEUTICALS,
INC. |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except
per share data) |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
|
|
|
Revenue |
$ 226 |
$ 176 |
|
|
|
Operating expenses |
|
|
Research and development |
7,533 |
2,758 |
General and administrative |
4,919 |
3,109 |
Total operating expenses |
12,452 |
5,867 |
Loss from operations |
(12,226) |
(5,691) |
Interest and other income (expense), net |
78 |
(688) |
Loss before income taxes |
(12,148) |
(6,379) |
Income tax expense |
(54) |
(1) |
Net loss |
$ (12,202) |
$ (6,380) |
|
|
|
Net loss per share attributable to common
stockholders: |
|
|
Basic |
$ (0.69) |
$ (0.67) |
Diluted |
$ (0.69) |
$ (0.67) |
|
|
|
Weighted average number of shares used in
computing net loss attributable to common stockholders: |
|
|
Basic |
17,643 |
9,525 |
Diluted |
17,643 |
9,525 |
|
ADAMAS PHARMACEUTICALS,
INC. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
|
|
|
|
March 31, |
December 31, |
|
2015 |
2014 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 29,228 |
$ 61,446 |
Marketable securities,
current |
85,263 |
60,912 |
Accounts receivable |
485 |
524 |
Prepaid expenses and other
current assets |
540 |
645 |
Total current assets |
115,516 |
123,527 |
Property and equipment, net |
1,294 |
1,228 |
Marketables securities, non-current |
30,495 |
36,364 |
Other assets |
38 |
70 |
Total assets |
$ 147,343 |
$ 161,189 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Current liabilities |
|
|
Accounts payable |
$ 3,806 |
$ 3,685 |
Accrued liabilities |
4,161 |
8,595 |
Other current liabilities |
138 |
265 |
Total current liabilities |
8,105 |
12,545 |
Non-current liabilities |
1,685 |
1,570 |
Total liabilities |
9,790 |
14,115 |
|
|
|
Commitments and Contingencies |
|
|
|
|
|
Stockholders' equity |
|
|
Common stock, $0.001 par value - 100,000,000
shares authorized, 17,727,226 and 17,551,375 shares issued and
outstanding at March 31, 2015 and December 31, 2014,
respectively |
22 |
22 |
Additional paid-in capital |
160,135 |
157,581 |
Accumulated other comprehensive income
(loss) |
(53) |
(180) |
Accumulated deficit |
(22,551) |
(10,349) |
Total stockholders' equity |
137,553 |
147,074 |
Total liabilities and
stockholders' equity |
$ 147,343 |
$ 161,189 |
|
ADAMAS PHARMACEUTICALS,
INC. |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in
thousands) |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
|
|
|
Cash flows from operating
activities |
|
|
Net loss |
$ (12,202) |
$ (6,380) |
Adjustments to reconcile net loss to net cash
provided by operating activities |
|
|
Depreciation and
amortization |
70 |
22 |
Stock-based compensation |
2,142 |
1,047 |
Change in preferred stock
warrant value |
— |
664 |
Net accretion of discounts and
amortization of premiums of marketable securities |
194 |
— |
Changes in assets and
liabilities |
|
|
Accrued interest of marketable
securities |
(114) |
— |
Prepaid expenses and other
assets |
138 |
(275) |
Accounts receivable |
39 |
(122) |
Accounts payable |
2 |
(2,052) |
Accrued liabilities and other
liabilities |
(4,334) |
311 |
Net cash used in operating
activities |
(14,065) |
(6,785) |
Cash flows from investing
activities |
|
|
Purchases of property and equipment |
(18) |
(77) |
Purchases of investments |
(18,435) |
— |
Net cash used in investing
activities |
(18,453) |
(77) |
Cash flows from financing
activities |
|
|
Proceeds from issuance of common stock upon
exercise of stock options |
300 |
36 |
Proceeds from issuance of common and
preferred stock upon exercise of warrants |
— |
1,013 |
Net cash provided by financing
activities |
300 |
1,049 |
Net decrease in cash and cash
equivalents |
(32,218) |
(5,813) |
Cash and cash equivalents at beginning of
period |
61,446 |
85,612 |
Cash and cash equivalents at end of
period |
$ 29,228 |
$ 79,799 |
|
|
|
Supplemental disclosure |
|
|
Cash paid for income taxes |
$ 4,691 |
$ — |
Accrued deferred offering costs |
— |
1,940 |
CONTACT: For questions, please contact:
Julie Wood
Corporate Communications & Investor Relations
Adamas Pharmaceuticals, Inc.
Phone: 510-450-3528
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