Adamas Reports Third Quarter 2015 Financial Results
November 12 2015 - 4:05PM
Adamas Pharmaceuticals, Inc. (Nasdaq:ADMS) today reported financial
results for the third quarter of 2015. The company reported a
net loss attributable to common stockholders of $14.9 million, or
$0.81 per share, for the quarter ended September 30, 2015. In
the same period last year, the company reported a net loss
attributable to common stockholders of $9.6 million, or $0.57 per
share. Adamas ended the current quarter with $132.6 million
in cash, cash equivalents, and available-for-sale securities
compared to $158.7 million at December 31, 2014.
“We are advancing our ADS-5102 program, including the Phase 3
studies for the treatment of levodopa-induced dyskinesia (LID)
associated with Parkinson’s disease and enrolling patients in the
ongoing Phase 2 trial in MS Gait,” stated Gregory T. Went, Ph.D.,
Chairman and Chief Executive Officer of Adamas. “With the
enrollment of the EASE LID study complete, we look forward to
finishing enrollment in EASE LID 3 and announcing top-line results
from EASE LID. It is exciting to be pioneering a therapeutic
treatment for LID as there are currently no approved medicines for
this debilitating movement disorder.”
Fiscal 2015 Third Quarter and Nine-month
Results
For the quarters ended September 30, 2015 and September 30,
2014, Adamas reported total revenue of $0.8 million and $0.2
million, respectively. Revenues for both periods included
reimbursement of expenses associated with Adamas’ collaboration
with Forest Laboratories Holdings Limited (“Forest”) and government
grants and contracts. Research and development expenses for the
quarter ended September 30, 2015 were $10.0 million, including $0.8
million in stock-based compensation expense, compared to $5.4
million for the quarter ended September 30, 2014, which included
$0.6 million in stock-based compensation expense. The increase in
research and development expenses was related to continued
investment in the ADS-5102 clinical program. General and
administrative expenses for the quarter ended September 30, 2015
were $5.8 million, including $1.8 million in stock-based
compensation expense, compared to $4.4 million for the quarter
ended September 30, 2014, which included $1.4 million in
stock-based compensation expense. The increase in general and
administrative expenses was due primarily to higher
headcount-related costs associated with expansion of the company’s
capabilities as a public and pre-commercial company.
For the nine months ended September 30, 2015, the company
reported a net loss attributable to common stockholders of $41.1
million, or $2.28 per share. For the nine months ended
September 30, 2014, the company recorded net income attributable to
common stockholders of $53,000, or $0.00 per share, during which
period Adamas recorded as revenue a $25.0 million development
milestone from Forest. For the nine months ended September 30, 2015
and September 30, 2014, Adamas reported total revenues of $1.4
million and $25.5 million, respectively. Research and development
expenses for the nine months ended September 30, 2015 were $26.2
million, including $2.3 million in stock-based compensation
expense, compared to $13.3 million for the nine months ended
September 30, 2014, which included $1.7 million in stock-based
compensation expense. General and administrative expenses for the
nine months ended September 30, 2015 were $16.6 million, including
$4.9 million in stock-based compensation expense, compared to $10.7
million for the nine months ended September 30, 2014, which
included $3.2 million in stock-based compensation expense.
For the nine months ended September 30, 2015, Adamas’ $26.1
million net use of cash, cash equivalents and available-for-sale
securities was impacted by the company’s payment of $4.7 million in
income taxes in the first quarter of 2015. This was offset by
the issuance of shares under the company’s at-the-market (ATM)
offering program in June and July, which added $9.7 million in net
proceeds to the cash balance reported during this period.
About Adamas Pharmaceuticals
Adamas Pharmaceuticals, Inc. is driven to improve the lives of
those affected by chronic disorders of the central nervous system.
The company seeks to achieve this by modifying the pharmacokinetic
profiles of approved drugs to create novel therapeutics for use
alone and in fixed-dose combination products. Adamas is
currently developing ADS-5102, its lead wholly-owned product
candidate, for the treatment of levodopa-induced dyskinesia (LID)
associated with Parkinson’s disease and for the treatment of major
symptoms associated with multiple sclerosis in patients with
walking impairment. The company's portfolio also includes Namzaric™
and Namenda XR®, two approved products with Forest Laboratories
Holdings Limited, an indirect wholly-owned subsidiary of Allergan
plc. 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.
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 and advancement of ADS-5102, including
completion of enrollment of EASE LID 3, announcement of top-line
results of EASE LID, and an ongoing clinical trial for MS gait.
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,” 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 research and development
activities of ADS-5102, including successful or timely completion
of clinical trials or enrollment thereof, 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 November 12, 2015.
-- Financial Tables Attached --
Adamas Pharmaceuticals, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
768 |
|
|
$ |
|
215 |
|
|
$ |
|
1,392 |
|
|
$ |
|
25,545 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
9,960 |
|
|
|
|
5,412 |
|
|
|
|
26,198 |
|
|
|
|
13,343 |
|
General and
administrative |
|
|
|
5,803 |
|
|
|
|
4,353 |
|
|
|
|
16,568 |
|
|
|
|
10,724 |
|
Total
operating expenses |
|
|
|
15,763 |
|
|
|
|
9,765 |
|
|
|
|
42,766 |
|
|
|
|
24,067 |
|
Income (loss) from
operations |
|
|
|
(14,995 |
) |
|
|
|
(9,550 |
) |
|
|
|
(41,374 |
) |
|
|
|
1,478 |
|
Interest and other
income (expense), net |
|
|
|
85 |
|
|
|
|
(1 |
) |
|
|
|
265 |
|
|
|
|
(801 |
) |
Income (loss) before
income taxes |
|
|
|
(14,910 |
) |
|
|
|
(9,551 |
) |
|
|
|
(41,109 |
) |
|
|
|
677 |
|
Income tax expense
(refund) |
|
|
|
(51 |
) |
|
|
|
6 |
|
|
|
|
3 |
|
|
|
|
185 |
|
Net income (loss) |
|
$ |
|
(14,859 |
) |
|
$ |
|
(9,557 |
) |
|
$ |
|
(41,112 |
) |
|
$ |
|
492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
(14,859 |
) |
|
$ |
|
(9,557 |
) |
|
$ |
|
(41,112 |
) |
|
$ |
|
53 |
|
Diluted |
|
$ |
|
(14,859 |
) |
|
$ |
|
(9,557 |
) |
|
$ |
|
(41,112 |
) |
|
$ |
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
(0.81 |
) |
|
$ |
|
(0.57 |
) |
|
$ |
|
(2.28 |
) |
|
$ |
|
— |
|
Diluted |
|
$ |
|
(0.81 |
) |
|
$ |
|
(0.57 |
) |
|
$ |
|
(2.28 |
) |
|
$ |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing net income (loss) attributable to
common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
18,395 |
|
|
|
|
16,787 |
|
|
|
|
18,001 |
|
|
|
|
13,998 |
|
Diluted |
|
|
|
18,395 |
|
|
|
|
16,787 |
|
|
|
|
18,001 |
|
|
|
|
16,769 |
|
Adamas Pharmaceuticals, Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2015 |
|
2014 |
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
|
37,118 |
|
|
$ |
|
61,446 |
|
Available-for-sale securities |
|
|
|
66,330 |
|
|
|
|
60,912 |
|
Accounts
receivable |
|
|
|
936 |
|
|
|
|
524 |
|
Prepaid
expenses and other current assets |
|
|
|
1,070 |
|
|
|
|
645 |
|
Total
current assets |
|
|
|
105,454 |
|
|
|
|
123,527 |
|
Property
and equipment, net |
|
|
|
2,141 |
|
|
|
|
1,228 |
|
Available-for-sale securities, non-current |
|
|
|
29,145 |
|
|
|
|
36,364 |
|
Other
assets |
|
|
|
38 |
|
|
|
|
70 |
|
Total
assets |
|
$ |
|
136,778 |
|
|
$ |
|
161,189 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts
payable |
|
$ |
|
2,856 |
|
|
$ |
|
3,685 |
|
Accrued
liabilities |
|
|
|
7,828 |
|
|
|
|
8,595 |
|
Other
current liabilities |
|
|
|
272 |
|
|
|
|
265 |
|
Total
current liabilities |
|
|
|
10,956 |
|
|
|
|
12,545 |
|
Non-current liabilities |
|
|
|
1,832 |
|
|
|
|
1,570 |
|
Total
liabilities |
|
|
|
12,788 |
|
|
|
|
14,115 |
|
Commitments and Contingencies |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Common
stock, $0.001 par value - 100,000,000 shares authorized, 18,416,369
and 17,551,375 shares issued and outstanding at September 30, 2015
and December 31, 2014, respectively |
|
|
|
23 |
|
|
|
|
22 |
|
Additional paid-in capital |
|
|
|
175,406 |
|
|
|
|
157,581 |
|
Accumulated other comprehensive income (loss) |
|
|
|
22 |
|
|
|
|
(180 |
) |
Accumulated deficit |
|
|
|
(51,461 |
) |
|
|
|
(10,349 |
) |
Total
stockholders’ equity |
|
|
|
123,990 |
|
|
|
|
147,074 |
|
Total
liabilities and stockholders’ equity |
|
$ |
|
136,778 |
|
|
$ |
|
161,189 |
|
Adamas Pharmaceuticals, Inc. |
Unaudited Condensed Consolidated Statement of Cash
Flows |
(in thousands) |
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2015 |
|
2014 |
Cash flows from
operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
|
(41,112 |
) |
|
$ |
|
492 |
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
306 |
|
|
|
|
99 |
|
Stock-based compensation |
|
|
|
7,205 |
|
|
|
|
4,907 |
|
Change in
preferred stock warrant value |
|
|
|
— |
|
|
|
|
983 |
|
Net
accretion of discounts and amortization of premiums of
available-for-sale securities |
|
|
|
850 |
|
|
|
|
— |
|
Loss on
fixed asset disposal |
|
|
|
— |
|
|
|
|
80 |
|
Changes
in assets and liabilities |
|
|
|
|
|
|
Accrued
interest of available-for-sale securities |
|
|
|
(14 |
) |
|
|
|
— |
|
Prepaid
expenses and other assets |
|
|
|
(393 |
) |
|
|
|
(1,077 |
) |
Accounts
receivable |
|
|
|
(412 |
) |
|
|
|
9 |
|
Accounts
payable |
|
|
|
(834 |
) |
|
|
|
936 |
|
Accrued
liabilities and other liabilities |
|
|
|
(469 |
) |
|
|
|
811 |
|
Net cash
provided by (used in) operating activities |
|
|
|
(34,873 |
) |
|
|
|
7,240 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
|
(1,131 |
) |
|
|
|
(194 |
) |
Purchases of
available-for-sale securities |
|
|
|
(32,578 |
) |
|
|
|
— |
|
Maturities of
available-for-sale securities |
|
|
|
33,745 |
|
|
|
|
— |
|
Net cash
provided by (used in) investing activities |
|
|
|
36 |
|
|
|
|
(194 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Net proceeds from
public offerings |
|
|
|
9,657 |
|
|
|
|
42,632 |
|
Proceeds from issuance
of common stock upon exercise of stock options |
|
|
|
671 |
|
|
|
|
250 |
|
Proceeds from employee
stock purchase plan |
|
|
|
181 |
|
|
|
|
— |
|
Proceeds from issuance
of common and preferred stock upon exercise of warrants |
|
|
|
— |
|
|
|
|
1,986 |
|
Net cash
provided by financing activities |
|
|
|
10,509 |
|
|
|
|
44,868 |
|
Net
increase (decrease) in cash and cash equivalents |
|
|
|
(24,328 |
) |
|
|
|
51,914 |
|
Cash and cash
equivalents at beginning of period |
|
|
|
61,446 |
|
|
|
|
85,612 |
|
Cash and cash
equivalents at end of period |
|
$ |
|
37,118 |
|
|
$ |
|
137,526 |
|
|
|
|
|
|
|
|
For questions, please contact:
Julie Wood
Corporate Communications & Investor Relations
Adamas Pharmaceuticals, Inc.
Phone: 510-450-3528
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