Attached files
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| 8-K - 8-K - Adamas Pharmaceuticals Inc | a15-11556_18k.htm |
Exhibit 99.1
ADAMAS REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS
EMERYVILLE, Calif., May 13, 2015 — 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.
For questions, please contact:
Julie Wood
Corporate Communications & Investor Relations
Adamas Pharmaceuticals, Inc.
Phone: 510-450-3528
— Financial Tables Attached —
ADAMAS PHARMACEUTICALS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
|
|
|
Three Months Ended |
| ||||
|
|
|
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 |
| ||||
|
|
|
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 |
| ||
###