2014 Q1 Form 10-Q Financial Statement

#000119312514233411 Filed on June 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $800.0K $140.0K $640.0K
YoY Change 471.43% -13.51%
% of Gross Profit
Research & Development $444.3K $150.2K $470.0K
YoY Change 195.73% -65.44%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $444.3K $150.2K $1.120M
YoY Change 195.73% -46.92%
Operating Profit -$1.245M -$291.5K
YoY Change 327.02%
Interest Expense $113.2K $15.40K -$480.0K
YoY Change 635.06% 77.78%
% of Operating Profit
Other Income/Expense, Net $1.647M -$3.683M $0.00
YoY Change -144.71% -100.0%
Pretax Income $400.0K -$3.970M -$23.07M
YoY Change -110.08% 869.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $401.8K -$3.975M -$23.07M
YoY Change -110.11% 870.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 -$13.03
Diluted Earnings Per Share -$4.04 -$13.03 -$3.691M
COMMON SHARES
Basic Shares Outstanding 327.4K shares 314.4K shares
Diluted Shares Outstanding 439.0K shares 314.4K shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $1.220M
YoY Change 388.0%
Cash & Equivalents $2.146M $1.676M $1.220M
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.155M $1.980M
YoY Change 661.54%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $0.00
YoY Change
Total Long-Term Assets $735.2K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.155M $1.980M
Total Long-Term Assets $735.2K $0.00
Total Assets $2.891M $1.980M
YoY Change 661.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.0K $70.00K
YoY Change 133.33%
Accrued Expenses $133.1K $120.0K
YoY Change -67.57%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $0.00
YoY Change -100.0%
Long-Term Debt Due $232.6K $170.0K
YoY Change
Total Short-Term Liabilities $691.5K $360.0K
YoY Change -86.1%
LONG-TERM LIABILITIES
Long-Term Debt $972.4K $26.77M
YoY Change
Other Long-Term Liabilities $600.0K $0.00
YoY Change
Total Long-Term Liabilities $972.4K $26.77M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $691.5K $360.0K
Total Long-Term Liabilities $972.4K $26.77M
Total Liabilities $4.027M $27.13M
YoY Change 947.49%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$39.65M -$25.15M
YoY Change
Total Liabilities & Shareholders Equity $2.891M $1.980M
YoY Change 661.54%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012
OPERATING ACTIVITIES
Net Income $401.8K -$3.975M -$23.07M
YoY Change -110.11% 870.31%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$1.060M -$300.0K -$780.0K
YoY Change 253.33% -67.36%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 750.0K 1.750M
YoY Change -106.67%
NET CHANGE
Cash From Operating Activities -1.060M -300.0K -780.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -50.00K 750.0K 1.750M
Net Change In Cash -1.110M 450.0K 970.0K
YoY Change -346.67% -140.59%
FREE CASH FLOW
Cash From Operating Activities -$1.060M -$300.0K -$780.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.060M -$300.0K -$780.0K
YoY Change 253.33% -67.36%

Facts In Submission

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IncreaseDecreaseInAccruedLiabilities
-20032
CY2013Q1 us-gaap Interest Expense
InterestExpense
15403
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-61915
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
150233
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50447
CY2013Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
7335
CY2013Q1 aldx Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
123159
CY2013Q1 aldx Contributed Service Fees
ContributedServiceFees
42500
CY2013Q1 aldx President And Ceo Contributed Services
PresidentAndCeoContributedServices
42500
CY2013Q1 aldx Change In Fair Value Of Warrant Liabilities Purchase Right And Warrant Purchase Rights
ChangeInFairValueOfWarrantLiabilitiesPurchaseRightAndWarrantPurchaseRights
3668000
CY2013Q1 aldx Fair Value Adjustment Of Convertible Preferred Stock Rights And Rights Option Liabilities
FairValueAdjustmentOfConvertiblePreferredStockRightsAndRightsOptionLiabilities
-3390500
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
ALDEYRA THERAPEUTICS, INC.
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
Each share of Voting Preferred Stock and each share of Non-Voting Preferred Stock was convertible into one share of the same such series of Non-Voting Preferred Stock or one share of the same such series of Voting Preferred Stock without the payment of any additional consideration by the holder.
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.00
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
443826 shares
CY2014Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
111610 shares
CY2014Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
One-for-twelve
CY2014Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>BASIS OF PRESENTATION</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The accompanying interim unaudited financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company&#x2019;s financial statements for the year ended December&#xA0;31, 2013 included in the Company&#x2019;s Registration Statement on Form S-1, as amended (File No.&#xA0;333-193204) (Registration Statement), which was declared effective by the Securities and Exchange Commission (SEC) on May&#xA0;1, 2014. The financial information as of March&#xA0;31, 2014, the three months ended March&#xA0;31, 2014 and 2013 and the cumulative period from August&#xA0;13, 2004 (Inception) to March&#xA0;31, 2014 is unaudited but, in the opinion of management, all adjustments, consisting only of normal recurring accruals, considered necessary for a fair statement of the results of these interim periods have been included. The balance sheet data as of December&#xA0;31, 2013 was derived from audited financial statements. The results of the Company&#x2019;s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The Company&#x2019;s initial public offering of common stock (Initial Public Offering) was completed on May&#xA0;7, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Reverse stock split</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> On January&#xA0;23, 2014, the Company&#x2019;s board of directors and stockholders approved an amendment to the restated certificate of incorporation&#xA0;to effect a one-for-twelve reverse stock split of the Company&#x2019;s common stock, options for common stock, convertible preferred stock, and warrants for convertible preferred stock which became effective on May&#xA0;1, 2014, prior to the effectiveness of the Registration Statement (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options for common stock, convertible preferred stock, and rights and warrants for convertible preferred stock, as well as the exercise price of each option for common stock, each right and each warrant for convertible preferred stock, and each right for warrants for convertible preferred stock and the conversion price for convertible preferred stock, have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented.&#xA0;All of the share and per share amounts have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <b><i>Development Stage Operations</i></b> &#x2013; The Company&#x2019;s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of initiating research and development programs, and securing adequate capital for anticipated growth and operations. The Company is subject to a number of risks, including, but not limited to, the need to raise capital through equity and/or debt financings; the uncertainty of whether the Company&#x2019;s research and development efforts will result in successful commercial products; competition from larger organizations; dependence on key personnel and uncertain patent protection. The Company is in its development stage as defined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915, <i>Development Stage Entities</i>.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>NATURE OF BUSINESS</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> Aldeyra Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on August&#xA0;13, 2004 as Neuron Systems, Inc. On December&#xA0;20, 2012, the Company changed its name to Aldexa Therapeutics, Inc. and on March&#xA0;17, 2014 the Company changed its name to Aldeyra Therapeutics, Inc. The Company is developing a treatment for diseases related to high levels of free aldehydes, naturally occurring pro-inflammatory toxins.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> The Company&#x2019;s principal activities to date include raising capital and research and development activities.</p> </div>
CY2014Q1 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2015-06-23
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-04-13
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y2M5D
CY2014Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
To provide additional capital for general working capital purposes and for capital expenditures. Interest accrued from the date of each advance equal to the greater of (a) 2.75% above the prime rate then in effect per annum, or (b) 6.50% per annum.
CY2014Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2013-05-12
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1063892
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4851 shares
CY2014Q1 us-gaap Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
24 equal monthly installments
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
327365 shares
CY2014Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1759915
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y11M9D
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
307377 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014Q1 us-gaap Other Commitments Description
OtherCommitmentsDescription
During the period from January 6, 2012 through October 14, 2013, he was not paid a salary by the Company and was an employee and paid a salary by Domain Associates, LLC (Domain), a related party. The value of his services has been reflected in the statement of operations as an expense and recorded as a contribution of capital.
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1329
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13237
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
3
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1773152
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1244924
CY2014Q1 us-gaap Interest Paid
InterestPaid
22682
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1646697
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
401773
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
365686
CY2014Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1759915
CY2014Q1 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
191568
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
800646
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-52841
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
365686
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1116733
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
15198
CY2014Q1 us-gaap Interest Expense
InterestExpense
113221
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-175892
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
444278
CY2014Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
223442
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
365686
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
87980
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q1 aldx Deferred Offering Costs Not Yet Paid
DeferredOfferingCostsNotYetPaid
209896
CY2014Q1 aldx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2014Q1 aldx Increase Decrease In Accrued Interest On Notes Payable
IncreaseDecreaseInAccruedInterestOnNotesPayable
2607
CY2014Q1 aldx Lines Of Credit Facility Maturity Period
LinesOfCreditFacilityMaturityPeriod
2016-11
CY2014Q1 aldx Number Of Incentive Plans
NumberOfIncentivePlans
3 Incentive_Plan
CY2014Q1 aldx Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
191568
CY2014Q1 aldx Deferred Offering Costs Paid By Cash
DeferredOfferingCostsPaidByCash
52841
CY2014Q1 aldx Change In Fair Value Of Warrant Liabilities Purchase Right And Warrant Purchase Rights
ChangeInFairValueOfWarrantLiabilitiesPurchaseRightAndWarrantPurchaseRights
-1759915
CY2014Q1 aldx License Agreement Termination Description
LicenseAgreementTerminationDescription
The license and supply agreement runs through the 7th anniversary of the expiration of all patents licensed under the agreement, which the Company estimates to be April 2036, unless terminated earlier.
CY2014Q1 aldx Initial Public Offering Date Of Completion
InitialPublicOfferingDateOfCompletion
2014-05-07
CY2014Q1 aldx Interest Payment Period For Line Of Credit Facility
InterestPaymentPeriodForLineOfCreditFacility
November 2013 through November 2014
CY2014Q1 aldx Contributed Service Fees
ContributedServiceFees
0
CY2014Q1 aldx Accretion Of Discounts And Issuance Costs On Preferred Stock
AccretionOfDiscountsAndIssuanceCostsOnPreferredStock
191568

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