$ALDX
Aldeyra Therapeutics, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514408602 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.010M $770.0K $830.0K
YoY Change 21.69% 54.0% 4050.0%
% of Gross Profit
Research & Development $1.400M $1.196M $400.0K
YoY Change 250.0% 79.52% 300.0%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $2.410M $1.196M $1.230M
YoY Change 95.93% 79.52% 925.0%
Operating Profit -$1.968M
YoY Change 68.73%
Interest Expense -$30.00K $41.07K $10.53M
YoY Change -100.28% 183.89% -7120.0%
% of Operating Profit
Other Income/Expense, Net -$41.07K $0.00
YoY Change -100.39% -100.0%
Pretax Income -$2.440M -$2.010M $9.300M
YoY Change -126.24% -121.59% -142.78%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.440M -$2.009M $9.300M
YoY Change -126.24% -121.58% -142.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$437.3K -$0.36 $1.488M
COMMON SHARES
Basic Shares Outstanding 5.565M shares 5.565M shares
Diluted Shares Outstanding 5.565M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.500M $10.10M $3.300M
YoY Change 157.58% 260.71% 175.0%
Cash & Equivalents $8.527M $10.14M $3.262M
Short-Term Investments
Other Short-Term Assets $200.0K $200.0K $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.760M $10.34M $3.271M
YoY Change 167.82% 269.46% 63.54%
LONG-TERM ASSETS
Property, Plant & Equipment $12.99K $5.768K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $500.0K
YoY Change -100.0%
Total Long-Term Assets $27.23K $5.768K $472.5K
YoY Change -94.24%
TOTAL ASSETS
Total Short-Term Assets $8.760M $10.34M $3.271M
Total Long-Term Assets $27.23K $5.768K $472.5K
Total Assets $8.787M $10.35M $3.743M
YoY Change 134.75% 269.66% 87.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $341.3K $482.5K $341.9K
YoY Change -0.16% 382.47% 241.85%
Accrued Expenses $908.7K $363.7K $117.9K
YoY Change 670.93% 263.66% 17.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0%
Long-Term Debt Due $77.55K $58.16K
YoY Change 33.33% -70.92%
Total Short-Term Liabilities $1.328M $846.1K $605.0K
YoY Change 119.43% 323.07% 51.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.175M $1.241M $1.129M
YoY Change 4.12% -91.32% -95.79%
Other Long-Term Liabilities $0.00 $0.00 $400.0K
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $1.175M $1.241M $1.129M
YoY Change 4.12% -91.38% -95.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.328M $846.1K $605.0K
Total Long-Term Liabilities $1.175M $1.241M $1.129M
Total Liabilities $2.503M $2.087M $5.647M
YoY Change -55.68% -85.71% -79.16%
SHAREHOLDERS EQUITY
Retained Earnings -$46.51M -$44.07M -$41.32M
YoY Change 12.55%
Common Stock $52.80M $5.565K $327.00
YoY Change 16145360.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.284M $8.264M -$40.22M
YoY Change
Total Liabilities & Shareholders Equity $8.787M $10.35M $3.743M
YoY Change 134.75% 269.66% 87.16%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$2.440M -$2.009M $9.300M
YoY Change -126.24% -121.58% -142.78%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$1.610M -$1.210M -$600.0K
YoY Change 168.33% 132.69% 275.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K $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 0.000 -170.0K 1.100M
YoY Change -100.0% -108.76% -12.0%
NET CHANGE
Cash From Operating Activities -1.610M -1.210M -600.0K
Cash From Investing Activities 0.000 -10.00K 0.000
Cash From Financing Activities 0.000 -170.0K 1.100M
Net Change In Cash -1.610M -1.390M 500.0K
YoY Change -422.0% -197.89% -54.13%
FREE CASH FLOW
Cash From Operating Activities -$1.610M -$1.210M -$600.0K
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$1.610M -$1.200M -$600.0K
YoY Change 168.33% 130.77% 275.0%

Facts In Submission

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us-gaap Nature Of Operations
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<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 thought to be 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>
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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
ALDEYRA THERAPEUTICS, INC.
dei Trading Symbol
TradingSymbol
ALDX
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Stockholders Equity Reverse Stock Split
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One-for-twelve
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 September&#xA0;30, 2014, the three and nine months ended September&#xA0;30, 2014 and 2013 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 the 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: 18pt"> <b><i>New accounting pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> Accounting Standards Update (ASU) No.&#xA0;2014-10 &#x2013; Development Stage Entities (Topic 915); Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities, Guidance in Topic 810, Consolidation (ASU 2014-10). In June 2014, the Financial Accounting Standards Board (FASB) amended its guidance on development stage entities. The amendment removed all incremental financial reporting requirements from GAAP for development stage entities. This guidance is effective for interim and annual periods beginning after December&#xA0;15, 2014, with early adoption permitted. The Company adopted this guidance in the quarterly period ended June&#xA0;30, 2014. Prior to the Company&#x2019;s adoption of this guidance, the Company was a development stage entity because it devoted substantially all of its efforts to research and development of products to treat diseases for which planned principal operations have not commenced. The adoption of this guidance did not have a material impact on the Company&#x2019;s financial position, results of operations or cash flows other than the removal of inception-to-date information about income statement line items, cash flows, and equity transactions.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> In May 2014, the FASB issued ASU No.&#xA0;2014-09,&#xA0;<i>Revenue from Contracts with Customers</i>&#xA0;(ASU 2014-09). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December&#xA0;15, 2016 and will replace most existing revenue recognition guidance under GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. As the Company has not generated revenues, the Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its financial statements and related disclosures.</p> </div>
us-gaap Use Of Estimates
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<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>
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
43392 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P8Y11M27D
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P7Y7M24D
dei Entity Central Index Key
EntityCentralIndexKey
0001341235
dei Document Fiscal Period Focus
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1571895
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us-gaap Interest Expense
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us-gaap Income Tax Expense Benefit
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0
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us-gaap Depreciation
Depreciation
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us-gaap Net Income Loss
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us-gaap Investment Income Interest
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10055005
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10055005
us-gaap Stock Option Plan Expense
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us-gaap Amortization Of Debt Discount Premium
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245788
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us-gaap General And Administrative Expense
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us-gaap Preferred Stock Accretion Of Redemption Discount
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us-gaap Share Based Compensation
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aldx Issuance Of Common Stock Upon Cashless Net Exercise Of Warrant
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aldx Interest Payment Period For Line Of Credit Facility
InterestPaymentPeriodForLineOfCreditFacility
November 2013 through November 2014
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.
aldx Payment Of Underwriting Discounts And Commissions
PaymentOfUnderwritingDiscountsAndCommissions
800000
aldx Change In Fair Value Of Warrant Liabilities Purchase Right And Warrant Purchase Rights
ChangeInFairValueOfWarrantLiabilitiesPurchaseRightAndWarrantPurchaseRights
-2327502
aldx Contributed Service Fees
ContributedServiceFees
0
aldx Lines Of Credit Facility Maturity Period
LinesOfCreditFacilityMaturityPeriod
2016-11
aldx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
aldx Initial Public Offering Date Of Completion
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2014-05-07
aldx Net Exercise Of Common Stock Warrants
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1191364
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-1166456
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10491886
aldx Number Of Incentive Plans
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aldx Warrants Issued To Underwriter In Initial Public Offering
WarrantsIssuedToUnderwriterInInitialPublicOffering
315388
aldx Prepaid Offering And Printing Costs
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1000000
aldx Contributed Services Description
ContributedServicesDescription
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.
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2014-06
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2013-04-12
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92170 shares
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EarningsPerShareBasic
2.76
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CY2013Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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189792
CY2013Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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8241671
CY2013Q3 us-gaap General And Administrative Expense
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500416
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ContributedServiceFees
85000
CY2013Q3 aldx Fair Value Adjustment Of Convertible Preferred Stock Rights And Rights Option Liabilities
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9551186
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EarningsPerShareDiluted
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CY2014Q3 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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P37M
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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109042 shares
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5.19
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62409 shares
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5565413 shares
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41071
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1195668
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5604
CY2014Q3 us-gaap Stock Option Plan Expense
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0
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GeneralAndAdministrativeExpense
772467
CY2014Q3 aldx Lease Agreement Area Of Office Space
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3700 sqft
CY2014Q3 aldx Contributed Service Fees
ContributedServiceFees
0

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