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Adamas Reports Second Quarter 2015 Financial Results

20:00 EDT 10 Aug 2015 | Globe Newswire

EMERYVILLE, Calif., Aug. 11, 2015 (GLOBE NEWSWIRE) -- Adamas Pharmaceuticals, Inc. (Nasdaq:ADMS) today reported financial results for the second quarter of 2015. The company reported a net loss attributable to common stockholders of $14.1 million, or $0.78 per share, for the quarter ended June 30, 2015. In the same period last year, the company reported net income attributable to common stockholders of $16.4 million, or $0.88 per share. Adamas ended the current quarter with $143.1 million in cash, cash equivalents, and available-for-sale securities compared to $158.7 million at December 31, 2014. This includes $8.5 million raised from the issuance of 472,141 shares of common stock through the quarter-end pursuant to the Controlled Equity Offering Sales Agreement entered into on June 1, 2015.

"Over the past few months, we have expanded and advanced our ADS-5102 clinical program with the initiation of a Phase 2 study for the treatment of major symptoms in multiple sclerosis (MS) patients with walking impairment and completed enrollment in our 26-week Phase 3 study of ADS-5102 in Parkinson's disease patients with levodopa-induced dyskinesia (LID)," said Gregory T. Went, Ph.D., Chairman and CEO of Adamas Pharmaceuticals, Inc. "We plan to complete enrollment in our 13-week Phase 3 study of ADS-5102 in LID by year-end and will continue enrolling individuals in the ongoing open-label safety study."

Dr. Went continued, "As we enter the second half of the year, we look forward to further advancing our Phase 3 ADS-5102 program in LID, pursuing ADS-5102 in major symptoms associated with MS, advancing our programs in earlier stages of development and monitoring the continued success of our partnered products Namzaric and Namenda XR."

Fiscal 2015 Second Quarter and Six-month Results

For the quarters ended June 30, 2015 and June 30, 2014, Adamas reported total revenue of $0.4 million and $25.2 million, respectively. Revenues for both periods included development expense-related reimbursements associated with Adamas' collaboration with Forest Laboratories Holdings Limited ("Forest") and government grants and contracts. Revenue from the prior year quarter also included a $25.0 million development milestone received from Forest. Research and development expenses for the quarter ended June 30, 2015 were $8.7 million, including $0.7 million in stock-based compensation expense, compared to $5.2 million for the quarter ended June 30, 2014, which included $0.7 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 June 30, 2015 were $5.8 million, including $1.7 million in stock-based compensation expense, compared to $3.3 million for the quarter ended June 30, 2014, which included $1.1 million in stock-based compensation expense. The increase in general and administrative expenses was due primarily to higher headcount-related costs related to expansion of our capabilities as a public and pre-commercial company.

For the six months ended June 30, 2015, the company reported a net loss attributable to common stockholders of $26.3 million, or $1.47 per share. For the six months ended June 30, 2014, the company recorded net income of $10.0 million, or $0.53 per share, during which period Adamas recorded as revenue a $25.0 million development milestone from Forest. For the six months ended June 30, 2015 and June 30, 2014, Adamas reported total revenues of $0.6 million and $25.3 million, respectively. Research and development expenses for the six months ended June 30, 2015 were $16.2 million, including $1.5 million in stock-based compensation expense, compared to $7.9 million for the six months ended June 30, 2014, which included $1.1 million in stock-based compensation expense. General and administrative expenses for the six months ended June 30, 2015 were $10.8 million, including $3.1 million in stock-based compensation expense, compared to $6.4 million for the six months ended June 30, 2014, which included $1.8 million in 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 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 of ADS-5102, including completion of and progress of enrollment, and preparation of a new drug application. 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," "plan," "will," "aim," "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 associated with research and development activities of ADS-5102, including enrollment of clinical trials, and uncertainties associated with regulatory review and requirements, 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 August 11, 2015.

-- Financial Tables Attached --

 
Adamas Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2015 2014 2015 2014
         
Revenue $ 398  $ 25,154  $ 624  $ 25,330 
         
Operating expenses        
Research and development 8,705  5,173  16,238  7,931 
General and administrative 5,846  3,262  10,765  6,371 
Total operating expenses 14,551  8,435  27,003  14,302 
Income (loss) from operations (14,153)  16,719  (26,379)  11,028 
Interest and other income (expense), net 102  (112) 180  (800)
Income (loss) before income taxes (14,051)  16,607  (26,199)  10,228 
Income tax expense  (178) (54)  (179)
Net income (loss) $ (14,051)  $ 16,429  $ (26,253)  $ 10,049 
         
Net income (loss) per share attributable to common stockholders:        
Basic $ (0.78)  $ 1.05  $ (1.47)  $ 0.63 
Diluted $ (0.78)  $ 0.88  $ (1.47)  $ 0.53 
         
Weighted average number of shares used in computing net income (loss) attributable to common stockholders:        
Basic 17,955  15,604  17,800  12,581 
Diluted 17,955  18,590  17,800  15,404 

 

Adamas Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
     
  June 30, December 31,
  2015 2014
Assets    
Current assets    
Cash and cash equivalents $ 37,927  $ 61,446 
Available-for-sale securities 86,544  60,912 
Accounts receivable 361  524 
Prepaid expenses and other current assets 1,586  645 
Total current assets 126,418  123,527 
Property and equipment, net 1,963  1,228 
Available-for-sale securities, non-current 18,645  36,364 
Other assets 38  70 
Total assets $ 147,064  $ 161,189 
     
Liabilities and stockholders' equity    
Current liabilities    
Accounts payable $ 3,859  $ 3,685 
Accrued liabilities 5,846  8,595 
Other current liabilities 298  265 
Total current liabilities 10,003  12,545 
Non-current liabilities 1,940  1,570 
Total liabilities 11,943  14,115 
Commitments and Contingencies    
Stockholders' equity    
Common stock, $0.001 par value - 100,000,000 shares authorized, 18,356,474 and    
17,551,375 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively 23  22 
Additional paid-in capital 171,746  157,581 
Accumulated other comprehensive income (loss) (46)  (180)
Accumulated deficit (36,602)  (10,349)
Total stockholders' equity 135,121  147,074 
Total liabilities and stockholders' equity $ 147,064  $ 161,189 

 

Adamas Pharmaceuticals, Inc.
Unaudited Consolidated Statement of Cash Flows
(in thousands)
     
  Six Months Ended
  June 30,
  2015 2014
     
Cash flows from operating activities    
Net income (loss) $ (26,253)  $ 10,049 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 156 57
Stock-based compensation 4,582  2,870 
Change in preferred stock warrant value  983 
Net accretion of discounts and amortization of premiums of available-for-sale securities 609  —
Changes in assets and liabilities    
Accrued interest of available-for-sale securities (38)  —
Prepaid expenses and other assets (652)  (750)
Accounts receivable 163 (89)
Accounts payable (181)  611 
Accrued liabilities and other liabilities (2,433) 437
Net cash provided by (used in) operating activities (24,047)  14,168 
Cash flows from investing activities    
Purchases of property and equipment (447) (194)
Purchases of available-for-sale securities (18,435)  —
Maturities of available-for-sale securities 10,085
Net cash used in investing activities (8,797) (194)
Cash flows from financing activities    
Net proceeds from public offerings 8,507  43,214 
Proceeds from issuance of common stock upon exercise of stock options 637  250 
Proceeds from employee stock purchase plan 181
Proceeds from issuance of common and preferred stock upon exercise of warrants  1,557 
Net cash provided by financing activities 9,325  45,021 
Net increase (decrease) in cash and cash equivalents (23,519)  58,995 
Cash and cash equivalents at beginning of period  61,446   85,612 
Cash and cash equivalents at end of period $ 37,927  $ 144,607 
CONTACT: Susan Lehner
         Corporate Communications & Investor Relations
         Adamas Pharmaceuticals, Inc.
         Phone: 510-450-3567

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