Aldeyra Therapeutics(ALDX) - 2024 Q2 - Quarterly Report

Financial Performance - The net loss for the three months ended June 30, 2024, was $16.85 million, compared to a net loss of $8.99 million for the same period in 2023, indicating an increase in losses of approximately 87%[9] - The net loss for the six months ended June 30, 2024, was $24,929,694, compared to a net loss of $24,602,677 for the same period in 2023, indicating a slight increase in losses[20] - The company reported a net loss per share of $0.28 for the three months ended June 30, 2024, compared to a loss of $0.15 per share for the same period in 2023[9] Assets and Liabilities - Total current assets decreased from $147.81 million on December 31, 2023, to $125.65 million on June 30, 2024, representing a decline of approximately 15%[8] - Cash and cash equivalents decreased significantly from $142.82 million on December 31, 2023, to $31.03 million on June 30, 2024, a reduction of about 78%[8] - Total liabilities decreased slightly from $28.53 million on December 31, 2023, to $27.73 million on June 30, 2024, a decrease of approximately 3%[8] - Total stockholders' equity decreased from $119.80 million on December 31, 2023, to $98.31 million on June 30, 2024, a decline of approximately 18%[8] - The accumulated deficit increased from $394.26 million on December 31, 2023, to $419.19 million on June 30, 2024, an increase of approximately 6%[8] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $14.97 million, compared to $6.96 million for the same period in 2023, reflecting a year-over-year increase of approximately 115%[9] - Research and development expenses for the six months ended June 30, 2024, were $1,898,358, down 38% from $3,053,738 for the same period in 2023[65] Cash Flow and Investments - The company used $23,196,985 in operating activities during the first half of 2024, compared to $22,801,654 in the same period of 2023[20] - The company reported a net cash used in investing activities of $48,614,499 for the first half of 2024, compared to a net cash provided of $30,000,000 in the same period of 2023[20] - The company recorded a net cash decrease of $71,793,293 for the first half of 2024, contrasting with an increase of $7,256,197 in the same period of 2023[20] Stock and Equity - The company had 59,414,489 shares outstanding as of June 30, 2024, an increase from 59,195,951 shares as of December 31, 2023[8] - The company reported a total of 8,765,797 common stock equivalents as of June 30, 2024, compared to 7,775,253 as of June 30, 2023, indicating an increase of approximately 12.7%[34] - The Company has 3,542,805 shares of common stock available for grant under the 2023 Equity Plan as of June 30, 2024[60] Debt and Financing - The effective interest rate on the Company's debt was 12.6% as of June 30, 2024[50] - The company has a credit facility with Hercules Capital, Inc., providing for a term loan of up to $60 million, with the maturity date extended to October 1, 2024[48] - Future principal payments, including the Supplemental End of Term Charge, total $15,292,500 for the year ending December 31, 2024[52] Legal and Regulatory Matters - The Company is currently involved in a securities class action lawsuit alleging violations of the Securities Exchange Act, with no reasonable prediction of the outcome at this time[84] - The Company has not experienced any losses related to indemnification obligations for its officers and directors, concluding that the fair value of these obligations is negligible[79] Other Financial Metrics - Interest income for the three months ended June 30, 2024, was $1.64 million, compared to $1.88 million for the same period in 2023, a decrease of about 13%[9] - The company reported a decrease in cash paid for interest during the period, totaling $884,500 compared to $823,521 in the prior year[20] - The total grant date fair value of RSUs vested was $1.1 million for the six months ended June 30, 2024[72]