Aldeyra Therapeutics, Inc. reported significant financial challenges in its latest 10-Q filing for the period ending September 30, 2024. The company recorded a net loss of approximately $15.1 million for the third quarter, compared to a loss of $8.2 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss increased to about $40.0 million, up from $32.8 million in the prior year. This resulted in a net loss per share of $(0.25) for the third quarter and $(0.67) for the nine-month period, compared to $(0.14) and $(0.56) respectively in 2023.
Operating expenses for the third quarter of 2024 totaled $16.1 million, a notable increase from $9.6 million in the same quarter of 2023. Research and development expenses surged to $12.4 million, up from $7.0 million, primarily due to increased external clinical development costs and personnel expenses. General and administrative expenses also rose to $3.7 million from $2.6 million, reflecting higher personnel costs.
The company’s cash position has deteriorated significantly, with cash and cash equivalents dropping to $28.1 million as of September 30, 2024, down from $142.8 million at the end of 2023. Total current assets decreased to $116.7 million from $147.8 million, while total stockholders' equity fell to $85.1 million from $119.8 million. Aldeyra's accumulated deficit reached $434.3 million as of September 30, 2024.
Strategically, Aldeyra has ceased development of the Helio Product Candidate (ADX-2191) for proliferative vitreoretinopathy, which may revert rights back to former Helio stockholders. The company is also navigating a class action lawsuit related to alleged violations of the Securities Exchange Act concerning its New Drug Applications (NDAs) for ADX-2191 and reproxalap.
In terms of funding, Aldeyra has entered into a sales agreement with Jefferies to raise up to $75 million, although no shares have been sold as of the reporting date. The company is actively seeking additional financing to support ongoing research and development, particularly for its lead product candidate, reproxalap, which is under FDA review. The company anticipates needing substantial additional capital to continue its operations and meet its strategic goals.
About Aldeyra Therapeutics, Inc.
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