For the quarters ended June 30, 2014, and June 30, 2013, Adamas reported total revenues of $25.2 million and $241,000, respectively. Revenues recognized for the quarter ended June 30, 2014 were from development milestone payments and development expense reimbursement from the Adamas’ collaboration with Forest and government grants and contracts. Revenues recognized for the quarter ended June 30, 2013 were from development expense reimbursement from the Forest collaboration and government grants and contracts.
“Our recent progress underscores three important elements of our corporate strategy,” said Gregory T. Went, PhD., Chairman and Chief Executive Officer of Adamas. “One, we initiated a Phase 3 study evaluating ADS-5102 in individuals with Parkinson’s disease who have levodopa-induced dyskinesia (LID). We also initiated a safety study and plan to begin another Phase 3 trial shortly. We are on track to complete enrollment of these studies in 2015. This momentum reflects our commitment to developing our wholly-owned product candidates for the treatment of movement disorders, starting with LID. Two, we announced the issuance of additional U.S. patents covering controlled-release amantadine products. Our growing intellectual property portfolio is a critical asset. Three, we received a $25 million milestone payment from Forest as a result of the continued progress of MDX-8704. Taken together, these achievements reflect the strength of our lead program, our development platform and our business model.”
Research and development expenses for the quarter ended June 30, 2014, were $5.2 million, including $670,000 in stock-based compensation expense, compared to $1.6 million for the quarter ended June 30, 2013, which included $55,000 in stock-based compensation expense. The increase was related primarily to investments in the ADS-5102 clinical program.
General and administrative expenses for the quarter ended June 30, 2014, were $3.3 million, including $1.2 million in stock-based compensation expense, compared to $1.4 million for the quarter ended June 30, 2013, which included $79,000 in stock-based compensation expense. The increase was due primarily to headcount-related costs, including stock-based compensation, and professional services related to being a public company.
Adamas had $144.6 million in cash and cash equivalents as of June 30, 2014, compared to $85.6 million at December 31, 2013. Adamas raised net proceeds of approximately $42.6 million in its April 2014 initial public offering.