 Second quarter 2020 GOCOVRI product sales of 18.0 million, a 41 increase over second quarter 2019 Total paid prescriptions grew to 8,150, a 32 increase over second quarter 2019EMERYVILLE, Calif., Aug. 06, 2020 GLOBE NEWSWIRE -- Adamas Pharmaceuticals, Inc. Nasdaq: ADMS, a company dedicated to developing and delivering medicines that make a meaningful difference to people affected by neurological diseases, today reported financial results for the second quarter ended June 30, 2020, and recent corporate highlights. Adamas delivered a strong performance this quarter, reflecting the successful execution of our growth strategy as well as our ability to rapidly adapt to the challenges posed by the ongoing pandemic, said Neil F. McFarlane, Chief Executive Officer. Additionally, we achieved a key milestone during the quarter with the FDA acceptance for review of our sNDA for GOCOVRI as a treatment for OFF episodes in Parkinsons disease patients receiving levodopa-based therapy. As we continue to respond to an uncertain environment, our focus remains on serving the patient community.Recent highlights GOCOVRI product sales were 18.0 million in the second quarter of 2020, an increase of 41 as compared to 12.7 million in the second quarter of 2019. Total paid prescriptions TRx of GOCOVRI were approximately 8,150 in the second quarter of 2020, a 32 increase over approximately 6,160 TRx in the second quarter of 2019 and an increase of 13 over approximately 7,210 TRx in the first quarter of 2020. Strong patient persistence of 45-50 at 12 months continued for GOCOVRI in the second quarter of 2020. New paid prescriptions NRx of GOCOVRI were approximately 370 in the second quarter of 2020 compared to NRx of approximately 500 in the first quarter of 2020, reflecting a decline in patient visits to clinics due to the pandemic during the second quarter of 2020. The Company began earning royalty revenue on net sales of NAMZARIC beginning May 18, 2020, recognizing 0.8 million in the second quarter of 2020. Royalties will be earned quarterly through 2024. Supplemental New Drug Application for GOCOVRI as a treatment for OFF episodes in Parkinsons disease PD patients receiving levodopa-based therapy was accepted for review by the U.S. Food and Drug Administration. The anticipated Prescription Drug User Fee Act action date is February 1, 2021. The United States Patent and Trademark Office issued a new patent for GOCOVRI that covers a method of reducing OFF time and increasing good ON time in people with PD being treated with levodopa.Financial resultsRevenueTotal revenue was 18.8 million for the second quarter of 2020, consisting of GOCOVRI product sales of 18.0 million and royalty revenue earned on net sales of NAMZARIC of 0.8 million. GOCOVRI product sales were up 41 compared to 12.7 million in the same period in 2019.Research and Development RD expensesRD expenses for the second quarter of 2020 were 2.6 million, compared to 8.6 million for the same period in the prior year. RD expenses in the second quarter of 2020 substantially relate to ongoing clinical development activities, including an open-label study which will conclude by the end of 2020 and completing the assessment of the ADS-5102 program. The decrease in RD expenses from the prior year quarter was primarily due to the completion of the Phase 3 INROADS trial for the treatment of multiple sclerosis patients with walking impairment at the end of 2019.Selling, General and Administrative SGA expensesSGA expenses for the second quarter of 2020 were 23.2 million, compared to 25.2 million for the same period in the prior year. SGA expenses in the second quarter of 2020 were primarily attributable to sales force costs and external spend dedicated to GOCOVRI commercialization and the related administrative support. The decrease from prior year quarter was primarily attributable to a combination of cost management activities as well as a reduced cost structure while executing in a virtual environment. Net lossNet loss was 10.6 million, or 0.37 per share, basic and diluted, for the second quarter of 2020, compared to a net loss of 24.9 million, or 0.90 per share, basic and diluted, for the second quarter of 2019. Net loss for the second quarters of 2020 and 2019 included 1.7 million and 2.9 million, respectively, in non-cash stock-based compensation expense.Cash and investmentsAs of June 30, 2020, the Company had 103.4 million of cash, cash equivalents and available-for-sale securities, compared to 132.6 million at December 31, 2019.Full year 2020 expense guidanceThe Company is updating its full year 2020 guidance for RD and stock-based compensation expenses as set forth below: Current as of August 6, 2020 Previous as of May 7, 2020 RD expenses1 8 million -- 12 million 10 million -- 15 million SGA expenses2 105 million -- 115 million 105 million -- 115 million Total operating expenses3 113 million -- 127 million 115 million -- 130 million 1Includes stock-based compensation expense of 1 million.2Includes stock-based compensation expense of 7 million.3Includes stock-based compensation expense of 8 million. Investor conference call and webcast Adamas will host a conference call and webcast today, August 6, 2020, at 4:30 p.m. ET 1:30 p.m. PT. The conference call may be accessed by dialing 833 350-1318 U.S.Canada or 236 738-2277 international using the ID 4795503. The webcast can be accessed live via the investor section of the Adamas website at and will be available for replay until November 5, 2020.About GOCOVRIGOCOVRI amantadine extended release capsules is the first and only FDA-approved medicine indicated for the treatment of dyskinesia in patients with Parkinsons disease receiving levodopa-based therapy, with or without concomitant dopaminergic medications. It is also the only medicine clinically proven to reduce both dyskinesia and OFF.Taken once daily at bedtime, GOCOVRI provides an initial lag and a slow rise in amantadine concentration during the night, resulting in a high concentration from the morning and throughout the waking day. Additionally, in the clinical trials, the adjunctive use of GOCOVRI did not require dose changes to dopaminergic therapies. The most commonly observed adverse reactions with GOCOVRI were hallucinations, dizziness, dry mouth, peripheral edema, constipation, falls and orthostatic hypotension.For more information about GOCOVRI, please visit more information, please visit Adamas At Adamas our vision is clear - to deliver innovative medicines that reduce the burden of neurological diseases on patients, caregivers and society. We are a fully-integrated company focused on growing a portfolio of therapies to address a range of neurological diseases. For more information, please visit statements Statements contained in this press release regarding matters that may occur in the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements contained in this press release regarding Adamas expectations of its full year 2020 expenses. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. For a description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, including risks relating to Adamas research, clinical, development and commercial activities relating to GOCOVRI and ADS-5102, and the regulatory and competitive environment and Adamas business in general, see Adamas Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2020, particularly under the caption Risk Factors. In addition, the impact that the current COVID-19 pandemic is having and will have on demand for GOCOVRI, and the unknown duration and severity of the COVID-19 pandemic, add additional risk and uncertainty to these forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Adamas undertakes no obligation to update any forward-looking statement in this press release, except as required by law.Contact:Investors:Media: Peter VozzoSarah Mathieson WestwickeVice President of Corporate Communications 443-213-0505510-450-3528 Financial Tables Attached Adamas Pharmaceuticals, Inc. Unaudited Condensed Consolidated Statements of Operations in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues: Product sales17,954 12,691 32,435 24,356 Royalty revenue840 840 Total revenues18,794 12,691 33,275 24,356 Costs and operating expenses: Cost of product sales381 685 953 1,098 Research and development2,550 8,598 5,015 18,812 Selling, general and administrative, net23,177 25,216 47,729 52,904 Total costs and operating expenses26,108 34,499 53,697 72,814 Loss from operations7,314 21,808 20,422 48,458 Interest and other income, net215 734 299 1,457 Interest expense3,467 3,797 7,091 7,528 Net loss10,566 24,871 27,214 54,529 Net loss per share, basic and diluted0.37 0.90 0.97 1.98 Weighted average shares used in computing net loss per share, basic and diluted28,194 27,579 28,112 27,516 Adamas Pharmaceuticals, Inc. 