EX-99.3 5 d871135dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

SELECTED UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following table presents selected unaudited pro forma combined financial information about AcelRx’s consolidated balance sheet and statements of operations, after giving effect to the Merger with Tetraphase. The information under “Selected Unaudited Pro Forma Condensed Combined Statements of Operations” in the table below assumes the Merger had been consummated on January 1, 2019, the beginning of the earliest period presented. The information under “Selected Unaudited Pro Forma Condensed Combined Balance Sheet Data” in the table below assumes the Merger had been consummated on December 31, 2019.

The unaudited pro forma condensed combined financial information includes adjustments which are preliminary and may be revised. These revisions may be material. In addition, the unaudited pro forma condensed combined financial information does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies, synergies, debt refinancing or other restructuring that may result from the Merger. The unaudited pro forma condensed combined financial information is not necessarily indicative of results that actually would have occurred or that may occur in the future had the Merger been completed on the dates indicated.

The accompanying unaudited pro forma condensed combined financial information should be read in conjunction with (a) the audited consolidated financial statements of AcelRx contained in its Annual Report on Form 10-K for the year ended December 31, 2019 and (b) the audited consolidated financial statements of Tetraphase for the year ended December 31, 2019. 


1


 

  

Year Ended
December  31,
2019

 

(in thousands, except share and per share data)

  

(Unaudited)

 

Selected Unaudited Pro Forma Condensed Combined Statements of Operations

  

 

 

 

Total revenue

  

$

9,665

 

Operating costs and expenses:

  

 

 

 

Cost of goods sold

  

 

12,207

 

Research and development

  

 

27,553

 

Selling, general and administrative

  

 

94,070

 

Total operating costs and expenses

  

 

133,830

 

Loss from operations

  

 

(124,165

) 

Interest expense

  

 

(5,115

) 

Interest income and other income (expense), net

  

 

3,761

 

Non-cash interest income (expense) on liability related to sale of future royalties

  

 

1,337

 

Loss on extinguishment of debt

  

 

(1,568

) 

Net loss before income taxes

  

$

(125,750

) 

Provision (benefit) for income taxes

  

 

3

 

Net loss

  

$

(125,753

) 

Net loss per share of common stock, basic

  

$

(1.35

) 

Shares used in computing net loss per share of common stock, basic

  

 

93,170,280

 

Net loss per share of common stock, diluted

  

$

(1.35

) 

Shares used in computing net loss per share of common stock, diluted

  

 

93,170,280

 

 

  

As of
December 31,
2019

 

(in thousands)

  

(Unaudited)

 

Selected Unaudited Pro Forma Condensed Combined Balance Sheet Data

  

 

 

 

Cash, cash equivalents and short-term investments

  

$

70,861

 

Working capital

  

 

69,890

 

Total assets

  

 

124,887

 

Long-term debt

  

 

25,147

 

Liability related to sale of future royalties

  

 

92,035

 

Accumulated deficit

  

 

(402,493

) 

Total stockholders’ (deficit) equity

  

 

(28,005

) 

  

2