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August 28, 2015 11:38 AM ET

Healthcare Equipment and Supplies

Company Overview of Capnia, Inc.

Company Overview

Capnia, Inc. develops diagnostics and therapeutics based on its proprietary technology for precision metering of gas flow primarily in the United States. The company offers CoSense for the diagnosis of excessive hemolysis in neonates, a condition that causes long-term developmental disability due to the degradation of red blood cells. It also develops Serenz, a therapeutic product candidate that has completed phase II clinical trials for the treatment of symptoms related to allergic rhinitis. The company was founded in 1999 and is headquartered in Redwood City, California.

3 Twin Dolphin Drive

Suite 160

Redwood City, CA 94065

United States

Founded in 1999

22 Employees





Key Executives for Capnia, Inc.

Chief Executive Officer, President and Director
Age: 47
Total Annual Compensation: $433.1K
Chief Financial Officer and Senior Vice President
Age: 56
Total Annual Compensation: $121.2K
Senior Vice President of Research and Development
Age: 53
Total Annual Compensation: $246.8K
Compensation as of Fiscal Year 2014.

Capnia, Inc. Key Developments

Capnia, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015

Capnia, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. The company reported total revenue recognized in the three months ended June 30, 2015 was $97,000 compared to no revenue recognized in the three months ended June 30, 2014. Net income for three months ended June 30, 2015 was $1.9 million, or $0.25 per basic and diluted share, compared to a net loss of $2.8 million, or a loss of $5.21 per basic and diluted share, for the second quarter of 2014. Operating loss was $3,044,000 compared to $1,307,000 for the same period a year ago. The company reported total revenue recognized six months ended June 30, 2015 was $119,000 compared to no revenue recognized in the six months ended June 30, 2014. Net loss for the six months ended June 30, 2015 was $9.8 million, or a loss of $1.35 per basic and diluted share, compared to a net loss of $3.6 million, or a loss of $6.77 per basic and diluted share, for the same period in 2014. Operating loss was $5,470,000 compared to $1,991,000 for the same period a year ago.

Capnia, Inc. Announces Enrollment of First Patient in Clinical Trial for Treatment of Cluster Headache

Capnia, Inc. announced enrollment of the first patient in an investigator-sponsored clinical trial evaluating Capnia's proprietary nasal, non-inhaled carbon dioxide (nasal CO2) technology for the treatment of cluster headaches. This pilot, single-center clinical trial is being conducted under a collaboration agreement announced earlier this year between Capnia and Clinvest, a clinical research organization and division of Banyan Group, Inc., and is designed to enroll 25 patients with episodic cluster headaches. The primary efficacy endpoint of the trial is the change from pre-treatment headache pain intensity to post treatment.

Capnia, Inc. Receives Non-Compliance Notice From Nasdaq

On July 17, 2015, Capnia, Inc. received a written notice of deficiency from The Nasdaq Stock Market on account of failure to comply with Nasdaq’s Marketplace Rule 5550(b)(2) requiring the company to maintain a $35 million minimum Market Value of Listed Securities (MVLS) for common stock. The Nasdaq notification has no immediate effect on the listing of the common stock. The company has 180 calendar days (i.e., until January 13, 2016) to regain compliance with the Rule. If prior to that date, the company achieves a MVLS for common stock of $35 million or more for at least 10 consecutive business days, Nasdaq will provide written notification that it has achieved compliance with the Rule. If it cannot demonstrate compliance with the Rule by January 13, 2016, Nasdaq may notify the company of its intent to delist the common stock. In this case, the company can appeal any delisting determination by the Nasdaq staff to a Nasdaq Hearings Panel. Nasdaq also advised the company in its letter that the company do not meet the requirements under Nasdaq Marketplace Rule 5550(b)(1), which requires maintenance of $2.5 million of stockholders’ equity, and Rule 5550(b)(3), which requires net income from continuing operations of $500,000 or more in 2014 or in two of the three years 2012, 2013 and 2014. However, Nasdaq did not advise the company that the failure to meet those Rules subjects it to potential delisting. Under Rule 5550, the company can regain compliance and avoid the potential for delisting of common stock by satisfying any one of the MVLS test, the minimum equity test or the minimum net income test. The company will continue to monitor the MVLS for common stock and consider various options available to the company if the common stock does not trade at a level that is likely to regain compliance within the requisite grace period.

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