Achilles Therapeutics Reports Third Quarter 2024 Financial Results
14 Novembro 2024 - 9:00AM
Achilles Therapeutics plc (NASDAQ: ACHL) today announced its
financial results for the third quarter ended September 30, 2024,
and recent corporate updates.
Corporate Updates
- Following the discontinuation of
its TIL-based cNeT program and closure of the Phase I/IIa CHIRON
and THETIS clinical trials, the Company has engaged BofA Securities
as a financial advisor in the process of exploring strategic
options.
- Achilles Chief Scientific Officer,
Sergio Quezada, presented “Targeting Clonal Neoantigens with
Precision T-Cell Therapies: Key Mechanistic Insights From cNeT
Clinical Trials” in a seminar on October 23, 2024 at the 6th Annual
TIL Therapies Summit.
Financial Highlights
- Cash and cash
equivalents: Cash and cash equivalents were $86.1 million
as of September 30, 2024, as compared to $131.5 million as of
December 31, 2023. Subsequent to September 30, 2024, the Company
received a cash R&D tax credit of $12.8 million.
- Research and development
(R&D) expenses: R&D expenses were $16.4 million
for the third quarter ended September 30, 2024, compared to $14.7
million for the third quarter ended September 30, 2023.
- General and administrative
(G&A) expenses: G&A expenses were $4.0 million for
the third quarter ended September 30, 2024, compared to $4.4
million for the third quarter ended September 30, 2023.
- Net loss: Net loss
for the third quarter ended September 30, 2024 was $19.6 million or
$0.48 per share, compared to $16.7 million or $0.42 per share for
the third quarter ended September 30, 2023.
About Achilles Therapeutics
Achilles is a clinical-stage biopharmaceutical
company that was developing AI-powered precision T cell therapies
targeting clonal neoantigens: protein markers unique to the
individual that are expressed on the surface of every cancer cell.
Achilles uses DNA sequencing data from each patient, together with
its proprietary PELEUSTM bioinformatics platform, to identify
clonal neoantigens specific to that patient, to enable and support
development of product candidates specifically targeting those
clonal neoantigens.
Forward Looking Statements
This press release contains express or implied
forward-looking statements that are based on the Company
management's belief and assumptions and on information currently
available to the Company’s management. Forward-looking statements
in this press release include, but are not limited to, statements
regarding the Company’s clinical trials and the Company’s beliefs
about its goals for the discontinued trials; expectations related
to the Company’s cash runway and operating expenses and capital
expense requirements; the Company’s ability to engage with third
parties who are developing alternative modalities to target clonal
neoantigens for the treatment of cancers and the Company’s review
and evaluation of potential strategic options and their impact on
stockholder value. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements relate to future events or the
Company’s future operational or financial performance, and involve
known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, performance, or achievements to
be materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. The forward-looking statements in this press release
represent the Company’s views as of the date of this press release.
We anticipate that subsequent events and developments will cause
the Company’s views to change. However, while the Company may elect
to update these forward-looking statements at some point in the
future, the Company has no current intention of doing so except to
the extent required by applicable law. You should therefore not
rely on these forward-looking statements as representing the
Company’s views as of any date subsequent to the date of this press
release.
For further information, please contact:
Meru AdvisorsLee M. Sternlstern@meruadvisors.com
|
|
ACHILLES THERAPEUTICS PLCCondensed
Consolidated Balance Sheets (Unaudited)(in thousands,
except share and per share amounts)(expressed in U.S. Dollars,
unless otherwise stated) |
|
|
September 30, |
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
86,052 |
|
|
$ |
131,539 |
|
Prepaid expenses and other
current assets |
|
25,573 |
|
|
|
14,094 |
|
Total current assets |
|
111,625 |
|
|
|
145,633 |
|
Property and equipment,
net |
|
5,827 |
|
|
|
9,171 |
|
Operating lease right of use
assets |
|
3,407 |
|
|
|
4,372 |
|
Deferred tax assets |
|
41 |
|
|
|
41 |
|
Restricted cash |
|
20 |
|
|
|
33 |
|
Other assets |
|
1,756 |
|
|
|
2,206 |
|
Total non-current assets |
|
11,051 |
|
|
|
15,823 |
|
Total assets |
$ |
122,676 |
|
|
$ |
161,456 |
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
4,248 |
|
|
$ |
5,629 |
|
Accrued expenses and other
liabilities |
|
10,602 |
|
|
|
7,828 |
|
Operating lease liabilities -
current |
|
3,620 |
|
|
|
3,539 |
|
Total current liabilities |
|
18,470 |
|
|
|
16,996 |
|
NON-CURRENT LIABILITIES: |
|
|
|
Operating lease liabilities -
non-current |
|
- |
|
|
|
1,076 |
|
Other long-term liability |
|
1,068 |
|
|
|
1,015 |
|
Total non-current liabilities |
|
1,068 |
|
|
|
2,091 |
|
Total liabilities |
|
19,538 |
|
|
|
19,087 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
Ordinary shares, £0.001 par
value; 41,100,040 and 41,082,948 shares authorized, issued and
outstanding at September 30, 2024 and December 31, 2023,
respectively |
|
54 |
|
|
|
54 |
|
Deferred shares, £92,451.85.
par value, one share authorized, issued and outstanding at
September 30, 2024 and December 31, 2023, respectively |
|
128 |
|
|
|
128 |
|
Additional paid in
capital |
|
419,098 |
|
|
|
415,210 |
|
Accumulated other
comprehensive income |
|
(7,941 |
) |
|
|
(13,071 |
) |
Accumulated deficit |
|
(308,201 |
) |
|
|
(259,952 |
) |
Total shareholders’ equity |
|
103,138 |
|
|
|
142,369 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
122,676 |
|
|
$ |
161,456 |
|
|
ACHILLES THERAPEUTICS PLCCondensed
Consolidated Statements of
Operations and
Comprehensive Loss (Unaudited)(in
thousands, except share and per share amounts)(expressed in U.S.
Dollars, unless otherwise stated) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
Research and development |
$ |
16,396 |
|
|
$ |
14,712 |
|
|
$ |
40,171 |
|
|
$ |
42,354 |
|
|
General and
administrative |
|
4,021 |
|
|
|
4,384 |
|
|
$ |
12,344 |
|
|
|
13,387 |
|
|
Total operating expenses |
|
20,417 |
|
|
|
19,096 |
|
|
|
52,515 |
|
|
|
55,741 |
|
LOSS FROM
OPERATIONS: |
|
(20,417 |
) |
|
|
(19,096 |
) |
|
|
(52,515 |
) |
|
|
(55,741 |
) |
OTHER INCOME
(EXPENSE), NET: |
|
|
|
|
|
|
|
|
Other income (expense) |
|
817 |
|
|
|
2,389 |
|
|
|
4,246 |
|
|
|
4,692 |
|
|
Total other income (expense), net |
|
817 |
|
|
|
2,389 |
|
|
|
4,246 |
|
|
|
4,692 |
|
Loss before income
taxes |
|
(19,600 |
) |
|
|
(16,707 |
) |
|
|
(48,269 |
) |
|
|
(51,049 |
) |
|
Benefit for income taxes |
|
5 |
|
|
|
24 |
|
|
|
20 |
|
|
|
14 |
|
Net
loss |
|
(19,595 |
) |
|
|
(16,683 |
) |
|
|
(48,249 |
) |
|
|
(51,035 |
) |
Other
comprehensive (loss) income: |
|
|
|
|
|
|
|
|
Foreign exchange translation
adjustment |
|
6,074 |
|
|
|
(5,289 |
) |
|
|
5,130 |
|
|
|
2,505 |
|
Comprehensive
loss |
$ |
(13,521 |
) |
|
$ |
(21,972 |
) |
|
$ |
(43,119 |
) |
|
$ |
(48,530 |
) |
Net loss per share
attributable to ordinary shareholders—basic and diluted |
$ |
(0.48 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.20 |
) |
|
$ |
(1.28 |
) |
Weighted average
ordinary shares outstanding—basic and diluted |
|
40,427,199 |
|
|
|
40,066,922 |
|
|
|
40,355,124 |
|
|
|
39,900,910 |
|
|
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