News
Achilles Therapeutics Reports Q1 2024 Financial Results and Recent Business Highlights
Achilles Therapeutics PLC
– Provided interim Phase I/IIa update on clonal neoantigen-reactive T cells in advanced NSCLC and melanoma –
– Evaluating the benefit of improved host fitness with more data expected in 2H 2024 –
– Strong cash position of US$112.3 million supports operations until 2025 –
LONDON, May 8, 2024 (GLOBE NEWSWIRE) — Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage biopharmaceutical company developing AI-powered precision T-cell therapies targeting clonal neoantigens to treat solid tumors, today announced its financial results for the first quarter ended March 31, 2024 and recent business highlights.
“Shortly after the close of Q1, we shared interim Phase I/IIa data from our ongoing CHIRON- and THETIS TIL-based cNeT clinical trials, which gave us important mechanistic learnings about the factors that drive durable engraftment and immune evasion on an antigen. level. These data continue to inform the development of cNeT and potentially other modalities such as neoantigen vaccines and TCR-T therapies,” he said. Dr. Iraj Ali, CEO of Achilles Therapeutics. “We are evaluating cNeT persistence and clinical activity in patients with enhanced host fitness and plan to report a significant data update in the second half of 2024. Our financial position remains strong, with more than $112 million in cash, which will support operations through 2025, including completion of ongoing Phase I/IIa trials.”
Clinical and business highlights
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Provided an interim Phase I/IIa update on clonal neoantigen-reactive T cells in advanced NSCLC and melanoma, highlighting improved doses of the VELOS™ manufacturing process and encouraging tolerability
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Provided approximately 10-fold improvement in average cNeT dose (172 million), with 10 products above 100 million cNeT and five above one billion cNeT
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First Patients Dosed on CHIRON and THETIS with Enhanced Host Conditioning, with Additional Data Expected in Second Half of 2024
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Ongoing development of the PELEUS™ clonal neoantigen prediction platform
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Presented “Targeting Clonal Neoantigens with Precision Cell Therapies” at the 10th Annual IO360 Conference
Financial Highlights
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Cash and cash equivalents: Cash and cash equivalents were $112.3 million as of March 31, 2024, compared to $131.5 million as of December 31, 2023. The Company believes its cash and cash equivalents are sufficient to finance its planned operations until 2025.
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Research and development (R&D) expenses: R&D expenses were $10.1 million in the first quarter ended March 31, 2024, a decrease of $3.7 million compared to $13.9 million in the first quarter ended March 31, 2024. 2023. The reduction was primarily driven by lower personnel costs, partially offset by increased activity in ongoing clinical trials.
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General and administrative expenses (G&A): General and administrative expenses were $4.2 million for the first quarter ended March 31, 2024, a decrease of $0.5 million compared to $4.7 million for the first quarter ended March 31 2023. This reduction was mainly driven by lower personnel costs and lower insurance premiums.
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Net loss: Net loss for the first quarter ended March 31, 2024 was $12.3 million or $0.30 per share, compared to $17.5 million or $0.44 per share in the first quarter closed on March 31, 2023.
The story continues
Focus 2024
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Clinical data: Report clinical activity and translational science data from Cohort C CHIRON and THETIS patients, evaluating the benefit of enhanced host conditioning, with a significant data update expected in the second half of 2024
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Translational Science: Leverage the company’s world-class translational scientific platform to define capabilities associated with clinical response and pursue rational design of the final cNeT product
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Manufacturing Development: Continue development of VELOS™ and PELEUS™ to optimize cNeT dose and functionality
About Achilles Therapeutics
Achilles is a clinical-stage biopharmaceutical company developing AI-powered precision T-cell therapies targeting clonal neoantigens: protein markers unique to the individual that are expressed on the surface of each cancer cell. The company has two ongoing Phase I/IIa trials, the CHIRON trial in patients with advanced non-small cell lung cancer (NSCLC) and the THETIS trial in patients with recurrent or metastatic melanoma. Achilles uses DNA sequencing data from each patient, along with its proprietary PELEUS™ bioinformatics platform, to identify clonal neoantigens specific to that patient and then develop precision T cell-based product candidates that specifically target those neoantigens. clonal.
Forward-looking statements
This press release contains forward-looking statements, expressed or implied, that are based on the beliefs and assumptions of our management and information currently available to our management. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing of the Company’s clinical and translational data updates and the Company’s beliefs regarding recent data updates and expectations regarding cash flow and operating expenses and capital from the company. expense requirements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operating or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements. are 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 our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, although we may choose to update these forward-looking statements at some point in the future, we have no current intention to do so, except to the extent required by applicable law. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
For more information, please contact:
Investors:
Meru Consultants
Lee M. Stern
lstern@meruadvisors.com
Media:
ICR Council
Sukaina Virji, Tracy Cheung, Dylan Wilks
+44 (0) 203 709 5000
achillestx@consilium-comms.com
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Achilles Therapeutics PLC |
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March 31, |
December 31th, |
|||||||
|
2024 |
2023 |
|||||||
|
ACTIVE |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash and cash equivalents |
$ |
112,322 |
$ |
131,539 |
||||
|
Prepaid expenses and other current assets |
19,104 |
14,094 |
||||||
|
Total current assets |
131,426 |
145,633 |
||||||
|
Fixed assets, net |
8,107 |
9,171 |
||||||
|
Operating Lease Right-of-Use Assets |
3,965 |
4,372 |
||||||
|
Deferred tax assets |
41 |
41 |
||||||
|
Restricted money |
33 |
33 |
||||||
|
Other assets |
2,169 |
2,206 |
||||||
|
Total non-current assets |
14,315 |
15,823 |
||||||
|
Total assets |
$ |
145,741 |
$ |
161,456 |
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
|
CURRENT LIABILITIES: |
||||||||
|
Bills to pay |
$ |
3,313 |
$ |
5,629 |
||||
|
Accrued expenses and other responsibilities |
6,712 |
7,828 |
||||||
|
Operating lease liabilities – current |
3,628 |
3,539 |
||||||
|
Total current liabilities |
13,653 |
16,996 |
||||||
|
NON-CURRENT LIABILITIES: |
||||||||
|
Operating lease liabilities – non-current |
584 |
1,076 |
||||||
|
Other long-term responsibilities |
1,156 |
1,015 |
||||||
|
Total non-current liabilities |
1,740 |
2,091 |
||||||
|
Total responsibilities |
15,393 |
19,087 |
||||||
|
Commitments and contingencies |
||||||||
|
NET WORTH: |
||||||||
|
Ordinary shares, nominal value £0.001; 41,087,901 and 41,082,948 shares authorized, issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
54 |
54 |
||||||
|
Deferred shares, £92,451.85 nominal value, one authorized share, issued and outstanding on 31 March 2024 and 31 December 2023 respectively |
128 |
128 |
||||||
|
Additional paid in capital |
416,602 |
415,210 |
||||||
|
Other accumulated comprehensive income |
(14,210 |
) |
(13,071 |
) |
||||
|
Accumulated deficit |
(272,226 |
) |
(259,952 |
) |
||||
|
Total net worth |
130,348 |
142,369 |
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
145,741 |
$ |
161,456 |
||||
|
Achilles Therapeutics PLC |
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Three months are over |
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March 31, |
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|
2024 |
|
2023 |
||||||
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OPERATIONAL EXPENSES: |
||||||||
|
Research and Development |
$ |
10,140 |
$ |
13,868 |
||||
|
General and administrative |
4,159 |
4,685 |
||||||
|
Total operating expenses |
14,299 |
18,553 |
||||||
|
LOSS OF OPERATIONS: |
(14,299 |
) |
(18,553 |
) |
||||
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OTHER REVENUE (EXPENSES), NET: |
||||||||
|
Other income (expenses) |
2002 |
1,091 |
||||||
|
Total other income (expenses), net |
2002 |
1,091 |
||||||
|
Loss before income tax |
(12,297 |
) |
(17,462 |
) |
||||
|
Benefit (provision) for income tax |
23 |
(44 |
) |
|||||
|
Net loss |
(12,274 |
) |
(17,506 |
) |
||||
|
Other comprehensive income (losses): |
||||||||
|
Currency conversion adjustment |
(1,139 |
) |
3,977 |
|||||
|
Comprehensive loss |
$ |
(13,413 |
) |
$ |
(13,529 |
) |
||
|
Net loss per share attributable to common shareholders – basic and diluted |
$ |
(0.30 |
) |
$ |
(0.44 |
) |
||
|
Weighted average common shares outstanding – basic and diluted |
40,281,407 |
39,732,186 |
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