LONDON, Nov. 13, 2023 (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 quarter ended September 30, 2023, and recent business highlights.
“We are pleased with progress across the scientific field that continues to demonstrate the importance of neoantigens as the most attractive targets in solid-tumor oncology. We believe that our proprietary capability to identify the most immunogenic clonal neoantigens, recently shared at ESGCT and SITC, puts us in a strong position with our clonal neoantigen-reactive T cell (cNeT) therapy and potentially other neoantigen targeting approaches,” said Dr Iraj Ali, Chief Executive Officer of Achilles Therapeutics. “Our Phase I/IIa clinical trials evaluating cNeT therapy for the treatment of advanced NSCLC (CHIRON) and metastatic malignant melanoma (THETIS) continue to progress and we are on track to dose patients in line with our previous guidance. We look forward to sharing our next clinical and translational data update in Q1 2024.”
Recent Highlights
Financial Highlights
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 every 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, together with its proprietary PELEUS™ bioinformatics platform, to identify clonal neoantigens specific to that patient, and then develop precision T cell-based product candidates specifically targeting those clonal neoantigens.
Forward Looking Statements
This press release contains express or implied forward-looking statements that are based on our management's belief and assumptions and on 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 about recent data updates, and expectations related to the Company’s operating expenses and capital 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 operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our 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 our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have 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 our views as of any date subsequent to the date of this press release.
For further information, please contact:
Investors:
Meru Advisors
Lee M. Stern
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Media:
ICR Consilium
Sukaina Virji, Tracy Cheung, Emmalee Hoppe
+44 (0) 203 709 5000
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| ACHILLES THERAPEUTICS PLC | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| (expressed in U.S. Dollars, unless otherwise stated) | ||||||||
| September 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 140,138 | $ | 173,338 | ||||
| Prepaid expenses and other current assets | 15,354 | 23,242 | ||||||
| Total current assets | 155,492 | 196,580 | ||||||
| Non-current assets: | ||||||||
| Property and equipment, net | 9,648 | 12,399 | ||||||
| Operating lease right of use assets | 7,013 | 8,081 | ||||||
| Deferred tax assets | 185 | 251 | ||||||
| Restricted cash | 33 | 33 | ||||||
| Other assets | 2,967 | 3,014 | ||||||
| Total non-current assets | 19,846 | 23,778 | ||||||
| TOTAL ASSETS | $ | 175,338 | $ | 220,358 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,352 | $ | 5,187 | ||||
| Income taxes payable | - | 326 | ||||||
| Accrued expenses and other liabilities | 8,209 | 8,292 | ||||||
| Operating lease liabilities-current | 4,620 | 4,188 | ||||||
| Total current liabilities | 18,181 | 17,993 | ||||||
| Non-current liabilities: | ||||||||
| Operating lease liabilities-non-current | 2,731 | 4,388 | ||||||
| Other long-term liability | 941 | 933 | ||||||
| Total non-current liabilities | 3,672 | 5,321 | ||||||
| Total liabilities | 21,853 | 23,314 | ||||||
| Commitments and contingencies (Note 12) | ||||||||
| Shareholders’ equity: | ||||||||
| Ordinary shares, £0.001 par value; 40,782,948 and 40,932,727 shares authorized, issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 54 | 54 | ||||||
| Deferred shares, £92,451.851 par value, one share authorized, issued and outstanding at September 30, 2023 and December 31, 2022 | 128 | 128 | ||||||
| Additional paid in capital | 413,815 | 408,844 | ||||||
| Accumulated other comprehensive loss | (19,190 | ) | (21,695 | ) | ||||
| Accumulated deficit | (241,322 | ) | (190,287 | ) | ||||
| Total shareholders’ equity | 153,485 | 197,044 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 175,338 | $ | 220,358 | ||||
| ACHILLES THERAPEUTICS PLC | ||||||||||||||||
| Condensed 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | $ | 14,712 | $ | 10,597 | $ | 42,354 | $ | 38,387 | ||||||||
| General and administrative | 4,384 | 5,437 | 13,387 | 17,162 | ||||||||||||
| Total operating expenses | 19,096 | 16,034 | 55,741 | 55,549 | ||||||||||||
| Loss from operations | (19,096 | ) | (16,034 | ) | (55,741 | ) | (55,549 | ) | ||||||||
| OTHER INCOME, NET: | ||||||||||||||||
| Other income | 2,389 | 3,599 | 4,692 | 8,499 | ||||||||||||
| Total other income, net | 2,389 | 3,599 | 4,692 | 8,499 | ||||||||||||
| Loss before provision for income taxes | (16,707 | ) | (12,435 | ) | (51,049 | ) | (47,050 | ) | ||||||||
| Benefit (Provision) for income taxes | 24 | (41 | ) | 14 | (70 | ) | ||||||||||
| Net loss | (16,683 | ) | (12,476 | ) | (51,035 | ) | (47,120 | ) | ||||||||
| Other comprehensive income: | ||||||||||||||||
| Foreign exchange translation adjustment | (5,289 | ) | (18,147 | ) | 2,505 | (45,126 | ) | |||||||||
| Comprehensive loss | $ | (21,972 | ) | $ | (30,623 | ) | $ | (48,530 | ) | $ | (92,246 | ) | ||||
| Net loss per share attributable to ordinary shareholders—basic and diluted | $ | (0.42 | ) | $ | (0.32 | ) | $ | (1.28 | ) | $ | (1.20 | ) | ||||
| Weighted average ordinary shares outstanding—basic and diluted | 40,066,922 | 39,313,764 | 39,900,910 | 39,104,866 | ||||||||||||
| Last Trade: | US$1.06 |
| Daily Change: | -0.01 -0.93 |
| Daily Volume: | 533,075 |
| Market Cap: | US$43.560M |
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