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Jun 30, 2022
Acumen Q2 2022 Earnings Report
Acumen Pharmaceuticals reported financial results for the second quarter of 2022 and provided a business update.
Key Takeaways
Acumen Pharmaceuticals reported $209.9 million in cash, cash equivalents and marketable securities as of June 30, 2022. R&D expenses were $7.3 million, and G&A expenses were $3.1 million for the three-month period ended June 30, 2022. The net loss was $10.2 million for the three-month period ended June 30, 2022.
Topline results expected in the first half of 2023 from INTERCEPT-AD, a Phase 1 clinical trial of ACU193 in patients with early Alzheimer’s disease (AD).
Key methods and assay model developed to potentially standardize the study of soluble amyloid-beta oligomers (AßOs) presented in a poster at the recent Alzheimer’s Association International Conference (AAIC).
$209.9 million in cash, cash equivalents and marketable securities as of June 30, 2022, which is expected to provide cash runway through 2025.
Company to host conference call and webcast today at 4:30 pm ET
Acumen
Acumen
Forward Guidance
Acumen anticipates initiating a Phase 2/3 trial for ACU193 following completion of INTERCEPT-AD, if successful, and subsequent consultation and feedback from the FDA.
Positive Outlook
- INTERCEPT-AD enrollment remains ongoing.
- Patient screening and enrollment is continuing for INTERCEPT-AD.
- Acumen anticipates topline data from this trial in the first half of 2023.
- Methodology was recently presented in a poster at the 2022 Alzheimer’s Association International Conference.
- Acumen continues to expand its team with new appointments.
Challenges Ahead
- Dr. Jeffrey Sevigny has departed from the Board effective August 12, 2022.
- Decrease in cash related to funding ongoing operations.
- Increase in research and development expenses was due to increased costs related to our ongoing clinical trial.
- Increase in general and administrative expenses was primarily due to increased costs related to personnel, insurance, legal, marketing and recruiting expenses.
- Losses from operations were $10.4 million for the three-month period ended June 30, 2022.