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Jun 30, 2023
Acumen Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023 and provided a business update.
Key Takeaways
Acumen Pharmaceuticals reported positive Phase 1 trial results for ACU193, demonstrating its potential for treating early Alzheimer's disease. They ended the quarter with $172.2 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the second half of 2026. A Phase 2 study is expected to begin in the first half of 2024.
Positive Phase 1 trial results for ACU193 showed potential as a differentiated antibody for early Alzheimer’s disease treatment.
Cash, cash equivalents, and marketable securities totaled $172.2 million as of June 30, 2023, bolstered by $122 million in net proceeds in July.
The company expects current funds to support clinical and operational activities into the second half of 2026.
A Phase 2 study is expected to begin in the first half of 2024, with potential for expansion to a Phase 3 registration study based on interim analyses.
Forward Guidance
Acumen anticipates an interaction with the FDA in the fourth quarter of 2023 to discuss future clinical development plans and expects to initiate a Phase 2 study in the first half of 2024.
Positive Outlook
- Positive Phase 1 results announced in July 2023 exceeded expectations.
- Observed rapid reduction of amyloid plaque.
- Demonstrated convincing, dose-related near-maximal target engagement of AβOs.
- ACU193 was well tolerated with low levels of ARIA-E.
- Raised net proceeds of approximately $122 million through an underwritten public follow-on offering in July 2023.
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