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Sep 30, 2022
Acumen Q3 2022 Earnings Report
Acumen Pharmaceuticals reported financial results for the third quarter of 2022 and provided a business update.
Key Takeaways
Acumen Pharmaceuticals reported a net loss of $10.7 million for the third quarter of 2022, compared to a net loss of $3.9 million for the same period in 2021. As of September 30, 2022, cash, cash equivalents and marketable securities totaled $200.2 million.
INTERCEPT-AD, a Phase 1 clinical trial of ACU193 in patients with early Alzheimer’s disease continues to progress.
Acumen anticipates completing enrollment in the first quarter of 2023 and reporting topline data from this trial in the second half of 2023.
ACU193 was granted Fast Track designation from the U.S. FDA for the treatment of early Alzheimer’s disease.
Cash, cash equivalents and marketable securities of $200.2 million as of Sept. 30, 2022 expected to be sufficient to support clinical and operational goals through 2025.
Acumen
Acumen
Forward Guidance
Acumen anticipates completing enrollment in the first quarter of 2023 and reporting topline data from the INTERCEPT-AD trial in the second half of 2023.
Positive Outlook
- INTERCEPT-AD enrollment remains ongoing.
- Patient screening and enrollment is continuing for INTERCEPT-AD, with 17 active clinical trial sites currently recruiting patients.
- The study has progressed as planned in the protocol and blinded safety data for ACU193 are consistent with our expectations.
- Acumen anticipates completing enrollment in the first quarter of 2023 and reporting topline data from this trial in the second half of 2023.
- Fast Track designation is granted to drugs being developed for the treatment of serious or life-threatening conditions where there is an unmet medical need.
Challenges Ahead
- Forward-looking statements are subject to certain factors, risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing safe and effective human therapeutics.
- Such risks may be amplified by the impacts of the COVID-19 pandemic, geopolitical events and macroeconomic conditions, such as rising inflation and interest rates, supply disruptions and uncertainty of credit and financial markets.
- Acumen expressly disclaims any obligation to update or revise any forward-looking statement, except as otherwise required by law, whether, as a result of new information, future events or otherwise.
- Decrease in cash related to funding ongoing operations.
- Increased costs related to personnel, accounting, marketing, recruiting and travel expenses.