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Sep 30, 2023
Acumen Q3 2023 Earnings Report
Reported financial results for the third quarter of 2023 and provided a business update.
Key Takeaways
Acumen Pharmaceuticals reported a net loss of $13.0 million for the third quarter of 2023. The company's cash, cash equivalents, and marketable securities totaled $282.7 million as of September 30, 2023, which is expected to support current clinical and operational activities into the second half of 2026.
Initiation of a Phase 2 study, ALTITUDE-AD, to investigate ACU193 for the treatment of early Alzheimer’s disease expected in the first half of 2024, following positive FDA interaction in October 2023.
Announced global collaboration and license agreement with Halozyme for development of a subcutaneous formulation of ACU193.
Announced a credit facility of up to $50 million from K2 HealthVentures, to provide capital to support subcutaneous clinical work and general corporate purposes.
Cash, cash equivalents and marketable securities of $282.7 million as of Sept. 30, 2023, expected to support current clinical and operational activities into the second half of 2026.
Forward Guidance
Acumen expects to initiate a Phase 2 study in the first half of 2024 and a Phase 1 trial investigating a subcutaneous dosing option of ACU193 in mid-2024.
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