Atreca Reports First Quarter 2023 Financial Results and Recent Corporate Developments
May 10 2023 - 4:05PM
Atreca, Inc. (Atreca) (NASDAQ: BCEL), a clinical-stage
biotechnology company focused on developing novel therapeutics
generated through a unique discovery platform based on
interrogation of the active human immune response, today announced
financial results for the first quarter ended March 31, 2023 and
provided an overview of recent developments.
"In the first quarter of 2023 we continued to advance both
ATRC-101 and our preclinical programs. The additional data from the
ongoing Phase 1b study of ATRC-101 that we reported in March will
help inform our anticipated go / no-go decision for Phase 2
development, which remains on-track for later this year,” said John
Orwin, Chief Executive Officer of Atreca. “We continue to invest
strategically in our platform, which has supported an acceleration
of our discovery and early-stage development efforts. We are making
great progress in advancing both the APN-497444 and APN-346958
programs and continue to anticipate nominating clinical candidates
for both programs later this year.”
Recent Developments and Highlights
- In March 2023,
Atreca reported additional data from the ongoing Phase 1b study of
ATRC-101 monotherapy and in combination with pembrolizumab in
patients with select solid tumor cancers, with ATRC-101 continuing
to be well tolerated and clinical activity observed in multiple
tumor types with a correlation observed between target expression
and progression free survival. Atreca is enrolling additional
patients at a dose level of 30mg/kg in both the Q3W monotherapy and
combination therapy arms and expects to report additional data and
provide details on its potential Phase 2 development plans by the
end of 2023. To-date, 81 total participants have been enrolled
across all cohorts in the study.
- Data from the
Phase 1b study of ATRC-101 will be presented during an oral
abstract session at the American Society of Clinical Oncology
(ASCO) 2023 Annual Meeting. The oral abstract session will be held
on June 4, 2023, from 9:45am – 12:45pm CDT.
First Quarter and 2023 Financial Results
- As of March 31,
2023, cash and cash equivalents and investments totaled $56.4
million.
- Research and
development expenses for the three months ended March 31, 2023,
were $13.5 million, including non-cash stock-based compensation
expense of $1.4 million.
- General and
administrative expenses for the three months ended March 31, 2023,
were $8.1 million, including non-cash stock-based compensation
expense of $1.8 million.
- Atreca reported a
net loss of $21.0 million, or basic and diluted net loss per share
attributable to common stockholders of $0.54, for the quarter ended
March 31, 2023.
About Atreca, Inc.Atreca is a biopharmaceutical
company developing novel antibody-based immunotherapeutics
generated by its differentiated discovery platform. Atreca's
platform allows access to an unexplored landscape in oncology
through the identification of unique antibody-target pairs
generated by the human immune system during an active immune
response against tumors. These antibodies provide the basis for
first-in-class therapeutic candidates, such as our lead product
candidate ATRC-101, our pipeline of lead-stage oncology programs,
and MAM01/ATRC-501, a clinical candidate licensed to the Bill &
Melinda Gates Medical Research Institute for the prevention of
malaria. A Phase 1b study evaluating ATRC-101 in multiple solid
tumor cancers is currently enrolling patients. For more information
on Atreca, please visit www.atreca.com.
Forward-Looking StatementsThis release contains
statements regarding matters that are not historical facts that are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements regarding
our strategy and future plans, including statements regarding the
development of ATRC-101, our preclinical and clinical plans and the
timing thereof, including plans to nominate clinical candidates
from APN-497444 and APN-346958 in 2023, the progress and timing of
our Phase 2 development and the timing of data read-outs thereof,
the acceleration of our discovery and early-stage development
efforts and progress related to our APN-497444 and APN-346958
programs. Our actual results may differ materially from those
indicated in these forward-looking statements due to risks and
uncertainties related to the initiation, timing, progress and
results of our research and development programs, preclinical
studies, clinical trials, regulatory submissions, and other matters
that are described in our most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission (SEC) and available on the SEC's website at
www.sec.gov, including the risk factors set forth therein.
Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release, and we undertake no obligation to update any
forward-looking statement in this press release, except as required
by law.
Atreca,
Inc. |
Balance Sheets |
(in thousands,
except share and per share data) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets |
Cash and cash equivalents |
|
$ |
39,484 |
|
|
$ |
30,819 |
|
Investments |
|
|
16,904 |
|
|
|
39,676 |
|
Prepaid expenses and other current assets |
|
|
3,255 |
|
|
|
7,531 |
|
Total current assets |
|
|
59,643 |
|
|
|
78,026 |
|
Property and equipment, net |
|
|
36,671 |
|
|
|
37,972 |
|
Operating lease right-of-use assets |
|
|
35,618 |
|
|
|
36,056 |
|
Deposits and other |
|
|
2,494 |
|
|
|
2,976 |
|
Total assets |
|
$ |
134,426 |
|
|
$ |
155,030 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current Liabilities |
Accounts payable |
|
$ |
1,400 |
|
|
$ |
1,741 |
|
Accrued expenses |
|
|
7,890 |
|
|
|
9,681 |
|
Operating lease liabilities, current portion |
|
|
3,655 |
|
|
|
3,544 |
|
Other current liabilities |
|
|
1,121 |
|
|
|
1,327 |
|
Total current liabilities |
|
|
14,066 |
|
|
|
16,293 |
|
Operating lease liabilities, net of current portion |
|
|
59,394 |
|
|
|
60,331 |
|
Total liabilities |
|
|
73,460 |
|
|
|
76,624 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
Class A common stock |
|
|
3 |
|
|
|
3 |
|
Class B common stock |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
538,924 |
|
|
|
535,592 |
|
Accumulated other comprehensive (loss) |
|
|
(28 |
) |
|
|
(266 |
) |
Accumulated deficit |
|
|
(477,934 |
) |
|
|
(456,924 |
) |
Total stockholders’ equity |
|
|
60,966 |
|
|
|
78,406 |
|
Total liabilities and stockholders’ equity |
|
$ |
134,426 |
|
|
$ |
155,030 |
|
|
|
|
|
|
Atreca,
Inc.Statements of Operations(in
thousands, except share and per share data)(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Research and development |
|
$ |
13,452 |
|
|
$ |
17,064 |
|
|
General and administrative |
|
|
8,079 |
|
|
|
8,606 |
|
|
Total expenses |
|
|
21,531 |
|
|
|
25,670 |
|
Interest and other income (expense) |
|
|
|
|
|
Other income |
|
|
92 |
|
|
|
750 |
|
|
Interest income |
|
|
429 |
|
|
|
44 |
|
Loss before Income tax expense |
|
|
(21,010 |
) |
|
|
(24,876 |
) |
Income tax expense |
|
|
- |
|
|
|
- |
|
Net loss |
|
$ |
(21,010 |
) |
|
$ |
(24,876 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.54 |
) |
|
$ |
(0.65 |
) |
Weighted-average
shares used in computing net loss per share, basic and diluted |
|
|
39,092,167 |
|
|
|
37,982,863 |
|
|
|
|
|
|
|
Contacts
Atreca, Inc.Herb CrossChief Financial Officerinfo@atreca.com
Investors:Alex Gray, 650-779-9251agray@atreca.com
Media:Julia Fuller, 858-692-2001julia@fordhutmanmedia.com
Atreca (NASDAQ:BCEL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Atreca (NASDAQ:BCEL)
Historical Stock Chart
From Oct 2023 to Oct 2024