Atreca Reports Fourth Quarter and Full Year 2019 Financial Results
“2019 was a successful year for
Recent Developments and Highlights
- Following the clearance of an Investigational New Drug application (IND) by the
U.S. Food and Drug Administration(FDA) in November 2019, Atrecacommenced patient dosing in a Phase 1b first-in-human clinical trial evaluating ATRC-101 in patients with select solid tumor cancers.
February 2020, Atrecaannounced a strategic research collaboration with Merck to identify the antigenic targets of select novel antibodies discovered by Atrecawith potential utility in oncology. Under the terms of the agreement, Atrecaretains exclusive ownership and rights to develop all Atrecaantibodies included in the collaboration with Merck, while Merck will receive a right-of-first negotiation should Atrecaseek to partner or out-license one or more of the antibodies.
Fourth Quarter and Full Year 2019 Financial Results
- As of
December 31, 2019, cash and cash equivalents and short-term investments totaled $183.4 million.
- Research and development expenses for the year ended
December 31, 2019were $54.7 million, including non-cash share-based compensation expense of $3.0 million. Research and development expenses for the three months ended December 31, 2019were $14.3 million, including non-cash share-based compensation expense of $886,000.
- General and administrative expenses for the year ended
December 31, 2019were $17.8 million, including non-cash share-based compensation expense of $3.1 million. General and administrative expenses for the three months ended December 31, 2019were $6.9 million, including non-cash share-based compensation expense of $1.2 million.
Atrecareported a net loss of $67.5 million, or basic and diluted net loss per share attributable to common stockholders of $4.26, for the year ended December 31, 2019. The Company reported a net loss of $20.1 million, or basic and diluted net loss per share attributable to common stockholders of $0.72, for the three months ended December 31, 2019.
This release contains forward-looking statements regarding our strategy and future plans, including statements regarding the development of ATRC-101 and our clinical and regulatory plans, and the timing thereof. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “will”, “could,” “future,” “forward,” “potential,” and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the initiation, timing, progress and results of our research and development programs, preclinical studies, any clinical trials and Investigational New Drug application and other regulatory submissions, and other matters that are described in our Annual Report on Form 10-K for the fiscal year ended
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
|Cash and cash equivalents||$||157,954||$||114,504|
|Prepaid expenses and other current assets||3,502||2,721|
|Total current assets||176,119||117,225|
|Property and equipment, net||5,771||4,143|
|Deposits and other||3,026||316|
|LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)|
|Other current liabilities||419||247|
|Total current liabilities||7,947||4,562|
|Capital lease obligations, net of current portion||53||100|
|Preferred stock warrant liability||-||380|
|Convertible preferred stock||—||209,669|
|Stockholders’ equity (deficit)|
|Additional paid-in capital||351,039||3,593|
|Accumulated other comprehensive loss||16||(4||)|
|Total stockholders’ equity||186,952||(93,032||)|
|Total liabilities and stockholders’ equity (deficit)||$||195,715||$||121,684|
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
|($ amounts in 000's, except per share amounts)|
|Three Months Ended||Twelve Months Ended|
|Research and development||$||14,279||$||10,631||$||54,726||$||32,513|
|General and administrative||6,926||2,253||17,845||7,060|
|Interest and other income (expense)|
|Preferred stock warrant liability revaluation||—||(3||)||(123||)||(33||)|
|Foreign exchange loss||(7||)||—||(8||)||—|
|Loss on disposal of property and equipment||(115||)||—||(122||)||(1||)|
|Loss before Income tax expense||(20,114||)||(11,986||)||(67,483||)||(37,941||)|
|Income tax benefit (expense)||1||2||(1||)||1|
|Net loss per share, basic and diluted||$||(0.72||)||$||(5.64||)||$||(4.26||)||$||(18.02||)|
|Weighted-average shares used in computing|
|net loss per share, basic and diluted||27,959,975||2,125,315||15,834,175||2,104,861|
Source: Atreca, Inc.