Atreca Reports Second Quarter 2020 Financial Results and Recent Corporate Developments
“The second quarter was eventful for
Recent Developments and Highlights
- A Phase 1b first-in-human study evaluating ATRC-101 in patients with select solid tumor cancers is ongoing. Screening continues in the study and patients are currently being enrolled in the second dose cohort. To date, five clinical trial sites have been activated.
Atrecaexpects to announce initial safety data from the study in late 2020 or early 2021. In addition to monotherapy expansion cohorts, clinical trials of ATRC-101 in combination with a PD-1 inhibitor and in combination with a chemotherapeutic are planned for 2021.
Atrecahosted a webinar in June to present new preclinical data regarding the novel target and mechanism of action of ATRC-101, demonstrating both innate and adaptive immune system activation and target induction via chemotherapy.
Atrecaentered into a strategic collaboration and license agreement with Xencor, Inc. to research, develop and commercialize T cell-engaging bispecific antibodies as potential therapeutics in oncology. Under a three-year discovery program, Atrecawill provide antibodies against novel tumor targets from which Xencor will engineer XmAb bispecific antibodies that also bind to the CD3 receptor on T cells. Up to two joint programs will be mutually selected for further development and commercialization, with each partner sharing 50 percent of costs and profits. Atrecaand Xencor may also pursue up to two programs independently, with a mid-to high-single digit percent royalty payable on net sales.
Atrecastrengthened its financial position with the completion of a public equity offering in July 2020, resulting in net proceeds of approximately $117.5 million.
Atrecaappointed Ms. Kristine M. Ballto the Company’s board of directors. Ms. Ballbrings more than 25 years of life sciences industry experience focused primarily on finance, corporate development and strategic planning.
Atrecacontinues to collaborate with BeiGene, and IGM Biosciences on a potential novel antibody treatment for COVID-19.
Second Quarter 2020 Financial Results
- As of June 30, 2020, cash, cash equivalents and investments totaled $148.8 million. In addition,
Atrecacompleted a public equity offering in July 2020resulting in net proceeds of approximately $117.5 million, and after deducting the underwriting discounts and commissions and estimated offering expenses.
- Research and development expenses for the three months ended June 30, 2020 were $14.2 million, including non-cash share-based compensation expense of $1.8 million.
- General and administrative expenses for the three months ended June 30, 2020 were $6.5 million, including non-cash share-based compensation expense of $1.6 million.
- Atreca reported a net loss of $20.0 million, or basic and diluted net loss per share attributable to common stockholders of $0.71, for the three months ended June 30, 2020.
This release contains forward-looking statements regarding our strategy and future plans, including statements regarding the development of ATRC-101 and our clinical and regulatory plans, and the timing thereof. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “will”, “believe,” “potential,” “continue,” “expects,” “planned,” “may,” and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the initiation, timing, progress and results of our research and development programs, preclinical studies, clinical trials, regulatory submissions, and other matters that are described in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
|Cash and cash equivalents||$||100,430||$||157,954|
|Prepaid expenses and other current assets||5,112||3,502|
|Total current assets||148,630||176,119|
|Property and equipment, net||7,666||5,771|
|Deposits and other||2,934||3,026|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Other current liabilities||1,859||419|
|Total current liabilities||7,353||7,947|
|Capital lease obligations, net of current portion||29||53|
|Other non-current liabilities||157||-|
|Additional paid-in capital||358,401||351,039|
|Accumulated other comprehensive income||216||16|
|Total stockholders’ equity||154,115||186,952|
|Total liabilities and stockholders’ equity||$||164,541||$||195,715|
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
|($ amounts in 000's, except per share amounts)|
|Three Months Ended
||Six Months Ended
|Research and development||$||14,180||$||15,922||$||28,390||$||27,635|
|General and administrative||6,458||3,537||13,581||6,055|
|Interest and other income (expense)|
|Preferred stock warrant liability revaluation||—||(73||)||—||(123||)|
|Loss on disposal of property and equipment||—||(2||)||—||(7||)|
|Loss before Income tax expense||(19,981||)||(17,921||)||(40,399||)||(31,499||)|
|Income tax expense||-||-||-||(1)|
|Net loss per share, basic and diluted||$||(0.71||)||$||(3.67||)||$||(1.44||)||$||(8.97||)|
|Weighted-average shares used in computing|
|net loss per share, basic and diluted||28,144,714||4,888,987||28,082,930||3,512,606|
Source: Atreca, Inc.