Full Press Release Details
Acumen Pharmaceuticals Reports Financial Results for
Second Quarter 2021 and Business Highlights
Charlottesville, VA and Carmel, IN, August 16, 2021 Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS) (Acumen), a
clinical stage biopharmaceutical company focused on the development of novel targeted therapeutics for Alzheimer s disease (AD), today reported financial results for the quarter ended June 30, 2021 and provided recent business highlights.
We continue to execute on our corporate and clinical development goals during this exciting time in the Alzheimer s field, said Daniel
O Connell, President and Chief Executive Officer at Acumen. Our clinical trial, ACU-001, is investigating the safety, tolerability, pharmacokinetics, and target engagement of our product candidate
ACU193 in a Phase 1 clinical trial involving early Alzheimer s patients. ACU193 is the first humanized monoclonal antibody discovered and developed to selectively target toxic amyloid-beta oligomers (A Os) to enter a clinical trial. We
anticipate ACU-001 recruitment and cohort progression will allow us to provide topline results with the goal of demonstrating proof of mechanism for ACU193 in early AD by year end 2022. With the
recent closing of our IPO, we believe we are well-funded to achieve multiple corporate and clinical development milestones, as we execute against our comprehensive strategic plan.
Recent Business Highlights and Anticipated Milestones
ACU193 Clinical Development
Second Quarter 2021 Financial Results
About Acumen Pharmaceuticals, Inc.
Acumen, headquartered
in Charlottesville, VA with clinical operations based in Carmel, IN, is a clinical stage biopharmaceutical company developing a novel disease-modifying approach to treat Alzheimer s disease. Acumen s scientific founders pioneered research
on A Os, which a growing body of evidence indicates are primary triggers of Alzheimer s disease pathology. Acumen is currently focused on advancing its investigational drug, ACU193, a humanized monoclonal antibody that selectively targets
toxic A Os, in a Phase I clinical trial involving early Alzheimer s disease patients. We believe that ACU193 represents a differentiated approach from current and prior AD immunotherapies because it is highly selective for toxic
A Os and because it is engineered to reduce immune signaling. As such, ACU193 is expected to carry a reduced rate of amyloid-related imaging abnormalities, or ARIA, a common, dose-limiting adverse event observed with amyloid plaque-targeting
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Any statement describing
Acumen s goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as believes,
expects, anticipates, could, would, seeks, aims, plans, potential and similar expressions are intended to identify forward-looking statements, although
not all forward-looking statements contain these identifying words. Forward-looking statements include statements concerning Acumen s business, our ability to achieve our strategic and financial goals, the therapeutic potential of Acumen s
product candidate, ACU193, and the expected timing of reporting top line data from the Phase 1 clinical trial of ACU193. These statements are based upon the current beliefs and expectations of Acumen management, and 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. These and other risks concerning Acumen s programs are described in additional detail in Acumen s filings with the Securities and Exchange Commission (SEC), including in our
prospectus dated June 30, 2021, as filed with the SEC on July 2, 2021, pursuant to Rule 424(b) under the Securities Act of 1933, which is available on the SEC s website at www.sec.gov. Copies of these and other documents are available
from the Company. Additional information will be made available in other filings that we make from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and 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.
Investor & Media Contact:
Acumen Pharmaceuticals, Inc.
Condensed Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Grant and other revenue | $ | $ | 151 | $ | $ | 377 | ||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 2,254 | 1,927 | 4,832 | 3,977 | ||||||||||||
| General and administrative | 1,187 | 259 | 2,402 | 481 | ||||||||||||
| Total operating expenses | 3,441 | 2,186 | 7,234 | 4,458 | ||||||||||||
| Loss from operations | (3,441 | ) | (2,035 | ) | (7,234 | ) | (4,081 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 4 | 8 | 1 | |||||||||||||
| Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | (57,940 | ) | (81,157 | ) | ||||||||||||
| Other income | 19 | 28 | ||||||||||||||
| Total other income (expense) | (57,917 | ) | (81,121 | ) | 1 | |||||||||||
| Net loss attributable to common stockholders | $ | (61,358 | ) | $ | (2,035 | ) | $ | (88,355 | ) | $ | (4,080 | ) | ||||
| Net loss per common share, basic and diluted | $ | (141.93 | ) | $ | (4.86 | ) | $ | (207.52 | ) | $ | (9.73 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 432,325 | 419,124 | 425,761 | 419,124 |
Acumen Pharmaceuticals, Inc.
Condensed Balance Sheets
(in thousands, except share and per share data)
| June 30, 2021 | December 31, 2020 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 68,812 | $ | 43,777 | ||||
| Grant receivable | 109 | 109 | ||||||
| Prepaid expenses and other current assets | 1,651 | 543 | ||||||
| Total current assets | 70,572 | 44,429 | ||||||
| Property and equipment, net | 6 | |||||||
| Deferred offering costs | 2,352 | |||||||
| Other assets | 13 | |||||||
| Total assets | $ | 72,943 | $ | 44,429 | ||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,907 | $ | 531 | ||||
| Accrued expenses and other current liabilities | 1,611 | 423 | ||||||
| Preferred stock tranche rights liability | 5,033 | |||||||
| Preferred stock warrant liability | 380 | |||||||
| Total liabilities | 4,518 | 6,367 | ||||||
| Series A convertible preferred stock, $0.0001 par value; 711,203 shares authorized as of June 30, 2021 and December 31, 2020; 477,297 shares issued and outstanding as of June 30, 2021 and December 31, 2020; liquidation preference of $1,067 as of June 30, 2021 | 1,067 | 1,067 | ||||||
| Series A-1 convertible preferred stock, $0.0001 par value; 11,898,177 shares authorized as of June 30, 2021 and December 31, 2020; 7,985,305 and 7,537,879 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $18,097 as of June 30, 2021 | 22,963 | 16,333 | ||||||
| Series B convertible preferred stock, $0.0001 par value; 29,457,450 shares authorized as of June 30, 2021 and December 31, 2020; 19,770,070 and 11,862,043 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $75,116 as of June 30, 2021 | 150,474 | 39,253 | ||||||
| Stockholders deficit | ||||||||
| Common stock, $0.0001 par value; 50,500,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 556,570 and 419,124 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | ||||||||
| Additional paid-in capital | 9,241 | 8,374 | ||||||
| Accumulated deficit | (115,320 | ) | (26,965 | ) | ||||
| Total stockholders deficit | (106,079 | ) | (18,591 | ) | ||||
| Total liabilities, convertible preferred stock and stockholders deficit | $ | 72,943 | $ | 44,429 |