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RNS Number : 1387I
Syncona Limited
10 August 2021
Syncona Limited
Achilles reports Second Quarter 2021 Financial Results
10 August 2021
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
notes that its portfolio company, Achilles Therapeutics Plc
(NASDAQ: ACHL) (Achilles), announced its financial results for the
second quarter ended June 30, 2021 and recent business
highlights.
The announcement can be accessed on Achilles' website at:
https://ir.achillestx.com/ and the full text of the announcement
from Achilles is contained below.
[S]
Enquiries
Syncona Ltd
Annabel Clay / Fergus Witt
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life.
We do this by founding and building a portfolio of global leaders
in life science to deliver transformational treatments to patients
in areas of high unmet need.
Our strategy is to found, build and fund companies around
exceptional science to create a diversified portfolio of 15-20
globally leading healthcare businesses for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our balance sheet underpins our strategy enabling
us to take a long-term view as we look to improve the lives of
patients with no or poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
Achilles Therapeutics Reports Second Quarter 2021 Financial
Results and Recent Business Highlights
- Presentations of translational science data at AACR and ASCO
illustrate crucial path to potency assay -
- Data from ten patients across CHIRON and THETIS studies
anticipated in the fourth quarter of 2021 -
London, UK 10 August 2021 - Achilles Therapeutics plc (NASDAQ:
ACHL), a clinical-stage biopharmaceutical company developing
precision T cell therapies to treat solid tumors, today announced
its financial results for the second quarter ended June 30, 2021,
and recent business highlights.
"Achilles continued to make significant progress in the second
quarter of 2021. We presented data at AACR and ASCO demonstrating
that we can quantify the active clonal neoantigen-reactive T cell
(cNeT) component and cNeT dose of our product. We were also able to
track our cNeT post-dosing and describe phenotypic and functional
characteristics. We believe that this critical capability will
allow us to develop a potency assay which could be a crucial
advancement in the TIL therapeutic space. We remain on target to
report clinical and characterization data on ten patients that have
received cNeT monotherapy across the CHIRON and THETIS trials in
the fourth quarter," said Dr Iraj Ali, Chief Executive Officer of
Achilles. "We continue to enroll and dose patients and have
recruited our first US patient at the Moffitt Cancer Center. Also
in the fourth quarter of 2021, we plan to begin enrolling patients
using our Process 2 to deliver higher dose cNeT and to open a
checkpoint combination cohort in our melanoma (THETIS) study to
evaluate the addition of a PD-1 inhibitor to cNeT therapy."
Business Highlights
-- Closed an initial public offering of 9,750,000 ADRs at a
public offering price of $18.00 per share for gross proceeds of
$175.5 million.
-- Enrolled first US Patient in ongoing PI/IIa CHIRON study in
non-small cell lung cancer at the Moffitt Cancer Center
-- Presented a poster at the 2021 ASCO Annual Meeting describing
the ongoing phase I/IIa CHIRON clinical trial evaluating clonal
cNeT in patients with advanced non-small cell lung cancer
(NSCLC)
-- Presented data at the American Association of Cancer Research
(AACR) annual meeting detailing the Company's comprehensive
translational research program and insights into the in vivo
dynamics of cNeT post-dosing and the potential to develop a
potency-based release assay
-- Strengthened the Board of Directors and Scientific Advisory
Board with the additions of Julie O'Neill and Markwin Velders,
Ph.D., respectively
-- Received a Horizon 2020 grant as part of the Neoantigen
Consortium, to collaborate on the development of a tool to predict
neoantigen immunogenicity
Financial Highlights
-- Cash and cash equivalents : Cash and cash equivalents were
$299.3 million as of June 30, 2021, as compared to $177.8 million
as of December 31, 2020. Current cash and cash equivalents include
net proceeds of $160.6 million from an initial public offering that
closed in the second quarter. The Company anticipates that its c
ash and cash equivalents are sufficient to fund its planned
operations into the second half of 2023, including full funding of
the ongoing Phase I/IIa CHIRON and THETIS clinical trials.
-- Research and development (R&D) expenses : R&D
expenses were $10.8 million for the second quarter ended June 30,
2021, an increase of $6.3 million compared to $4.5 million for the
second quarter ended June 30, 2020. R&D expenses were $19.7
million for the six months ended June 30, 2021, an increase of
$11.3 million compared to $8.4 million for the six months ended
June 30, 2020. The increase was primarily driven by increased
activity related to our ongoing clinical trials and overall
R&D.
-- General and administrative (G&A) expenses: G&A
expenses were $5.4 million for the second quarter ended June 30,
2021, an increase of $3.0 million compared to $2.4 million for the
second quarter ended June 30, 2020. G&A expenses were $10.3
million for the six months ended June 30, 2021, an increase of $6.2
million compared to the $4.1 million for the six months ended June
30, 2020. The increase was primarily driven by fees associated with
the Company's IPO preparation, subsequent public company
obligations, and an increase in headcount and related personnel
costs.
-- Net loss : Net loss for the second quarter ended June 30,
2021 was $16.2 million or $0.45 per share compared to $6.9 million
or $7.64 per share for the second quarter ended June 30, 2020. Net
loss for the six months ended June 30, 2021 was $29.9 million or
$1.60 per share compared to $12.1 million or $13.57 per share for
the six months ended June 30, 2020. The decrease in loss per share
is due in part to the increased number of shares following the
conversion and issuance of shares from the IPO.
Upcoming Events
Dr Iraj Ali, Chief Executive Officer, will present at the
following investor conferences in September 2021. Additional
details will be available at
https://ir.achillestx.com/events-and-presentations .
-- Wells Fargo Virtual Healthcare Conference: Friday, September 10, 2021
-- H.C. Wainwright 23rd Annual Global Investment Conference: September 13-15, 2021
-- Oppenheimer Fall Healthcare Life Sciences & Med Tech Summit: September 20-23, 2021
About Achilles Therapeutics
Achilles is a clinical-stage biopharmaceutical company
developing precision T cell therapies targeting clonal neoantigens:
protein markers unique to the individual that are expressed on the
surface of every cancer cell. The Company has two ongoing Phase
I/IIa trials, the CHIRON trial in patients with advanced non-small
cell lung cancer (NSCLC) and the THETIS trial in patients with
recurrent or metastatic melanoma . Achilles uses DNA sequencing
data from each patient, together with its proprietary PELEUS(TM)
bioinformatics platform, to identify clonal neoantigens specific to
that patient, and then develop precision T cell-based product
candidates specifically targeting those clonal neoantigens.
Forward-Looking Statements
This press release contains express or implied forward-looking
statements that are based on our management's belief and
assumptions and on information currently available to our
management. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements
relate to future events or our future operational or financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. The forward-looking statements in this
press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. However, while we may elect to update
these forward-looking statements at some point in the future, we
have no current intention of doing so except to the extent required
by applicable law. You should therefore not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Further information:
Lee M. Stern - VP, IR & External Communications
+1 (332) 373-2634
l.stern@achillestx.com
Consilium Strategic Communications
Mary-Jane Elliott, Sukaina Virji, Melissa Gardiner
+44 (0) 203 709 5000
achillestx@consilium-comms.com
ACHILLES THERAPEUTICS PLC
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
(expressed in U.S. Dollars, unless otherwise stated)
June 30, December 31,
2021 2020
-------- --------------
ASSETS
Current assets:
Cash and cash equivalents $299,317 $ 177,849
Prepaid expenses and other current assets 21,085 9,948
------- ----------
Total current assets 320,402 187,797
------- ----------
Non-current assets:
Property and equipment, net 16,611 13,369
Operating lease right of use assets 13,236 14,740
Deferred tax assets 4 4
Other assets 3,237 3,008
------- ----------
Total non-current assets 33,088 31,121
------- ----------
TOTAL ASSETS $353,490 $ 218,918
======= ==========
LIABILITIES AND SHAREHOLDERS ' EQUITY
Current liabilities:
Accounts payable $ 6,055 $ 6,314
Income taxes payable 19 7
Accrued expenses and other liabilities 7,879 6,590
Operating lease liabilities-current 4,660 3,712
------- ----------
Total current liabilities 18,613 16,623
Non-current liabilities:
Operating lease liabilities-non-current 10,244 12,271
Other long-term liability 659 652
------- ----------
Total non-current liabilities 10,903 12,923
------- ----------
Total liabilities 29,516 29,546
------- ----------
Commitments and contingencies (Note 12)
Shareholders ' equity:
Ordinary shares, GBP 0.001 par value; 40,603,489 and 4,389,920 shares
authorized, issued and outstanding at June 30, 2021 and December
31, 2020 54 6
Deferred shares, GBP 92,451.851 par value, one share authorized, issued and
outstanding at June 30, 2021; Deferred shares, GBP 0.001 par value; 30,521
shares issued and outstanding December 31, 2020 128 -
Convertible preferred shares, GBP 0.001 par value; no shares authorized,
issued and outstanding as of June 30, 2021;104,854,673 shares
authorized, issued and outstanding at December 31, 2020 - 134
Additional paid in capital 398,265 234,922
Accumulated other comprehensive income 13,460 12,322
Accumulated deficit (87,933) (58,012)
------- ----------
Total shareholders ' equity 323,974 189,372
------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS ' EQUITY $353,490 $ 218,918
======= ==========
ACHILLES THERAPEUTICS PLC
Condensed Consolidated Statements of Operations and
Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
------------------------------- -----------------------------
2021 2020 2021 2020
------------------ ---------- ----------------- ---------
OPERATING EXPENSES:
Research and development $ 10,844 $ 4,547 $ 19,720 $ 8,377
General and administrative 5,445 2,395 10,277 4,131
-------------- --------- ------------- --------
Total operating expenses 16,289 6,942 29,997 12,508
-------------- --------- ------------- --------
Loss from operations (16,289) (6,942) (29,997) (12,508)
OTHER INCOME (EXPENSE), NET:
Other income (expense) 146 87 101 439
-------------- --------- ------------- --------
Total other income
(expense), net 146 87 101 439
-------------- --------- ------------- --------
Loss before provision for income
taxes (16,143) (6,855) (29,896) (12,069)
Provision for income taxes (13) - (25) -
-------------- --------- ------------- --------
Net loss (16,156) (6,855) (29,921) (12,069)
-------------- --------- ------------- --------
Other comprehensive income:
Foreign exchange translation
adjustment (925) (79) 1,138 (6,589)
-------------- --------- ------------- --------
Comprehensive loss $ (17,081) $ (6,934) $ (28,783) $ (18,658)
-------------- --------- ------------- --------
Net loss per share attributable
to ordinary shareholders -
basic and diluted $ (0.45) $ (7.64) $ (1.60) $ (13.57)
============== ========= ============= ========
Weighted average ordinary shares
outstanding - basic and diluted 35,683,187 896,831 18,756,599 889,540
============== ========= ============= ========
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