Atreca Reports Second Quarter 2019 Financial Results and Recent Corporate Developments
August 13 2019 - 4:05PM
Atreca, Inc. (Atreca) (NASDAQ: BCEL), a biotechnology company
focused on developing novel therapeutics based on a deep
understanding of the human immune response, today announced
financial results for the second quarter ended June 30, 2019, and
provided an overview of Atreca’s recent developments.
“The second quarter of 2019 was a highly productive period for
Atreca, highlighted by the completion of our successful initial
public offering, which further strengthens our ability to execute
on the promise of our differentiated technology platform drawn from
a deep understanding of the human immune response,” said John
Orwin, Chief Executive Officer. “We believe our lead product
candidate, ATRC-101, represents an exciting and novel approach to
cancer therapy with the potential to drive better outcomes for
patients across a variety of solid tumors. We look forward to
submitting the Investigational New Drug (IND) application for
ATRC-101 later this year and initiating a Phase 1b clinical trial
in patients with solid tumors in early 2020.”
Recent Developments and Highlights
- In June 2019, Atreca successfully completed its initial public
offering, raising $130.8 million in net proceeds.
- In July 2019, Atreca further strengthened its management team
with the appointments of Lisa L. Decker, Ph.D., as Chief Business
Officer and Courtney J. Phillips as General Counsel.
Upcoming Milestones
- Atreca anticipates filing an IND application with the U.S. Food
and Drug Administration for ATRC-101 in late 2019 and initiating a
Phase 1b clinical trial in patients with solid tumors in early
2020.
Second Quarter 2019 Financial Results
- As of June 30, 2019, cash and cash equivalents and short-term
investments totaled $219.7 million. This includes net proceeds of
approximately $130.8 million from Atreca’s June 2019 initial public
offering of common stock, after deducting the underwriting
discounts and commissions and expenses of the offering.
- Research and development expenses for the three months ended
June 30, 2019 were $15.9 million, including non-cash share-based
compensation expense of $752,000.
- General and administrative expenses for the three months ended
June 30, 2019 were $3.5 million, including non-cash share-based
compensation expense of $607,000.
- Atreca reported a net loss of $17.9 million, or basic and
diluted net loss per share attributable to common stockholders of
$3.67, for the three months ended June 30, 2019.
About Atreca, Inc. Atreca is a
biopharmaceutical company utilizing its differentiated platform to
discover and develop novel antibody-based immunotherapeutics to
treat a range of solid tumor types. Atreca’s discovery platform
relies on the human immune system to discover unique
antibody-target pairs from patients experiencing an active immune
response against their tumors. These unique antibody-target pairs
represent a potentially novel and previously unexplored landscape
of immuno-oncology targets and provide the basis for novel clinical
therapeutic candidates such as ATRC-101, the company’s lead
clinical candidate. The company expects to file an Investigational
New Drug application for ATRC-101 by the end of 2019 and to
commence a Phase 1b study in multiple solid tumor types in early
2020. For more information on Atreca, please visit
www.atreca.com.
Forward-Looking Statements 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. 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 “may,” “will”, “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “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 prospectus, dated June 19, 2019, as filed
with the Securities and Exchange Commission (SEC) pursuant to Rule
424(b) under the Securities Act of 1933, as amended, which is
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.Condensed Consolidated Balance
Sheets(in thousands, except share and per share data) |
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2019 |
|
2018 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
154,959 |
|
|
$ |
114,504 |
|
|
Investments |
|
|
64,703 |
|
|
|
— |
|
|
Prepaid expenses and other current assets |
|
|
2,589 |
|
|
|
2,721 |
|
|
Total current assets |
|
|
222,251 |
|
|
|
117,225 |
|
|
Property and equipment, net |
|
|
4,155 |
|
|
|
4,143 |
|
|
Deposits and other |
|
|
974 |
|
|
|
316 |
|
|
Total assets |
|
$ |
227,380 |
|
|
$ |
121,684 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,942 |
|
|
$ |
1,307 |
|
|
Accrued expenses |
|
|
4,299 |
|
|
|
3,008 |
|
|
Other current liabilities |
|
|
158 |
|
|
|
247 |
|
|
Total current liabilities |
|
|
8,399 |
|
|
|
4,562 |
|
|
Capital lease obligations, net of
current portion |
|
|
77 |
|
|
|
100 |
|
|
Deferred rent |
|
|
22 |
|
|
|
6 |
|
|
Preferred stock warrant
liability |
|
|
— |
|
|
|
380 |
|
|
Total liabilities |
|
|
8,498 |
|
|
|
5,048 |
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock |
|
|
— |
|
|
|
209,669 |
|
|
Stockholders’ equity
(deficit) |
|
|
|
|
|
|
|
Common stock |
|
|
3 |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
346,915 |
|
|
|
3,593 |
|
|
Accumulated other comprehensive loss |
|
|
86 |
|
|
|
(4 |
) |
|
Accumulated deficit |
|
|
(128,122 |
) |
|
|
(96,622 |
) |
|
Total stockholders’ equity (deficit) |
|
|
218,882 |
|
|
|
(93,032 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
|
$ |
227,380 |
|
|
$ |
121,684 |
|
|
|
Atreca, Inc.Condensed Consolidated
Statements of Operations(in thousands, except share and
per share data)(unaudited) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
15,922 |
|
|
$ |
7,419 |
|
|
$ |
27,635 |
|
|
$ |
14,062 |
|
General and administrative |
|
|
3,537 |
|
|
|
1,632 |
|
|
|
6,055 |
|
|
|
2,932 |
|
Total expenses |
|
|
19,459 |
|
|
|
9,051 |
|
|
|
33,690 |
|
|
|
16,994 |
|
Interest and other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
1,021 |
|
|
|
347 |
|
|
|
1,186 |
|
|
|
560 |
|
Interest income |
|
|
594 |
|
|
|
33 |
|
|
|
1,139 |
|
|
|
90 |
|
Interest expense |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
Preferred stock warrant liability revaluation |
|
|
(73 |
) |
|
|
7 |
|
|
|
(123 |
) |
|
|
27 |
|
Loss on disposal of property and equipment |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
Loss before income tax
expense |
|
|
(17,921 |
) |
|
|
(8,667 |
) |
|
|
(31,499 |
) |
|
|
(16,323 |
) |
Income tax expense |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Net loss |
|
$ |
(17,921 |
) |
|
$ |
(8,668 |
) |
|
$ |
(31,500 |
) |
|
$ |
(16,324 |
) |
Net loss per share, basic and
diluted |
|
$ |
(3.67 |
) |
|
$ |
(4.13 |
) |
|
$ |
(8.97 |
) |
|
$ |
(7.79 |
) |
Weighted-average shares used in
computing net loss per share, basic and diluted |
|
|
4,888,987 |
|
|
|
2,097,296 |
|
|
|
3,512,606 |
|
|
|
2,095,363 |
|
ContactsAtreca, Inc. Herb Cross Chief Financial
Officer info@atreca.com or Media: Burns McClellan, Inc. Robert
Flamm, Ph.D. / Ryo Imai212-213-0006 ext. 364 /
315rflamm@burnsmc.com / rimai@burnsmc.com or Investors: Alex Gray,
650-779-9251, ext. 251 agray@atreca.com
Source: Atreca, Inc.
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