Atreca Reports Third Quarter 2019 Financial Results and Recent Corporate Developments
November 12 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 third quarter ended September 30, 2019,
and provided an overview of recent developments.
“We continued to make strong progress this quarter with our
Investigational New Drug (IND) application for our lead product
candidate, ATRC-101 and expect to initiate a Phase 1b clinical
trial in patients with solid tumors early next year,” said John
Orwin, Chief Executive Officer. “To highlight our progress we
recently presented a poster at the annual SITC meeting describing
the discovery and preclinical evaluation of ATRC-101, underscoring
both our ability to leverage the human immune response to find
novel antibody-target pairs, as well as the potential of ATRC-101
to become an important treatment option for patients with a variety
of solid tumor cancers.”
Recent Developments and Highlights
- Atreca presented a poster describing the preclinical evaluation
of ATRC-101 at the 34th Annual Meeting of the Society for
Immunotherapy of Cancer (SITC 2019). The poster included
preclinical data highlighting ATRC-101’s robust and persistent
anti-tumor activity as both monotherapy and in combination with
PD-1 checkpoint inhibitors.
- In August 2019, Atreca appointed Lindsey Rolfe, BSc, MB ChB,
MRCP, FFPM, to the company’s Board of Directors, who brings more
than 20 years of drug development experience to the company.
- In August 2019, the period for centralized opposition of patent
rights at the European Patent Office (EPO) ended with respect to
European Patent EP2702146B1, entitled “Identification of
Polynucleotides Associated with a Sample”, which was granted by the
EPO in November 2018. This patent is part of the portfolio of
patents and patent applications exclusively licensed by the Board
of Trustees of the Leland Stanford Junior University to Atreca that
relates to Atreca’s proprietary Immune Repertoire Capture®
technology.
Upcoming Milestones
- Atreca anticipates completion of the IND process with the U.S.
Food and Drug Administration for ATRC-101 by late 2019 and expects
to initiate a Phase 1b clinical trial in patients with solid tumors
in early 2020.
Third Quarter 2019 Financial Results
- As of September 30, 2019, cash and cash equivalents and
short-term investments totaled $201.0 million.
- Research and development expenses for the three months ended
September 30, 2019 were $12.8 million, including non-cash
share-based compensation expense of $920,000.
- General and administrative expenses for the three months ended
September 30, 2019 were $4.9 million, including non-cash
share-based compensation expense of $958,000.
- Atreca reported a net loss of $15.9 million, or basic and
diluted net loss per share attributable to common stockholders of
$0.57, for the three months ended September 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 anticipates completion of the
Investigational New Drug process for ATRC-101 by late 2019 and
expects to commence a Phase 1b study in multiple solid tumor types
with ATRC-101 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, 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”, “expect,” “believe,”
“potential,” “continue,” 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, and in our Quarterly Report on
Form 10-Q for the quarter ended June 30, 2019, which are 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)
|
|
September 30, |
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
166,144 |
|
|
$ |
114,504 |
|
|
Investments |
|
|
34,894 |
|
|
|
— |
|
|
Prepaid expenses and other current assets |
|
|
5,434 |
|
|
|
2,721 |
|
|
Total current assets |
|
|
206,472 |
|
|
|
117,225 |
|
|
Property and equipment, net |
|
|
4,740 |
|
|
|
4,143 |
|
|
Deposits and other |
|
|
1,506 |
|
|
|
316 |
|
|
Total assets |
|
$ |
212,718 |
|
|
$ |
121,684 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,757 |
|
|
$ |
1,307 |
|
|
Accrued expenses |
|
|
4,519 |
|
|
|
3,008 |
|
|
Other current liabilities |
|
|
264 |
|
|
|
247 |
|
|
Total current liabilities |
|
|
7,540 |
|
|
|
4,562 |
|
|
Capital lease obligations, net of
current portion |
|
|
65 |
|
|
|
100 |
|
|
Deferred rent |
|
|
118 |
|
|
|
6 |
|
|
Preferred stock warrant
liability |
|
|
— |
|
|
|
380 |
|
|
Total liabilities |
|
|
7,723 |
|
|
|
5,048 |
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock |
|
|
— |
|
|
|
209,669 |
|
|
Stockholders’ equity
(deficit) |
|
|
|
|
|
|
|
Common stock |
|
|
3 |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
348,942 |
|
|
|
3,593 |
|
|
Accumulated other comprehensive loss |
|
|
43 |
|
|
|
(4 |
) |
|
Accumulated deficit |
|
|
(146,993 |
) |
|
|
(96,622 |
) |
|
Total stockholders’ equity (deficit) |
|
|
204,995 |
|
|
|
(93,032 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
|
$ |
212,718 |
|
|
$ |
121,684 |
|
|
Atreca, Inc.Condensed
Consolidated Statements of Operations(in thousands, except
share and per share data)(unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
12,812 |
|
|
$ |
7,820 |
|
|
$ |
40,447 |
|
|
$ |
21,882 |
|
General and administrative |
|
|
4,864 |
|
|
|
1,875 |
|
|
|
10,919 |
|
|
|
4,807 |
|
Total expenses |
|
|
17,676 |
|
|
|
9,695 |
|
|
|
51,366 |
|
|
|
26,689 |
|
Interest and other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
619 |
|
|
|
100 |
|
|
|
1,805 |
|
|
|
660 |
|
Interest income |
|
|
1,189 |
|
|
|
23 |
|
|
|
2,328 |
|
|
|
112 |
|
Interest expense |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
Preferred stock warrant liability revaluation |
|
|
— |
|
|
|
(57 |
) |
|
|
(123 |
) |
|
|
(30 |
) |
Foreign exchange loss |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
Loss on disposal of property and equipment |
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
(1 |
) |
Loss before income tax
expense |
|
|
(15,870 |
) |
|
|
(9,632 |
) |
|
|
(47,369 |
) |
|
|
(25,955 |
) |
Income tax expense |
|
|
(1 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
(1 |
) |
Net loss |
|
$ |
(15,871 |
) |
|
$ |
(9,632 |
) |
|
$ |
(47,371 |
) |
|
$ |
(25,956 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.57 |
) |
|
$ |
(4.56 |
) |
|
$ |
(4.03 |
) |
|
$ |
(12.35 |
) |
Weighted-average shares used in
computing net loss per share, basic and diluted |
|
|
27,949,682 |
|
|
|
2,112,180 |
|
|
|
11,747,825 |
|
|
|
2,101,030 |
|
ContactsAtreca, Inc. Herb Cross Chief Financial
Officer info@atreca.com Investors: Alex Gray, 650-779-9251, ext.
251 agray@atreca.com
Media:Sheryl Seapy, 213-262-9390sseapy@w2ogroup.com
Source: Atreca, Inc.
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