Atreca Reports Fourth Quarter and Full Year 2020 Financial Results and Recent Corporate Developments
February 25 2021 - 4:05PM
Atreca, Inc. (Atreca) (NASDAQ: BCEL), a clinical-stage
biotechnology company focused on developing novel therapeutics
generated through a unique discovery platform based on
interrogation of the active human immune response, today announced
financial results for the fourth quarter and full year ended
December 31, 2020, and provided an overview of recent developments.
"2020 was a successful year for Atreca marked by several key
milestones, including the initiation of our first-in-human study of
ATRC-101 and the signing of multiple strategic collaborations to
both enhance our discovery platform and build our development
pipeline,” said John Orwin, Chief Executive Officer. "Preclinical
data that we presented on ATRC-101 throughout the year highlighted
its novel target and mechanism of action, as well as its potential
as a combination therapy both with checkpoint inhibitors targeting
the PD-1/PD-L1 axis and with chemotherapy. This year we look
forward to reporting initial summary data from our Phase 1b trial,
initiating combination studies with a checkpoint inhibitor and
chemotherapy, and providing an update on our early-stage
pipeline.”
Recent Developments and Highlights
- To date, 10 clinical trial sites
have been initiated in the Phase 1b trial evaluating ATRC-101 in
multiple solid tumor cancers. Three patients have been enrolled in
the fourth dose cohort (10mg/kg) of the dose escalation portion of
the trial. Patient enrollment in the fifth and final dose cohort
(30mg/kg) is planned to begin following the protocol-specified
dose-limiting toxicity assessment period. Atreca expects to
announce initial summary data from the study in 2Q 2021.
- As allowed by the study protocol, up
to three additional patients are being backfilled into the
previously cleared third dose cohort (3mg/kg) due to continued
interest in the study and in order to collect supplemental data.
The dose expansion portion of the study is also being opened with
an additional 3mg/kg cohort expected to enroll up to 12 patients.
Further cohorts to evaluate ATRC-101 in combination with a PD-1
inhibitor and in combination with a chemotherapeutic agent are
planned to begin in 2Q 2021 and 2H 2021, respectively.
Fourth Quarter and Full Year 2020 Financial
Results
- As of December 31, 2020, cash and cash equivalents and
short-term investments totaled $240.1 million.
- Research and development expenses for the year ended December
31, 2020 were $62.0 million, including non-cash share-based
compensation expense of $5.9 million. Research and development
expenses for the three months ended December 31, 2020 were $16.8
million, including non-cash share-based compensation expense of
$1.4 million.
- General and administrative expenses for the year ended December
31, 2020 were $26.8 million, including non-cash share-based
compensation expense of $6.6 million. General and administrative
expenses for the three months ended December 31, 2020 were $6.6
million, including non-cash share-based compensation expense of
$1.7 million.
- Atreca reported a net loss of $86.3 million, or basic and
diluted net loss per share attributable to common stockholders of
$2.70, for the year ended December 31, 2020. The Company reported a
net loss of $23.0 million, or basic and diluted net loss per share
attributable to common stockholders of $0.63, for the three months
ended December 31, 2020.
About Atreca, Inc.
Atreca is a biopharmaceutical company developing novel
antibody-based immunotherapeutics generated by its differentiated
discovery platform. Atreca's platform allows access to an
unexplored landscape in oncology through the identification of
unique antibody-target pairs generated by the human immune system
during an active immune response against tumors. These antibodies
provide the basis for first-in-class therapeutic candidates, such
as our lead product candidate ATRC-101. A Phase 1b study evaluating
ATRC-101 in multiple solid tumor cancers is currently enrolling
patients. For more information on Atreca, please visit
www.atreca.com.
Forward-Looking Statements
Certain statements in this press release regarding our strategy
and future plans, including statements regarding the development of
ATRC-101 and our clinical and regulatory plans and the timing
thereof, and the progress of our discovery platform and development
efforts with our existing and potential future collaboration and
research arrangements, constitute forward-looking statements under
the Private Securities Litigation Reform Act of 1995. 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 "continued," "anticipate,"
"potential," "expect," "believe," "planned," 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, and regulatory submissions, the activity of ATRC-101 or
potential future candidates once administered in human subjects,
and the implementation of our strategic plans for our business,
technologies, and current or potential future product candidates.
More information on these risks and potential factors that could
affect our business and financial results is included in our
filings with the Securities and Exchange Commission (SEC) and
available on the SEC’s website at www.sec.gov, including in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed periodic reports on Form 10-K and Form 10-Q and
subsequent filings. 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) |
|
|
|
|
|
|
|
|
|
December
31, |
|
December 31, |
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
Cash and cash equivalents |
|
$ |
60,789 |
|
|
$ |
157,954 |
|
|
Investments |
|
|
179,296 |
|
|
|
14,663 |
|
|
Prepaid
expenses and other current assets |
|
|
9,037 |
|
|
|
3,502 |
|
|
Total current assets |
|
|
249,122 |
|
|
|
176,119 |
|
|
Property and
equipment, net |
|
|
19,831 |
|
|
|
5,771 |
|
|
Long-term
investments |
|
|
- |
|
|
|
10,799 |
|
|
Deposits and
other |
|
|
3,111 |
|
|
|
3,026 |
|
|
Total assets |
|
$ |
272,064 |
|
|
$ |
195,715 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
Liabilities |
Accounts
payable |
|
$ |
5,216 |
|
|
$ |
2,133 |
|
|
Accrued
expenses |
|
|
10,302 |
|
|
|
5,395 |
|
|
Other
current liabilities |
|
|
1,900 |
|
|
|
419 |
|
|
Total current liabilities |
|
|
17,418 |
|
|
|
7,947 |
|
|
Capital
lease obligations, net of current portion |
|
|
4 |
|
|
|
53 |
|
|
Deferred
rent |
|
|
12,585 |
|
|
|
763 |
|
|
Total liabilities |
|
|
30,007 |
|
|
|
8,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
Common
stock |
|
|
4 |
|
|
|
3 |
|
|
Additional
paid-in capital |
|
|
492,436 |
|
|
|
351,039 |
|
|
Accumulated
other comprehensive income |
|
|
58 |
|
|
|
16 |
|
|
Accumulated
deficit |
|
|
(250,441 |
) |
|
|
(164,106 |
) |
|
Total stockholders’ equity |
|
|
242,057 |
|
|
|
186,952 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
272,064 |
|
|
$ |
195,715 |
|
|
|
|
|
|
|
|
Atreca,
Inc. |
Condensed
Consolidated Statements of Operations |
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
16,847 |
|
|
$ |
14,279 |
|
|
$ |
62,045 |
|
|
$ |
54,726 |
|
|
General and
administrative |
|
|
6,639 |
|
|
|
6,926 |
|
|
|
26,834 |
|
|
|
17,845 |
|
|
Total
expenses |
|
|
23,486 |
|
|
|
21,205 |
|
|
|
88,879 |
|
|
|
72,571 |
|
Interest and other income (expense) |
|
|
|
|
|
|
|
|
|
Other
income |
|
|
366 |
|
|
|
329 |
|
|
|
1,353 |
|
|
|
2,134 |
|
|
Interest
income |
|
|
136 |
|
|
|
885 |
|
|
|
1,218 |
|
|
|
3,213 |
|
|
Interest
expense |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(6 |
) |
|
Preferred
stock warrant liability revaluation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(123 |
) |
|
Foreign
exchange loss |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
(8 |
) |
|
Loss on
disposal of property and equipment |
|
|
(22 |
) |
|
|
(115 |
) |
|
|
(22 |
) |
|
|
(122 |
) |
Loss before Income tax expense |
|
|
(23,007 |
) |
|
|
(20,114 |
) |
|
|
(86,334 |
) |
|
|
(67,483 |
) |
Income tax expense |
|
|
- |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
(1 |
) |
Net loss |
|
$ |
(23,007 |
) |
|
$ |
(20,113 |
) |
|
$ |
(86,335 |
) |
|
$ |
(67,484 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.63 |
) |
|
$ |
(0.72 |
) |
|
$ |
(2.70 |
) |
|
$ |
(4.26 |
) |
Weighted-average shares used in computing |
|
|
|
|
|
|
|
|
net loss per share, basic and diluted |
|
|
36,726,441 |
|
|
|
27,959,975 |
|
|
|
31,924,473 |
|
|
|
15,834,175 |
|
|
|
|
|
|
|
|
|
|
|
Contacts
Atreca, Inc.Herb CrossChief Financial
Officerinfo@atreca.comInvestors:Alex Gray,
650-779-9251agray@atreca.com
Media:Sheryl Seapy, 213-262-9390sseapy@w2ogroup.com
Source: Atreca, Inc.
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