Atreca Reports Fourth Quarter and Full Year 2019 Financial Results
12 3월 2020 - 5:30AM
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, 2019 and provided an overview of recent developments.
“2019 was a successful year for Atreca as we evolved into a
public, clinical-stage company, positioning us for future growth,”
said John Orwin, Chief Executive Officer. “We recently dosed the
first patient in our Phase 1b dose-escalation clinical trial
evaluating ATRC-101 in multiple solid tumor types following
clearance of our first IND by the FDA in November. Additionally,
our new strategic collaboration with Merck to identify novel
antibody targets in oncology underscores the potential of our
differentiated approach to drug discovery and could help accelerate
efforts to expand our clinical pipeline. We look forward to further
progress in 2020.”
Recent Developments and Highlights
- Following the clearance of an Investigational New Drug
application (IND) by the U.S. Food and Drug Administration (FDA) in
November 2019, Atreca commenced patient dosing in a Phase 1b
first-in-human clinical trial evaluating ATRC-101 in patients with
select solid tumor cancers.
- In February 2020, Atreca announced a strategic research
collaboration with Merck to identify the antigenic targets of
select novel antibodies discovered by Atreca with potential utility
in oncology. Under the terms of the agreement, Atreca retains
exclusive ownership and rights to develop all Atreca antibodies
included in the collaboration with Merck, while Merck will receive
a right-of-first negotiation should Atreca seek to partner or
out-license one or more of the antibodies.
Fourth Quarter and Full Year 2019 Financial
Results
- As of December 31, 2019, cash and cash equivalents and
short-term investments totaled $183.4 million.
- Research and development expenses for the year ended December
31, 2019 were $54.7 million, including non-cash share-based
compensation expense of $3.0 million. Research and development
expenses for the three months ended December 31, 2019 were $14.3
million, including non-cash share-based compensation expense of
$886,000.
- General and administrative expenses for the year ended December
31, 2019 were $17.8 million, including non-cash share-based
compensation expense of $3.1 million. General and administrative
expenses for the three months ended December 31, 2019 were $6.9
million, including non-cash share-based compensation expense of
$1.2 million.
- Atreca reported a net loss of $67.5 million, or basic and
diluted net loss per share attributable to common stockholders of
$4.26, for the year ended December 31, 2019. The Company reported a
net loss of $20.1 million, or basic and diluted net loss per share
attributable to common stockholders of $0.72, for the three months
ended December 31, 2019.
About Atreca, Inc. Atreca is a
biopharmaceutical company developing novel antibody-based cancer
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 tumor. These antibodies provide
the basis for first-in-class therapeutic candidates, such as 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 StatementsThis 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”, “could,” “future,”
“forward,” “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 Annual
Report on Form 10-K for the fiscal year ended December 31, 2019
filed with the Securities and Exchange Commission (SEC) and
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)
|
|
|
|
|
December 31, |
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current
Assets |
Cash and
cash equivalents |
$ |
157,954 |
|
|
$ |
114,504 |
|
Investments |
|
14,663 |
|
|
|
— |
|
Prepaid
expenses and other current assets |
|
3,502 |
|
|
|
2,721 |
|
Total current assets |
|
176,119 |
|
|
|
117,225 |
|
Property and
equipment, net |
|
5,771 |
|
|
|
4,143 |
|
Long-term
Investments |
|
10,799 |
|
|
|
— |
|
Deposits and
other |
|
3,026 |
|
|
|
316 |
|
Total assets |
$ |
195,715 |
|
|
$ |
121,684 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
Current
Liabilities |
Accounts
payable |
$ |
2,133 |
|
|
$ |
1,307 |
|
Accrued
expenses |
|
5,395 |
|
|
|
3,008 |
|
Other
current liabilities |
|
419 |
|
|
|
247 |
|
Total current liabilities |
|
7,947 |
|
|
|
4,562 |
|
Capital
lease obligations, net of current portion |
|
53 |
|
|
|
100 |
|
Deferred
rent |
|
763 |
|
|
|
6 |
|
Preferred
stock warrant liability |
|
- |
|
|
|
380 |
|
Total liabilities |
|
8,763 |
|
|
|
5,048 |
|
|
|
|
|
Convertible
preferred stock |
|
— |
|
|
|
209,669 |
|
|
|
|
|
Stockholders’ equity (deficit) |
Common
stock |
|
3 |
|
|
|
— |
|
Additional
paid-in capital |
|
351,039 |
|
|
|
3,593 |
|
Accumulated
other comprehensive loss |
|
16 |
|
|
|
(4 |
) |
Accumulated
deficit |
|
(164,106 |
) |
|
|
(96,622 |
) |
Total stockholders’ equity |
|
186,952 |
|
|
|
(93,032 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
195,715 |
|
|
$ |
121,684 |
|
|
|
|
|
Atreca, Inc.Condensed
Consolidated Statements of Operations(in thousands, except
share and per share data)(unaudited)
($ amounts in 000's, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Expenses |
|
|
|
|
|
|
|
|
Research and
development |
$ |
14,279 |
|
|
$ |
10,631 |
|
|
$ |
54,726 |
|
|
$ |
32,513 |
|
|
General and
administrative |
|
6,926 |
|
|
|
2,253 |
|
|
|
17,845 |
|
|
|
7,060 |
|
|
Total
expenses |
|
21,205 |
|
|
|
12,884 |
|
|
|
72,571 |
|
|
|
39,573 |
|
Interest and other income (expense) |
|
|
|
|
|
|
|
|
Other
income |
|
329 |
|
|
|
301 |
|
|
|
2,134 |
|
|
|
961 |
|
|
Interest
income |
|
885 |
|
|
|
602 |
|
|
|
3,213 |
|
|
|
714 |
|
|
Interest
expense |
|
(1 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(9 |
) |
|
Preferred
stock warrant liability revaluation |
|
— |
|
|
|
(3 |
) |
|
|
(123 |
) |
|
|
(33 |
) |
|
Foreign
exchange loss |
|
(7 |
) |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
Loss on
disposal of property and equipment |
|
(115 |
) |
|
|
— |
|
|
|
(122 |
) |
|
|
(1 |
) |
Loss before Income tax expense |
|
(20,114 |
) |
|
|
(11,986 |
) |
|
|
(67,483 |
) |
|
|
(37,941 |
) |
Income tax benefit (expense) |
|
1 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
1 |
|
Net loss |
$ |
(20,113 |
) |
|
$ |
(11,984 |
) |
|
$ |
(67,484 |
) |
|
$ |
(37,940 |
) |
Net loss per share, basic and diluted |
$ |
(0.72 |
) |
|
$ |
(5.64 |
) |
|
$ |
(4.26 |
) |
|
$ |
(18.02 |
) |
Weighted-average shares used in computing |
|
|
|
|
|
|
|
net loss per share, basic and diluted |
|
27,959,975 |
|
|
|
2,125,315 |
|
|
|
15,834,175 |
|
|
|
2,104,861 |
|
|
|
|
|
|
|
|
|
|
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.comSource:
Atreca, Inc.
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