Achilles Therapeutics (ACHL) Q2 2024 earnings summary

Executive summary

• Announced research collaboration with Arcturus Therapeutics to develop second-generation mRNA cancer vaccines using AI-powered tumor-targeting technology.

• Provided interim Phase I/IIa update for cNeT in advanced NSCLC and melanoma, with first EHC patients showing improved cNeT persistence and engraftment.

• Cash position of $95.1 million as of June 30, 2024, expected to fund operations through 2025.

• Appointed Dr. Matilde Saggese as Interim Chief Medical Officer.

Financial highlights

• Cash and cash equivalents were $95.1 million at June 30, 2024, down from $131.5 million at December 31, 2023.

• R&D expenses were $13.6 million for Q2 2024, slightly down from $13.8 million in Q2 2023.

• G&A expenses were $4.2 million for Q2 2024, compared to $4.3 million in Q2 2023.

• Net loss for Q2 2024 was $16.4 million, or $0.41 per share, compared to $16.8 million, or $0.42 per share, in Q2 2023.

Outlook and guidance

• Cash runway expected to support operations through 2025, including completion of ongoing Phase I/IIa trials and Arcturus collaboration.

• Anticipates meaningful clinical data update from CHIRON and THETIS trials in the second half of 2024.

• Ongoing evaluation of personalized mRNA cancer vaccines with Arcturus, aiming for IND-enabling data.