Achilles Therapeutics (ACHL) Q3 2024 earnings summary

Executive summary

• Discontinued TIL-based cNeT program and closed Phase I/IIa CHIRON and THETIS trials; exploring strategic options with BofA Securities as advisor.

• Cash position of $86.1 million as of September 30, 2024, plus $12.8 million R&D tax credit received in October.

Financial highlights

• Cash and cash equivalents declined to $86.1 million from $131.5 million at year-end 2023.

• R&D expenses rose to $16.4 million in Q3 2024 from $14.7 million in Q3 2023.

• G&A expenses decreased to $4.0 million in Q3 2024 from $4.4 million in Q3 2023.

• Net loss widened to $19.6 million ($0.48/share) in Q3 2024 from $16.7 million ($0.42/share) in Q3 2023.

• Comprehensive loss for Q3 2024 was $13.5 million, reflecting a $6.1 million foreign exchange gain.

Outlook and guidance

• Management is reviewing strategic options, including engagement with third parties developing alternative modalities for targeting clonal neoantigens.

• Forward-looking statements highlight expectations for cash runway, operating expenses, and capital requirements.