TIDMSYNC
RNS Number : 6821F
Syncona Limited
08 November 2022
Syncona Limited
Achilles reports Q3 2022 Financial Results and Business
Highlights
08 November 2022
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
notes that its portfolio company, Achilles Therapeutics Plc
(Nasdaq: ACHL) ("Achilles"), announced its financial results for
the third quarter ended September 30, 2022, and an update on recent
business highlights.
The announcement can be accessed on Achilles' website at:
https://ir.achillestx.com/ and the full text of the announcement
from Achilles is contained below.
[S]
Enquiries
Syncona Ltd
Annabel Clark / Fergus Witt
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Julia Bradshaw / Tim
Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life.
We do this by founding and building a portfolio of global leaders
in life science to deliver transformational treatments to patients
in areas of high unmet need.
Our strategy is to found, build and fund companies around
exceptional science to create a diversified portfolio of 15-20
globally leading healthcare businesses for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our balance sheet underpins our strategy enabling
us to take a long-term view as we look to improve the lives of
patients with no or poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
Achilles Therapeutics Reports Third Quarter 2022 Financial
Results and Recent Business Highlights
- Interim update from the ongoing Phase I/IIa trials in advanced
NSCLC (CHIRON) and melanoma (THETIS) to be presented at the ESMO
Immuno-Oncology Annual Congress 2022 -
- Strong cash balance of $179.9 million supports all planned
operations into Q2 2025 -
London, November 8, 2022 - Achilles Therapeutics plc (NASDAQ:
ACHL), a clinical-stage biopharmaceutical company developing
AI-powered precision T cell therapies to treat solid tumors, today
announced its financial results for the third quarter ended
September 30, 2022, and recent business highlights.
"This quarter we continued to advance our clinical programs and
look forward to providing an update from our ongoing Phase I/IIa
CHIRON and THETIS clinical trials in non-small cell lung cancer
(NSCLC) and melanoma, respectively, at the ESMO Immuno-Oncology
Annual Congress," said Dr Iraj Ali, Chief Executive Officer of
Achilles Therapeutics. "A poster entitled 'Early Proof of Concept
of Safety and Clinical Activity of Clonal Neoantigen Reactive T
Cells,' will be presented and available from December 6, 2022 . We
expect additional clinical data readouts across our programs
throughout 2023 which, along with our strong cash balance, position
Achilles well for the future."
Financial Highlights
-- Cash and cash equivalents: Cash and cash equivalents were
$179.9 million as of September 30, 2022, as compared to $266.3
million as of December 31, 2021. The impact of translating our
books and records from British Pounds Sterling into U.S. dollars
had an unfavorable impact on the reported balance cash and cash
equivalents. The net decrease reflects an underlying use of $45.7
million for operating and investing activities and a negative $40.7
million foreign exchange impact. The Company anticipates that its
cash and cash equivalents are sufficient to fund its planned
operations into the second quarter of 2025, including completion of
the ongoing Phase I/IIa CHIRON and THETIS clinical trials.
-- Research and development (R&D) expenses: R&D expenses
were $10.6 million for the third quarter ended September 30, 2022,
as compared to $10.7 million for the third quarter ended September
30, 2021.
-- General and administrative (G&A) expenses: G&A
expenses were $5.4 million for the third quarter ended September
30, 2022, as compared to $5.0 million for the third quarter ended
September 30, 2021. The increase was primarily driven by an
increase in personnel costs.
-- Net loss: Net loss for the third quarter ended September 30,
2022, was $12.5 million or $0.32 per share compared to $12.9
million, or $0.34 per share for the third quarter ended September
30, 2021.
Upcoming Events
Achilles will participate in the following investor and medical
conferences. Additional details will be available in the Events
& Presentations section of the Company's website:
-- Jefferies London Healthcare Conference: November 15 - 17, 2022
-- TIDES Europe - Oligonucleotide & Peptide Therapeutics: November 16 - 18, 2022
-- Piper Sandler Annual Healthcare Conference: November 29 - December 1, 2022
-- ESMO Immuno-Oncology Congress 2022: December 7 - 9, 2022
-- J.P. Morgan Annual Healthcare Conference: January 9 - 12, 2023
About Achilles Therapeutics
Achilles is a clinical-stage biopharmaceutical company
developing AI-powered precision T cell therapies targeting clonal
neoantigens: protein markers unique to the individual that are
expressed on the surface of every cancer cell. The Company has two
ongoing Phase I/IIa trials, the CHIRON trial in patients with
advanced non-small cell lung cancer (NSCLC) and the THETIS trial in
patients with recurrent or metastatic melanoma. Achilles uses DNA
sequencing data from each patient, together with its proprietary
PELEUS(TM) bioinformatics platform, to identify clonal neoantigens
specific to that patient, and then develops precision T cell-based
product candidates specifically targeting those clonal
neoantigens.
Forward-Looking Statements
This press release contains express or implied forward-looking
statements that are based on our management's belief and
assumptions and on information currently available to our
management. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements
relate to future events or our future operational or financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. The forward-looking statements in this
press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. However, while we may elect to update
these forward-looking statements at some point in the future, we
have no current intention of doing so except to the extent required
by applicable law. You should therefore not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Investors:
Achilles Therapeutics
Lee M. Stern, VP, IR & External Communications
l.stern@achillestx.com
LifeSci Advisors
John Mullaly
jmullaly@lifesciadvisors.com
Media:
Consilium Strategic Communications
Mary-Jane Elliott, Sukaina Virji, Melissa Gardiner
+44 (0) 203 709 5000
achillestx@consilium-comms.com
ACHILLES THERAPEUTICS PLC
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
(expressed in U.S. Dollars, unless otherwise stated)
September December
30, 31,
2022 2021
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 179,890 $ 266,319
Prepaid expenses and other current assets 18,797 18,430
-------- --------
Total current assets 198,687 284,749
-------- --------
Non-current assets:
Property and equipment, net 17,419 17,743
Operating lease right of use assets 8,472 11,048
Deferred tax assets 26 26
Restricted cash 33 33
Other assets 2,713 3,507
-------- --------
Total non-current assets 28,663 32,357
-------- --------
TOTAL ASSETS $ 227,350 $ 317,106
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,516 $ 3,722
Income taxes payable 59 -
Accrued expenses and other liabilities 7,445 10,906
Operating lease liabilities-current 4,036 4,482
-------- --------
Total current liabilities 19,056 19,110
Non-current liabilities:
Operating lease liabilities-non-current 4,952 7,777
Other long-term liability 726 691
-------- --------
Total non-current liabilities 5,678 8,468
-------- --------
Total liabilities 24,734 27,578
-------- --------
Commitments and contingencies (Note 12)
Shareholders' equity:
Ordinary shares, GBP0.001 par value; 40,938,763 and 40,603,489 shares
authorized, issued and outstanding at September 30, 2022 and
December 31, 2021, respectively 54 54
Deferred shares, GBP92,451.851 par value, one share authorized, issued
and outstanding at September 30, 2022 and December 31, 2021 128 128
Additional paid in capital 407,155 401,821
Accumulated other comprehensive (loss) income (38,490) 6,636
Accumulated deficit (166,231) (119,111)
-------- --------
Total shareholders' equity 202,616 289,528
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 227,350 $ 317,106
======== ========
A CHILLES THERAPEUTICS PLC
Condensed Consolidated Statements of Operations and
Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2022 2021 2022 2021
----------- ----------- ----------- -----------
OPERATING EXPENSES:
Research and development $ 10,597 $ 10,697 $ 38,387 $ 30,417
General and administrative 5,437 5,041 17,162 15,318
---------- ---------- ---------- ----------
Total operating expenses 16,034 15,738 55,549 45,735
---------- ---------- ---------- ----------
Loss from operations (16,034) (15,738) (55,549) (45,735)
OTHER INCOME, NET:
Other income 3,599 2,806 8,499 2,907
---------- ---------- ---------- ----------
Total other income, net 3,599 2,806 8,499 2,907
---------- ---------- ---------- ----------
Loss before provision for income taxes (12,435) (12,932) (47,050) (42,828)
Provision for income taxes (41) (16) (70) (41)
---------- ---------- ---------- ----------
Net loss (12,476) (12,948) (47,120) (42,869)
---------- ---------- ---------- ----------
Other comprehensive income:
Foreign exchange translation
adjustment (18,147) (7,710) (45,126) (6,572)
---------- ---------- ---------- ----------
Comprehensive loss $ (30,623) $ (20,658) $ (92,246) $ (49,441)
---------- ---------- ---------- ----------
Net loss per share attributable to
ordinary shareholders-basic and
diluted $ (0.32) $ (0.34) $ (1.20) $ (1.69)
========== ========== ========== ==========
Weighted average ordinary shares
outstanding-basic and diluted 39,313,764 38,261,480 39,104,866 25,329,672
========== ========== ========== ==========
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
PFUUPGCWGUPPUBR
(END) Dow Jones Newswires
November 08, 2022 07:05 ET (12:05 GMT)
Syncona (LSE:SYNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Syncona (LSE:SYNC)
Historical Stock Chart
From Sep 2023 to Sep 2024