Core Viewpoint - Achilles Therapeutics plc reported its financial results for Q3 2024, highlighting a significant decrease in cash reserves and ongoing strategic evaluations following the discontinuation of certain clinical programs [1][2][3]. Financial Highlights - Cash and cash equivalents stood at 131.5 million as of December 31, 2023. The company received a cash R&D tax credit of 12.8 million in October 2024 [3][6]. - Research and development (R&D) expenses for Q3 2024 were 16.4 million, an increase from 14.7 million in Q3 2023 [3][8]. - General and administrative (G&A) expenses decreased to 4.0 million in Q3 2024 from 19.6 million, or 16.7 million, or $0.42 per share, in Q3 2023 [3][8]. Corporate Updates - The company has discontinued its TIL-based cNeT program and closed the Phase I/IIa CHIRON and THETIS clinical trials. It has engaged BofA Securities as a financial advisor to explore strategic options [2][3]. - Chief Scientific Officer Sergio Quezada presented insights from the cNeT clinical trials at the 6th Annual TIL Therapies Summit on October 23, 2024 [2]. Company Overview - Achilles Therapeutics is a clinical-stage biopharmaceutical company focused on developing AI-powered precision T cell therapies targeting clonal neoantigens, which are unique protein markers expressed on cancer cells [4]. - The company utilizes DNA sequencing data and its proprietary PELEUSTM bioinformatics platform to identify patient-specific clonal neoantigens for targeted therapy development [4].
Achilles Therapeutics Reports Third Quarter 2024 Financial Results