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Achilles Therapeutics Reports Fourth Quarter and Year-End 2023 Financial Results and Recent Business Highlights
ACHLAchilles Therapeutics plc(ACHL) Newsfilter·2024-04-04 10:45

Core Insights - Achilles Therapeutics has made significant advancements in its VELOS™ manufacturing process, achieving a ~10-fold improvement in the median clonal neoantigen reactive T cell (cNeT) dose delivered to patients [3][4] - The company is focusing on evaluating the benefits of enhanced host conditioning in its ongoing Phase I/IIa trials for advanced non-small cell lung cancer (NSCLC) and melanoma, with meaningful data updates expected in the second half of 2024 [2][7] - Financially, Achilles Therapeutics maintains a strong cash position of 131.5million,whichisprojectedtosupportoperationsthrough2025[5][6]ClinicalHighlights−AninterimupdateonthePhaseI/IIatrialsrevealedimprovedtolerabilityprofilesandenhancedcNeTdosesfromtheVELOS™process,with10productsexceeding100millioncNeTandfiveexceedingonebillioncNeT[3]−ThefirstpatientshavebeendosedintheCHIRONandTHETIStrials,whichareassessingtheimpactofincreasedlymphodepletionintensityandIL−2dosing[3]−ThecompanycontinuestodevelopitsPELEUS™clonalneoantigenpredictionplatform,whichiscrucialforidentifyingpatient−specificneoantigens[3][4]CorporateHighlights−ApublicationinNatureCancerhighlightedthepotentialofneoantigenimmunogenicityprediction,showcasingthecapabilitiesofthecompany′sneoRanker™module[4]−AchillesTherapeuticsregainedcompliancewithNasdaq′sminimumbidpricerequirementasofMarch1,2024[4]−ThecompanyhasbeengrantedaU.S.patentcoveringimmunotherapytargetingneoantigenspresentedbyHLAallelesthathavenotbeenlostintumors[4]FinancialHighlights−Cashandcashequivalentsdecreasedfrom131.5 million, which is projected to support operations through 2025 [5][6] Clinical Highlights - An interim update on the Phase I/IIa trials revealed improved tolerability profiles and enhanced cNeT doses from the VELOS™ process, with 10 products exceeding 100 million cNeT and five exceeding one billion cNeT [3] - The first patients have been dosed in the CHIRON and THETIS trials, which are assessing the impact of increased lymphodepletion intensity and IL-2 dosing [3] - The company continues to develop its PELEUS™ clonal neoantigen prediction platform, which is crucial for identifying patient-specific neoantigens [3][4] Corporate Highlights - A publication in Nature Cancer highlighted the potential of neoantigen immunogenicity prediction, showcasing the capabilities of the company's neoRanker™ module [4] - Achilles Therapeutics regained compliance with Nasdaq's minimum bid price requirement as of March 1, 2024 [4] - The company has been granted a U.S. patent covering immunotherapy targeting neoantigens presented by HLA alleles that have not been lost in tumors [4] Financial Highlights - Cash and cash equivalents decreased from 173.3 million in 2022 to 131.5millionin2023,butarestillsufficienttofundoperationsthrough2025[5]−ResearchanddevelopmentexpensesforQ42023were131.5 million in 2023, but are still sufficient to fund operations through 2025 [5] - Research and development expenses for Q4 2023 were 15.9 million, down from 18.9 million in Q4 2022, while total R&D expenses for the year increased slightly to 58.2 million [6] - The net loss for Q4 2023 was 18.6million,or18.6 million, or 0.46 per share, an improvement from a net loss of 24.1million,or24.1 million, or 0.61 per share, in Q4 2022 [6][15] 2024 Focus and Upcoming Events - The company plans to report clinical activity and translational science data from the CHIRON and THETIS trials in the second half of 2024 [7] - Upcoming conferences include the Immuno-Oncology Summit Europe and LSX World Congress, where the company will present its advancements [7]