$ABOS
Acumen Pharmaceuticals, Inc.

2022 Q4 Form 10-Q Financial Statement

#000119312522284583 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.502M $3.062M $2.742M
YoY Change 27.72% 43.42% 325.78%
% of Gross Profit
Research & Development $10.75M $8.309M $5.673M
YoY Change 89.42% 361.61% 450.78%
% of Gross Profit
Depreciation & Amortization $12.00K $10.00K $3.000K
YoY Change 300.0% 900.0%
% of Gross Profit
Operating Expenses $14.25M $11.37M $8.415M
YoY Change 69.32% 188.97% 403.89%
Operating Profit -$11.37M
YoY Change 188.97%
Interest Expense $1.392M $663.0K $62.00K
YoY Change 2145.16% 4635.71%
% of Operating Profit
Other Income/Expense, Net -$10.00K $661.0K $4.000K
YoY Change -350.0% 3378.95% -99.32%
Pretax Income -$12.87M -$10.71M -$8.349M
YoY Change 54.1% 174.47% 1005.83%
Income Tax
% Of Pretax Income
Net Earnings -$12.87M -$10.71M -$8.349M
YoY Change 54.1% 174.47% 1005.83%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$0.31 -$0.26 -$416.3K
COMMON SHARES
Basic Shares Outstanding 40.93M 40.50M
Diluted Shares Outstanding 40.50M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.6M $200.2M $194.2M
YoY Change -8.56% 0.12%
Cash & Equivalents $130.1M $157.5M $122.2M
Short-Term Investments $47.50M $42.65M $72.08M
Other Short-Term Assets $237.0K $2.366M $4.424M
YoY Change -94.64% -51.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $180.3M $202.6M $198.7M
YoY Change -9.23% -1.15%
LONG-TERM ASSETS
Property, Plant & Equipment $165.0K $142.0K $36.00K
YoY Change 358.33% 992.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.84M $0.00 $31.62M
YoY Change -49.91% -100.0%
Other Assets $151.0K $92.00K $14.00K
YoY Change 978.57% 607.69%
Total Long-Term Assets $16.26M $704.0K $31.67M
YoY Change -48.66% -97.65%
TOTAL ASSETS
Total Short-Term Assets $180.3M $202.6M $198.7M
Total Long-Term Assets $16.26M $704.0K $31.67M
Total Assets $196.6M $203.3M $230.3M
YoY Change -14.65% -13.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.640M $2.084M $1.088M
YoY Change 50.74% 445.55%
Accrued Expenses $6.041M $4.492M $3.855M
YoY Change 56.71% 354.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.812M $6.613M $5.147M
YoY Change 51.78% 344.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.812M $6.613M $5.147M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.812M $6.613M $5.147M
YoY Change 51.78% 344.12%
SHAREHOLDERS EQUITY
Retained Earnings -$170.4M -$157.6M -$127.6M
YoY Change 33.54%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.8M $196.7M $225.2M
YoY Change
Total Liabilities & Shareholders Equity $196.6M $203.3M $230.3M
YoY Change -14.65% -13.45%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$12.87M -$10.71M -$8.349M
YoY Change 54.1% 174.47% 1005.83%
Depreciation, Depletion And Amortization $12.00K $10.00K $3.000K
YoY Change 300.0% 900.0%
Cash From Operating Activities -$11.20M -$9.183M -$3.639M
YoY Change 207.86% 19.45% 27.37%
INVESTING ACTIVITIES
Capital Expenditures $35.00K -$81.00K -$26.00K
YoY Change -234.62% 912.5%
Acquisitions
YoY Change
Other Investing Activities -$20.39M $56.00M -$9.985M
YoY Change 104.16% -159.51%
Cash From Investing Activities -$20.42M $55.92M -$10.01M
YoY Change 103.98% -159.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.184M -263.0K 10.00K
YoY Change 41740.0% -100.16% -99.98%
NET CHANGE
Cash From Operating Activities -11.20M -9.183M -3.639M
Cash From Investing Activities -20.42M 55.92M -10.01M
Cash From Financing Activities 4.184M -263.0K 10.00K
Net Change In Cash -27.44M 46.47M -13.64M
YoY Change 101.17% -30.63% -132.62%
FREE CASH FLOW
Cash From Operating Activities -$11.20M -$9.183M -$3.639M
Capital Expenditures $35.00K -$81.00K -$26.00K
Free Cash Flow -$11.24M -$9.102M -$3.613M
YoY Change 211.04% 18.52%

Facts In Submission

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abos Payments For Deferred Offering Costs
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0
abos Conversion Of Convertible Preferred Stock Into Common Stock Upon Ipo
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0
abos Conversion Of Convertible Preferred Stock Into Common Stock Upon Ipo
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us-gaap Nature Of Operations
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acumen Pharmaceuticals, Inc. (“Acumen” or the “Company”) was incorporated in 1996 in the state of Delaware. Acumen is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target what the Company believes to be a key underlying cause of Alzheimer’s disease (“AD”). Acumen’s sole drug candidate, ACU193, is a humanized monoclonal antibody which selectively targets amyloid-beta oligomers. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is subject to the uncertainty of whether the Company’s intellectual property will develop into successful commercial products. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">June 2021 Reverse Stock Split </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company’s Board of Directors (“Board”) approved a reverse split of shares of the Company’s common stock and convertible preferred stock on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a 1-for-1.49 basis</div></div> (the “June 2021 Reverse Stock Split”), which was effected on June 23, 2021. The par value and the number of authorized shares of the convertible preferred stock and common stock were not adjusted in connection with the June 2021 Reverse Stock Split. All references to common stock, convertible preferred stock, warrants to purchase common stock, warrants to purchase convertible preferred stock, options to purchase common stock, share data, per share data and related information contained in the financial statements have been retrospectively adjusted to reflect the effect of the June 2021 Reverse Stock Split for all periods presented. No fractional shares of the Company’s common stock were issued in connection with the June 2021 Reverse Stock Split. Any fractional share resulting from the June 2021 Reverse Stock Split was rounded down to the nearest whole share, and any stockholder entitled to a fractional share as a result of the June 2021 Reverse Stock Split received a cash payment in lieu of receiving fractional shares. </div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Initial Public Offering </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On July 6, 2021, the Company issued 9,999,999 shares of common stock in an initial public offering (“IPO”), and on July 8, 2021, the Company issued an additional 1,499,999 shares of common stock that were purchased by the underwriters pursuant to the underwriters’ option to purchase additional shares at the public offering price less underwriting discounts and commissions. The price to the public for each share was $16.00. The aggregate net proceeds from the Company’s IPO, after underwriting discounts and commissions and other offering expenses of $15.4 million, were $168.6 million. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On July 6, 2021, in connection with the closing of the IPO, 477,297 shares of Series A, 7,985,305 shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Series A-1,</div> and 19,770,070 shares of Series B convertible preferred stock, respectively, automatically converted into an equal number of shares of common stock. Warrants to purchase shares of common stock were automatically net exercised for the purchase of an aggregate of 178,847 shares of common stock. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As a result of the IPO, the underwriters’ exercise of their option, the conversions of the Series A, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> and B convertible preferred stock, and the exercise of the warrants, the Company’s total number of outstanding common <div style="letter-spacing: 0px; top: 0px;;display:inline;">stock</div> increased by 39,911,517 <div style="letter-spacing: 0px; top: 0px;;display:inline;">shares </div>immediately following the closing of the IPO. </div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity and Capital Resources </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of September 30, 2022 and December 31, 2021, the Company had an accumulated deficit of $157.6 million and $127.6 million, respectively, and working capital of $195.9 million and $193.5 million, respectively. Management believes that the Company has sufficient cash to continue operating activities for beyond 12 months from issuance of these condensed financial statements. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Future capital requirements will depend upon many factors, including the timing and extent of spending on research and development and market acceptance of the Company’s products. The Company may need to obtain additional financing to complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. Until such time, if ever, the Company can generate revenue sufficient to achieve profitability, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that such financing will be available on terms acceptable to the Company, or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interest of its stockholders will be diluted, and the terms of these securities may include liquidation of other preferences that adversely affect the rights of common stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;"/> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company initiated a Phase 1 clinical trial of ACU193 in 2021, which the Company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">named “INTERCEPT-AD.”</div> In October 2021, the Company announced the initial dosing of the first patient <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in the INTERCEPT-AD trial</div> and the subsequent successful sentinel safety review of the first two patients. In October 2022, the U.S. Food and Drug Administration granted Fast Track designation for ACU193 for the treatment of early AD. Due to delays in clinical trial site activation and patient enrollment that the Company believes were principally related to effects of the coronavirus <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(“COVID-19”) pandemic, the</div> Company expanded the anticipated number of trial sites to support its enrollment objectives and anticipated timelines. As of November 11, 2022, 17 clinical trial sites have been activated and patient recruitment and enrollment is ongoing and progressing. </div><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company anticipates completing enrollment in INTERCEPT-AD in the first quarter of 2023<div style="display:inline;">. </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company’s business, results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak and related advisories and restrictions. The impact <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">of the COVID-19 pandemic,</div> the ongoing military conflict between Russia and Ukraine and related sanctions against Russia, inflation and rising interest rates on the financial markets and the overall economy are highly uncertain and cannot be predicted. </div></div> <div style="letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;"> </div>
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. </div></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Reclassifications </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Certain prior year amounts have been reclassified for consistency with the current period presentation. Interest income and interest expense are combined into one line item and presented net in the condensed statements of operations and comprehensive loss, whereas these line items were previously presented separately. Similarly, in the condensed statements of cash flows, amortization of premiums and accretion of discounts on marketable securities are now presented net, but previously had been presented on separate rows as amortization of premiums and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> interest income from marketable securities. These reclassifications had no effect on the reported results of operations. </div>
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
39000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
102000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
141000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
133000
CY2022Q3 abos Sublease Income Receivable Remainder Of Fiscal Year
SubleaseIncomeReceivableRemainderOfFiscalYear
3000
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
40000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
107000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
19000
us-gaap Sublease Income
SubleaseIncome
47000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
153000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
102000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
255000

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abos-20220930_def.xml Edgar Link unprocessable
abos-20220930_pre.xml Edgar Link unprocessable
0001193125-22-284583-index-headers.html Edgar Link pending
0001193125-22-284583-index.html Edgar Link pending
0001193125-22-284583.txt Edgar Link pending
0001193125-22-284583-xbrl.zip Edgar Link pending
abos-20220930.xsd Edgar Link pending
d383755d10q.htm Edgar Link pending
d383755dex311.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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abos-20220930_lab.xml Edgar Link unprocessable