$ABOS
Acumen Pharmaceuticals, Inc.

2023 Q4 Form 10-Q Financial Statement

#000157688523000062 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.193M $4.860M
YoY Change 48.29% 58.72%
% of Gross Profit
Research & Development $13.29M $11.18M
YoY Change 23.7% 34.54%
% of Gross Profit
Depreciation & Amortization $21.00K $10.00K
YoY Change 75.0% 0.0%
% of Gross Profit
Operating Expenses $18.49M $16.04M
YoY Change 29.74% 41.05%
Operating Profit -$16.04M
YoY Change 41.05%
Interest Expense $2.010M $3.124M
YoY Change 44.4% 371.19%
% of Operating Profit
Other Income/Expense, Net -$21.00K $3.082M
YoY Change 110.0% 366.26%
Pretax Income -$16.50M -$12.96M
YoY Change 28.22% 21.01%
Income Tax
% Of Pretax Income
Net Earnings -$16.50M -$12.96M
YoY Change 28.22% 20.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$0.28 -$0.24
COMMON SHARES
Basic Shares Outstanding 57.91M shares 57.87M shares
Diluted Shares Outstanding 54.23M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.5M $215.4M
YoY Change 37.11% 7.61%
Cash & Equivalents $66.89M $94.92M
Short-Term Investments $176.6M $120.5M
Other Short-Term Assets $3.093M $181.0K
YoY Change 1205.06% -92.35%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $246.6M $218.6M
YoY Change 36.76% 7.92%
LONG-TERM ASSETS
Property, Plant & Equipment $503.0K $123.0K
YoY Change 204.85% -13.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $62.55M $67.30M
YoY Change 294.98%
Other Assets $454.0K $189.0K
YoY Change 200.66% 105.43%
Total Long-Term Assets $63.51M $67.77M
YoY Change 290.64% 9526.85%
TOTAL ASSETS
Total Short-Term Assets $246.6M $218.6M
Total Long-Term Assets $63.51M $67.77M
Total Assets $310.1M $286.4M
YoY Change 57.75% 40.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.379M $1.362M
YoY Change -15.91% -34.64%
Accrued Expenses $10.62M $3.168M
YoY Change 75.86% -29.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $756.0K
YoY Change
Total Short-Term Liabilities $12.97M $6.098M
YoY Change 66.04% -7.79%
LONG-TERM LIABILITIES
Long-Term Debt $29.90M $0.00
YoY Change
Other Long-Term Liabilities $284.0K
YoY Change
Total Long-Term Liabilities $30.18M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.97M $6.098M
Total Long-Term Liabilities $30.18M $0.00
Total Liabilities $43.15M $6.098M
YoY Change 452.38% -7.79%
SHAREHOLDERS EQUITY
Retained Earnings -$222.8M -$206.3M
YoY Change 30.75% 30.9%
Common Stock $6.000K $6.000K
YoY Change 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.0M $280.3M
YoY Change
Total Liabilities & Shareholders Equity $310.1M $286.4M
YoY Change 57.75% 40.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$16.50M -$12.96M
YoY Change 28.22% 20.98%
Depreciation, Depletion And Amortization $21.00K $10.00K
YoY Change 75.0% 0.0%
Cash From Operating Activities -$8.314M -$12.90M
YoY Change -25.79% 40.48%
INVESTING ACTIVITIES
Capital Expenditures $11.00K $10.00K
YoY Change -68.57% -112.35%
Acquisitions
YoY Change
Other Investing Activities -$48.79M -$92.00M
YoY Change 139.34% -264.29%
Cash From Investing Activities -$48.81M -$92.00M
YoY Change 139.04% -264.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.13M 122.8M
YoY Change 596.3% -46780.61%
NET CHANGE
Cash From Operating Activities -8.314M -12.90M
Cash From Investing Activities -48.81M -92.00M
Cash From Financing Activities 29.13M 122.8M
Net Change In Cash -27.99M 17.87M
YoY Change 2.02% -61.55%
FREE CASH FLOW
Cash From Operating Activities -$8.314M -$12.90M
Capital Expenditures $11.00K $10.00K
Free Cash Flow -$8.325M -$12.91M
YoY Change -25.92% 41.84%

Facts In Submission

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DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”). Alzheimer’s disease is a progressive neurodegenerative disease of the brain that leads to loss of memory and cognitive functions and ultimately results in death. The Company’s scientific founders pioneered research on soluble amyloid-beta oligomers (“AßOs”), which are globular assemblies of the amyloid-beta (“Aß”) peptide that are distinct from Aß monomers and amyloid plaques. Based on decades of research and supporting evidence, AßOs have gained increasing scientific acceptance as primary toxins involved in the initiation and propagation of AD pathology. The Company is currently focused on advancing a targeted immunotherapy drug candidate, ACU193, through clinical development following Phase 1 results in “early AD” patients (patients with mild cognitive impairment or mild dementia due to Alzheimer’s pathology) that were announced in July 2023. ACU193 is a recombinant humanized immunoglobulin gamma 2 (“IgG2”) monoclonal antibody (“mAb”) that was designed to selectively target AßOs, has demonstrated functional and protective effects in in vitro assays, and has demonstrated in vivo safety and pharmacologic activity in multiple animal species, including transgenic mouse models for AD. </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to the uncertainty of whether the Company’s intellectual property will develop into successful commercial products. </span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Public Offering</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 21, 2023, the Company issued 16,774,193 shares of its common stock, $0.0001 par value per share (“Common Stock”), in a public offering (the “Offering”) at a price to the public of $7.75 per share. The aggregate net proceeds from the Offering, after underwriting discounts and commissions and other offering expenses, were $122.3 million.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity and Capital Resources </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 2023 and December 31, 2022, the Company had an accumulated deficit of $206.3 million and $170.4 million, respectively, and working capital of $212.5 million and $172.5 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. </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 expects that it will 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. </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company initiated a Phase 1 clinical trial of ACU193 in the second quarter of 2021, which the Company named “INTERCEPT-AD.” This trial enrolled 65 patients with “early AD.” INTERCEPT-AD was a U.S.-based, multi-center, randomized, double-blind, placebo-controlled clinical trial with overlapping single ascending dose and multiple ascending dose cohorts evaluating patients with early AD. Topline results were announced in July 2023. The Company plans to initiate a Phase 2 portion of a Phase 2/3 clinical trial of ACU193 in the first half of 2024.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div>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.
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