2024 Q4 Form 10-Q Financial Statement

#000157688524000098 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.018M $5.193M
YoY Change 3.25% 48.29%
% of Gross Profit
Research & Development $27.25M $13.29M
YoY Change 143.73% 23.7%
% of Gross Profit
Depreciation & Amortization $16.00K $21.00K
YoY Change 60.0% 75.0%
% of Gross Profit
Operating Expenses $32.27M $18.49M
YoY Change 101.17% 29.74%
Operating Profit -$32.27M
YoY Change 101.17%
Interest Expense $2.467M $2.010M
YoY Change -21.03% 44.4%
% of Operating Profit
Other Income/Expense, Net $2.500M -$21.00K
YoY Change -18.88% 110.0%
Pretax Income -$29.77M -$16.50M
YoY Change 129.67% 28.22%
Income Tax
% Of Pretax Income
Net Earnings -$29.77M -$16.50M
YoY Change 129.72% 28.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.50
Diluted Earnings Per Share -$0.50 -$0.28
COMMON SHARES
Basic Shares Outstanding 60.08M shares 60.08M shares 57.91M shares
Diluted Shares Outstanding 60.08M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.3M $243.5M
YoY Change -7.0% 37.11%
Cash & Equivalents $33.18M $66.89M
Short-Term Investments $167.2M $176.6M
Other Short-Term Assets $457.0K $3.093M
YoY Change 152.49% 1205.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables $268.0K $0.00
Total Short-Term Assets $207.6M $246.6M
YoY Change -5.02% 36.76%
LONG-TERM ASSETS
Property, Plant & Equipment $89.00K $503.0K
YoY Change -27.64% 204.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $58.55M $62.55M
YoY Change -13.0% 294.98%
Other Assets $170.0K $454.0K
YoY Change -10.05% 200.66%
Total Long-Term Assets $59.34M $63.51M
YoY Change -12.44% 290.64%
TOTAL ASSETS
Total Short-Term Assets $207.6M $246.6M
Total Long-Term Assets $59.34M $63.51M
Total Assets $267.0M $310.1M
YoY Change -6.77% 57.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.342M $1.379M
YoY Change 71.95% -15.91%
Accrued Expenses $4.926M $10.62M
YoY Change 55.49% 75.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $756.0K
YoY Change
Total Short-Term Liabilities $19.91M $12.97M
YoY Change 226.57% 66.04%
LONG-TERM LIABILITIES
Long-Term Debt $29.67M $29.90M
YoY Change
Other Long-Term Liabilities $185.0K $284.0K
YoY Change
Total Long-Term Liabilities $29.86M $30.18M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $19.91M $12.97M
Total Long-Term Liabilities $29.86M $30.18M
Total Liabilities $49.77M $43.15M
YoY Change 716.22% 452.38%
SHAREHOLDERS EQUITY
Retained Earnings -$288.0M -$222.8M
YoY Change 39.6% 30.75%
Common Stock $6.000K $6.000K
YoY Change 0.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.2M $267.0M
YoY Change
Total Liabilities & Shareholders Equity $267.0M $310.1M
YoY Change -6.77% 57.75%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$29.77M -$16.50M
YoY Change 129.72% 28.22%
Depreciation, Depletion And Amortization $16.00K $21.00K
YoY Change 60.0% 75.0%
Cash From Operating Activities -$24.60M -$8.314M
YoY Change 90.67% -25.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $11.00K
YoY Change -100.0% -68.57%
Acquisitions
YoY Change
Other Investing Activities -$10.13M -$48.79M
YoY Change -88.99% 139.34%
Cash From Investing Activities -$10.13M -$48.81M
YoY Change -88.99% 139.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.00K 29.13M
YoY Change -100.03% 596.3%
NET CHANGE
Cash From Operating Activities -24.60M -8.314M
Cash From Investing Activities -10.13M -48.81M
Cash From Financing Activities -42.00K 29.13M
Net Change In Cash -34.77M -27.99M
YoY Change -294.57% 2.02%
FREE CASH FLOW
Cash From Operating Activities -$24.60M -$8.314M
Capital Expenditures $0.00 $11.00K
Free Cash Flow -$24.60M -$8.325M
YoY Change 90.52% -25.92%

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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Operating Lease Liability
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33420000 usd
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us-gaap Income Taxes Paid Net
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us-gaap Nature Of Operations
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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 a primary toxin involved in the initiation and propagation of AD pathology. The Company is currently focused on advancing a targeted immunotherapy drug candidate, sabirnetug, in its Phase 2 ALTITUDE-AD clinical trial following the results of INTERCEPT-AD, its Phase 1 clinical trial of sabirnetug in “early AD” patients (patients with mild cognitive impairment or mild dementia due to Alzheimer’s disease), which were first reported in July 2023. Sabirnetug 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 previously demonstrated in vivo safety and pharmacologic activity in multiple animal species, including transgenic mouse models for AD. The Company has amended the ALTITUDE-AD clinical trial protocol from a Phase 2/3 study to a Phase 2 standalone study. </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 its 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%">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, 2024 and December 31, 2023, the Company had an accumulated deficit of $288.0 million and $222.8 million, respectively, and working capital of $187.7 million and $233.6 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, if approved for commercial sale. 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, as 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 any 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 or 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 completed its INTERCEPT-AD clinical trial in the second quarter of 2023. This trial enrolled 65 patients and 62 participants received at least one dose of study drug. 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. In July 2023, the Company announced topline results from INTERCEPT-AD, which demonstrated that sabirnetug met the primary and secondary objectives of this study in 62 participants with early 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 announced the dosing of the first patient in our Phase 2 ALTITUDE-AD clinical trial in May 2024, and expects to complete enrollment in the first half of 2025.</span></div>
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-288000000.0 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q3 abos Working Capital
WorkingCapital
187700000 usd
CY2023Q4 abos Working Capital
WorkingCapital
233600000 usd
CY2023Q2 abos Number Of Patients Enrolled In Trial
NumberOfPatientsEnrolledInTrial
65 patient
CY2023Q2 abos Number Of Participants Enrolled In Trial With One Dose Of Study Drug Received
NumberOfParticipantsEnrolledInTrialWithOneDoseOfStudyDrugReceived
62 participant
CY2023Q3 abos Number Of Participants Enrolled In Trial With One Dose Of Study Drug Received With Primary And Secondary Objectives Met
NumberOfParticipantsEnrolledInTrialWithOneDoseOfStudyDrugReceivedWithPrimaryAndSecondaryObjectivesMet
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us-gaap Use Of Estimates
UseOfEstimates
<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><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%">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. The more significant estimates and assumptions by management include, among others: the valuation allowance of deferred tax assets resulting from net operating losses, the valuation of stock options and the valuation of embedded derivatives within the Company’s long-term debt.</span></div>
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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13351000 usd
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6000 usd
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
12074000 usd
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CY2024Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2024Q3 us-gaap Assets Fair Value Disclosure
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310000000 shares
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us-gaap Allocated Share Based Compensation Expense
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7292000 usd
us-gaap Allocated Share Based Compensation Expense
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4511000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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4.01
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
57871 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
53555 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.10
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10374371 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.88
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4461000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5664870 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y9M18D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4186000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13504612 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7728647 shares
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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