Achilles Therapeutics Plc ( (ACHL) ) has released its Q3 earnings. Here is a breakdown of the information Achilles Therapeutics Plc presented to its investors.
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Achilles Therapeutics Plc is a clinical-stage biopharmaceutical company specializing in AI-powered precision T cell therapies designed to target clonal neoantigens on cancer cells.
In its third quarter earnings report for 2024, Achilles Therapeutics announced a cash position of $86.1 million as of September 30, excluding a $12.8 million R&D tax credit received in October. The company’s recent strategic shift included discontinuing its TIL-based cNeT program and closing related clinical trials, while exploring new strategic options with the assistance of BofA Securities.
Key financial metrics revealed an increase in research and development expenses to $16.4 million, up from $14.7 million in the same quarter the previous year. General and administrative expenses decreased slightly to $4.0 million. The net loss for the quarter was reported at $19.6 million, or $0.48 per share, compared to a $16.7 million loss, or $0.42 per share, in the third quarter of 2023.
Despite the financial losses, the company maintains a solid cash position, bolstered by the recent tax credit, which suggests a runway to support ongoing operations and strategic evaluations. The management remains focused on exploring alternative approaches to target clonal neoantigens and enhancing shareholder value through potential strategic collaborations or innovations.
