Acelyrin reports Q1 EPS ($8.61), consensus ($10.89)

Cash and cash equivalents totaled $289.2M at March 31. The subsequent IPO raised $573.7M in net proceeds and the Company expects the combined cash balance of $862.9M as of March 31 to fund operations through key value-driving milestones across all three clinical programs and beyond. “The past several months have been transformative for ACELYRIN. We continue to work toward our mission to develop clinically meaningful, differentiated medicines by executing on development plans to test our hypotheses and determine how our assets might best address the significant unmet need that remains for patients across a multitude of autoimmune and inflammatory diseases,” said Shao-Lee Lin, MD, PhD, founder and CEO, Acelyrin. “I am particularly pleased for patients that in the past six months we have been able to share izokibep data demonstrating resolution of important manifestations of disease and significant evidence of positive impact on quality of life. With the proceeds of our recent initial public offering, we will continue to drive towards key value-driving milestones to deliver efficiently on our development plans. We are pleased today to be sharing the acceleration of timing for top-line pivotal data for izokibep in Hidradenitis Suppurativa (HS), now expected in the third quarter of 2023, and that a second confirmatory Phase 3 trial in HS is now actively enrolling.”