Achilles Therapeutics Reports Second Quarter 2024 Financial Results and Recent Business Updates

Core Insights - Achilles Therapeutics announced a research collaboration with Arcturus Therapeutics to develop second-generation mRNA cancer vaccines utilizing AI-powered tumor-targeting technology [1][4] - The company provided an interim update on its Phase I/IIa clinical trials for clonal neoantigen reactive T cells (cNeT) in advanced non-small cell lung cancer (NSCLC) and melanoma, highlighting improved persistence and engraftment in patients with enhanced host conditioning (EHC) [2][4] - As of June 30, 2024, the company reported a cash position of $95.1 million, which is expected to support operations through 2025 [3][5] Clinical and Business Updates - The collaboration with Arcturus Therapeutics aims to combine Achilles' AI technology with Arcturus' self-amplifying mRNA platform, potentially leading to strong T cell responses in preclinical studies [4] - Interim data from the CHIRON and THETIS trials indicated that the first three EHC patients showed improved cNeT persistence and engraftment [4] - The company has delivered over 100 million cNeT in 10 products and over one billion cNeT in five products [4] Financial Highlights - Cash and cash equivalents decreased to$95.1 million as of June 30, 2024, from 131.5 million as of December 31, 2023 [5] - Research and development (R&D) expenses for Q2 2024 were 13.6 million, slightly down from 13.8 million in Q2 2023, primarily due to reduced activity in the THETIS trial [5] - General and administrative (G&A) expenses were 4.2 million for Q2 2024, compared to $4.3 million in Q2 2023, reflecting lower personnel costs [5] - The net loss for Q2 2024 was$16.4 million, or $0.41 per share, compared to a net loss of$16.8 million, or $0.42 per share, in Q2 2023 [5][6] 2024 Focus - The company plans to report clinical activity and translational science data from the CHIRON and THETIS trials, with significant updates expected in the second half of 2024 [6] - Ongoing evaluation of self-amplifying mRNA personalized cancer vaccines targeting clonal neoantigens is a priority [6] - Development of the VELOS™ and PELEUS™ platforms will continue to optimize cNeT dose and functionality [6] Company Overview - Achilles Therapeutics is a clinical-stage biopharmaceutical company focused on developing AI-powered precision T cell therapies targeting clonal neoantigens unique to individual cancer cells [7] - The company is conducting two ongoing Phase I/IIa trials: the CHIRON trial for advanced NSCLC and the THETIS trial for recurrent or metastatic melanoma [7]