On May 14, 2020 Atreca, Inc. (Atreca) (NASDAQ: BCEL), a clinical-stage biotechnology company focused on developing novel therapeutics generated through a unique discovery platform based on interrogation of the active human immune response, reported financial results for the first quarter ended March 31, 2020, and provided an overview of recent developments (Press release, Atreca, MAY 14, 2020, View Source [SID1234558024]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"While the COVID-19 pandemic has presented unexpected challenges, we continue to execute on our pipeline and business strategy, and we look forward to further progress throughout 2020," said John Orwin, Chief Executive Officer. "Patients continue to be enrolled and treated in our Phase 1b dose-escalation clinical trial evaluating ATRC-101 in multiple solid tumors. In addition, we believe our recently announced alliance with BeiGene and IGM Biosciences to help address the COVID-19 pandemic underscores the potential of our differentiated discovery platform, and we are working closely with our partners to advance research and development as quickly as possible."
Recent Developments and Highlights
In February 2020, Atreca commenced patient dosing in a Phase 1b first-in-human clinical trial evaluating ATRC-101 in patients with select solid tumor cancers. Patient screening continues in the study and, to date, three subjects have been enrolled in the first dose cohort. The ongoing COVID-19 pandemic is likely to impact our ability to initiate additional clinical trial sites quickly, which may ultimately result in enrollment delays.
Atreca announced a collaboration with BeiGene, Ltd. and IGM Biosciences, Inc. to discover and develop a novel antibody treatment for COVID-19. The alliance will utilize Atreca’s proprietary discovery platform to generate the sequences of antibodies made by particular B cells found in blood obtained from acutely infected COVID-19 patients.
Upcoming Milestone
Atreca will present a trial-in-progress poster at the upcoming American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2020 Virtual Scientific Program being held from May 29 to May 31, 2020. The poster will describe the design of Atreca’s ongoing Phase 1b first-in-human clinical trial evaluating ATRC-101 in patients with select solid tumor cancers.
First Quarter 2020 Financial Results
As of March 31, 2020, cash, cash equivalents and investments totaled $166.3 million.
Research and development expenses for the three months ended March 31, 2020 were $14.2 million, including non-cash share-based compensation expense of $1.1 million.
General and administrative expenses for the three months ended March 31, 2020 were $7.1 million, including non-cash share-based compensation expense of $1.4 million.
Atreca reported a net loss of $20.4 million, or basic and diluted net loss per share attributable to common stockholders of $0.73, for the three months ended March 31, 2020.