On May 10, 2023 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 its financial results for the first quarter ended March 31, 2023 and provided an overview of recent developments (Press release, Atreca, MAY 10, 2023, View Source [SID1234631343]).
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"In the first quarter of 2023 we continued to advance both ATRC-101 and our preclinical programs. The additional data from the ongoing Phase 1b study of ATRC-101 that we reported in March will help inform our anticipated go / no-go decision for Phase 2 development, which remains on-track for later this year," said John Orwin, Chief Executive Officer of Atreca. "We continue to invest strategically in our platform, which has supported an acceleration of our discovery and early-stage development efforts. We are making great progress in advancing both the APN-497444 and APN-346958 programs and continue to anticipate nominating clinical candidates for both programs later this year."
Recent Developments and Highlights
In March 2023, Atreca reported additional data from the ongoing Phase 1b study of ATRC-101 monotherapy and in combination with pembrolizumab in patients with select solid tumor cancers, with ATRC-101 continuing to be well tolerated and clinical activity observed in multiple tumor types with a correlation observed between target expression and progression free survival. Atreca is enrolling additional patients at a dose level of 30mg/kg in both the Q3W monotherapy and combination therapy arms and expects to report additional data and provide details on its potential Phase 2 development plans by the end of 2023. To-date, 81 total participants have been enrolled across all cohorts in the study.
Data from the Phase 1b study of ATRC-101 will be presented during an oral abstract session at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2023 Annual Meeting. The oral abstract session will be held on June 4, 2023, from 9:45am – 12:45pm CDT.
First Quarter and 2023 Financial Results
As of March 31, 2023, cash and cash equivalents and investments totaled $56.4 million.
Research and development expenses for the three months ended March 31, 2023, were $13.5 million, including non-cash stock-based compensation expense of $1.4 million.
General and administrative expenses for the three months ended March 31, 2023, were $8.1 million, including non-cash stock-based compensation expense of $1.8 million.
Atreca reported a net loss of $21.0 million, or basic and diluted net loss per share attributable to common stockholders of $0.54, for the quarter ended March 31, 2023.