On August 8, 2022 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 second quarter ended June 30, 2022 and provided an overview of recent developments (Press release, Atreca, AUG 8, 2022, View Source [SID1234617779]).
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"While we took steps during the second quarter to extend our cash runway through the end of 2023, we remain committed to the development of ATRC-101 and ATRC-301, as well as the advancement of our earlier-stage pipeline and the discovery of additional novel tumor-targeting lead antibodies using our platform. This is underscored by our hiring of Dr. Stephen Gould as Atreca’s new Chief Scientific Officer," said John Orwin, Chief Executive Officer of Atreca. "We are looking forward to an eventful second half of 2022, as we anticipate reporting updated data from the monotherapy and pembrolizumab combination arms of our Phase 1b clinical trial of ATRC-101, as well as initial toxicology data from our second clinical candidate, ATRC-301."
Recent Developments and Highlights
In June 2022, Atreca appointed Stephen Gould, Ph.D. as Chief Scientific Officer. Dr. Gould joined Atreca following 15 years at Genentech, where he most recently served as Executive Director, Translational Oncology leading a team focused on developing tumor-specific antibodies weaponized with immune-targeting arms or drug payloads for use in both hematologic and solid tumors, including two approved oncology therapeutics.
Enrollment of participants based on ATRC-101 target expression in archival or newly obtained biopsies is ongoing in the Phase 1b clinical trial. To date, 62 total participants have been enrolled in the monotherapy and pembrolizumab-combination cohorts of the trial. Atreca expects to report updated data from the trial in the second half of 2022.
In addition, Atreca has initiated manufacturing activities for the ATRC-301 program to support filing an IND planned for late 2023, and Atreca anticipates reporting preliminary toxicology data in the second half of 2022.
Second Quarter 2022 Financial Results
As of June 30, 2022, cash and cash equivalents and investments totaled $101.7 million.
Research and development expenses for the quarter ended June 30, 2022, were $20.0 million, including non-cash share-based compensation expense of $2.6 million.
General and administrative expenses for the three months ended June 30, 2022, were $8.1 million, including non-cash share-based compensation expense of $2.8 million.
Atreca reported a net loss of $27.9 million, or basic and diluted net loss per share attributable to common stockholders of $0.72, for the three months ended June 30, 2022.