Arcellx Provides Second Quarter 2024 Financial Results and Business Updates
-- Earned a
-- Submitted an abstract for the iMMagine-1 study at the 66th ASH Annual Meeting --
-- The global Phase 3 trial, iMMagine-3, has been initiated by Kite --
--
“We continue to make significant strides as we accelerate our business,” said
Recent Business Progress
-
The Company earned a
$68 million clinical milestone payment fromKite Pharma, Inc. , aGilead Company , for iMMagine-1 enrollment. - The Company submitted an abstract to present data for the iMMagine-1 study at the 66th ASH Annual Meeting and Exposition.
- Kite has initiated the global Phase 3 trial, iMMagine-3. This trial will evaluate anito-cel in patients exposed to an immunomodulatory (lMiD) drug and an anti-CD38 monoclonal antibody.
-
The
U.S. Food and Drug Administration (FDA) cleared an Investigational New Drug (IND) application for anito-cel, Arcellx’s BCMA CAR-T therapy, for myasthenia gravis, a chronic autoimmune disease.Arcellx wholly owns and is solely developing this program.
Second Quarter 2024 Financial Highlights
Cash, cash equivalents, and marketable securities:
As of
Collaboration revenue:
Collaboration revenue were
R&D expenses:
Research and development expenses were
G&A expenses:
General and administrative expenses were
Net income or loss:
Net losses were
About
About Generalized Myasthenia Gravis
Generalized Myasthenia Gravis (gMG) is a rare autoimmune disease characterized by severe muscle weakness. In gMG, the body’s immune system mistakenly attacks proteins in the neuromuscular junction, disrupting neuromuscular signaling and preventing muscle contraction. Symptoms include muscle weakness, drooping eyelids, impaired chewing, swallowing, and speaking. gMG affects over 70,000 people in
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not purely historical are forward-looking statements, including, without limitation,
|
||||
SELECTED CONSOLIDATED BALANCE SHEET DATA | ||||
(in thousands) | ||||
|
|
|||
2024 |
2023 |
|||
Cash, cash equivalents, and marketable securities |
$ |
646,816 |
$ |
729,185 |
Total assets |
|
734,306 |
|
825,132 |
Total liabilities |
|
247,142 |
|
339,752 |
Total stockholders' equity |
|
487,164 |
|
485,380 |
|
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
$ |
27,384 |
|
$ |
14,302 |
|
$ |
66,640 |
|
$ |
32,213 |
|
Operating expenses: | ||||||||||||
Research and development |
|
40,953 |
|
|
28,327 |
|
|
73,271 |
|
|
61,258 |
|
General and administrative |
|
21,424 |
|
|
15,535 |
|
|
44,172 |
|
|
30,972 |
|
Total operating expenses |
|
62,377 |
|
|
43,862 |
|
|
117,443 |
|
|
92,230 |
|
Loss from operations |
|
(34,993 |
) |
|
(29,560 |
) |
|
(50,803 |
) |
|
(60,017 |
) |
Other income, net |
|
8,132 |
|
|
5,424 |
|
|
16,744 |
|
|
8,866 |
|
Loss before income taxes |
|
(26,861 |
) |
|
(24,136 |
) |
|
(34,059 |
) |
|
(51,151 |
) |
Income tax benefit (expense) |
|
(341 |
) |
|
282 |
|
|
(341 |
) |
|
(47 |
) |
Net loss |
|
(27,202 |
) |
|
(23,854 |
) |
|
(34,400 |
) |
|
(51,198 |
) |
Other comprehensive loss: | ||||||||||||
Unrealized gain (loss) on marketable securities |
|
(280 |
) |
|
(93 |
) |
|
(1,339 |
) |
|
214 |
|
Comprehensive loss |
$ |
(27,482 |
) |
$ |
(23,947 |
) |
$ |
(35,739 |
) |
$ |
(50,984 |
) |
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(0.51 |
) |
$ |
(0.50 |
) |
$ |
(0.65 |
) |
$ |
(1.08 |
) |
Weighted-average common shares outstanding—basic and diluted |
|
53,516,907 |
|
|
48,106,528 |
|
|
53,137,440 |
|
|
47,441,647 |
|
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Investors:
ir@arcellx.com
510-418-2412
Media:
lauramorgan@sambrown.com
951-333-9110
Source: