|
Syncona Ltd on Wednesday said that its portfolio company Achilles Therapeutics PLC has made losses in the first quarter of 2023, with cash equivalents falling and expenses increasing. Syncona is a London-based healthcare company focused on life sciences. Its portfolio company, Achilles, is a clinical-stage biopharmaceutical company developing AI-powered precision T-cell therapies targeting clonal neoantigents to treat tumours. For the three months to March 31, Achilles reported cash and cash equivalents of $158.5 million, down 8.4% from $173.3 million on December 31. Net loss for the quarter was $17.5 million, up from $17.4 million a year prior. Research and development expenses rose by 6.9% to $13.9 million from $13.0 million the previous year. Achilles said the increase was primarily driven by increased activity related to its ongoing clinical trials. General and administrative expenses were reported at $4.7 million, down from $6.0 million. Achilles attributed this decrease to lower personnel costs. ‘We continue to make progress in our ongoing Phase I/IIa clinical trials evaluating our clonal neoantigen-reactive T cell (cNeT) therapy for the treatment of advanced NSCLC (CHIRON) and metastatic malignant melanoma (THETIS),’ said Achilles Chief Executive Officer Iraj Ali. He added: ‘We look forward to sharing more about the PELEUS platform at an upcoming scientific meeting and reporting additional clinical and translational science data in the fourth quarter of this year, which builds on the encouraging clinical results observed so far.’ Achilles told investors that its focus for the rest of 2023 will be reporting clinical and translational science data, elevating its translational science platform, driving clinical activity, and continuing manufacturing development. Syncona shares closed 0.3% lower at 149.80 pence each in London. Achilles Therapeutics shares were down 0.6% at $0.99 in New York on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
