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SYNC Syncona Limited

123.00
0.20 (0.16%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Syncona Limited LSE:SYNC London Ordinary Share GG00B8P59C08 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.20 0.16% 123.00 122.20 122.80 124.00 122.20 122.60 632,316 16:35:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -39.79M -56.02M -0.0840 -14.55 814.75M

Syncona Limited Achilles reports Q3 2022 Financial Results (6821F)

08/11/2022 12:05pm

UK Regulatory


Syncona (LSE:SYNC)
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RNS Number : 6821F

Syncona Limited

08 November 2022

Syncona Limited

Achilles reports Q3 2022 Financial Results and Business Highlights

08 November 2022

Syncona Ltd, a leading healthcare company focused on founding, building and funding a portfolio of global leaders in life science, notes that its portfolio company, Achilles Therapeutics Plc (Nasdaq: ACHL) ("Achilles"), announced its financial results for the third quarter ended September 30, 2022, and an update on recent business highlights.

The announcement can be accessed on Achilles' website at: https://ir.achillestx.com/ and the full text of the announcement from Achilles is contained below.

[S]

Enquiries

Syncona Ltd

Annabel Clark / Fergus Witt

Tel: +44 (0) 20 3981 7940

FTI Consulting

Ben Atwell / Natalie Garland-Collins / Julia Bradshaw / Tim Stamper

Tel: +44 (0) 20 3727 1000

About Syncona

Syncona's purpose is to invest to extend and enhance human life. We do this by founding and building a portfolio of global leaders in life science to deliver transformational treatments to patients in areas of high unmet need.

Our strategy is to found, build and fund companies around exceptional science to create a diversified portfolio of 15-20 globally leading healthcare businesses for the benefit of all our stakeholders. We focus on developing treatments for patients by working in close partnership with world-class academic founders and management teams. Our balance sheet underpins our strategy enabling us to take a long-term view as we look to improve the lives of patients with no or poor treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.

Achilles Therapeutics Reports Third Quarter 2022 Financial Results and Recent Business Highlights

- Interim update from the ongoing Phase I/IIa trials in advanced NSCLC (CHIRON) and melanoma (THETIS) to be presented at the ESMO Immuno-Oncology Annual Congress 2022 -

- Strong cash balance of $179.9 million supports all planned operations into Q2 2025 -

London, November 8, 2022 - Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage biopharmaceutical company developing AI-powered precision T cell therapies to treat solid tumors, today announced its financial results for the third quarter ended September 30, 2022, and recent business highlights.

"This quarter we continued to advance our clinical programs and look forward to providing an update from our ongoing Phase I/IIa CHIRON and THETIS clinical trials in non-small cell lung cancer (NSCLC) and melanoma, respectively, at the ESMO Immuno-Oncology Annual Congress," said Dr Iraj Ali, Chief Executive Officer of Achilles Therapeutics. "A poster entitled 'Early Proof of Concept of Safety and Clinical Activity of Clonal Neoantigen Reactive T Cells,' will be presented and available from December 6, 2022 . We expect additional clinical data readouts across our programs throughout 2023 which, along with our strong cash balance, position Achilles well for the future."

Financial Highlights

-- Cash and cash equivalents: Cash and cash equivalents were $179.9 million as of September 30, 2022, as compared to $266.3 million as of December 31, 2021. The impact of translating our books and records from British Pounds Sterling into U.S. dollars had an unfavorable impact on the reported balance cash and cash equivalents. The net decrease reflects an underlying use of $45.7 million for operating and investing activities and a negative $40.7 million foreign exchange impact. The Company anticipates that its cash and cash equivalents are sufficient to fund its planned operations into the second quarter of 2025, including completion of the ongoing Phase I/IIa CHIRON and THETIS clinical trials.

-- Research and development (R&D) expenses: R&D expenses were $10.6 million for the third quarter ended September 30, 2022, as compared to $10.7 million for the third quarter ended September 30, 2021.

-- General and administrative (G&A) expenses: G&A expenses were $5.4 million for the third quarter ended September 30, 2022, as compared to $5.0 million for the third quarter ended September 30, 2021. The increase was primarily driven by an increase in personnel costs.

-- Net loss: Net loss for the third quarter ended September 30, 2022, was $12.5 million or $0.32 per share compared to $12.9 million, or $0.34 per share for the third quarter ended September 30, 2021.

Upcoming Events

Achilles will participate in the following investor and medical conferences. Additional details will be available in the Events & Presentations section of the Company's website:

   --    Jefferies London Healthcare Conference: November 15 - 17, 2022 
   --    TIDES Europe - Oligonucleotide & Peptide Therapeutics: November 16 - 18, 2022 
   --    Piper Sandler Annual Healthcare Conference: November 29 - December 1, 2022 
   --    ESMO Immuno-Oncology Congress 2022: December 7 - 9, 2022 
   --    J.P. Morgan Annual Healthcare Conference: January 9 - 12, 2023 

About Achilles Therapeutics

Achilles is a clinical-stage biopharmaceutical company developing AI-powered precision T cell therapies targeting clonal neoantigens: protein markers unique to the individual that are expressed on the surface of every cancer cell. The Company has two ongoing Phase I/IIa trials, the CHIRON trial in patients with advanced non-small cell lung cancer (NSCLC) and the THETIS trial in patients with recurrent or metastatic melanoma. Achilles uses DNA sequencing data from each patient, together with its proprietary PELEUS(TM) bioinformatics platform, to identify clonal neoantigens specific to that patient, and then develops precision T cell-based product candidates specifically targeting those clonal neoantigens.

Forward-Looking Statements

This press release contains express or implied forward-looking statements that are based on our management's belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Investors:

Achilles Therapeutics

Lee M. Stern, VP, IR & External Communications

l.stern@achillestx.com

LifeSci Advisors

John Mullaly

jmullaly@lifesciadvisors.com

Media:

Consilium Strategic Communications

Mary-Jane Elliott, Sukaina Virji, Melissa Gardiner

+44 (0) 203 709 5000

achillestx@consilium-comms.com

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)

(expressed in U.S. Dollars, unless otherwise stated)

 
                                                                             September   December 
                                                                                30,         31, 
                                                                               2022        2021 
                                                                             ---------   --------- 
ASSETS 
Current assets: 
Cash and cash equivalents                                                    $ 179,890   $ 266,319 
Prepaid expenses and other current assets                                       18,797      18,430 
                                                                              --------    -------- 
   Total current assets                                                        198,687     284,749 
                                                                              --------    -------- 
Non-current assets: 
Property and equipment, net                                                     17,419      17,743 
Operating lease right of use assets                                              8,472      11,048 
Deferred tax assets                                                                 26          26 
Restricted cash                                                                     33          33 
Other assets                                                                     2,713       3,507 
                                                                              --------    -------- 
   Total non-current assets                                                     28,663      32,357 
                                                                              --------    -------- 
   TOTAL ASSETS                                                              $ 227,350   $ 317,106 
                                                                              ========    ======== 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Current liabilities: 
Accounts payable                                                             $   7,516   $   3,722 
Income taxes payable                                                                59           - 
Accrued expenses and other liabilities                                           7,445      10,906 
Operating lease liabilities-current                                              4,036       4,482 
                                                                              --------    -------- 
   Total current liabilities                                                    19,056      19,110 
Non-current liabilities: 
Operating lease liabilities-non-current                                          4,952       7,777 
Other long-term liability                                                          726         691 
                                                                              --------    -------- 
   Total non-current liabilities                                                 5,678       8,468 
                                                                              --------    -------- 
   Total liabilities                                                            24,734      27,578 
                                                                              --------    -------- 
Commitments and contingencies (Note 12) 
Shareholders' equity: 
   Ordinary shares, GBP0.001 par value; 40,938,763 and 40,603,489 shares 
    authorized, issued and outstanding at September 30, 2022 and 
    December 31, 2021, respectively                                                 54          54 
   Deferred shares, GBP92,451.851 par value, one share authorized, issued 
    and outstanding at September 30, 2022 and December 31, 2021                    128         128 
Additional paid in capital                                                     407,155     401,821 
Accumulated other comprehensive (loss) income                                  (38,490)      6,636 
Accumulated deficit                                                           (166,231)   (119,111) 
                                                                              --------    -------- 
   Total shareholders' equity                                                  202,616     289,528 
                                                                              --------    -------- 
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                $ 227,350   $ 317,106 
                                                                              ========    ======== 
 

A CHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share amounts)

 
                                           Three Months Ended           Nine Months Ended 
                                              September 30,               September 30, 
                                        -------------------------   ------------------------- 
                                           2022          2021          2022          2021 
                                        -----------   -----------   -----------   ----------- 
OPERATING EXPENSES: 
   Research and development             $    10,597   $    10,697   $    38,387   $    30,417 
   General and administrative                 5,437         5,041        17,162        15,318 
                                         ----------    ----------    ----------    ---------- 
Total operating expenses                     16,034        15,738        55,549        45,735 
                                         ----------    ----------    ----------    ---------- 
Loss from operations                        (16,034)      (15,738)      (55,549)      (45,735) 
OTHER INCOME, NET: 
   Other income                               3,599         2,806         8,499         2,907 
                                         ----------    ----------    ----------    ---------- 
   Total other income, net                    3,599         2,806         8,499         2,907 
                                         ----------    ----------    ----------    ---------- 
Loss before provision for income taxes      (12,435)      (12,932)      (47,050)      (42,828) 
   Provision for income taxes                   (41)          (16)          (70)          (41) 
                                         ----------    ----------    ----------    ---------- 
Net loss                                    (12,476)      (12,948)      (47,120)      (42,869) 
                                         ----------    ----------    ----------    ---------- 
Other comprehensive income: 
   Foreign exchange translation 
    adjustment                              (18,147)       (7,710)      (45,126)       (6,572) 
                                         ----------    ----------    ----------    ---------- 
Comprehensive loss                      $   (30,623)  $   (20,658)  $   (92,246)  $   (49,441) 
                                         ----------    ----------    ----------    ---------- 
Net loss per share attributable to 
 ordinary shareholders-basic and 
 diluted                                $     (0.32)  $     (0.34)  $     (1.20)  $     (1.69) 
                                         ==========    ==========    ==========    ========== 
Weighted average ordinary shares 
 outstanding-basic and diluted           39,313,764    38,261,480    39,104,866    25,329,672 
                                         ==========    ==========    ==========    ========== 
 

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END

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(END) Dow Jones Newswires

November 08, 2022 07:05 ET (12:05 GMT)

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