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Acumen Pharmaceuticals Inc. (ABOS+2.43%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, with a reported net loss of $102.3 million for the year, compared to a net loss of $52.4 million in the previous year. The increase in net loss is primarily attributed to higher research and development expenses.
Research and development expenses rose to $93.8 million from $42.3 million, driven by costs associated with the Phase 2 ALTITUDE-AD clinical trial of sabirnetug, the company's lead product candidate for Alzheimer's disease.
General and administrative expenses were $20.2 million, a slight increase from $18.8 million in the prior year, reflecting higher personnel-related costs, including stock-based compensation.
Acumen reported $231.5 million in cash, cash equivalents, and marketable securities as of December 31, 2024. The company anticipates that its existing financial resources will fund operations into the first half of 2027.
The company completed a public offering in July 2023, raising net proceeds of $121.9 million, and also secured a $30.0 million tranche from a term loan facility with K2 HealthVentures LLC.
Acumen's Phase 2 ALTITUDE-AD trial is a randomized, double-blind, placebo-controlled clinical trial designed to evaluate the efficacy, safety, and tolerability of sabirnetug in patients with mild cognitive impairment or mild dementia due to Alzheimer's disease.
The company acknowledges its dependence on additional funding to continue development and potential commercialization of its product candidates.
Acumen is focused on developing treatments for Alzheimer's disease, leveraging its proprietary approach targeting amyloid-beta oligomers, which are believed to be a key factor in the disease's pathology.
The filing also highlights potential risks, including the need for further clinical trials, regulatory approvals, and the competitive landscape in the biopharmaceutical industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acumen Pharmaceuticals Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.