6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of November 2023

Commission File Number: 001-40299

 

Achilles Therapeutics plc

(Exact name of registrant as specified in its charter)

 

 

245 Hammersmith Road

London W6 8PW

United Kingdom

Tel: +44 (0)20 8154 4600

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 


 

Achilles Therapeutics Reports Third Quarter 2023 Financial Results and Recent Business Highlights

On November 13, 2023, Achilles Therapeutics plc (“Achilles” or the “Company”) issued a press release, a copy of which is furnished as Exhibit 99.1 to this Report on Form 6-K, reporting its financial results for the three and nine month periods ended September 30, 2023 and providing an update on recent business highlights. Furnished (i) as Exhibit 99.2 to this Report on Form 6-K are the Company’s unaudited consolidated financial statements for the three and nine month periods ended September 30, 2023 and (ii) as Exhibit 99.3 to this Report on Form 6-K is the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine month periods ended September 30, 2023.

Incorporation by Reference

This Current Report on Form 6-K, including the exhibits hereto (except for the statements contained in the “Achilles Therapeutics Reports Third Quarter 2023 Financial Results and Recent Business Highlights” section of this Current Report on Form 6-K and Exhibit 99.1 hereto, which are not incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act), is incorporated by reference into the Company’s filings under the Securities Act, including the Company’s Registration Statements on Forms F-3 (File No. 333-268239) and S-8 (File Nos. 333-270344, 333-263220, and 333-255063) to the extent not superseded by information subsequently filed or furnished (to the extent the Company expressly states that it incorporates such furnished information by reference) by the Company under the Securities Act or the Exchange Act.

 

 


 

INDEX TO EXHIBITS

Number

Description

 

 

99.1

Press Release of Achilles Therapeutics plc dated November 13, 2023.

 

 

99.2

Unaudited Condensed Consolidated Financial Statements of Achilles Therapeutics plc for the three and nine month periods ended September 30, 2023.

 

 

99.3

Management’s Discussion and Analysis of Financial Condition and Results of Operations of Achilles Therapeutics plc for the three and nine month periods ended September 30, 2023.

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

ACHILLES THERAPEUTICS PLC

 

 

 

 

Date: November 13, 2023

 

By:

/s/ Robert Coutts

 

 

 

Robert Coutts

 

 

 

Chief Financial Officer

 

 


EX-99.1

Exhibit 99.1

https://cdn.kscope.io/15612104142653c5ccfc7cb03aac6b7e-img60901631_0.jpg 

 

Achilles Therapeutics Reports Third Quarter 2023 Financial Results and Recent Highlights

– On track to dose 15-20 patients with higher dose cNeT by year-end 2023 –

– Clinical and translational science data update from the ongoing Phase I/IIa trials in NSCLC and melanoma expected in Q1 2024 with additional data available in mid-2024 –

– Strong cash position of $140 million supports operations through 2025 –

 

London, UK 13 November 2023 – Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage biopharmaceutical company developing AI-powered precision T cell therapies targeting clonal neoantigens to treat solid tumors, today announced its financial results for the quarter ended September 30, 2023, and recent business highlights.

“We are pleased with progress across the scientific field that continues to demonstrate the importance of neoantigens as the most attractive targets in solid-tumor oncology. We believe that our proprietary capability to identify the most immunogenic clonal neoantigens, recently shared at ESGCT and SITC, puts us in a strong position with our clonal neoantigen-reactive T cell (cNeT) therapy and potentially other neoantigen targeting approaches,” said Dr Iraj Ali, Chief Executive Officer of Achilles Therapeutics. “Our Phase I/IIa clinical trials evaluating cNeT therapy for the treatment of advanced NSCLC (CHIRON) and metastatic malignant melanoma (THETIS) continue to progress and we are on track to dose patients in line with our previous guidance. We look forward to sharing our next clinical and translational data update in Q1 2024.”

 

Recent Highlights

 

Presented posters (Abstract 437, Abstract 1312) at the Society for Immunotherapy of Cancer (SITC) 38th Annual Meeting highlighting a significant dose boost of reactive CD8 and CD4 cNeT from the optimized VELOSTM manufacturing platform and the use of the PELEUS™ AI-powered bioinformatics platform for the identification and validation of immunogenic clonal tumor neoantigens.
Presented posters (P459, P485, P507) at the European Society of Gene & Cell Therapy (ESGCT) 30th Annual Congress highlighting the favorable cNeT phenotypic properties and polyfunctionality critical for precision adoptive cell therapies and the expansion of cNeT from the blood of patients with cancer.
Delivered an oral presentation at the mRNA Cancer Vaccines Summit highlighting neoRanker™, a new AI-based tool for the selection of immunogenic clonal tumor neoantigens for personalized therapies.

 


 

Delivered oral presentations at the 5th Annual TIL Therapies Summit highlighting optimized manufacturing of AI-powered precision TIL therapies for solid cancer, and the potency and fitness of cNeT.
Presented posters (P319, P407, P518) at the Seventh International Cancer Immunotherapy Conference (CICON23) highlighting a precision adoptive cell therapy process based on expansion of cNeT from blood of cancer patients.

 

Financial Highlights

 

Cash and cash equivalents: Cash and cash equivalents were $140.1 million as of September 30, 2023, as compared to $173.3 million as of December 31, 2022. The Company anticipates that its cash and cash equivalents are sufficient to fund its planned operations through 2025.
Research and development (R&D) expenses: R&D expenses were $14.7 million for the third quarter ended September 30, 2023, an increase of $4.1 million compared to $10.6 million for the third quarter ended September 30, 2022. The increase was primarily driven by increased activity related to our ongoing clinical trials and overall R&D.
General and administrative (G&A) expenses: G&A expenses were $4.4 million for the third quarter ended September 30, 2023, a decrease of $1.0 million compared to $5.4 million for the third quarter ended September 30, 2022. This decrease was primarily driven by lower professional fees, personnel costs and facilities spend.
Net loss: Net loss for the third quarter ended September 30, 2023, was $16.7 million or $0.42 per share compared to $12.5 million or $0.32 per share for the third quarter ended September 30, 2022.

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™ bioinformatics platform, to identify clonal neoantigens specific to that patient, and then develop 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. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing of the Company’s clinical and translational data updates and the Company’s beliefs about recent data updates, and expectations related to the Company’s operating expenses and capital expense requirements. 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.

 

For further information, please contact:

 

Investors:
Meru Advisors

Lee M. Stern

lstern@meruadvisors.com

 

Media:

ICR Consilium
Sukaina Virji, Tracy Cheung, Emmalee Hoppe
+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 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

140,138

 

 

$

173,338

 

Prepaid expenses and other current assets

 

 

15,354

 

 

 

23,242

 

Total current assets

 

 

155,492

 

 

 

196,580

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

9,648

 

 

 

12,399

 

Operating lease right of use assets

 

 

7,013

 

 

 

8,081

 

Deferred tax assets

 

 

185

 

 

 

251

 

Restricted cash

 

 

33

 

 

 

33

 

Other assets

 

 

2,967

 

 

 

3,014

 

Total non-current assets

 

 

19,846

 

 

 

23,778

 

TOTAL ASSETS

 

$

175,338

 

 

$

220,358

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,352

 

 

$

5,187

 

Income taxes payable

 

 

 

 

 

326

 

Accrued expenses and other liabilities

 

 

8,209

 

 

 

8,292

 

Operating lease liabilities-current

 

 

4,620

 

 

 

4,188

 

Total current liabilities

 

 

18,181

 

 

 

17,993

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease liabilities-non-current

 

 

2,731

 

 

 

4,388

 

Other long-term liability

 

 

941

 

 

 

933

 

Total non-current liabilities

 

 

3,672

 

 

 

5,321

 

Total liabilities

 

 

21,853

 

 

 

23,314

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Ordinary shares, £0.001 par value; 40,782,948 shares and 40,932,727 shares
  authorized, issued and outstanding at September 30, 2023 and
  December 31, 2022, respectively

 

 

54

 

 

 

54

 

Deferred shares, £92,451.851 par value, one share authorized, issued
  and outstanding at September 30, 2023 and December 31, 2022

 

 

128

 

 

 

128

 

Additional paid in capital

 

 

413,815

 

 

 

408,844

 

Accumulated other comprehensive loss

 

 

(19,190

)

 

 

(21,695

)

Accumulated deficit

 

 

(241,322

)

 

 

(190,287

)

Total shareholders’ equity

 

 

153,485

 

 

 

197,044

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

175,338

 

 

$

220,358

 

 

 

 


 

 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

14,712

 

 

$

10,597

 

 

$

42,354

 

 

$

38,387

 

General and administrative

 

 

4,384

 

 

 

5,437

 

 

 

13,387

 

 

 

17,162

 

Total operating expenses

 

 

19,096

 

 

 

16,034

 

 

 

55,741

 

 

 

55,549

 

Loss from operations

 

 

(19,096

)

 

 

(16,034

)

 

 

(55,741

)

 

 

(55,549

)

OTHER INCOME, NET:

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

2,389

 

 

 

3,599

 

 

 

4,692

 

 

 

8,499

 

Total other income, net

 

 

2,389

 

 

 

3,599

 

 

 

4,692

 

 

 

8,499

 

Loss before provision for income taxes

 

 

(16,707

)

 

 

(12,435

)

 

 

(51,049

)

 

 

(47,050

)

Benefit (Provision) for income taxes

 

 

24

 

 

 

(41

)

 

 

14

 

 

 

(70

)

Net loss

 

 

(16,683

)

 

 

(12,476

)

 

 

(51,035

)

 

 

(47,120

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustment

 

 

(5,289

)

 

 

(18,147

)

 

 

2,505

 

 

 

(45,126

)

Comprehensive loss

 

$

(21,972

)

 

$

(30,623

)

 

$

(48,530

)

 

$

(92,246

)

Net loss per share attributable to ordinary shareholders—basic and diluted

 

$

(0.42

)

 

$

(0.32

)

 

$

(1.28

)

 

$

(1.20

)

Weighted average ordinary shares outstanding—basic and diluted

 

 

40,066,922

 

 

 

39,313,764

 

 

 

39,900,910

 

 

 

39,104,866

 

 

 


EX-99.2

Exhibit 99.2

INDEX TO FINANCIAL STATEMENTS

 

 

Page

Condensed Consolidated Balance Sheets

2

Condensed Consolidated Statements of Operations and Comprehensive Loss

3

Condensed Consolidated Statements of Shareholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

5

Notes to Condensed Consolidated Financial Statements

7

 

 

 

 

 

 


 

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 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

140,138

 

 

$

173,338

 

Prepaid expenses and other current assets

 

 

15,354

 

 

 

23,242

 

Total current assets

 

 

155,492

 

 

 

196,580

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

9,648

 

 

 

12,399

 

Operating lease right of use assets

 

 

7,013

 

 

 

8,081

 

Deferred tax assets

 

 

185

 

 

 

251

 

Restricted cash

 

 

33

 

 

 

33

 

Other assets

 

 

2,967

 

 

 

3,014

 

Total non-current assets

 

 

19,846

 

 

 

23,778

 

TOTAL ASSETS

 

$

175,338

 

 

$

220,358

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,352

 

 

$

5,187

 

Income taxes payable

 

 

 

 

 

326

 

Accrued expenses and other liabilities

 

 

8,209

 

 

 

8,292

 

Operating lease liabilities-current

 

 

4,620

 

 

 

4,188

 

Total current liabilities

 

 

18,181

 

 

 

17,993

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease liabilities-non-current

 

 

2,731

 

 

 

4,388

 

Other long-term liability

 

 

941

 

 

 

933

 

Total non-current liabilities

 

 

3,672

 

 

 

5,321

 

Total liabilities

 

 

21,853

 

 

 

23,314

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Ordinary shares, £0.001 par value; 40,782,948 shares and 40,932,727 shares
  authorized, issued and outstanding at September 30, 2023 and
  December 31, 2022, respectively

 

 

54

 

 

 

54

 

Deferred shares, £92,451.851 par value, one share authorized, issued
  and outstanding at September 30, 2023 and December 31, 2022

 

 

128

 

 

 

128

 

Additional paid in capital

 

 

413,815

 

 

 

408,844

 

Accumulated other comprehensive loss

 

 

(19,190

)

 

 

(21,695

)

Accumulated deficit

 

 

(241,322

)

 

 

(190,287

)

Total shareholders’ equity

 

 

153,485

 

 

 

197,044

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

175,338

 

 

$

220,358

 

 

The accompanying notes are an integral part of these financial statements.

2


 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

14,712

 

 

$

10,597

 

 

$

42,354

 

 

$

38,387

 

General and administrative

 

 

4,384

 

 

 

5,437

 

 

 

13,387

 

 

 

17,162

 

Total operating expenses

 

 

19,096

 

 

 

16,034

 

 

 

55,741

 

 

 

55,549

 

Loss from operations

 

 

(19,096

)

 

 

(16,034

)

 

 

(55,741

)

 

 

(55,549

)

OTHER INCOME, NET:

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

2,389

 

 

 

3,599

 

 

 

4,692

 

 

 

8,499

 

Total other income, net

 

 

2,389

 

 

 

3,599

 

 

 

4,692

 

 

 

8,499

 

Loss before provision for income taxes

 

 

(16,707

)

 

 

(12,435

)

 

 

(51,049

)

 

 

(47,050

)

Benefit (Provision) for income taxes

 

 

24

 

 

 

(41

)

 

 

14

 

 

 

(70

)

Net loss

 

 

(16,683

)

 

 

(12,476

)

 

 

(51,035

)

 

 

(47,120

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustment

 

 

(5,289

)

 

 

(18,147

)

 

 

2,505

 

 

 

(45,126

)

Comprehensive loss

 

$

(21,972

)

 

$

(30,623

)

 

$

(48,530

)

 

$

(92,246

)

Net loss per share attributable to ordinary shareholders—basic and diluted

 

$

(0.42

)

 

$

(0.32

)

 

$

(1.28

)

 

$

(1.20

)

Weighted average ordinary shares outstanding—basic and diluted

 

 

40,066,922

 

 

 

39,313,764

 

 

 

39,900,910

 

 

 

39,104,866

 

 

The accompanying notes are an integral part of these financial statements.

3


 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited)

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Ordinary $0.001
par value

 

 

Deferred shares

 

 

Additional
paid-in

 

 

other
comprehensive

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

income (loss)

 

 

deficit

 

 

Total

 

Balance at December 31, 2022

 

 

40,932,727

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

408,844

 

 

$

(21,695

)

 

$

(190,287

)

 

$

197,044

 

Issuance of ordinary shares

 

 

5,726

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,652

 

 

 

 

 

 

 

 

 

1,652

 

Unrealized gain on foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,977

 

 

 

 

 

 

3,977

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,506

)

 

 

(17,506

)

Balance at March 31, 2023

 

 

40,938,453

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

410,500

 

 

$

(17,718

)

 

$

(207,793

)

 

$

185,171

 

Issuance of ordinary shares

 

 

7,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,701

 

 

 

 

 

 

 

 

 

1,701

 

Unrealized gain on foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,817

 

 

 

 

 

 

3,817

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,846

)

 

 

(16,846

)

Balance at June 30, 2023

 

 

40,946,239

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

412,201

 

 

$

(13,901

)

 

$

(224,639

)

 

$

173,843

 

Issuance of ordinary shares

 

 

4,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,609

 

 

 

 

 

 

 

 

 

1,609

 

Issuance of shares under employee share purchase plan

 

 

6,484

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Forfeiture of ordinary shares

 

 

(174,595

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,289

)

 

 

 

 

 

(5,289

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,683

)

 

 

(16,683

)

Balance at September 30, 2023

 

 

40,782,948

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

413,815

 

 

$

(19,190

)

 

$

(241,322

)

 

$

153,485

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Ordinary $0.001
par value

 

Deferred shares

 

Additional
paid-in

 

other
comprehensive

 

Accumulated

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

capital

 

income (loss)

 

deficit

 

Total

Balance at Year Ended December 31, 2021

 

40,603,489

 

$54

 

1

 

$128

 

$401,821

 

$6,636

 

$(119,111)

 

$289,528

Issuance of ordinary shares

 

150,738

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

1,959

 

 

 

1,959

Unrealized loss on foreign currency translation

 

 

 

 

 

 

(7,677)

 

 

(7,677)

Net loss

 

 

 

 

 

 

 

(17,355)

 

(17,355)

Balance at March 31, 2022

 

40,754,227

 

$54

 

1

 

$128

 

$403,780

 

$(1,041)

 

$(136,466)

 

$266,455

Issuance of ordinary shares

 

19,787

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

1,724

 

 

 

1,724

Unrealized loss on foreign currency translation

 

 

 

 

 

 

(19,302)

 

 

(19,302)

Net loss

 

 

 

 

 

 

 

(17,289)

 

(17,289)

Balance at June 30, 2022

 

40,774,014

 

$54

 

1

 

$128

 

$405,504

 

$(20,343)

 

$(153,755)

 

$231,588

Issuance of ordinary shares

 

164,256

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

1,650

 

 

 

1,650

Issuance of shares under employee share purchase plan

 

493

 

 

 

 

1

 

 

 

 

1

Unrealized gain on foreign currency translation

 

 

 

 

 

 

(18,147)

 

 

 

(18,147)

Net loss

 

 

 

 

 

 

 

(12,476)

 

(12,476)

Balance at September 30, 2022

 

40,938,763

 

$54

 

1

 

$128

 

$407,155

 

$(38,490)

 

$(166,231)

 

$202,616

 

The accompanying notes are an integral part of these financial statements.

 

4


 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(51,035

)

 

$

(47,120

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

3,565

 

 

 

2,859

 

Loss on impairment

 

 

16

 

 

 

466

 

Changes in right of use assets and operating lease liabilities, net

 

 

(166

)

 

 

(528

)

Loss on disposal of property and equipment

 

 

 

 

 

(11

)

Non-cash loss on foreign currency remeasurement

 

 

(5

)

 

 

32

 

Non-cash share-based compensation

 

 

4,961

 

 

 

5,333

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

8,236

 

 

 

(3,992

)

Accounts payable

 

 

403

 

 

 

4,572

 

Income taxes payable

 

 

(326

)

 

 

59

 

Accrued expenses and other liabilities

 

 

(32

)

 

 

(1,780

)

Other long-term liabilities

 

 

 

 

 

175

 

Deferred tax assets

 

 

65

 

 

 

 

Other assets

 

 

58

 

 

 

(258

)

Net cash used in operating activities

 

 

(34,260

)

 

 

(40,193

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,054

)

 

 

(5,497

)

Net cash used in investing activities

 

 

(1,054

)

 

 

(5,497

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

      Proceeds from the issuance of shares under the employee share purchase plan

 

 

9

 

 

 

1

 

Net cash provided by financing activities

 

 

9

 

 

 

1

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

2,105

 

 

 

(40,740

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(33,200

)

 

 

(86,429

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

173,371

 

 

 

266,352

 

Cash, cash equivalents and restricted cash, end of period

 

$

140,171

 

 

$

179,923

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Right of use assets obtained in exchange for new operating lease liabilities

 

$

2,109

 

 

$

2,124

 

Property and equipment purchases in accounts payable and accrued expenses

 

$

271

 

 

$

1,363

 

 

The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of each of the periods, shown above:

 

 

 

Nine Months Ended September 30,