GlobeNewswire Inc | Nov 12, 2020 08:30AM EST

November 12, 2020

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Atreca, Inc. (Atreca) (NASDAQ: BCEL), a clinical-stage biotechnology company focused on developing novel therapeutics generated through a unique discovery platform based on interrogation of the active human immune response, today announced financial results for the third quarter ended September 30, 2020, and provided an overview of recent developments.

We continued to make progress enrolling patients and activating trial sites in our Phase 1b trial of ATRC-101 during the third quarter and anticipate reporting initial summary data in the first half of 2021, said John Orwin, Chief Executive Officer. We recently presented preclinical data at SITC 2020 further highlighting the potential for ATRC-101 as a combination therapy with checkpoint inhibitors targeting the PD-1/PD-L1 axis. We expect to initiate combination studies with a checkpoint inhibitor as well as with chemotherapy, and to commence monotherapy expansion cohorts, in 2021.

Recent Developments and Highlights

-- Screening in the Phase 1b first-in-human study evaluating ATRC-101 in patients with select solid tumor cancers is ongoing, and patients are currently being enrolled in the third dose cohort. To date, seven clinical trial sites have been activated, including two additional sites in the third quarter of 2020, and Atrecaexpects to announce initial summary data from the study in the first half of 2021. In addition to monotherapy expansion cohorts, clinical trials of ATRC-101 in combination with a PD-1 inhibitor and in combination with a chemotherapeutic are planned for 2021. -- Atreca presented two posters describing preclinical evaluations of ATRC-101 at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC 2020). The presentations provide insight into the cooperation between checkpoint inhibitors targeting the PD-1/PD-L1 axis and ATRC-101 as well as the potent single-agent activity of ATRC-101 in syngeneic mouse tumor models. Both posters are currently available on Atrecas website.

Third Quarter 2020 Financial Results

-- As of September 30, 2020, cash, cash equivalents and investments totaled $259.5 million. -- Research and development expenses for the three months ended September 30, 2020 were $16.8 million, including non-cash share-based compensation expense of $1.6 million. -- General and administrative expenses for the three months ended September 30, 2020 were $6.6 million, including non-cash share-based compensation expense of $1.9 million. -- Atreca reported a net loss of $22.9 million, or basic and diluted net loss per share attributable to common stockholders of $0.66, for the three months ended September 30, 2020.

About Atreca, Inc.Atreca is a biopharmaceutical company developing novel antibody-based immunotherapeutics generated by its differentiated discovery platform. Atrecas platform allows access to an unexplored landscape in oncology through the identification of unique antibody-target pairs generated by the human immune system during an active immune response against tumors. These antibodies provide the basis for first-in-class therapeutic candidates, such as our lead product candidate ATRC-101. A Phase 1b study evaluating ATRC-101 in multiple solid tumor cancers is currently enrolling patients. For more information on Atreca, please visit www.atreca.com.

Forward-Looking StatementsThis release contains forward-looking statements regarding our strategy and future plans, including statements regarding the development of ATRC-101 and our clinical and regulatory plans, and the timing thereof. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as continued, anticipate, potential, expect, believe, planned, and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the initiation, timing, progress and results of our research and development programs, preclinical studies, clinical trials, regulatory submissions, and other matters that are described in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on the SECs website at www.sec.gov, including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement in this press release, except as required by law.



Atreca, Inc.Condensed Consolidated Balance Sheets(in thousands, except share and per share data) September 30, December31, 2020 2019 ASSETS Current AssetsCash and cash equivalents $ 133,072 $ 157,954 Investments 126,192 14,663 Prepaid expenses and other current assets 4,898 3,502 Total current assets 264,162 176,119 Property and equipment, net 7,783 5,771 Long-term investments 205 10,799 Deposits and other 3,043 3,026 Total assets $ 275,193 $ 195,715 LIABILITIES AND STOCKHOLDERS? EQUITY Current LiabilitiesAccounts payable $ 2,524 $ 2,133 Accrued expenses 5,309 5,395 Other current liabilities 1,442 419 Total current liabilities 9,275 7,947 Capital lease obligations, net of current 17 53 portionDeferred rent 4,621 763 Total liabilities 13,913 8,763 Stockholders? equityCommon stock 4 3 Additional paid-in capital 488,593 351,039 Accumulated other comprehensive income 117 16 Accumulated deficit (227,434 ) (164,106 )Total stockholders? equity 261,280 186,952 Total liabilities and stockholders? equity $ 275,193 $ 195,715

Atreca, Inc.Condensed Consolidated Statements of Operations(in thousands, except share and per share data)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Expenses Research and $ 16,808 $ 12,812 $ 45,198 $ 40,447 development General and 6,614 4,864 20,195 10,919 administrative Total expenses 23,422 17,676 65,393 51,366 Interest andother income (expense) Other income 353 619 987 1,805 Interest 142 1,189 1,082 2,328 income Interest (1 ) (1 ) (3 ) (5 ) expense Preferred stock warrant ? ? ? (123 ) liability revaluation Foreign ? (1 ) ? (1 ) exchange loss Loss on disposal of ? ? ? (7 ) property and equipmentLoss beforeIncome tax (22,928 ) (15,870 ) (63,327 ) (47,369 )expenseIncome tax (1 ) (1 ) (1 ) (2 )expenseNet loss $ (22,929 ) $ (15,871 ) $ (63,328 ) $ (47,371 )Net loss pershare, basic and $ (0.66 ) $ (0.57 ) $ (2.09 ) $ (4.03 )dilutedWeighted-averageshares used in computingnet loss pershare, basic and 34,723,888 27,949,682 30,313,047 11,747,825 diluted

ContactsAtreca, Inc.Herb CrossChief Financial Officerinfo@atreca.com

Investors:Alex Gray, 650-779-9251, ext. 251agray@atreca.com

Media:Sheryl Seapy, 213-262-9390sseapy@w2ogroup.comSource: Atreca, Inc.