GlobeNewswire Inc | Nov 2, 2021 08:30AM EDT

November 02, 2021

SAN CARLOS, Calif., Nov. 02, 2021 (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, 2021, and provided an overview of recent developments.

"In the third quarter, we continued to advance our lead program, ATRC-101, following the release of initial summary data from the dose escalation portion of the Phase 1b trial, which supports the further evaluation of ATRC-101 in multiple solid tumor types, said John Orwin, Chief Executive Officer. We plan to share additional monotherapy data and initial combination data with pembrolizumab in 2022, and are in a strong position to advance our pipeline with cash runway through mid-2023.

Our earlier-stage programs are progressing well, highlighted by our recently announced licensing agreement with the Bill & Melinda Gates Medical Research Institute for the development and commercialization of MAM01/ATRC-501, a novel monoclonal antibody entering preclinical development for the prevention of malaria, said Tito Serafini, Ph.D., Chief Strategy Officer. We look forward to sharing more information on our EphA2 program and other pipeline assets at an R&D day early next year.

Recent Developments and Highlights

-- Atreca announced a licensing agreement with the Bill & Melinda Gates Medical Research Institute (Gates MRI) for development and commercialization of MAM01/ATRC-501, a monoclonal antibody for malaria prophylaxis. Under the agreement, Gates MRI will lead the development of MAM01/ATRC-501 and receive commercial rights in GAVI-eligible countries located in malaria-endemic regions of the world, while Atreca will retain commercial rights in the U.S., Europe and parts of Asia. Potential product development opportunities for Atreca include developing MAM01/ATRC-501 for prevention of malaria for those traveling to regions where the infection may be circulating. -- Enrollment in the monotherapy portion of the Phase 1b trial of ATRC-101 is ongoing at 30 mg/kg and Atreca plans to report additional monotherapy data in mid-2022. -- Enrollment has commenced in a Phase 1b combination cohort evaluating ATRC-101 with pembrolizumab. Another combination cohort with pegylated liposomal doxorubicin (PLD) is expected to begin enrolling patients following completion of ongoing monotherapy cohorts, including those following a Q2W dosing schedule which better aligns with the standard PLD regimen. Atreca plans to report additional monotherapy data in mid-2022 and pembrolizumab combination data in 3Q22.

Third Quarter 2021 Financial Results

-- As of September 30, 2021, cash and cash equivalents and short-term investments totaled $152.9 million. -- Research and development expenses for the three months ended September 30, 2021 were $18.7 million, including non-cash share-based compensation expense of $1.9 million. -- General and administrative expenses for the three months ended September 30, 2021 were $8.8 million, including non-cash share-based compensation expense of $1.9 million. -- Atreca reported a net loss of $27.4 million, or basic and diluted net loss per share attributable to common stockholders of $0.74, for the three months ended September 30, 2021.

About Atreca, Inc.

Atreca is a biopharmaceutical company developing novel antibody-based immunotherapeutics generated by its differentiated discovery platform. Atreca's 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 Statements

Statements contained in this press release regarding matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and typically are identified by use of terms such as will, expect, potential, plan, continue, and similar words, although some forward-looking statements are expressed differently. These statements include those related to our strategy and future plans, including statements regarding the development of ATRC-101 and our preclinical, clinical and regulatory plans and the timing thereof, the availability and timing of ATRC-101 monotherapy and initial combination data with pembrolizumab and enrollment in, and timing of, a combination cohort with pegylated liposomal doxorubicin, our cash runway and the timing thereof, the development of MAM01/ATRC-501, its potential for prevention of malaria, our potential product development opportunities to develop MAM01/ATRC-501 for prevention of malaria for those traveling to regions where the infection may be circulating, and the status of our earlier-stage programs and our plan to share information regarding our EphA2 program and other pipeline assets and the timing thereof. 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 filings with the Securities and Exchange Commission (SEC) and available on the SECs website atwww.sec.gov, including in the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed annual report on Form 10-K and quarterly report on Form 10-Q. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press 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, December 31, 2021 2020 (unaudited) ASSETS Current AssetsCash and cash equivalents $ 113,189 $ 60,789 Investments 39,697 179,296 Prepaid expenses and other current assets 9,180 9,037 Total current assets 162,066 249,122 Property and equipment, net 44,291 19,831 Long-term investments 10,824 - Deposits and other 3,080 3,111 Total assets $ 220,261 $ 272,064 LIABILITIES AND STOCKHOLDERS? EQUITY Current LiabilitiesAccounts payable $ 5,238 $ 5,216 Accrued expenses 9,286 10,302 Other current liabilities 1,631 1,900 Total current liabilities 16,155 17,418 Capital lease obligations, net of current - 4 portionDeferred rent 28,677 12,585 Total liabilities 44,832 30,007 Stockholders? equityCommon stock 4 4 Additional paid-in capital 505,680 492,436 Accumulated other comprehensive income (loss) (6 ) 58 Accumulated deficit (330,249 ) (250,441 )Total stockholders? equity 175,429 242,057 Total liabilities and stockholders? equity $ 220,261 $ 272,064

Atreca, Inc.Condensed Consolidated Statements of Operations(in thousands, except share and per share data)(unaudited)

($ amounts in000's, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Expenses Research and $ 18,721 $ 16,808 $ 56,145 $ 45,198 development General and 8,796 6,614 24,648 20,195 administrative Total expenses 27,517 23,422 80,793 65,393 Interest andother income (expense) Other income 158 353 851 987 Interest 36 142 183 1,082 income Interest (1 ) (1 ) (3 ) (3 ) expense Loss on disposal of (34 ) - (45 ) - property and equipmentLoss beforeIncome tax (27,358 ) (22,928 ) (79,807 ) (63,327 )expenseIncome tax - (1 ) (1 ) (1 )expenseNet loss $ (27,358 ) $ (22,929 ) $ (79,808 ) $ (63,328 )Net loss pershare, basic and $ (0.74 ) $ (0.66 ) $ (2.16 ) $ (2.09 )dilutedWeighted-averageshares used in computingnet loss pershare, basic and 36,918,255 34,723,888 36,884,665 30,313,047 diluted

Contacts

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

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

Media:Rachel Ford Hutman, 301-801-5540Rachel@fordhutmanmedia.com

Source: Atreca, Inc.