Eric Siemers, the chef Medical (TASE:) Officer of Acumen Pharmaceuticals Inc. (NASDAQ:), a clinical-stage biopharmaceutical company with a market cap of $104 million, recently completed a stock sale according to a filing with the Securities and Exchange Commission. The company’s stock has had a mixed performance, gaining 8.7% over the past week despite a tough six months. On January 21, Siemers sold 3,219 shares of Acumen Pharmaceuticals at a price of $1.59 per share, for a total transaction value of $5,118. This sale was accomplished through an automatic “sale to cover” transaction, designed to satisfy the withholding tax obligations associated with the acquisition of restricted stock units. Following the sale, Siemers retains ownership of 170,298 shares of the company. According to InvestPro According to this analysis, ABOS currently holds more cash than debt and maintains strong liquidity with a quick ratio of 10.4x. Discover more insights and 10+ additional ProTips with an InvestingPro subscription, including a detailed analysis of the company’s financial health and growth prospects.
Separately, Acumen Pharmaceuticals announced significant progress in its third quarter financial results and development milestones. The company’s CEO, Dan O’Connell, highlighted the progress of its lead drug candidate, sabirnetug, for the early treatment of Alzheimer’s disease. Acumen is currently participating in the ALTITUDE-AD phase II study of sabirnetug, with over 75 active sites and rapid recruitment. The company also reported a strong financial position with $259 million in cash and securities.
Acumen’s research and development expenses totaled $27.2 million, resulting in a net loss of $29.8 million for the quarter. However, the Company expects results from the Phase I study for a subcutaneous formulation of sabirnetug in the first quarter of 2025. The Company’s strategic focus is on the development of sabirnetug, with the Phase II trial expected to conclude in the first half of 2025.
Despite the net loss, Acumen maintains a strong cash reserve to fund ongoing research and development. The company has also made recent appointments to strengthen its regulatory team. Future steps of the company’s subcutaneous formulation will be decided after reviewing Phase I data. This information was confirmed in recent analyst notes.
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