Acumen’s investigational drug, ACU193, is the first humanized monoclonal antibody discovered and developed to selectively target toxic amyloid-beta oligomers (AßOs) to enter clinical trials

Initiated ACU-001, a multi-center, randomized, double-blind, placebo-controlled, single- and multiple-ascending dose Phase 1 clinical trial of ACU193 in patients with early Alzheimer’s Disease

Closed initial public offering in July 2021, with aggregate net proceeds of $169 million

ACU-001 trial is actively recruiting and we expect to report top-line data by year end 2022. Patient screening and enrollment is proceeding for the randomized, placebo-controlled Phase 1 clinical trial evaluating ACU193.

Prefunding of Series B Milestone Tranche – $30M. On June 17, 2021, the Milestone Closing for the Series B convertible preferred stock occurred, resulting in the sale of 7,908,027 shares of Series B convertible preferred stock for gross proceeds of $30.0 million. The Series B investors included RA Capital, PBM Capital, BlackRock, and Sands Capital.

Closing of Initial Public Offering. In July 2021, Acumen issued an aggregate of 11,499,998 shares of common stock, including shares pursuant to the underwriters’ exercise of their full over-allotment option, in an initial public offering (IPO), resulting in aggregate net proceeds of $168.6 million.

Cash Balance. Cash, cash equivalents and marketable securities were $68.8 million as of June 30, 2021, compared to $43.8 million as of December 31, 2020. The net proceeds of the IPO resulted in total cash, cash equivalents and marketable securities increasing to more than $235 million in early July 2021.

Research and Development (R&D) Expenses. R&D expenses were $2.3 million and $4.8 million for the three- and six-month periods ending June 30, 2021, respectively, compared to $1.9 million and $4.0 million for the three- and six-month periods ending June 30, 2020, respectively.

General and Administrative (G&A) Expenses. G&A expenses were $1.2 million and $2.4 million for the three- and six-month periods ending June 30, 2021, respectively, compared to $0.3 million and $0.5 million for the three- and six-month periods ending June 30, 2020, respectively.

Net Operating Loss. Net Operating Losses were $3.4 million and $7.2 million for the three- and six-month periods ending June 30, 2021, respectively, compared to $2.0 million and $4.1 million for the three- and six-month periods ending June 30, 2020, respectively.

Net Loss. Net Losses were $61.4 million and $88.4 million for the three-and six-month periods ending June 30, 2021, respectively, compared to $2.0 million and $4.1 million for the three- and six-month periods ending June 30, 2020, respectively. Net losses in 2021 include a non-cash expense that represents the changes in fair value of Acumen’s Series A-1 warrant liability and the Series B tranche rights. The warrant liability and tranche rights were initially recorded at fair value as a liability on the company’s balance sheet and were subsequently re-measured at fair value at the end of each reporting period. The increases in the fair value of these instruments were recognized as a component of other expense.

Grant and other revenue

Operating expenses

Research and development

General and administrative

Total operating expenses

Loss from operations

Other income (expense)

Interest income

Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability

Other income

Total other income (expense)

Net loss attributable to common stockholders

Net loss per common share, basic and diluted

Weighted-average shares outstanding, basic and diluted

ASSETS

Current assets

Cash and cash equivalents

Grant receivable

Prepaid expenses and other current assets

Total current assets

Property and equipment, net

Deferred offering costs

Other assets

Total assets

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Current liabilities

Accounts payable

Accrued expenses and other current liabilities

Preferred stock tranche rights liability

Preferred stock warrant liability

Total liabilities

Series A convertible preferred stock, $0.0001 par value; 711,203 shares authorized as of June 30, 2021 and December 31, 2020; 477,297 shares issued and outstanding as of June 30, 2021 and December 31, 2020; liquidation preference of $1,067 as of June 30, 2021

Series A-1 convertible preferred stock, $0.0001 par value; 11,898,177 shares authorized as of June 30, 2021 and December 31, 2020; 7,985,305 and 7,537,879 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $18,097 as of June 30, 2021

Series B convertible preferred stock, $0.0001 par value; 29,457,450 shares authorized as of June 30, 2021 and December 31, 2020; 19,770,070 and 11,862,043 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $75,116 as of June 30, 2021

Stockholders’ deficit

Common stock, $0.0001 par value; 50,500,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 556,570 and 419,124 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

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Total liabilities, convertible preferred stock and stockholders’ deficit