Acumen Pharmaceuticals Reports $102.3 Million Net Loss for 2024, Driven by Increased R&D Expenses

Acumen Pharmaceuticals, Inc. reported a net loss of $102.3 million for the year ended December 31, 2024, compared to a net loss of $52.4 million in 2023. This increase was primarily driven by a rise in research and development expenses, which increased by $51.5 million to $93.8 million, largely due to costs associated with the ALTITUDE-AD clinical trial. General and administrative expenses also increased by $1.4 million to $20.2 million. The company's other income increased by $2.9 million to $11.7 million, primarily due to higher interest income on marketable securities and a positive change in the fair value of embedded derivatives.

Significant developments during the year included the completion of enrollment in the Phase 2 ALTITUDE-AD clinical trial in March 2025, expected to report top-line results in late 2026. The company also announced results from a Phase 1 subcutaneous dosing trial of sabirnetug in March 2025, demonstrating sufficient systemic exposure to support further development. In November 2023, Acumen entered into a loan and security agreement with K2 HealthVentures LLC, securing a term loan facility of up to $50 million, with $30 million drawn in the first tranche. The company also completed a public offering in July 2023, raising net proceeds of $121.9 million.

As of December 31, 2024, Acumen had 61 full-time employees, with 41 in research and development and 20 in general and administrative roles. The company's aggregate market value of common stock held by non-affiliates was $97.5 million as of June 28, 2024, and the number of outstanding common shares was 60,573,425 as of March 24, 2025. Acumen does not currently own or operate manufacturing facilities, relying instead on contract manufacturing organizations.

The company's financial statements reflect a significant increase in research and development spending, reflecting the advancement of sabirnetug through clinical trials. The increase in other income partially offset the increased expenses. Acumen's cash and cash equivalents and marketable securities totaled $231.5 million as of December 31, 2024, which the company projects will fund operations into the first half of 2027, based on current operating plans. However, this projection is subject to various factors, including the progress and costs of clinical trials and potential expansion of operations. The company anticipates continued losses for the foreseeable future and will require substantial additional funding to support its operations.

Acumen's outlook is contingent upon the successful completion of its clinical trials, regulatory approvals, and commercialization of sabirnetug. The company acknowledges numerous risks, including those related to clinical trial outcomes, regulatory approvals, competition, manufacturing, and financing. The company's forward-looking statements are subject to these risks and uncertainties, as detailed in the filing's risk factors section.