Well heeled Achilles has more than $95 million cash

The company is developing AI-powered precision T cell therapies targeting clonal neoantigens to treat solid tumours. It believes its coffers are sufficient to fund planned operations through 2025 so a fundraising cannot be ruled out, possibly on Nasdaq – the US market where Achilles is quoted.

Net loss for the second quarter was $16.4m or $0.41 per share compared to $16.8m ($0.42 per share) for the corresponding quarter of 2023.

Dr Iraj Ali, Chief Executive Officer, says the company continues to make impressive strides with its portfolio. He said: “During the second quarter we shared interim Phase I/IIa data from our ongoing CHIRON and THETIS TIL-based cNeT clinical trials and established an important research collaboration with Arcturus Therapeutics to explore the use of clonal neoantigens in second-generation personalised mRNA cancer vaccines.

“Our insights into the factors that drive durable engraftment and immune evasion led us to add an additional cohort in the CHIRON and THETIS trials to evaluate cNeT persistence and clinical activity in patients with enhanced host conditioning.

“These findings, along with the cancer vaccine research collaboration, continue to illustrate the potential value of our platform, including the unparalleled capability of PELEUS to select tumour targets with the highest potential for immune system recognition in a variety of modalities including TIL, neoantigen vaccines, ADCs, and TCR-T therapies.

“Our financial position remains strong with more than $95 million in cash, which we expect to support operations through 2025, including the completion of the ongoing Phase I/IIa trials and the Arcturus collaboration.”