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VACUMEN Acumen Pharmaceuticals Reports Financial Results for Second Quarter 2021 and Business Highlights August 16 , 2021 • Acumen's investigational drug , ACU193 , is the first humanized monoclonal antibody discovered and developed to selectively target toxic amyloid - beta oligomers ( ABOs ) 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 CHARLOTTESVILLE , Va . and CARMEL , Ind . , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- Acumen Pharmaceuticals , Inc. ( NASDAQ : ABOS ) ( Acumen ) , a clinical stage biopharmaceutical company focused on the development of novel targeted therapeutics for Alzheimer's disease ( AD ) , today reported financial results for the quarter ended June 30 , 2021 and provided recent business highlights . " We continue to execute on our corporate and clinical development goals during this exciting time in the Alzheimer's field , " said Daniel O'Connell , President and Chief Executive Officer at Acumen . “ Our clinical trial , ACU - 001 , is investigating the safety , tolerability , pharmacokinetics , and target engagement of our product candidate ACU193 in a Phase 1 clinical trial involving early Alzheimer's patients . ACU193 is the first humanized monoclonal antibody discovered and developed to selectively target toxic amyloid - beta oligomers ( ABOs ) to enter a clinical trial . We anticipate ACU - 001 recruitment and cohort progression will allow us to provide topline results with the goal of demonstrating ' proof of mechanism ' for ACU193 in early AD by year end 2022. With the recent closing of our IPO , we believe we are well - funded to achieve multiple corporate and clinical development milestones , as we execute against our comprehensive strategic plan . " Recent Business Highlights and Anticipated Milestones ACU193 Clinical Development • 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 . Corporate • 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 . Second Quarter 2021 Financial Results • 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 ,