 SOUTH SAN FRANCISCO, Calif., Aug. 12, 2020 GLOBE NEWSWIRE -- Atreca, Inc. Atreca NASDAQ: BCEL, a clinical-stage biotechnology company focused on developing novel therapeutics generated through a unique discovery platform based on interrogation of the active human immune response, today announced financial results for the second quarter ended June 30, 2020, and provided an overview of recent developments. The second quarter was eventful for Atreca as we continue to execute on our various development objectives, said John Orwin, Chief Executive Officer. We recently presented preclinical data for ATRC-101 demonstrating that its novel target is induced by chemotherapeutics and further validating its novel mechanism of action. Our Phase 1b first-in-human study evaluating ATRC-101 continues to enroll patients and now has five trial sites active. In addition, our recently announced strategic collaboration with Xencor to develop bispecific T cell-engaging antibodies underscores the value of novel targets in oncology and the ability of our technology platform to attract weaponization partners. We believe these milestones, coupled with our strengthened financial position from the completion an equity financing in July, position us well for continued progress in the second half of 2020.Recent Developments and Highlights A Phase 1b first-in-human study evaluating ATRC-101 in patients with select solid tumor cancers is ongoing. Screening continues in the study and patients are currently being enrolled in the second dose cohort. To date, five clinical trial sites have been activated. Atreca expects to announce initial safety data from the study in late 2020 or early 2021. In addition to monotherapy expansion cohorts, clinical trials of ATRC-101 in combination with a PD-1 inhibitor and in combination with a chemotherapeutic are planned for 2021. Atreca hosted a webinar in June to present new preclinical data regarding the novel target and mechanism of action of ATRC-101, demonstrating both innate and adaptive immune system activation and target induction via chemotherapy. Atreca entered into a strategic collaboration and license agreement with Xencor, Inc. to research, develop and commercialize T cell-engaging bispecific antibodies as potential therapeutics in oncology. Under a three-year discovery program, Atreca will provide antibodies against novel tumor targets from which Xencor will engineer XmAb bispecific antibodies that also bind to the CD3 receptor on T cells. Up to two joint programs will be mutually selected for further development and commercialization, with each partner sharing 50 percent of costs and profits. Atreca and Xencor may also pursue up to two programs independently, with a mid-to high-single digit percent royalty payable on net sales. Atreca strengthened its financial position with the completion of a public equity offering in July 2020, resulting in net proceeds of approximately 117.5 million. Atreca appointed Ms. Kristine M. Ball to the Companys board of directors. Ms. Ball brings more than 25 years of life sciences industry experience focused primarily on finance, corporate development and strategic planning. Atreca continues to collaborate with BeiGene, and IGM Biosciences on a potential novel antibody treatment for COVID-19.Second Quarter 2020 Financial Results As of June 30, 2020, cash, cash equivalents and investments totaled 148.8 million. In addition, Atreca completed a public equity offering in July 2020 resulting in net proceeds of approximately 117.5 million, and after deducting the underwriting discounts and commissions and estimated offering expenses. Research and development expenses for the three months ended June 30, 2020 were 14.2 million, including non-cash share-based compensation expense of 1.8 million. General and administrative expenses for the three months ended June 30, 2020 were 6.5 million, including non-cash share-based compensation expense of 1.6 million. Atreca reported a net loss of 20.0 million, or basic and diluted net loss per share attributable to common stockholders of 0.71, for the three months ended June 30, 2020.About Atreca, Inc. Atreca is a biopharmaceutical company developing novel antibody-based immunotherapeutics generated by its differentiated discovery platform. Atrecas platform allows access to an unexplored landscape in oncology through the identification of unique antibody-target pairs generated by the human immune system during an active immune response against tumors. These antibodies provide the basis for first-in-class therapeutic candidates, such as our lead product candidate ATRC-101. A Phase 1b study evaluating ATRC-101 in multiple solid tumor cancers is currently enrolling patients. For more information on Atreca, please visit Statements This release contains forward-looking statements regarding our strategy and future plans, including statements regarding the development of ATRC-101 and our clinical and regulatory plans, and the timing thereof. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as will, believe, potential, continue, expects, planned, may, and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the initiation, timing, progress and results of our research and development programs, preclinical studies, clinical trials, regulatory submissions, and other matters that are described in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission SEC and available on the SECs website at including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement in this press release, except as required by law.Atreca, Inc. Condensed Consolidated Balance Sheets in thousands, except share and per share data June 30, December 31, 2020 2019 ASSETS Current Assets Cash and cash equivalents 100,430 157,954 Investments 43,088 14,663 Prepaid expenses and other current assets 5,112 3,502 Total current assets 148,630 176,119 Property and equipment, net 7,666 5,771 Long-term investments 5,311 10,799 Deposits and other 2,934 3,026 Total assets 164,541 195,715 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities Accounts payable 1,060 2,133 Accrued expenses 4,434 5,395 Other current liabilities 1,859 419 Total current liabilities 7,353 7,947 Capital lease obligations, net of current portion 29 53 Deferred rent 2,887 763 Other non-current liabilities 157 - Total liabilities 10,426 8,763 Stockholders equity Common stock 3 3 Additional paid-in capital 358,401 351,039 Accumulated other comprehensive income 216 16 Accumulated deficit 204,505 164,106 Total stockholders equity 154,115 186,952 Total liabilities and stockholders equity 164,541 195,715 Atreca, Inc. Condensed Consolidated Statements of Operations in thousands, except share and per share data unaudited amounts in 000s, except per share amounts Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expenses Research and development 14,180 15,922 28,390 27,635 General and administrative 6,458 3,537 13,581 6,055 Total expenses 20,638 19,459 41,971 33,690 Interest and other income expense Other income 403 1,021 634 1,186 Interest income 255 594 940 1,139 Interest expense 1 2 2 4 Preferred stock warrant liability revaluation 73 123 Loss on disposal of property and equipment 2 7 Loss before Income tax expense 19,981 17,921 40,399 31,499 Income tax expense - - - 1 Net loss 19,981 17,921 40,399 31,500 Net loss per share, basic and diluted 0.71 3.67 1.44 8.97 Weighted-average shares used in computing net loss per share, basic and diluted 28,144,714 4,888,987 28,082,930 3,512,606 Contacts Atreca, Inc. Herb Cross Chief Financial Officer Investors: Alex Gray, 650-779-9251 Sheryl Seapy, 213-262-9390 