Q2 2024 Achieve Life Sciences Inc Earnings Call Transcript
Key Points
- Achieve Life Sciences Inc (ACHV) received FDA Breakthrough Therapy designation for cytisinicline for treating e-cigarette or vaping nicotine dependence.
- The company initiated and gained significant traction on the ORCA-OL trial evaluating the long-term safety effects of cytisinicline.
- Achieve Life Sciences Inc (ACHV) was added to the US Russell 3000 and Russell Microcap Indexes.
- The company successfully refinanced its outstanding debt agreement with Silicon Valley Bank, extending the maturity date and lowering the cost of capital.
- Enrollment for the ORCA-OL trial is progressing well, with more than half of the proposed 650 participants already enrolled.
- Achieve Life Sciences Inc (ACHV) reported a net loss of $8.5 million for the quarter ended June 30, 2024.
- The company's cash balance decreased from $66.4 million to $61.3 million over the last quarter.
- Quarterly operating expenses are expected to increase as the ORCA-OL trial progresses.
- There are no FDA-approved treatments for e-cigarette cessation, indicating a challenging regulatory landscape.
- The company faces the risk of high treatment discontinuation rates, which could impact the success of the ORCA-OL trial.
Greetings, and welcome to the Achieve Life Sciences second quarter 2024 earnings conference call and webcast. (Operator Instructions)
I would now turn the call over to Nicole Jones, Investor Relations. Thank you, Nicole. You may begin.
Thank you, operator. Good afternoon, everyone, and thank you for joining us today.
From Achieve Life Sciences, we are joined by John Bencich, Chief Executive Officer; Dr. Cindy Jacobs, President and Chief Medical Officer; and Jerry Wan, Principal Accounting Officer. Management will be available for Q&A session following today's prepared remarks.
Before we begin, I'd like to remind everyone that today's conference call contains forward-looking statements based on current expectations. These statements are only predictions, and actual results may vary materially from those projected. Please refer to Achieve's documents available on our website, and filed with the SEC concerning factors that could affect the company.
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