Achilles Therapeutics Announces Big Changes, New Strategic Plans Revealed

Achilles Therapeutics plc has decided to halt its TIL-based cNeT program and end the Phase I/IIa CHIRON and THETIS clinical trials. The company is shifting its focus towards collaborating with other entities that are working on different approaches to targeting clonal neoantigens for cancer treatment, including neoantigen vaccines, antibody-drug conjugates (ADCs), and T-cell receptor therapies (TCR-T). At the same time, Achilles Therapeutics has enlisted BofA Securities to act as a financial advisor to help identify and evaluate strategies aimed at maximizing value.

As part of its strategic update, the Company is initiating a consultation process with employees, as required by UK law, to discuss a proposed reduction in workforce and other cost-saving measures. The Company acknowledges the valuable contributions of its dedicated team and is committed to providing support during this transition. Achilles plans to keep all employees crucial to achieving its strategic objectives as it moves forward with its review.

As of June 30, 2024, the Company held $95.1 million in cash and cash equivalents. The comprehensive data from the Phase I/IIa CHIRON trial, focusing on advanced non-small cell lung cancer (NSCLC), and the Phase I/IIa THETIS trial, targeting recurrent or metastatic melanoma, will be shared at an upcoming conference. The Company is considering various strategic options, including potential acquisitions, mergers, reverse mergers, business combinations, asset sales, licensing deals, or other transactions. 

There is no guarantee that this exploration will lead to any agreements or transactions, nor is there a set timeline for any potential outcomes. Achilles Therapeutics will not provide further updates on these strategic considerations until the Board of Directors approves a specific action or if additional disclosure is legally required or deemed necessary.

Dr Iraj Ali, Chief Executive Officer of Achilles Therapeutics, said in a statement, “Our data continue to illustrate the importance of clonal neoantigens as targets and show some clinical activity, however our studies in lung cancer and melanoma have not met our goals for commercial viability. We are grateful for the support and commitment of our patients, investigators, employees and shareholders throughout this journey. We are actively exploring new opportunities to leverage our substantial assets and cutting-edge technology platforms. Our goal remains to drive the development of effective treatments for patients and create long-term value for our shareholders.”