Alpine Immune Sciences Q1 2024 Financial Results

Alpine Immune Sciences, Inc. (NASDAQ: ALPN), a clinical-stage immunotherapy company specializing in treatments for autoimmune and inflammatory diseases, has revealed its financial results for the first quarter ending March 31, 2024. In a significant development, Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Alpine disclosed a definitive agreement on April 10, 2024, wherein Vertex agreed to acquire Alpine for $65 per share in cash. This transaction received unanimous approval from both companies' Boards of Directors and is expected to finalize in the second quarter of 2024.

As of March 31, 2024, Alpine's cash and investments totaled $362.4 million, a slight decrease from $368.2 million as of December 31, 2023. The company believes this financial position is sufficient to fund its operations into 2026.

Collaboration revenue for the first quarter of 2024 stood at $7.0 million, down from $9.4 million during the same period in 2023. This decline is primarily attributed to a $1.8 million decrease in revenue from Amgen, as multiple projects progressed simultaneously in 2023, and the completion of related services. Revenue from AbbVie also decreased by $0.2 million due to fewer employee hours contributed. Additionally, all services concerning the Adaptimmune collaboration were concluded by June 2023.

Research and development expenses for the quarter amounted to $22.5 million, an increase from $19.6 million in the first quarter of 2023. This $2.9 million rise was driven by a $4.8 million increase in costs related to povetacicept, mainly due to higher clinical trial, process development, and manufacturing expenses associated with the ongoing RUBY studies. Additionally, personnel costs increased by $1.6 million. However, these increases were partially offset by a $2.7 million decrease in costs related to acazicolcept, primarily due to lower manufacturing costs, and a $1.4 million decrease in costs related to davoceticept following the termination of enrollment in the NEON-1 and NEON-2 clinical studies in October 2022.

General and administrative expenses were $7.3 million for the quarter, up from $5.4 million in the same period the previous year. This $1.9 million increase was mainly due to higher personnel costs and professional services.

The net loss for the first quarter of 2024 was $17.9 million, compared to a net loss of $13.3 million for the same period in 2023.

Selected financial data showed that Alpine had cash and cash equivalents of $33.0 million as of March 31, 2024, down from $43.9 million at the end of 2023. Short-term investments were $272.6 million, compared to $283.5 million, and total current assets decreased from $330.0 million to $308.3 million. Long-term investments, however, increased from $40.6 million to $56.5 million. The total assets slightly dropped from $379.9 million to $373.6 million, while total current liabilities decreased from $42.0 million to $32.2 million. Total stockholders’ equity rose slightly from $327.9 million to $332.7 million.

Alpine Immune Sciences remains committed to pioneering advancements in immune therapeutics. The company utilizes unique protein engineering technologies to develop first- or best-in-class multifunctional immunotherapies aimed at improving patients’ lives. Alpine has established strategic collaborations with leading global biopharmaceutical companies and maintains a diverse pipeline of clinical and preclinical candidates.

Overall, the first quarter of 2024 has been eventful for Alpine Immune Sciences, marked by significant financial activities and the impending acquisition by Vertex Pharmaceuticals. Despite a few declines in revenue and increased expenses, the company's strategic moves and solid cash position demonstrate its ongoing commitment to innovation and growth in the immunotherapy space.