| ● | Presented two posters at the American Society of Gene & Cell Therapy 23rd Annual Meeting – In May 2020, Akouos presented two posters highlighting Akouos’s use of AAVAnc80 vector technology and its potential to address many forms of hearing loss. |
Second Quarter 2020 Financial Results
| ● | Cash Position – Cash and cash equivalents were $333.0 million as of June 30, 2020, as compared to $120.2 million as of March 31, 2020. Total cash, cash equivalents and marketable securities at June 30, 2020 includes total net proceeds of approximately $223.8 million from the company’s IPO in June 2020. Akouos expects the cash balance to fund operations for at least the next two years. |
| ● | Research and Development (R&D) Expenses – R&D expenses were $9.9 million for the second quarter ended June 30, 2020, compared to $4.4 million for the same period in 2019. The increase was primarily due to contract manufacturing costs, the initiation of preclinical IND-enabling studies for AK-OTOF, and the growth in the number of R&D employees and their related activities, as well as the expense allocated to R&D related to Akouos’s leased facilities. |
| ● | General and Administrative (G&A) Expenses – G&A expenses were $2.7 million for the second quarter ended June 30, 2020, compared to $0.7 million for the same period in 2019. The increase was primarily due to the growth in the number of G&A employees and other administrative expenses, as well as the expense allocated to G&A related to Akouos’s leased facilities. |
| ● | Net Loss – Net loss was $12.5 million, or $11.14 loss per share, for the second quarter ended June 30, 2020, compared to $2.0 million, or $3.42 loss per share, for the same period in 2019. |
About Akouos
Akouos is a precision genetic medicine company dedicated to developing gene therapies with the potential to restore, improve, and preserve high-acuity physiologic hearing for individuals living with disabling hearing loss worldwide. Leveraging its precision genetic medicine platform that incorporates a proprietary adeno-associated viral (AAV) vector library and a novel delivery approach, Akouos is focused on developing precision therapies for forms of sensorineural hearing loss. Headquartered in Boston, Akouos was founded in 2016 by leaders in the fields of neurotology, genetics, inner ear drug delivery, and AAV gene therapy.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the initiation, and timing, of our future clinical trials and our research and development programs, and the period over which we believe that our existing cash and cash equivalents will be sufficient to fund our operating expenses. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such
