Acumen Pharmaceuticals — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $78.6 million as of September 30, 2026, down from $110.2 million as of June 30, 2026.
• Research and development (R&D) expenses were $21.1 million for the quarter ended September 30, 2026, compared to $22.0 million for the same period in 2025.
• General and administrative (G&A) expenses were $4.7 million for the quarter ended September 30, 2026, compared to $4.5 million for the same period in 2025.
• Loss from operations was $25.8 million for the quarter ended September 30, 2026, compared to $26.5 million for the same period in 2025.
• Net loss was $25.4 million for the quarter ended September 30, 2026, compared to $26.5 million for the same period in 2025.
• For the nine months ended September 30, 2026, R&D expenses were $65.4 million compared to $84.4 million in 2025, and G&A expenses were $14.1 million compared to $14.3 million in 2025.
• Net loss for the nine months ended September 30, 2026, was $78.8 million compared to $96.2 million in 2025.
• Net cash used in operating activities was $68.9 million for the nine months ended September 30, 2026, compared to $96.4 million in 2025.
• Net cash provided by investing activities was $37.4 million for the nine months ended September 30, 2026, compared to $107.7 million in 2025.
• Net cash provided by financing activities was $30.5 million for the nine months ended September 30, 2026, compared to a net use of $0.04 million in 2025.
• Total assets were $85.6 million as of September 30, 2026, compared to $122.8 million as of December 31, 2025.
• Total liabilities were $51.0 million as of September 30, 2026, compared to $52.4 million as of December 31, 2025.
• Short-term debt was $20.4 million as of September 30, 2026, compared to $8.8 million as of December 31, 2025.
• Long-term debt was $5.9 million as of September 30, 2026, compared to $22.4 million as of December 31, 2025.
• Stockholders' equity was $34.6 million as of September 30, 2026, compared to $70.4 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company expects to report topline results for the ALTITUDE-AD Phase 2 study in November 2026.
• An IND filing for the Enhanced Brain Delivery (EBD) program lead clinical candidate is targeted for mid-2027.
• Cash resources of $78.6 million are expected to support current clinical and operational activities into early 2027.

Business Segments and Product Lines:

• ALTITUDE-AD is a 3-arm Phase 2 study investigating sabirnetug in 542 participants (N=180 per arm) for the treatment of early Alzheimer's disease.
• The ALTITUDE-AD study includes two active doses (35 mg/kg and 50 mg/kg, IV Q4W) versus placebo over an 18-month double-blinded period.
• Topline results for ALTITUDE-AD are expected to include the iADRS (primary efficacy endpoint), CDR-SB (secondary endpoint), safety measures including adverse event and ARIA rates, and key biomarkers.
• R&D expense decreases were primarily due to reductions in manufacturing, materials, and CRO costs associated with the ALTITUDE-AD clinical trial, partially offset by increased spending for the EBD program.
• Sabirnetug (ACU193) is a humanized monoclonal antibody with Fast Track designation for the treatment of early AD.
• Acumen is investigating a subcutaneous formulation of sabirnetug using Halozyme's proprietary ENHANZE® drug delivery technology.
• Acumen is collaborating with JCR Pharmaceuticals to develop an Enhanced Brain Delivery (EBD) therapy utilizing a transferrin-receptor-targeting blood-brain barrier-penetrating technology.

Market and Competitive Landscape:

• The Company targets toxic soluble amyloid beta oligomers (AβOs) as early and persistent triggers of Alzheimer's disease pathology.
• ALTITUDE-AD is a multi-center, randomized, double-blind, placebo-controlled trial conducted at investigative sites in the United States, Canada, the European Union, and the United Kingdom.

Risks and Challenges:

• Forward-looking statements are subject to risks and uncertainties inherent in discovering, developing, and commercializing safe and effective human therapeutics.
• Risks may be amplified by geopolitical events, macroeconomic conditions such as rising inflation and interest rates, supply disruptions, and uncertainty in credit and financial markets.
• Specific risks regarding the Company's programs are detailed in filings with the SEC, including the most recent Annual Report on Form 10-K.

Management Commentary and Tone:

• CEO Daniel O'Connell stated the Company is "pleased" to announce the expectation of reporting topline results in November 2026.
• Management remains "encouraged" by the potential for sabirnetug to become a treatment of choice due to its differentiated benefit-risk profile as an anti-AβO IgG2 monoclonal antibody.
• Management expressed being "encouraged" about the potential of the EBD program as a next-generation Alzheimer's disease treatment.
• The Company highlighted progress on IND-enabling activities in support of the mid-2027 IND submission for the EBD lead candidate.

Other Key Points:

• The Company hosted a conference call and live audio webcast on October 26, 2026, at 8:00 a.m. ET.
• During the nine months ended September 30, 2026, the Company received $35.4 million in proceeds from a private placement, net of offering costs.
• During the nine months ended September 30, 2026, the Company repaid $5.0 million in debt.
• Proceeds from the exercise of stock options totaled $0.2 million for the nine months ended September 30, 2026.
• The Company repurchased common shares to pay employee withholding taxes totaling $0.1 million for the nine months ended September 30, 2026.
• Stock-based compensation expense was $7.6 million for the nine months ended September 30, 2026, compared to $7.4 million in 2025.
• Noncash interest expense was $1.0 million for the nine months ended September 30, 2026, compared to $0.9 million in 2025.
• The Company has 72,327,320 shares of common stock issued and outstanding as of September 30, 2026.