abos-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

___________________________

FORM 10-Q

___________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to_________

Commission File Number: 001-40551

___________________________

Acumen Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in its Charter)

___________________________


Delaware						36-4108129
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1210-1220 Washington Street, Suite 210, Newton, Massachusetts						02465
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (434) 297-1000

___________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.0001 per share

ABOS

The Nasdaq Global Select Market

___________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of August 7, 2024, the registrant had 60,079,778 shares of common stock, $0.0001 par value per share, outstanding.

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		Page
PART I.	FINANCIAL INFORMATION	4
Item 1.	Financial Statements (Unaudited)	4
	Condensed Balance Sheets	4
	Condensed Statements of Operations and Comprehensive Loss	5
	Condensed Statements of Changes in Stockholders’ Equity	7

	Condensed Statements of Cash Flows	8
	Notes to Condensed Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
PART II.	OTHER INFORMATION	31
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
Signatures		33

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•the sufficiency of our existing cash and cash equivalents and marketable securities to fund our future operating expenses and capital expenditure requirements;

•our ability to obtain funding for our operations, including funding necessary to develop and commercialize sabirnetug, subject to obtaining necessary regulatory approvals;

•the ability of our clinical trials to demonstrate the safety and efficacy of sabirnetug, and other positive results;

•the therapeutic potential of sabirnetug, including its potential for improved safety and efficacy as compared to other monoclonal antibodies approved and/or in development, as well as our expectations concerning the INTERCEPT-AD and ALTITUDE-AD clinical trials;

•the success, cost and timing of our development activities, nonclinical studies and clinical trials;

•the structure, timing and focus of our future clinical trials, and the reporting of data from those trials, including our efforts to amend the ALTITUDE-AD clinical trial protocol, which currently provides for a Phase 2/3 study, to a Phase 2 standalone study, and our plans with respect to our ALTITUDE-AD clinical trial of sabirnetug;

•our plans relating to commercializing sabirnetug, subject to obtaining necessary regulatory approvals;

•our ability to attract and retain key scientific and clinical personnel;

•our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

•our reliance on third parties to conduct clinical trials of sabirnetug, and for the manufacture of sabirnetug for nonclinical studies and clinical trials;

•the success of competing therapies that are or may become available;

•our plans and ability to obtain or protect our intellectual property rights, including extensions of existing patent terms where available or the use of data market exclusivity to provide protection from generic or biosimilar versions of our product;

•the scope of protection we are able to establish and maintain for intellectual property rights covering sabirnetug;

•potential claims relating to our intellectual property;

•existing regulations and regulatory developments in the United States and other jurisdictions;

•our ability to obtain and maintain regulatory approval of sabirnetug, and any related restrictions, limitations and/or warnings in the label of any approved product candidate;

•our plans relating to the further development and manufacturing of sabirnetug, including additional therapeutic indications we may pursue;

•our ability to develop and maintain our corporate infrastructure, including our ability to design and maintain an effective system of internal controls;

•our financial performance; and

•our expectations regarding the time period during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”).

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You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the header “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2024 (the “Annual Report”), and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

Unless the context otherwise indicates, references in this report to the terms “Acumen,” “the Company,” “we,” “our” and “us” refer to Acumen Pharmaceuticals, Inc.

We may announce material business and financial information to our investors using our investor relations website (www.investors.acumenpharm.com). We therefore encourage investors and others interested in Acumen to review the information that we make available on our website, in addition to following our filings with the SEC, webcasts, press releases and conference calls. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Acumen Pharmaceuticals, Inc.

Condensed Balance Sheets

(in thousands, except share and per share data)


	June 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	67,955	$	66,886
Marketable securities, short-term	192,517		176,636
Prepaid expenses and other current assets	6,443		3,093
Total current assets	266,915		246,615
Marketable securities, long-term	20,908		62,553
Right-of-use asset	325		381
Restricted cash	235		233
Property and equipment, net	105		122
Other assets	425		221
Total assets	$	288,913	$	310,125
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	4,211	$	1,379
Accrued clinical trial expenses	7,027		4,387
Accrued expenses and other current liabilities	4,004		6,339
Finance lease liability, short-term	—		756
Operating lease liability, short-term	125		110
Total current liabilities	15,367		12,971
Operating lease liability, long-term	219		284
Debt, long-term	29,380		29,897
Total liabilities	44,966		43,152
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2024 and December 31, 2023	—		—
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 60,079,778 and 57,910,461 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	6		6
Additional paid-in capital	502,313		489,453
Accumulated deficit	(258,208)		(222,798)
Accumulated other comprehensive income (loss)	(164)		312
Total stockholders’ equity	243,947		266,973
Total liabilities and stockholders’ equity	$	288,913	$	310,125

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating expenses
Research and development	$	19,533	$	9,133	$	31,982	$	17,846
General and administrative	4,848		4,345		10,173		8,767
Total operating expenses	24,381		13,478		42,155		26,613
Loss from operations	(24,381)		(13,478)		(42,155)		(26,613)
Other income (expense)
Interest income	3,816		1,884		7,821		3,716
Interest expense	(1,004)		—		(2,004)		—
Change in fair value of embedded derivatives	1,100		—		1,050		—
Other expense, net	(68)		(16)		(122)		(20)
Total other income	3,844		1,868		6,745		3,696
Net loss	(20,537)		(11,610)		(35,410)		(22,917)
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities	(20)		(122)		(476)		105
Comprehensive loss	$	(20,557)	$	(11,732)	$	(35,886)	$	(22,812)
Net loss per common share, basic and diluted	$	(0.34)	$	(0.28)	$	(0.59)	$	(0.56)
Weighted-average shares outstanding, basic and diluted	60,079,778		41,025,062		59,945,889		41,025,062

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Changes in Stockholders’ Equity

(in thousands, except share data)

(unaudited)

For the Three Months Ended June 30, 2024


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2024	60,079,778	$	6	$	499,843	$	(237,671)	$	(144)	$	262,034


Unrealized loss on marketable securities	—	—		—		—		(20)		(20)
Stock-based compensation	—	—		2,470		—		—		2,470
Net loss	—	—		—		(20,537)		—		(20,537)
Balance as of June 30, 2024	60,079,778	$	6	$	502,313	$	(258,208)	$	(164)	$	243,947

For the Three Months Ended June 30, 2023


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2023	41,025,062	$	4	$	361,339	$	(181,734)	$	(524)	$	179,085
Unrealized loss on marketable securities	—	—		—		—		(122)		(122)


Stock-based compensation	—	—		1,521		—		—		1,521
Net loss	—	—		—		(11,610)		—		(11,610)
Balance as of June 30, 2023	41,025,062	$	4	$	362,860	$	(193,344)	$	(646)	$	168,874

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Changes in Stockholders’ Equity

(in thousands, except share data)

(unaudited)

For the Six Months Ended June 30, 2024


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2023	57,910,461	$	6	$	489,453	$	(222,798)	$	312	$	266,973
Issuance of common stock for cash, net of issuance costs of $87	2,068,246	—		7,938		—		—		7,938
Issuance of common stock for restricted stock units, net of shares withheld for taxes	101,071	—		(32)		—		—		(32)
Unrealized loss on marketable securities	—	—		—		—		(476)		(476)
Stock-based compensation	—	—		4,954		—		—		4,954
Net loss	—	—		—		(35,410)		—		(35,410)
Balance as of June 30, 2024	60,079,778	$	6	$	502,313	$	(258,208)	$	(164)	$	243,947

For the Six Months Ended June 30, 2023


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2022	41,025,062	$	4	$	359,949	$	(170,427)	$	(751)	$	188,775
Unrealized gain on marketable securities	—	—		—		—		105		105


Stock-based compensation	—	—		2,911		—		—		2,911
Net loss	—	—		—		(22,917)		—		(22,917)
Balance as of June 30, 2023	41,025,062	$	4	$	362,860	$	(193,344)	$	(646)	$	168,874

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net loss	$	(35,410)	$	(22,917)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	33		29
Stock-based compensation expense	4,954		2,911
Amortization of premiums and accretion of discounts on marketable securities, net	(3,222)		(634)
Change in fair value of embedded derivatives	(1,050)		—
Amortization of right-of-use asset	56		76
Realized gain on marketable securities	(2)		—
Non-cash interest expense	539		—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,350)		(1,933)
Other assets	(7)		(57)
Accounts payable	2,823		384
Accrued clinical trial expenses	2,640		1,385
Accrued expenses and other current liabilities	(2,335)		(1,013)
Finance lease liability	(23)		—
Operating lease liability	(50)		(76)
Net cash used in operating activities	(34,404)		(21,845)
Cash flows from investing activities
Purchases of marketable securities	(57,093)		(52,131)
Proceeds from maturities and sales of marketable securities	85,605		21,268

Purchases of property and equipment	(16)		—
Net cash provided by (used in) investing activities	28,496		(30,863)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	7,938		—
Payment for financing lease	(739)		—
Payments for deferred offering costs	(188)		(145)

Repurchase of common shares to pay employee withholding taxes	(32)		—
Net cash provided by (used in) financing activities	6,979		(145)
Net change in cash and cash equivalents and restricted cash	1,071		(52,853)
Cash and cash equivalents and restricted cash at the beginning of the period	67,119		130,101
Cash and cash equivalents and restricted cash at the end of the period	$	68,190	$	77,248
Supplemental disclosure of cash flow information
Cash paid for income taxes	$	—	$	—
Cash paid for interest	$	1,496	$	—
Supplemental disclosure of noncash investing and financing activities


Deferred offering costs in accounts payable	$	9	$	2
Deferred offering costs in accrued expenses and other current liabilities	$	—	$	36

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Acumen Pharmaceuticals, Inc. (“Acumen” or the “Company”) was incorporated in 1996 in the state of Delaware. Acumen is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target what the Company believes to be a key underlying cause of Alzheimer’s disease (“AD”). Alzheimer’s disease is a progressive neurodegenerative disease of the brain that leads to loss of memory and cognitive functions and ultimately results in death. The Company’s scientific founders pioneered research on soluble amyloid-beta oligomers (“AßOs”), which are globular assemblies of the amyloid-beta (“Aß”) peptide that are distinct from Aß monomers and amyloid plaques. Based on decades of research and supporting evidence, AßOs have gained increasing scientific acceptance as a primary toxin involved in the initiation and propagation of AD pathology. The Company is currently focused on advancing a targeted immunotherapy drug candidate, sabirnetug, in Phase 2 of its ALTITUDE-AD clinical trial following the results of INTERCEPT-AD, its Phase 1 clinical trial of sabirnetug in “early AD” patients (patients with mild cognitive impairment or mild dementia due to Alzheimer’s pathology), which were first reported in July 2023. Sabirnetug is a recombinant humanized immunoglobulin gamma 2 (“IgG2”) monoclonal antibody (“mAb”) that was designed to selectively target AßOs, has demonstrated functional and protective effects in in vitro assays, and has previously demonstrated in vivo safety and pharmacologic activity in multiple animal species, including transgenic mouse models for AD. The Company is in the process of amending the ALTITUDE-AD clinical trial protocol, which currently provides for a Phase 2/3 study, to a Phase 2 standalone study.

The Company is subject to the uncertainty of whether its intellectual property will develop into successful commercial products.

Liquidity and Capital Resources

The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of June 30, 2024 and December 31, 2023, the Company had an accumulated deficit of $258.2 million and $222.8 million, respectively, and working capital of $251.5 million and $233.6 million, respectively. Management believes that the Company has sufficient cash to continue operating activities for beyond 12 months from issuance of these condensed financial statements.

Future capital requirements will depend upon many factors, including the timing and extent of spending on research and development and market acceptance of the Company’s products, if approved for commercial sale. The Company expects that it will need to obtain additional financing to complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. Until such time, if ever, as the Company can generate revenue sufficient to achieve profitability, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that any such financing will be available on terms acceptable to the Company, or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interest of its stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts.

The Company completed its INTERCEPT-AD clinical trial in the second quarter of 2023. This trial enrolled 65 patients and 62 participants received at least one dose of study drug. INTERCEPT-AD was a U.S.-based, multi-center, randomized, double-blind, placebo-controlled clinical trial with overlapping single ascending dose and multiple ascending dose cohorts evaluating patients with early AD. In July 2023, the Company announced topline results from INTERCEPT-AD, which demonstrated that sabirnetug met the primary and secondary objectives of this study in 62 participants with early AD.

The Company announced the dosing of the first patient in the ALTITUDE-AD clinical trial in May 2024. The Company expects to complete enrollment in ALTITUDE-AD in the first half of 2025.

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of its operations and its cash flows for the periods presented. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

A description of the Company’s significant accounting policies is included in the Company’s Annual Report. Other than as described below, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. The more significant estimates and assumptions by management include, among others: the valuation allowance of deferred tax assets resulting from net operating losses, the valuation of stock options and the valuation of embedded derivatives within the Company’s long-term debt.

Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company had $67.6 million and $66.2 million in cash equivalents as of June 30, 2024 and December 31, 2023, respectively.

Restricted cash primarily consists of deposited cash collateral for the Company’s credit card program.

The following table provides a reconciliation of cash, cash equivalents and restricted cash from the balance sheets to the statements of cash flows (in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	67,955	$	66,886
Restricted cash	235		233
Total cash, cash equivalents and restricted cash	$	68,190	$	67,119

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

NOTE 3. MARKETABLE SECURITIES

The Company’s marketable securities consisted of the following (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	152,714	$	6	$	(201)	$	152,519

Government and agency - U.S.	40,000		2		(4)		39,998
Total available-for-sale securities, short-term	192,714		8		(205)		192,517
Available-for-sale securities, long-term
Corporate debt securities	15,866		32		—		15,898
Government and agency - U.S.	5,009		1		—		5,010
Total available-for-sale securities, long-term	20,875		33		—		20,908
Total available-for-sale securities	$	213,589	$	41	$	(205)	$	213,425


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	144,184	$	97	$	(191)	$	144,090

Government and agency - U.S.	32,470		82		(6)		32,546
Total available-for-sale securities, short-term	176,654		179		(197)		176,636
Available-for-sale securities, long-term
Corporate debt securities	57,240		320		(15)		57,545
Government and agency - U.S.	4,985		23		—		5,008
Total available-for-sale securities, long-term	62,225		343		(15)		62,553
Total available-for-sale securities	$	238,879	$	522	$	(212)	$	239,189

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	June 30, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	125,026	$	(149)	$	19,205	$	(52)	$	144,231	$	(201)

Government and agency - U.S.	28,043		(4)		—		—		28,043		(4)
Total	$	153,069	$	(153)	$	19,205	$	(52)	$	172,274	$	(205)

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)


	December 31, 2023
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	78,995	$	(152)	$	12,074	$	(54)	$	91,069	$	(206)

Government and agency - U.S.	5,585		(6)		—		—		5,585		(6)
Total	$	84,580	$	(158)	$	12,074	$	(54)	$	96,654	$	(212)

As of June 30, 2024, the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature within 15 months. As noted in the table above, although some of the Company’s available-for-sale marketable securities as of June 30, 2024 have been in an unrealized loss position for more than 12 months, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. No credit losses were recognized on the Company’s available-for-sale securities during the three and six months ended June 30, 2024 and 2023. The Company recorded an immaterial realized gain during the three and six months ended June 30, 2024 and no realized gains or losses during the three and six months ended June 30, 2023.

NOTE 4. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	Fair value measurements at reporting date using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2024
Assets included in:
Cash and cash equivalents
Money market securities	$	67,625	$	—	$	—	$	67,625

Marketable securities
Corporate debt securities	—		168,417		—		168,417

Government and agency - U.S.	—		45,008		—		45,008
Total fair value	$	67,625	$	213,425	$	—	$	281,050
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	1,510	$	1,510
Total fair value	$	—	$	—	$	1,510	$	1,510

Table of Contents

Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

SEC Form 10-Q filed by Acumen Pharmaceuticals Inc.