Management ChangeMay 12, 2026, 07:26 AM
Achieve Life Sciences Appoints New CEO, Secures $354M Private Placement
AI Summary
Achieve Life Sciences announced significant leadership changes, including the appointment of Andrew D. Goldberg, MD, as the new CEO, and the addition of three new board members, while Thomas King and Jaime Xinos departed. The company also closed a private placement of up to $354 million, securing $180 million upfront to fund its ORCA-V2 Phase 3 trial and commercialization efforts. For the first quarter of 2026, Achieve reported a net loss of $10.2 million and total operating expenses of $10.5 million. The company expects a Complete Response Letter from the FDA by June 20, 2026, due to prior manufacturer issues, with plans to resubmit its New Drug Application in Q4 2026 for a U.S. commercial launch in H1 2027.
Key Highlights
- Closed a private placement of up to $354 million, including $180 million upfront.
- Appointed Andrew D. Goldberg, MD, as Chief Executive Officer and a Board member.
- Appointed Christopher Martin, Lucian Iancovici, MD, and Aaron E. Royston, MD, as new directors.
- Thomas King resigned from the Board, effective June 8, 2026; Lucian Iancovici, MD, appointed Chairman.
- Jaime Xinos, Chief Commercial Officer, will depart effective May 31, 2026.
- Reported Q1 2026 net loss of $10.2 million, compared to $12.8 million in Q1 2025.
- Total operating expenses for Q1 2026 were $10.5 million, down from $12.9 million in Q1 2025.
- Cash, cash equivalents, and marketable securities were $29.3 million as of March 31, 2026.