Quarterly ResultMay 12, 2026, 07:27 AM
Achieve Life Sciences Q1 Net Loss $(10.2)M; Raises $180M
AI Summary
Achieve Life Sciences reported an improved net loss of $(10.2) million for Q1 2026, compared to $(12.8) million in Q1 2025, with net cash used in operating activities also decreasing to $(6.9) million. Subsequent to the quarter-end, the company significantly enhanced its liquidity by raising approximately $180.0 million in gross proceeds through a private placement. The company continues to navigate a dispute with Sopharma AD concerning manufacturing agreements for its sole product candidate, cytisinicline.
Key Highlights
- Net loss for Q1 2026 was $(10.2) million, an improvement from $(12.8) million in Q1 2025.
- Basic and diluted net loss per share improved to $(0.19) in Q1 2026 from $(0.37) in Q1 2025.
- Net cash used in operating activities decreased to $(6.9) million from $(11.1) million year-over-year.
- Cash, cash equivalents, and restricted cash totaled $28.3 million at March 31, 2026.
- Subsequent to quarter-end, $180.0 million gross proceeds were raised via a private placement.
- Research and development expenses decreased to $2.975 million from $7.097 million in Q1 2025.
- Total stockholders' equity decreased to $10.678 million from $21.518 million at December 31, 2025.
- Company is in a dispute with Sopharma AD regarding cytisinicline manufacturing agreements.