Acelyrin reports higher net loss in 2023 as company prepares for breakthrough
Conejo Valley-based Acelyrin, a clinical, pre-revenue biotechnology company, reported its financial results for the full year 2023 on March 28.
According to the March 28 report, the company’s net loss for the full year ended Dec. 31 was $381.6 million, compared to $64.8 million for 2022.
The company primarily saw expenses increase in research and development as costs for the full year was $355.9 million compared to $55.6 million in 2022.
According to the press release, these increases were primarily a result of expansion of the izokibep program across indications and a one-time $123.1 million in-process research and development expense, plus an additional $10.0 million license payment, both related to the acquisition of ValenzaBio.
General and administrative expenses were $66.2 million for the year, due to expanding the company’s organizational capabilities.
“Our goal for ACELYRIN remains steadfast: to advance our programs across multiple autoimmune and inflammatory diseases with the goal of delivering transformative medicines for patients,” Shao-Lee Lin, Founder and CEO of Acelyrin, said in a press release.
“As we approach the one-year anniversary of our initial public offering last May, we are particularly excited to have recently announced positive and robust data for izokibep and lonigutamab.”
The company ended the quarter with cash and cash equivalents totaling $721.3 million, good enough to fund the company through 2026.
