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Eric Siemers, the Chief Medical (TASE:PMCN) Officer of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS), a clinical-stage biopharmaceutical company with a market capitalization of $110 million, sold 10,859 shares of common stock in a transaction dated January 3, 2025. The shares were sold at an average price of $1.8461, totaling approximately $20,046. This sale was part of an automatic "sell to cover" transaction under a Rule 10b5-1 trading plan, designed to satisfy tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 10.43.
Additionally, on January 6, 2025, Siemers acquired 66,800 shares of common stock at no cost, as part of a restricted stock unit (RSU) award. Each RSU represents a right to receive one share of Acumen's common stock, with the units set to vest in three equal annual installments starting one year after the grant date, contingent upon Siemers' continued service with the company.
On the same day, Siemers also received 100,300 stock options with a conversion price of $1.85. These options will vest in 48 equal monthly installments, becoming fully vested by the fourth anniversary of the grant date, again contingent upon continuous service.
In other recent news, Acumen Pharmaceuticals reported on its Q3 2024 progress, emphasizing the notable advancements in the Phase II ALTITUDE-AD study of their lead drug candidate, sabirnetug. The study, which targets early Alzheimer’s disease, has seen rapid patient enrollment and is expected to conclude in the first half of 2025. The company also reported a solid financial standing, with a cash position of $259 million. However, it incurred a net loss of $29.8 million for the quarter, with research and development expenses amounting to $27.2 million. Furthermore, Acumen is preparing for the release of Phase I study results for a subcutaneous formulation of sabirnetug in Q1 2025. The company's focus remains on the development of sabirnetug, with recent appointments made to strengthen their regulatory team. These are some of the recent developments in Acumen Pharmaceuticals.
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