Atlantic Coastal Acquisition Corp. II, now known as Abpro Holdings, Inc., reported a net loss of $7.2 million for the fiscal year ending December 31, 2024, a significant improvement from a net loss of $11.7 million in the previous year. The company generated total revenue of $183,000, primarily from research and development services, compared to $122,000 in 2023. This increase in revenue was attributed to services performed for Celltrion related to the development of its lead product candidate, ABP-102. However, collaboration and royalty revenues saw a decline, with no new revenues recognized in 2024 from previous agreements.
The company underwent a merger on November 13, 2024, which resulted in a change of name and structure, with Legacy Abpro becoming a wholly owned subsidiary. This merger was part of a reverse recapitalization strategy, and the company issued approximately 50 million shares of common stock to former Abpro shareholders. Following the merger, Abpro Holdings also secured $11.2 million in gross proceeds from a private investment in public equity (PIPE) financing, which is expected to support its ongoing operations and product development.
Abpro is focused on developing next-generation antibody therapeutics, particularly in immuno-oncology and ophthalmology. Its lead candidates, ABP-102 and ABP-201, are set to enter clinical trials in 2026. ABP-102 targets HER2+ solid tumors, while ABP-201 aims to treat wet age-related macular degeneration and diabetic macular edema. The company has established strategic partnerships with Celltrion and Abpro Bio International to advance these candidates, with potential milestone payments totaling over $1.75 billion for ABP-102 and $540 million for ABP-201.
Despite these developments, Abpro faces significant challenges, including a substantial accumulated deficit of $116.1 million as of December 31, 2024, and ongoing operating losses. The company has identified material weaknesses in its internal controls over financial reporting, which it is actively working to remediate. Additionally, Abpro's ability to continue as a going concern is in question, as it will require further capital to fund its operations and clinical trials. The company plans to raise additional funds through equity or debt financing, but there is no assurance that it will be able to secure the necessary financing on favorable terms.
About Abpro Holdings, Inc.
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