Acumen Pharmaceuticals, Inc. (ABOS)

Price$3.10Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Active Nasdaq security with current SEC reportingABOS appears active, exchange-listed and current in the filings reviewed, not cancelled or delinquent.

Acumen's common stock is registered as ABOS on the Nasdaq Global Select Market. The latest SEC filing found is a Form 8-K filed September 16, 2026 for its Investor Day; the latest quarterly report is the Form 10-Q filed August 12, 2026 for the quarter ended June 30, 2026. The recent filing cadence does not indicate a reporting delinquency.

Valuation is mostly pipeline value above net cashAt the latest reliable premarket quote of $2.71, ABOS is roughly a $196 million equity-value company using the 72.315 million shares reported at June 30.

June 30 cash, cash equivalents and marketable securities were $110.2 million and total short- plus long-term debt was about $31.6 million, implying roughly $78.6 million of net cash. Using the $2.71 quote gives an approximate enterprise value near $117 million. With no approved products or product-sales revenue, that residual valuation is primarily a bet on sabirnetug and the EBD pipeline rather than current earnings.

Unprofitable with a material financing and liquidity overhangThe balance sheet has meaningful cash, but management has explicitly reported substantial doubt about going concern.

For the six months ended June 30, 2026, net loss was $53.5 million and net cash used in operating activities was $42.2 million. Management said the $110.2 million cash-and-securities balance is expected to fund operations only into early 2027 and not for at least 12 months from issuance of the Q2 statements. The company also had a $50 million ATM authorization and has said additional equity, debt or partnering capital will be needed, creating dilution and financing risk.

Late-2026 Phase 2 readout dominates upside and downsideThe valuation is difficult to call cheap or expensive on conventional multiples because Acumen is a clinical-stage biotechnology company with no product revenue and a near-term binary catalyst.

ALTITUDE-AD is a 542-participant Phase 2 trial of sabirnetug in early Alzheimer's disease, with topline efficacy, safety and biomarker results expected in late 2026. Investor Day materials also target a mid-2027 IND for the EBD program and state an intent, if Phase 2 succeeds, to expedite sabirnetug development with a partner. The modest enterprise value supports upside optionality, while the going-concern warning, debt, likely capital raise and clinical-failure risk argue against labeling the shares clearly undervalued; on current reported information, Fair-priced is the most defensible category.

AI: News

Investor Day kept the late-2026 ALTITUDE-AD readout as the central catalystOn September 16, Acumen filed its Investor Day presentation and reiterated that Phase 2 topline results for sabirnetug are expected in late 2026.

The presentation described ALTITUDE-AD's primary endpoint as change in iADRS at 18 months, with key secondary clinical, ARIA safety and biomarker measures. It also reiterated a mid-2027 IND target for the EBD candidate and said the strategy after successful Phase 2 results would include accelerating sabirnetug development with a partner. No new pivotal efficacy result was disclosed at the Investor Day.

Q2 results confirmed runway pressure ahead of the clinical readoutOn August 12, Acumen reported $110.2 million of cash, cash equivalents and marketable securities at June 30 and a $32.7 million Q2 net loss.

Q2 R&D expense was $27.8 million and loss from operations was $32.6 million. Management said existing cash was expected to support current clinical and operating activities into early 2027, while continuing to expect ALTITUDE-AD topline results in late 2026 and an EBD IND filing in mid-2027.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$104.9M	$93.8M	$42.3M	$32.4M	$12.3M	$8.0M
Operating expenses	$123.8M	$114.0M	$61.1M	$45.2M	$19.6M	$9.3M
Operating income	−$123.8M	−$114.0M	−$61.1M	−$45.2M	−$19.6M	−$7.9M
EBITDA	−$123.8M	−$114.0M	−$61.1M	−$45.2M	−$19.6M	—
Net income	−$121.3M	−$102.3M	−$52.4M	−$42.9M	−$100.6M	−$7.3M
Basic EPSper basic share	-$2.00	-$1.71	-$1.08	-$1.06	-$5.02	-$17.48
Diluted EPSper diluted share	-$2.00	-$1.71	-$1.08	-$1.06	-$5.02	-$17.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

29.03%of listed shares

RA CAPITAL MANAGEMENT, L.P.20.99M shares · Jun 30, 2026

View holders

Top 20 reported holders of ABOS
Holder	% owned
RA CAPITAL MANAGEMENT, L.P.	29.03%20.99M shares
Sands Capital Alternatives, LLC	5.14%3.72M shares
BlackRock, Inc.	3.44%2.49M shares
Alyeska Investment Group, L.P.	3.39%2.45M shares
FRANKLIN RESOURCES INC	3.19%2.31M shares
ADAR1 Capital Management, LLC	2.92%2.11M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.31%1.67M shares
Knollwood Investment Advisory, LLC	2.25%1.63M shares
GEODE CAPITAL MANAGEMENT, LLC	1.58%1.14M shares
Ikarian Capital, LLC	1.46%1.05M shares
Hudson Bay Capital Management LP	1.32%955K shares
OConnell Daniel Joseph	≈1.22%881.28K shares
Pathstone Holdings, LLC	1.19%859.11K shares
RENAISSANCE TECHNOLOGIES LLC	0.93%675.03K shares
TWO SIGMA INVESTMENTS, LP	0.86%622.88K shares
STATE STREET CORP	0.83%600.53K shares
NORTHERN TRUST CORP	0.50%360.74K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.44%320.8K shares
Zuga Matt	≈0.42%304.92K shares
DIMENSIONAL FUND ADVISORS LP	0.40%291.56K shares

Percentages use 72.31M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)59$884.7K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 17, 2026Form 4	Porter DerrellDirector	SellCommon Stock	13.0K	$2.33	$30.4K	35.5K
Jun 16, 2026Form 4	Porter DerrellDirector	SellCommon Stock	12.8K	$2.33	$29.8K	35.5K
Jun 15, 2026Form 4	Porter DerrellDirector	SellCommon Stock	6.5K	$2.35	$15.2K	48.3K
Jun 9, 2026Form 4	Fountain Nathan BDirector	SellCommon Stock	6.4K	$2.23	$14.3K	48.1K
Mar 6, 2026Form 4 · 10b5-1	Meisner Derek MChief Legal Officer & Corp Sec	SellCommon Stock	2.1K	$3.26	$6.8K	174.0K