abos-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

___________________________

FORM 10-Q

___________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to_________

Commission File Number: 001-40551

___________________________

Acumen Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in its Charter)

___________________________


Delaware						36-4108129
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1210-1220 Washington Street, Suite 210, Newton, Massachusetts						02465
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (617) 344-4190

___________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.0001 per share

ABOS

The Nasdaq Global Select Market

___________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of August 7, 2026, the registrant had 72,317,285 shares of common stock, par value $0.0001 per share, outstanding.

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		Page
PART I.	FINANCIAL INFORMATION	4
Item 1.	Financial Statements (Unaudited)	4
	Condensed Balance Sheets	4
	Condensed Statements of Operations and Comprehensive Loss	5

	Condensed Statements of Changes in Stockholders’ Equity	6
	Condensed Statements of Cash Flows	8
	Notes to Condensed Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
Signatures		36

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•the sufficiency of our existing cash and cash equivalents and marketable securities to fund our future operating expenses and capital expenditure requirements;

•our ability to obtain funding for our operations, including funding necessary to develop and commercialize sabirnetug or ACU301 and ACU401, the Aβ oligomer-targeted Enhanced Brain Delivery™ (EBD™) product candidates that we licensed pursuant to our collaboration with JCR Pharmaceuticals Co. Ltd., in each case subject to obtaining necessary regulatory approvals, and our ability to continue as a going concern;

•the ability of our clinical trials to demonstrate the safety and efficacy of sabirnetug, and other positive results;

•the therapeutic potential of sabirnetug, including its potential for improved safety and efficacy, as compared to other monoclonal antibodies approved and/or in development, and of ACU301 and ACU401, as well as our expectations concerning our ongoing ALTITUDE-AD clinical trial and any future clinical trials we may conduct;

•the structure, focus, success, cost and timing of our development activities, nonclinical studies and clinical trials, and the reporting of data from those clinical trials;

•our plans relating to commercializing sabirnetug or any other product candidates that we may advance into clinical trials, subject to obtaining necessary regulatory approvals;

•our ability to attract and retain key scientific, clinical and operational personnel;

•our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

•our reliance on third parties to conduct both preclinical studies related to ACU301 and ACU401 and clinical trials of sabirnetug, as well as any other product candidates we may develop, and to manufacture sabirnetug, ACU301 and ACU401, as well as any other product candidates we may develop, for nonclinical studies and clinical trials;

•the success of competing therapies that are or may become available;

•our plans and ability to obtain or protect our intellectual property rights, including extensions of existing patent terms where available or the use of data and market exclusivity to provide protection from generic or biosimilar versions of our product;

•the scope of protection we are able to establish and maintain for intellectual property rights covering sabirnetug, any other product candidates we may develop, and our technology;

•potential claims relating to or seeking to invalidate our intellectual property;

•existing regulations and regulatory developments in the United States and other jurisdictions;

•our ability to obtain and maintain regulatory approval of sabirnetug or any other product candidates we may develop, and any related restrictions, limitations and/or warnings in the label of any approved product candidate;

•the impacts of governmental legislation and regulations;

•our plans relating to the further development and manufacturing of sabirnetug, ACU301 and ACU401, as well as any other product candidates we may develop, including additional therapeutic indications we may pursue;

•our ability to develop and maintain our corporate infrastructure, including our ability to design and maintain an effective system of internal controls;

•our financial performance; and

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•our expectations regarding the time period during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).

You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the header “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2026 (the “Annual Report”), and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

Unless the context otherwise indicates, references in this report to the terms “Acumen,” “the Company,” “we,” “our” and “us” refer to Acumen Pharmaceuticals, Inc.

We may announce material business and financial information to our investors using our investor relations website (investors.acumenpharm.com). We therefore encourage investors and others interested in Acumen to review the information that we make available on our website, in addition to following our filings with the SEC, webcasts, press releases and conference calls. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Acumen Pharmaceuticals, Inc.

Condensed Balance Sheets

(in thousands, except share and per share data)


	June 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	59,443	$	53,989
Marketable securities	50,754		62,876
Prepaid expenses and other current assets	5,316		5,387
Total current assets	115,513		122,252

Restricted cash	231		231
Other assets, long-term	263		350
Total assets	$	116,007	$	122,833
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	13,379	$	554
Accrued clinical trial expenses	6,263		10,616
Accrued expenses and other current liabilities	7,533		10,072
Debt, short-term	19,673		8,765
Total current liabilities	46,848		30,007
Debt, long-term	11,896		22,396
Total liabilities	58,744		52,403
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025	—		—
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 72,314,714 and 60,575,369 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	7		6
Additional paid-in capital	557,186		516,803
Accumulated deficit	(499,917)		(446,462)
Accumulated other comprehensive (loss) income	(13)		83
Total stockholders’ equity	57,263		70,430
Total liabilities and stockholders’ equity	$	116,007	$	122,833

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Research and development	$	27,809	$	37,125	$	44,293	$	62,391
General and administrative	4,747		4,625		9,412		9,729
Total operating expenses	32,556		41,750		53,705		72,120
Loss from operations	(32,556)		(41,750)		(53,705)		(72,120)
Other income (expense)
Interest income	1,111		2,015		2,175		4,486
Interest expense	(1,094)		(1,046)		(2,163)		(2,069)
Change in fair value of embedded derivatives	(160)		(40)		300		150
Other expense, net	(19)		(129)		(62)		(193)
Total other (expense) income	(162)		800		250		2,374
Net loss	(32,718)		(40,950)		(53,455)		(69,746)
Other comprehensive gain (loss)
Unrealized (loss) gain on marketable securities	(34)		8		(96)		71
Comprehensive loss	$	(32,752)	$	(40,942)	$	(53,551)	$	(69,675)
Net loss per common share, basic and diluted	$	(0.45)	$	(0.68)	$	(0.79)	$	(1.15)
Weighted-average shares outstanding, basic and diluted	72,250,694		60,573,425		67,759,940		60,549,658

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Changes in Stockholders’ Equity

(in thousands, except share data)

(unaudited)

For the Three Months Ended June 30, 2026


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2026	72,227,580	$	7	$	554,647	$	(467,199)	$	21	$	87,476
Private placement offering costs	—	—		(12)		—		—		(12)
Issuance of common stock for restricted stock units	64,000	—		—		—		—		—
Stock options exercised for cash	23,134	—		27		—		—		27
Unrealized loss on marketable securities	—	—		—		—		(34)		(34)
Stock-based compensation	—	—		2,524		—		—		2,524
Net loss	—	—		—		(32,718)		—		(32,718)
Balance as of June 30, 2026	72,314,714	$	7	$	557,186	$	(499,917)	$	(13)	$	57,263

For the Three Months Ended June 30, 2025


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2025	60,573,425	$	6	$	509,423	$	(353,923)	$	15	$	155,521


Unrealized gain on marketable securities	—	—		—		—		8		8

Stock-based compensation	—	—		2,498		—		—		2,498
Net loss	—	—		—		(40,950)		—		(40,950)
Balance as of June 30, 2025	60,573,425	$	6	$	511,921	$	(394,873)	$	23	$	117,077

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Changes in Stockholders’ Equity

(in thousands, except share data)

(unaudited)

For the Six Months Ended June 30, 2026


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2025	60,575,369	$	6	$	516,803	$	(446,462)	$	83	$	70,430
Issuance of common stock in connection with the private placement, net of offering costs of $309	10,833,331	1		35,440		—		—		35,441
Issuance of common stock for restricted stock units, net of shares withheld for taxes	791,052	—		(149)		—		—		(149)
Stock options exercised for cash	114,962	—		172		—		—		172
Unrealized loss on marketable securities	—	—		—		—		(96)		(96)
Stock-based compensation	—	—		4,920		—		—		4,920
Net loss	—	—		—		(53,455)		—		(53,455)
Balance as of June 30, 2026	72,314,714	$	7	$	557,186	$	(499,917)	$	(13)	$	57,263

For the Six Months Ended June 30, 2025


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2024	60,094,083	$	6	$	506,985	$	(325,127)	$	(48)	$	181,816
Issuance of common stock for restricted stock units, net of shares withheld for taxes	446,756	—		(73)		—		—		(73)
Stock options exercised for cash	32,586	—		37		—		—		37
Unrealized gain on marketable securities	—	—		—		—		71		71
Stock-based compensation	—	—		4,972		—		—		4,972
Net loss	—	—		—		(69,746)		—		(69,746)
Balance as of June 30, 2025	60,573,425	$	6	$	511,921	$	(394,873)	$	23	$	117,077

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Condensed Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities
Net loss	$	(53,455)	$	(69,746)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	23		31
Stock-based compensation expense	4,920		4,972
Amortization of premiums and accretion of discounts on marketable securities, net	(161)		(644)
Change in fair value of embedded derivatives	(300)		(150)
Amortization of right-of-use asset	68		61
Realized gain on marketable securities	(6)		(3)
Noncash interest expense	708		613

Changes in operating assets and liabilities:
Prepaid expenses and other current assets	71		1,714
Other long-term assets	(4)		18
Accounts payable	12,825		(3,545)
Accrued clinical trial expenses	(4,353)		(4,236)
Accrued expenses and other liabilities	(2,539)		4,962
Net cash used in operating activities	(42,203)		(65,953)
Cash flows from investing activities
Purchases of marketable securities	(40,823)		(38,056)
Proceeds from maturities and sales of marketable securities	53,016		105,316
Purchases of property and equipment	—		(88)
Net cash provided by investing activities	12,193		67,172
Cash flows from financing activities
Proceeds from private placement, net of offering costs	35,441		—
Proceeds from exercise of stock options	172		37
Repurchase of common shares to pay employee withholding taxes	(149)		(73)
Net cash provided by (used in) financing activities	35,464		(36)
Net change in cash and cash equivalents and restricted cash	5,454		1,183
Cash and cash equivalents and restricted cash at the beginning of the period	54,220		35,859
Cash and cash equivalents and restricted cash at the end of the period	$	59,674	$	37,042
Supplemental disclosure of cash flow information
Cash paid for income taxes	$	—	$	—
Cash paid for interest	$	1,463	$	1,464

The accompanying notes are an integral part of these unaudited condensed financial statements.

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Acumen Pharmaceuticals, Inc. (“Acumen” or the “Company”) was incorporated in 1996 in the state of Delaware. Acumen is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach targeting what the Company believes to be a key underlying cause of Alzheimer’s disease (“AD”). Alzheimer’s disease is a progressive neurodegenerative disease of the brain that leads to loss of memory and cognitive functions and ultimately results in death. The Company’s scientific founders pioneered research on soluble amyloid-beta oligomers (“AβOs”), which are globular assemblies of the amyloid-beta (“Aβ”) peptide that are distinct from Aβ monomers and amyloid plaques. Based on decades of research and supporting evidence, AβOs have gained increasing scientific acceptance as a primary toxin involved in the initiation and propagation of AD pathology. The Company is currently focused on advancing a targeted immunotherapy drug candidate, sabirnetug, in its Phase 2 ALTITUDE-AD clinical trial, and plans to announce top-line results in late 2026. Top-line results are expected to include the difference compared to placebo after 18 months as measured by the Integrated Alzheimer’s Disease Rating Scale, our primary clinical efficacy endpoint, as well as key secondary endpoints, such as Clinical Dementia Rating – Sum of the Boxes, certain safety measures such as adverse event rates, including rates of amyloid-related imaging abnormalities, and key fluid biomarkers. ALTITUDE-AD is a randomized, double-blind, placebo-controlled, three-arm clinical trial designed to evaluate the clinical efficacy, safety and tolerability of sabirnetug with up to 180 participants per arm for a total of 542 participants with mild cognitive impairment or mild dementia due to AD. Sabirnetug is a recombinant humanized immunoglobulin gamma 2 monoclonal antibody that was designed to selectively target AβOs. In July 2023, the Company announced top-line results from its Phase 1 INTERCEPT-AD clinical trial of sabirnetug, which demonstrated that sabirnetug met the primary and secondary objectives of this clinical trial in 62 participants with early AD. In addition, the Company is investigating a subcutaneous dosing option of sabirnetug, as well as a blood-brain barrier-penetrating, Aβ oligomer-targeted Enhanced Brain Delivery™ (EBD™) therapy for AD.

In June 2026, the Company announced the nomination of two EBD development candidates for the treatment of AD pursuant to its collaboration agreement with JCR Pharmaceuticals Co. Ltd. (“JCR”) and the exercise of its option pursuant to the collaboration agreement to license and develop such development candidates. See additional information in Note 10. Commitments and Contingencies.

The Company is subject to the uncertainty of whether its intellectual property will develop into successful commercial products.

Liquidity, Capital Resources and Going Concern

In accordance with Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements-Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred operating losses since inception. As of June 30, 2026, the Company had an accumulated deficit of $499.9 million and had cash and cash equivalents and marketable securities of $110.2 million. The Company expects to incur additional losses for the foreseeable future as it continues its research and development activities and will need to raise additional capital to fully implement its business plan and to fund its operations. Until such time, if ever, as the Company can generate revenue sufficient to achieve profitability, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that any such financing will be available to the Company at adequate levels and on a timely basis, or such agreements may not be available on terms acceptable to the Company, or at all. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts if it is unable to maintain sufficient financial resources, and its business, financial condition and results of operations will be materially and adversely affected. The Company expects that its current balance of cash and cash equivalents and marketable securities may not be sufficient to fund its operations for at least 12 months from the date of issuance of these financial statements. The Company’s cash forecast contains estimates and assumptions related to its ongoing clinical trial and other research and development expenses, and the Company cannot predict the amount or timing of all expenditures with certainty. Accordingly, the Company has concluded that substantial doubt exists about its ability to continue as a going concern.

The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary, should the Company be unable to continue as a going concern.

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of its operations and its cash flows for the periods presented. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

A description of the Company’s significant accounting policies is included in the Company’s Annual Report. There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. The more significant estimates and assumptions by management include, among others: the valuation of embedded derivatives within the Company’s debt, long-term and accruals for clinical trial expenses and other research and development expenses.

Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company had $59.3 million and $53.7 million in cash equivalents as of June 30, 2026 and December 31, 2025, respectively.

Restricted cash primarily consists of deposited cash collateral for the Company’s credit card program.

The following table provides a reconciliation of cash, cash equivalents and restricted cash from the balance sheets to the statements of cash flows (in thousands):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	59,443	$	53,989
Restricted cash	231		231
Total cash, cash equivalents and restricted cash	$	59,674	$	54,220

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

quality. The Company has not experienced any losses due to credit risk on such accounts during any of the periods presented.

Net Loss Per Share of Common Stock

Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, stock options, restricted stock units (“RSUs”) and warrants, which would result in the issuance of incremental shares of common stock. However, potential shares of common stock are excluded if their effect is anti-dilutive. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive.

Potentially dilutive securities not included in the calculation of diluted net loss per share of common stock as of the periods presented, because to do so would be anti-dilutive, were as follows:


	June 30,
	2026	2025
Shares issuable upon exercise of stock options	15,441,098	12,539,238
Shares issuable upon conversion election for term loan facility	988,142	988,142
Shares issuable upon exercise of warrant	730,769	730,769
Unvested RSUs	3,058,771	1,917,293
Total	20,218,780	16,175,442

Segment Information

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer. The Company has one operating segment focused on the research and development of treatments for AD, including both sabirnetug and its EBD therapy. See Note 9 – Segment Reporting.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its financial statements and disclosures.

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The standard is intended to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. As of June 30, 2026, the Company had no induced conversions. The Company adopted this standard on a prospective basis on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to require more detailed disclosures about specified categories of expenses, including employee compensation, depreciation and amortization, included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 31, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods

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Acumen Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

presented in the financial statements. The Company is evaluating the potential impact of this adoption on its financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting - Narrow Scope Improvements. The standard is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required

interim disclosures and clarifying when that guidance is applicable. The amendments in this update clarify interim disclosure requirements and the applicability of Topic 270. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments may be applied on a prospective or retrospective basis. The Company is evaluating the potential impact of this adoption on its financial statements and related disclosures.

NOTE 3. MARKETABLE SECURITIES

The Company’s marketable securities consisted of the following (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	28,944	$	10	$	(12)	$	28,942

Government and agency - U.S.	21,823		—		(11)		21,812
Total available-for-sale securities, short-term	$	50,767	$	10	$	(23)	$	50,754


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	62,793	$	88	$	(5)	$	62,876


Total available-for-sale securities, short-term	$	62,793	$	88	$	(5)	$	62,876

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	June 30, 2026
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	12,395	$	(12)	$	—	$	—	$	12,395	$	(12)
Government and agency - U.S.	21,812		(11)		—		—		21,812		(11)
Total	$	34,207	$	(23)	$	—	$	—	$	34,207	$	(23)


	December 31, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)

Total	$	6,036	$	(3)