Achieve Adds $150M ATM Four Months After $180M Private Placement
Serial Equity Issuance
Company Background
Achieve Life Sciences is a Seattle-based late-stage specialty pharmaceutical company whose sole asset is cytisinicline, a plant-based nicotine receptor partial agonist in development for both smoking and vaping cessation. The FDA accepted its New Drug Application for smoking cessation in September 2025 with a PDUFA date of June 20, 2026. On that date, the agency issued a Complete Response Letter citing manufacturing deficiencies at a prior third-party facility — not efficacy or clinical safety — prompting a pivot to U.S.-based Adare Pharma Solutions as the commercial manufacturer. A resubmission is targeted for the fourth quarter of 2026, with a U.S. commercial launch anticipated in the first half of 2027.
The company has been through significant leadership change over the past year. Chief Medical Officer Dr. Cindy Jacobs resigned in October 2025. In April 2026, founder and CEO Richard Stewart stepped down concurrently with a major private placement, replaced by Andrew Goldberg, MD, a physician and former portfolio manager at Marshall Wace. Chief Commercial Officer Jaime Xinos departed May 31, 2026, and Board Chairman Thomas King resigned effective June 8, 2026, with Lucian Iancovici, MD, of TPG assuming the chair role. Six new directors joined the board between April and May 2026. The company carries approximately $686.8 million in market capitalization.
What Was Disclosed
On August 14, 2026, Achieve entered into an Open Market Sale Agreement with Jefferies LLC under which it may sell, at its sole discretion, up to $150 million of common stock through an at-the-market program. Jefferies will earn a commission of up to 3.0% of gross proceeds and will use commercially reasonable efforts to place shares based on the company's instructions. The company retains the right to suspend or terminate sales at any time.