ArriVent BioPharma Reports Strong Financial Results

By Bobby Samwell • Monday, March 03 15:24 • Permanent Link

Arrivent Biopharma, Inc. (NASDAQ: AVBP) has reported its financial results for the full year 2024 and highlighted recent company progress, showcasing its strong achievements across its firmonertinib clinical programs and significant execution of its company strategy through the expansion of its ADC (antibody drug conjugate) portfolio. Here are the key financial and operational highlights:

Financial Results: As of December 31, 2024, the company had cash, cash equivalents, and short and long-term investments of $266.5 million, which is expected to fund operations into 2026. Net cash used in operations was $70.2 million for the year ended December 31, 2024, compared to $55.8 million for the year ended December 31, 2023. Research and development expenses were $79.0 million for the year ended December 31, 2024, up from $64.9 million for the year ended December 31, 2023. General and administrative expenses were $15.3 million for the year ended December 31, 2024, compared to $9.7 million for the year ended December 31, 2023. * Net loss was $80.5 million for the year ended December 31, 2024, an increase from $69.3 million for the year ended December 31, 2023.

Operational Highlights: Firmonertinib achieved target enrollment for the global pivotal phase 3 monotherapy study in first-line non-small cell lung cancer (NSCLC) EGFR exon20 insertion mutations (FURVENT; NCT05607550). Positive proof-of-concept data in EGFR PACC mutant NSCLC was demonstrated, with firmonertinib showing robust systemic and CNS anti-tumor activity. Preclinical data for firmonertinib was presented at the 2024 American Association for Cancer Research (AACR) annual meeting, showcasing its broad activity across a wide range of uncommon mutations. A phase 1b combination study with firmonertinib and SHP2 allosteric inhibitor ICP-189 was initiated.

Pipeline Expansion: The company added ARR-217 (MRG007) to its pipeline through a collaboration with Lepu Biopharma Co., Ltd., and selected a next-generation ADC candidate, ARR-002, for the treatment of solid tumors. Arrivent entered into an ADC collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd., to discover, develop, and commercialize novel ADCs for the treatment of cancers.

Upcoming Milestones: Data from the further phase 1b trial continues to mature for first-line firmonertinib monotherapy in NSCLC patients with EGFR PACC mutations, with an expected update on development plans in the first half of 2025. The company expects to file the first IND for ARR-217 in the first half of 2025 and anticipates having top-line data for firmonertinib in 2025, with an update on the timing of the top-line phase 3 data release in Q2 2025.

Arrivent Biopharma, Inc. remains focused on maximizing the potential of its lead development candidate, firmonertinib, and advancing a pipeline of novel therapeutics to address the unmet medical needs of cancer patients. The market has reacted to these announcements by moving the company's shares -5.6% to a price of $22.28. For the full picture, make sure to review ArriVent BioPharma's 8-K report.

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