Acrivon Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total current assets increased to $188.98 million, up from $129.69 million at the end of 2023. Cash and cash equivalents rose to $43.42 million, while short-term investments surged to $144.04 million, reflecting a strong liquidity position. Total assets also grew to $214.68 million, compared to $138.27 million at the end of the previous year. Stockholders' equity saw a substantial increase to $196.89 million from $121.20 million, driven by a private placement that raised $123.8 million in April 2024.

Despite these positive asset developments, Acrivon reported a net loss of $22.44 million for the three months ended September 30, 2024, compared to a loss of $14.47 million for the same period in 2023. The net loss per share improved slightly to $(0.59) from $(0.66) year-over-year. For the nine months ended September 30, 2024, the net loss totaled $57.73 million, an increase from $41.14 million in the same period of 2023. Research and development expenses for the quarter rose to $18.86 million, up from $10.27 million in the prior year, reflecting increased investment in clinical trials and drug development.

Acrivon’s lead candidate, ACR-368 (prexasertib), is currently in a registrational Phase 2 trial, with promising clinical data showing a 62.5% objective response rate in OncoSignature-positive patients with endometrial cancer. The company also received FDA Fast Track and Breakthrough Device designations for ACR-368 and its OncoSignature assay, respectively. Additionally, Acrivon initiated a Phase 1 trial for its second clinical asset, ACR-2316, in October 2024.

The company has not generated any revenue to date and does not expect to do so in the near future, as it continues to focus on research and development. Acrivon anticipates needing additional funding to support its operations, with cash and investments of $202.8 million expected to sustain operations into the second half of 2026. The company has initiated an at-the-market (ATM) program to raise up to $300 million, although no sales have been made under this program as of the reporting date.

Overall, Acrivon’s financial performance reflects a strategic focus on advancing its clinical pipeline while managing significant operating losses and the need for ongoing capital to support its growth initiatives.