ArriVent Biopharma Reports $80.5 Million Net Loss for 2024, Increases R&D Spending

ArriVent Biopharma, Inc. reported a net loss of $80.5 million for the year ended December 31, 2024, compared to a net loss of $69.3 million in 2023. Total operating expenses increased by $19.7 million to $94.3 million in 2024, driven by increases in both research and development ($14.1 million) and general and administrative expenses ($5.6 million). This increase was partially offset by a rise in interest and investment income, which increased by $8.6 million to $13.8 million. The company attributes the increase in research and development expenses to higher preclinical discovery costs and personnel-related costs due to increased headcount.

Significant developments during the year included the completion of enrollment in the FURVENT Phase 3 clinical trial for firmonertinib, the company's lead product candidate, targeting first-line non-squamous NSCLC patients with exon 20 insertion mutations. Topline data from this trial is expected in 2025. The company also completed enrollment in the FURTHER Phase 1b clinical trial evaluating firmonertinib in NSCLC patients with activating EGFR mutations, including a cohort with PACC mutations. Interim data from this cohort showed a 64% confirmed ORR in patients receiving a 240mg dose. In addition, ArriVent entered into collaboration agreements with Alphamab and Lepu Biopharma to develop next-generation antibody-drug conjugates (ADCs). The company also exercised an exclusive option to obtain rights to certain intellectual property from Aarvik Therapeutics for ADC development.

The company's financial performance reflects its ongoing clinical development activities and investments in its pipeline. As of December 31, 2024, ArriVent had 52 full-time employees, 36 of whom were engaged in research and development. The company's cash and cash equivalents, short-term, and long-term investments totaled $266.5 million. ArriVent anticipates continued losses for the foreseeable future, with expenses expected to increase further as it advances its clinical trials, seeks regulatory approvals, and potentially commercializes its product candidates.

ArriVent's strategic focus remains on maximizing the potential of firmonertinib and advancing its ADC pipeline. The company plans to continue engaging in business development activities to expand its pipeline of oncology assets. The company's outlook is contingent upon the successful completion of its clinical trials, obtaining regulatory approvals, and achieving market acceptance for its product candidates. The company acknowledges significant risks associated with its clinical-stage development, reliance on third-party manufacturers and collaborators, and the competitive nature of the biopharmaceutical industry.

The company's 10-K filing also details various risk factors, including the inherent uncertainties of clinical development, reliance on third-party manufacturers and collaborators, competition, regulatory hurdles, intellectual property protection, and financial risks associated with operating as a clinical-stage biopharmaceutical company. The filing includes extensive disclosures on the company's financial position, operating expenses, cash flows, and contractual obligations.