Artiva Biotherapeutics Reports $65.37 Million Net Loss for 2024, IPO Proceeds Boost Cash Reserves

Artiva Biotherapeutics, Inc. reported a net loss of $65.37 million for the year ended December 31, 2024, compared to a net loss of $28.72 million in 2023. This significant increase in net loss is primarily attributable to a decrease in collaboration revenue, offset by increases in research and development and general and administrative expenses. Collaboration revenue was $0 for 2024, compared to $32.92 million in 2023, due to the termination of the Merck Collaboration Agreement in October 2023. Research and development expenses increased by $77,000 to $50.33 million, while general and administrative expenses rose by $3.29 million to $17.21 million.

The company's cash, cash equivalents, and investments totaled $185.4 million as of December 31, 2024. This substantial increase is largely due to the net proceeds of $162.3 million from the company's initial public offering (IPO) completed in July 2024. The IPO involved the issuance and sale of 13.92 million shares of common stock at $12.00 per share, with an additional 1 million shares sold following the partial exercise of the underwriters' option. The company's accumulated deficit as of December 31, 2024, was $246.7 million.

Significant developments during the year included the completion of the IPO and the termination of the Merck Collaboration Agreement. The company also exercised its options to license four product candidates from GC Cell, including AlloNK (AB-101), AB-201, and AB-205. The company's lead product candidate, AlloNK, is currently in Phase 1/1b clinical trials for SLE with or without LN, and a basket investigator-initiated trial for multiple autoimmune indications. The company expects to report initial data on autoimmune indications in the first half of 2025.

Artiva Biotherapeutics, Inc. had 89 full-time employees as of December 31, 2024, 18 of whom held M.D., Pharm.D., or Ph.D. degrees. The company's operations are primarily located in San Diego, California, where it leases approximately 65,000 square feet of space. The company anticipates continued losses for the foreseeable future and plans to fund operations through existing cash reserves and future financings. The company's outlook is contingent upon the successful completion of clinical trials and regulatory approvals for its product candidates. The company is an emerging growth company and a smaller reporting company, and therefore benefits from reduced disclosure requirements under the JOBS Act.