ArriVent BioPharma Announces Q2 2024 Financial Results

ArriVent BioPharma, Inc., a clinical-stage company focused on advancing innovative biopharmaceutical therapeutics, reported notable progress and financial results for the second quarter ending June 30, 2024. The company announced significant developments in its oncology pipeline, highlighted by the upcoming presentation of clinical data at the 2024 World Conference on Lung Cancer (WCLC).

ArriVent plans to present interim monotherapy data from its FURTHER study, examining the efficacy of firmonertinib, a highly selective EGFR tyrosine kinase inhibitor, in treating non-small cell lung cancer (NSCLC) patients with EGFR PACC mutations. This presentation will be featured at a presidential symposium during the 2024 WCLC on September 9, 2024. In conjunction with the conference, ArriVent will also host a virtual webinar to discuss these interim analyses.

In addition to its clinical advancements with firmonertinib, ArriVent has entered into a collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd. (Alphamab). This partnership aims to develop and commercialize novel antibody-drug conjugates (ADCs) for cancer treatment, leveraging Alphamab's discovery capabilities and ArriVent's drug development and commercialization expertise.

During the second quarter of 2024, ArriVent achieved several key milestones. In April, the company presented preclinical data at the American Association for Cancer Research (AACR) Annual Meeting, demonstrating firmonertinib's broad activity across uncommon EGFR mutations, including PACC and exon 20 insertion mutations. This data underscores firmonertinib's potential as a targeted therapy for NSCLC patients with these specific mutations.

ArriVent's financial health remains robust, with cash and cash equivalents totaling $298.7 million as of June 30, 2024. The company anticipates that these funds will support operations into 2026. For the six months ending June 30, 2024, ArriVent reported a net cash use of $37.7 million for operations, with research and development expenses amounting to $38.8 million, reflecting increased clinical activity and headcount. General and administrative expenses for the same period were $7.6 million, primarily due to the costs associated with operating as a public company. Overall, the net loss for the six months was $39.3 million.

ArriVent has also strengthened its leadership team with the appointments of Dr. John Hohneker and Kristine Peterson to its Board of Directors. Dr. Hohneker brings over three decades of biopharmaceutical leadership experience, having held executive roles at companies such as Anokion SA, Forma Therapeutics, and Novartis AG. Ms. Peterson also brings extensive industry experience, having served as CEO of Valeritas and Company Group Chair at Johnson & Johnson.

Looking ahead, ArriVent is focused on several upcoming milestones. The company expects to select a multi-target ADC clinical candidate in collaboration with Aarvik Therapeutics, Inc., by late 2024 or early 2025. In addition, top-line pivotal Phase 3 data for firmonertinib in previously untreated NSCLC patients with EGFR exon 20 insertion mutations are anticipated in 2025.

ArriVent remains committed to addressing unmet medical needs in cancer treatment through the development of firmonertinib and other innovative therapeutics. Firmonertinib, an oral EGFR inhibitor, has shown promise in treating both common and uncommon EGFR mutations, including those found in NSCLC. The drug has been granted Breakthrough Therapy Designation and Orphan Drug Designation by the U.S. Food and Drug Administration for certain NSCLC indications.

In conclusion, ArriVent BioPharma continues to make significant strides in advancing its oncology pipeline and expanding its therapeutic offerings. With a solid financial foundation and experienced leadership, the company is well-positioned to drive forward its mission of delivering transformative treatments for patients with challenging cancers.