NEWTOWN SQUARE, Pa., March 28, 2024 (GLOBE NEWSWIRE) -- ArriVent BioPharma, Inc. ("Company" or "ArriVent") (NASDAQ:AVBP), a clinical-stage company dedicated to accelerating the global development of innovative biopharmaceutical therapeutics, today reported financial results for the full year ended December 31, 2023, and highlighted recent company progress.
"The fourth quarter was transformational for ArriVent, as we positioned our company for the successful IPO that we executed in January of this year and continued our strong progress with furmonertinib, which received Breakthrough Therapy Designation from the FDA," said Bing Yao, Chairman and Chief Executive Officer of ArriVent. "Our company is well capitalized, with cash runway into 2026, and we have an experienced management team dedicated to strong pipeline execution. This year we look forward to providing an update on our Phase 1b FURTHER trial that includes EGFR mutant NSCLC patients with PACC mutations and advancing our Phase 3 FURVENT trial in frontline NSCLC with EGFR exon 20 insertion mutations as we continue our mission to identify and develop potentially transformative medicines to address the unmet medical needs of patients with cancer."
2023 Highlights
Furmonertinib
Upcoming Milestones
Corporate Updates
Fiscal Year 2023 Financial Results
About ArriVent
ArriVent is a clinical-stage biopharmaceutical company dedicated to the identification, development and commercialization of differentiated medicines to address the unmet medical needs of patients with cancers. ArriVent seeks to utilize its team's deep drug development experience to maximize the potential of its lead development candidate, furmonertinib, and advance a pipeline of novel therapeutics, such as next-generation antibody drug conjugates, through approval and commercialization in patients suffering from cancer, with an initial focus on solid tumors.
Forward-Looking Statements
This press release includes certain disclosures that contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans, cash runway, anticipated clinical milestones and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. Forward-looking statements are based on ArriVent's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties that are described more fully in the section titled "Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2023, to be filed with the Securities and Exchange Commission and our other filings with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and ArriVent undertakes no duty to update such information except as required under applicable law.
| ARRIVENT BIOPHARMA, INC. BALANCE SHEETS (in thousands, except share and per share data) | ||||||||
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 150,389 | $ | 163,372 | ||||
| Prepaid expenses and other current assets | 9,579 | 19,250 | ||||||
| Total current assets | 159,968 | 182,622 | ||||||
| Right of use assets – operating leases | 291 | 139 | ||||||
| Deferred offering costs | 2,732 | — | ||||||
| Other assets | 107 | 72 | ||||||
| Total assets | $ | 163,098 | $ | 182,833 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders' Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,532 | $ | 3,094 | ||||
| Accrued expenses | 6,952 | 5,138 | ||||||
| Operating lease liabilities | 140 | 128 | ||||||
| Total current liabilities | 11,624 | 8,360 | ||||||
| Operating lease liabilities | 177 | 11 | ||||||
| Total liabilities | 11,801 | 8,371 | ||||||
| Commitments and contingencies (Note 7) | ||||||||
| Series A convertible preferred stock $0.0001 par value, 150,000,000 shares authorized; 150,000,000 shares issued and outstanding at December 31, 2023 and 2022; liquidation preference of $150,000 at December 31, 2023 | 149,865 | 149,865 | ||||||
| Series B convertible preferred stock $0.0001 par value, 147,619,034 shares authorized; 147,619,034 and 104,761,894 shares issued and outstanding at December 31, 2023 and 2022, respectively; liquidation preference of $155,000 at December 31, 2023 | 154,625 | 109,706 | ||||||
| Stockholders' (deficit): | ||||||||
| Common stock $0.0001 par value, 368,600,500 shares authorized; 2,745,480 and 2,597,738 shares issued and outstanding at December 31, 2023 and 2022, respectively | — | — | ||||||
| Additional paid-in capital | 4,652 | 3,403 | ||||||
| Accumulated deficit | (157,845 | ) | (88,512 | ) | ||||
| Total stockholders' (deficit) | (153,193 | ) | (85,109 | ) | ||||
| Total liabilities, convertible preferred stock and stockholders' deficit | $ | 163,098 | $ | 182,833 | ||||
| ARRIVENT BIOPHARMA, INC. STATEMENTS OF OPERATIONS (in thousands, except share and per share data) | ||||||||
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 64,884 | $ | 30,433 | ||||
| General and administrative | 9,706 | 6,473 | ||||||
| Total operating expenses | 74,590 | 36,906 | ||||||
| Operating loss | (74,590 | ) | (36,906 | ) | ||||
| Interest income | 5,257 | — | ||||||
| Net loss | $ | (69,333 | ) | $ | (36,906 | ) | ||
| Share information: | ||||||||
| Net loss per share of common stock, basic and diluted | $ | (32.38 | ) | $ | (28.90 | ) | ||
| Weighted-average shares of common stock outstanding, basic and diluted | 2,140,951 | 1,277,079 | ||||||
Contact for Investors & Media
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