ArriVent hits trial milestone, closes 2024 with $266.5M cash

Grafa03-03

ArriVent BioPharma (NASDAQ:AVBP), a clinical-stage biopharmaceutical company, today released its financial results for the 2024 fiscal year, highlighting significant progress in its drug development pipeline and a solid cash position to support future operations.

The company achieved a key milestone by meeting its enrollment target for the pivotal Phase 3 trial of firmonertinib, a promising treatment for non-small cell lung cancer (NSCLC) patients.

This accomplishment marks a critical step forward in ArriVent’s mission to address unmet needs in oncology.

Financially, ArriVent reported research and development (R&D) expenses of $79 million for the year ended December 31, 2024, up from $64.9 million in 2023.

The increase was largely driven by higher clinical costs associated with the firmonertinib program and an expanded workforce.

General and administrative (G&A) expenses also rose to $15.3 million in 2024, compared to $9.7 million in 2023.

During the period under review, ArriVent posted a net loss of $80.5 million for 2024, compared to $69.3 million in the prior year, reflecting the increased investment in its clinical programs and operational growth.

Despite the wider loss, the company ended the year with a robust $266.5 million in cash and cash equivalents, which it expects will fund operations through 2026.

Looking ahead, ArriVent outlined ambitious plans for 2025, including advancing its antibody-drug conjugate (ADC) candidate, ARR-002, to Investigational New Drug (IND)-enabling studies.

Additionally, the company anticipates submitting an IND application for ARR-217 in the first half of 2025, further expanding its oncology pipeline.

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