ArriVent BioPharma(AVBP) - 2023 Q4 - Annual Results

Financial Performance - ArriVent reported a net loss of $69.3 million for the year ended December 31, 2023, compared to a net loss of $37.0 million in 2022, representing an increase of 87.5%[13]. - General and administrative expenses rose to $9.7 million in 2023 from $6.5 million in 2022, marking an increase of 49% primarily due to costs associated with operating as a public company[10]. - The total operating expenses for 2023 were $74.6 million, compared to $36.9 million in 2022, indicating a significant increase of 102%[17]. Research and Development - Research and development expenses increased to $64.9 million in 2023 from $30.4 million in 2022, reflecting a rise of 113% due to increased clinical spending on trials related to furmonertinib[10]. - Furmonertinib received Breakthrough Therapy Designation from the FDA for the treatment of advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR exon 20 insertion mutations[6]. - The Phase 1b FURTHER trial for furmonertinib is fully enrolled, with proof-of-concept data expected in 2024[10]. - ArriVent announced a clinical development collaboration with InnoCare Pharma to investigate a novel SHP2 inhibitor in combination with furmonertinib[6]. - The company is currently enrolling patients globally for the pivotal Phase 3 FURVENT trial targeting first-line NSCLC with EGFR exon 20 insertion mutations[6]. Cash and Funding - As of December 31, 2023, ArriVent had cash, cash equivalents, and marketable securities totaling $150.4 million, which, along with IPO proceeds, is expected to fund operations into 2026[13]. - The company completed a successful IPO in January 2024, raising $201 million in gross proceeds[5].