Drug Development and Clinical Trials - Firmonertinib received Breakthrough Therapy Designation from the FDA in October 2023 for treatment of EGFRm NSCLC [63]. - In the FAVOUR trial, 79% of patients (22 out of 28) experienced a reduction in tumor size of at least 30% [67]. - The median duration of response for those patients was 15.2 months [67]. - Total firmonertinib costs rose to $12.8 million in Q1 2024, compared to $6.9 million in Q1 2023, reflecting a $5.9 million increase primarily due to the FURVENT Phase 3 clinical trial [90]. - The Allist License Agreement includes milestone payments up to $765 million based on development and sales milestones [68]. Financial Performance - The company reported a net loss of $17.4 million for Q1 2024, compared to a net loss of $12.2 million in Q1 2023 [89]. - As of March 31, 2024, the accumulated deficit was $175.3 million [71]. - Total operating expenses for Q1 2024 were $20.7 million, an increase of $8.5 million compared to Q1 2023 [89]. - Research and development expenses rose to $17.0 million in Q1 2024, up from $10.2 million in Q1 2023 [89]. - General and administrative expenses were $3.7 million for Q1 2024, up from $1.9 million in Q1 2023, marking a 94.7% increase [91]. Cash Flow and Financing - Interest income for Q1 2024 was $3.3 million, compared to $0 for Q1 2023, indicating a significant increase in cash equivalents [93]. - The company raised gross proceeds of $305.0 million from the issuance of convertible preferred stock and $183.2 million from its initial public offering in Q1 2024 [94]. - Net cash used in operating activities was $18.6 million for Q1 2024, compared to $16.9 million in Q1 2023, reflecting an increase in net loss [101][102]. - Net cash provided by financing activities was $185.6 million for Q1 2024, significantly higher than $45.0 million in Q1 2023 [104]. - As of March 31, 2024, the company had cash and cash equivalents of $317.4 million, which is expected to meet anticipated cash requirements into 2026 [96]. - The company plans to fund future operating expenses through additional public or private equity offerings, debt financings, and collaborations [95]. - The company has no long-term obligations other than operating lease obligations totaling $313,000 as of March 31, 2024 [105].
ArriVent BioPharma(AVBP) - 2024 Q1 - Quarterly Report