Financial Position - As of September 30, 2024, ArriVent BioPharma had cash and cash equivalents of $282.9 million, expected to fund operations into 2026[1][8] - Net cash used in operations for the nine months ended September 30, 2024, was $54.1 million, compared to $40.9 million for the same period in 2023, reflecting a 32% increase[8][10] Expenses - Research and development expenses increased to $58.9 million for the nine months ended September 30, 2024, from $44.9 million in 2023, marking a 31% rise primarily due to increased headcount and clinical expenses related to firmonertinib[8][9] - General and administrative expenses rose to $11.8 million for the nine months ended September 30, 2024, compared to $6.6 million in 2023, indicating a 79% increase due to infrastructure expansion for public company operations[8][10] - Research and development expenses for the three months ended September 30, 2024, were $20,088,000, an increase of 40.0% compared to $14,280,000 for the same period in 2023[23] - General and administrative expenses for the three months ended September 30, 2024, were $4,144,000, up 70.5% from $2,436,000 in the prior year[23] - Total operating expenses for the three months ended September 30, 2024, reached $24,232,000, a 45.0% increase from $16,716,000 in the same quarter of 2023[23] - Total operating expenses for the nine months ended September 30, 2024, were $70,603,000, a 37.1% increase from $51,472,000 in the same period of 2023[23] Losses - The net loss for the nine months ended September 30, 2024, was $59.9 million, up from $48.1 million in 2023, representing a 24% increase[8][10] - The operating loss for the three months ended September 30, 2024, was $(24,232,000), compared to $(16,716,000) for the same period in 2023[23] - Net loss for the three months ended September 30, 2024, was $(20,564,000), an increase from $(14,401,000) in the prior year[24] - Net loss for the nine months ended September 30, 2024, was $(59,855,000), compared to $(48,140,000) for the same period in 2023[24] Research and Development - Firmonertinib demonstrated robust systemic and CNS anti-tumor activity in patients with EGFR PACC mutant NSCLC, with positive proof-of-concept data presented in September 2024[2][3] - The company plans to initiate a dose expansion cohort for the combination study of firmonertinib and SHP2 inhibitor ICP-189 in the fourth quarter of 2024[4] - Top-line pivotal data from the global Phase 3 FURVENT trial for firmonertinib in front-line NSCLC with EGFR exon 20 insertion mutations is expected in 2025[1][7] - ArriVent is advancing a next-generation antibody drug conjugate (ADC) candidate for solid tumors, with selection expected to be completed in late 2024 or early 2025[6] - The company anticipates providing an update on the EGFR PACC pivotal study plan in the first half of 2025[5] Shares and Income - Interest income for the three months ended September 30, 2024, was $3,668,000, up from $2,315,000 in the same quarter of 2023[23] - Weighted-average shares of common stock outstanding for the three months ended September 30, 2024, were 33,581,810, compared to 2,607,192 in the prior year[24] - Net loss per share attributable to common stockholders for the three months ended September 30, 2024, was $(0.61), compared to $(5.52) for the same period in 2023[24]
ArriVent BioPharma(AVBP) - 2024 Q3 - Quarterly Results